Milage depreciate - is it worth owning two cars?
03-13-2007, 08:39 AM
#11
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Got a company car as well as the S. The S is my wifes daily drive and we use it all the time, done 8500 in 4 months! so no not to worried by mileage depreciation, and we will do 3000+ miles driving to Italy for our summer holiday in a few months
03-13-2007, 08:51 AM
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I kept my old car when I bought my S. It's a 406 coupe 3.0l so it is also a bit thirsty, but I think I would be frustrated if I got something slow.
The 406 has now done 140k miles, but it still drives very well. The gear shift has gone a tiny bit slack, but what do you expect! In 5 years of ownership it's only needed a new radiator and an engine mount. It's worthless now, but it is still very pretty and it eats up the miles like nothing else. I thought about changing it before I got the S, but with the miles that I do, I decided I was better off financially keeping it and using it every day.
One thing to consider is how you're going to go about financing the car. In my car, I took out a loan for most of the value
and when I consided that the car may depreciate below the amount borrowed, I didn't want to have that situation!
I do appreciate the practicality too, but the main thing is my fear of the depreciation.
Neil.
The 406 has now done 140k miles, but it still drives very well. The gear shift has gone a tiny bit slack, but what do you expect! In 5 years of ownership it's only needed a new radiator and an engine mount. It's worthless now, but it is still very pretty and it eats up the miles like nothing else. I thought about changing it before I got the S, but with the miles that I do, I decided I was better off financially keeping it and using it every day.
One thing to consider is how you're going to go about financing the car. In my car, I took out a loan for most of the value
and when I consided that the car may depreciate below the amount borrowed, I didn't want to have that situation!I do appreciate the practicality too, but the main thing is my fear of the depreciation.
Neil.
03-13-2007, 09:38 AM
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I wouldn't touch an S with silly miles for any money, there are so many
low mileage ones to buy first. Dilutes the pleasure using it every day
for 'dead' miles.
Russ.
low mileage ones to buy first. Dilutes the pleasure using it every day
for 'dead' miles.
Russ.
03-13-2007, 10:14 AM
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Agree with Dembo.
I run two cars - I WAS doing 25k a year, so got a diesel Focus, then the S2000. Did 7+k in the S in the first year of ownership.
Now I don't actually NEED two cars (new temp job 3 miles from home), but it's nice having the practicality IF you need it and having an ordinary car you can leave in dodgy (or busy and narrow) car-parks, and can take out if the weather gets torrential.
Costs - for high miles it'd probably be worthwhile, as the insurance, tyres and fuel on the S will be twice that on a diesel beater. But you've got to offset the extra purchase cost (and possibly depreciation). Best bet is put a spreadsheet together and come up with decent guesses for depreciation.
As for resale - a dealer won't give you any extra for below-average miles, but will knock you down for above-average. And private it'll defo make a difference.
I run two cars - I WAS doing 25k a year, so got a diesel Focus, then the S2000. Did 7+k in the S in the first year of ownership.
Now I don't actually NEED two cars (new temp job 3 miles from home), but it's nice having the practicality IF you need it and having an ordinary car you can leave in dodgy (or busy and narrow) car-parks, and can take out if the weather gets torrential.
Costs - for high miles it'd probably be worthwhile, as the insurance, tyres and fuel on the S will be twice that on a diesel beater. But you've got to offset the extra purchase cost (and possibly depreciation). Best bet is put a spreadsheet together and come up with decent guesses for depreciation.
As for resale - a dealer won't give you any extra for below-average miles, but will knock you down for above-average. And private it'll defo make a difference.
03-13-2007, 02:19 PM
#16
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All posts read with interest - cheers.
My current car has done all the depreciation its going to do. Its an ex-police Volvo T5, with 153k on the clock. So depreciation isnt an issue on current car, just the running costs - paying tax/insurance twice, - (plus this car DRINKS petrol).
Thing is, is decision time, as tax, mot & insurance will all expire on the 'tank soon. I guess to give myself any chance of selling it i'll have to mot it..
Its not just the milage i'm thinking of. It's the constant short journeys I do. Example: I go to the leisure-centre about 3 times a week in work lunchbreaks - it's a 5 min drive, - but i cant walk or cycle there as my lunchbreak isnt long enough!
Do i really want to be doing all these silly little journeys in an S2000?
Then again, i'm not sure where i'm going to be living come a few months time, so have no idea what the parking's going to be in the future.. - dont want to have to park it in a narrow road etc!
I think what i'll prob do is mot the volvo, 6 months tax & insure, - keep it for a few months & see how i go... if its too much hassle having 2 cars, i'll get rid i guess.
My current car has done all the depreciation its going to do. Its an ex-police Volvo T5, with 153k on the clock. So depreciation isnt an issue on current car, just the running costs - paying tax/insurance twice, - (plus this car DRINKS petrol).
Thing is, is decision time, as tax, mot & insurance will all expire on the 'tank soon. I guess to give myself any chance of selling it i'll have to mot it..
Its not just the milage i'm thinking of. It's the constant short journeys I do. Example: I go to the leisure-centre about 3 times a week in work lunchbreaks - it's a 5 min drive, - but i cant walk or cycle there as my lunchbreak isnt long enough!
Do i really want to be doing all these silly little journeys in an S2000?
Then again, i'm not sure where i'm going to be living come a few months time, so have no idea what the parking's going to be in the future.. - dont want to have to park it in a narrow road etc!
I think what i'll prob do is mot the volvo, 6 months tax & insure, - keep it for a few months & see how i go... if its too much hassle having 2 cars, i'll get rid i guess.
03-13-2007, 02:34 PM
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Your miles aren't all that big really 15k isn't massive but what I would say is lots of short journeys will be really very bad for your car. I suspect you would break even in the end if you had 2 cars but do the maths first, try to break down the cost of your Honda into cost per mile averaging the 20-25 mpg or so you'll get to the 60 or so you could get from a small diesel.
Having just calculated cost per mile between the Skoda and the S based on 10k miles per year I'm about 35p per mile better off driving the Skoda although there's lots of guestimates in there and some of those are time based as well, Insurance Tax and depreciation. That gives you some indication though of the difference in costs.
My suggestion is sell the T5 and buy a small diesel for your commute or short trips, a Skoda Fabia or similar would be great choices. You'll break even in costs probably but you'll have the added practicality of being able to fit more stuff in your car and you wont be too bothered when some arse puts a dent in it at the ASDA car park.
Your decision can't be cost alone as you did not buy your S to be thrifty!
I know I didnt!!
Having just calculated cost per mile between the Skoda and the S based on 10k miles per year I'm about 35p per mile better off driving the Skoda although there's lots of guestimates in there and some of those are time based as well, Insurance Tax and depreciation. That gives you some indication though of the difference in costs.
My suggestion is sell the T5 and buy a small diesel for your commute or short trips, a Skoda Fabia or similar would be great choices. You'll break even in costs probably but you'll have the added practicality of being able to fit more stuff in your car and you wont be too bothered when some arse puts a dent in it at the ASDA car park.
Your decision can't be cost alone as you did not buy your S to be thrifty!
I know I didnt!!
03-13-2007, 03:23 PM
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Originally Posted by t.winter' date='Mar 13 2007, 01:41 PM
what year was she and how much u get baptistsan??
03-14-2007, 09:39 AM
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Originally Posted by Penners' date='Mar 14 2007, 07:44 AM
Don't forget that you will still have to put tyres on, service & insure what is essentially, another depreciating asset.