Please talk me out of this.....
Discussion
Basically I have been offered my old S1 Elise back that I sold 5 years ago. The guy had allways promised me first refusal & kept me informed of any modifications etc over this time. My dilema is, do I buy back the car that I originally sold due to the amount of high miles I was doing & wanted to sell it whilst it was still worth decent money. I sold it with 67k on the clock & it now has 75k because it's only been used on the odd occasion so it's still worth decent money. The problem I have is still the amount of miles I would be doing in the Elise as it would be my only car & can't afford two cars. The other problem is raising the cash & as much as I would love to own it again, I don't really want to get into debt. Please talk me out of this once & for all. 
Edited by boobles on Wednesday 27th April 12:06
Somebody else suggested like it was going back to an ex girlfriend! You just wouldn't do it. The cars itself is in fantastic condition & it's only the financial side of things that will stop me as I do not want to borrow the money at all. The current owner is even prepared to take my Leon as PX which is worth about £3700 so I would need to raise about 5k.
Sorry boobles, as much as I'd like to see you back in the car, the answer is don't do it.
Mine went last year - it will only be replaced when cash is available. Why? They're old cars now and have the ability to bite you on the bum. As the car ages the amount of tlc (and consequent expense) will rise.
If you ever go back to an old girlfriend don't do it when in debt!
Mine went last year - it will only be replaced when cash is available. Why? They're old cars now and have the ability to bite you on the bum. As the car ages the amount of tlc (and consequent expense) will rise.
If you ever go back to an old girlfriend don't do it when in debt!
In 2003 I bought an used S1 135 Sport. I owned it for about a year and half and then sold it. I sold it for a number of reasons, none of which were to do with the car itself. A year and a half later the guy I sold it to put it up for sale. I immediately bought it back.
Best car move I ever made. Like yours, it had done a handful of more miles and had picked up the odd little chip and scratch but nothing major. During his ownership the interim owner put S2 suspension on it and a nice exhaust.
I originally bought it for £14k, sold it for £12.3k, bought it back for £9.7k and then sold it in 2009 for £8.7k. Like you I kept in touch with the new owner. I found out that he had just sold it late last year for £9k+. I am glad I didn't know that it was for sale as I had just sold my S2 exige to go back to an elise and would have been very very tempted to own it for a 3rd time.
That said, it is only a car and you shouldn't let sentiment cloud your judgement. Whilst the loan might be affordable, it undoubtedly is going need £1k or so a year spent on it to keep it working properly at the age it is at. Probably not worth the grief. However to counter that any other car you buy, unless it is a complete shed, will lose way more on depreciation than the financing cost will be on £5k.
Finally, you only live once and who knows what tomorrow will bring. Do let us know what you decide.
Gratuitous pic of S1 that I so nearly owned 3 times
Best car move I ever made. Like yours, it had done a handful of more miles and had picked up the odd little chip and scratch but nothing major. During his ownership the interim owner put S2 suspension on it and a nice exhaust.
I originally bought it for £14k, sold it for £12.3k, bought it back for £9.7k and then sold it in 2009 for £8.7k. Like you I kept in touch with the new owner. I found out that he had just sold it late last year for £9k+. I am glad I didn't know that it was for sale as I had just sold my S2 exige to go back to an elise and would have been very very tempted to own it for a 3rd time.
That said, it is only a car and you shouldn't let sentiment cloud your judgement. Whilst the loan might be affordable, it undoubtedly is going need £1k or so a year spent on it to keep it working properly at the age it is at. Probably not worth the grief. However to counter that any other car you buy, unless it is a complete shed, will lose way more on depreciation than the financing cost will be on £5k.
Finally, you only live once and who knows what tomorrow will bring. Do let us know what you decide.
Gratuitous pic of S1 that I so nearly owned 3 times
Some exellent views & pros & cons. The car in question is a 2000 S1 & wouldn't need anything major done to it simply because the work has already been done. Between myself & the current owner we have changed & replaced all of the things that the S1 suffered & I can genuinely say that the car is one of the best examples around without doubt. Like previously mentioned, it's not worth getting into debt though, been there done that.
I would go and have a drive and good look over it, if it is still good, why not buy it back. I truly love my cars. Fortunately not one of the new owners of my old cars has contacted me to buy one back. I sold a Elise 160 sport with 13k on the clock, it is worth loads now!
For me, you could buy it and sell it without a great loss at all. In France, they sell really well. Do you know the S1 111S left hand drive commands a price from 25000 euros! That's why prices have gone up in the UK.
Roy
For me, you could buy it and sell it without a great loss at all. In France, they sell really well. Do you know the S1 111S left hand drive commands a price from 25000 euros! That's why prices have gone up in the UK.
Roy
boobles said:
Some exellent views & pros & cons. The car in question is a 2000 S1 & wouldn't need anything major done to it simply because the work has already been done. Between myself & the current owner we have changed & replaced all of the things that the S1 suffered & I can genuinely say that the car is one of the best examples around without doubt. Like previously mentioned, it's not worth getting into debt though, been there done that.
But you've said the maintenance costs are more likely than not to be low, and depreciation will be virtually zero, so the financing cost of a loan would be the biggest outgoing?
It's only a £5k loan, and where the car's worth 8-10k. Borrow from somewhere like the Nationwide to get a decent rate and no early repayment charges. Spread the loan over 3-4 years and if it does all get unaffordable, the car will sell quickly and you repay the loan immediately. I don't see how you could get in negative equity.
Debt doesn't have to be a dirty word - it just depends on what you use it for.
It's only a £5k loan, and where the car's worth 8-10k. Borrow from somewhere like the Nationwide to get a decent rate and no early repayment charges. Spread the loan over 3-4 years and if it does all get unaffordable, the car will sell quickly and you repay the loan immediately. I don't see how you could get in negative equity.
Debt doesn't have to be a dirty word - it just depends on what you use it for.
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