Buying a used car (£35k~) for 3 Months

[clambo1234]

So looking at getting some sort of sporty car for summer. Initially thinking older GTR (09-10) or a 2015+ RS3.

My main concern is the depreciation that will come with these in 3 months time. I'm happy to lose £1-2k but more worried about a big drop in prices and losing £4-5k in this time.

Assuming I buy the right car at the right price I should reallistically be able to sell for almost the same price I bought for right? Or do people think prices are going to get driven down a lot at the end of summer (+ furlough ending in September)?

[Muzzer79]

Depends on how you buy it and what you buy

I think if you buy an RS3 from a dealer and sell it 3 months later, you're pretty much guaranteed to lose money and more than a couple of £k.

Buy a good car privately that you are able to get a deal on and you may be able to get away without losing much but it's a risk with the current situation.

[clambo1234]

Muzzer79 said:

Depends on how you buy it and what you buy

I think if you buy an RS3 from a dealer and sell it 3 months later, you're pretty much guaranteed to lose money and more than a couple of £k.

Buy a good car privately that you are able to get a deal on and you may be able to get away without losing much but it's a risk with the current situation.

Yeah I'd be looking to buy privately due to this. There was one listed for £38k that I was intending to buy but a dealer ended up buying it first and then put it up at £42k!!

Even if I get a good deal I'm not sure if demand will still be there at end of summer.

[Phil Dicky]

Any TVR will retain a good chunk of cash..avoid anything mainstream if depreciation is a concern.

[clambo1234]

Phil Dicky said:

Any TVR will retain a good chunk of cash..avoid anything mainstream if depreciation is a concern.

Hmm that was my thinking was.

One of the reasons why I was tempted by a GTR is there are not a lot about. Main concern would be how long it takes to sell.

[Phil Dicky]

clambo1234 said:

Phil Dicky said:

Any TVR will retain a good chunk of cash..avoid anything mainstream if depreciation is a concern.

Hmm that was my thinking was.

One of the reasons why I was tempted by a GTR is there are not a lot about. Main concern would be how long it takes to sell.

I forgot to add the GTR would be good choice, they hardly seem to depreciate.

[clambo1234]

Phil Dicky said:

I forgot to add the GTR would be good choice, they hardly seem to depreciate.

Yep they've been going up in price lately. Main concern would be how long it would take to sell the car. Can afford to keep it sitting but most of the time when I come to sell I'll be 400 miles away from the car so arrange viewings would be a pain.

There's a few listed I like the look of, would need to do a full inspection before purchasing to because they can be costly if things start to go wrong.

[stevekoz]

Hard to say it won't lose money on whatever you buy but you can certainly hedge your bets.

I guess it depends what kind of car you are looking for.

RS3's as already mentioned have strong residuals but at some point will start to come down.

You could likely get an M2 competition within budget just (maybe a bit of creep) and if only keeping it for 3 months i can't see you losing masses of money on it -

https://www.autotrader.co.uk/car-details/202012197...

Another good bet for me would be a Lotus Elise -

https://www.autotrader.co.uk/car-details/202105042...

Great summer drivers car (albeit 2 seats - not sure on requirement). Prices are actually rising and certainly very firm and if you buy now before June/July you may save some money and if you sell it come August with still some of summer left you could likely be in a strong selling position.

Then you have the common favourite - the 911. Its a great car all round. If you get a good spec one with the right gearbox and engine and miles and in the right combo of colour/spec etc you could buy and sell one around the same kind of price point in a small window.

https://www.autotrader.co.uk/car-details/202103170...

Ultimately buying and driving a car, for however short a time, impacts its value but there are options that keep risk to a minimum but i don't think (albeit personally) you can guarantee not to lose a few notes even in 3 month window on any car exactly.

[ZX10R NIN]

That budget will buy you a nice Evora, you'll lose very little if at all & due to their not being many around you should move it on pretty quickly.

https://www.autotrader.co.uk/car-details/202103190...

TVR T350

https://www.autotrader.co.uk/car-details/202102229...

Tuscan S

https://www.autotrader.co.uk/car-details/202103200...

Noble GTO-3

https://www.ebay.co.uk/itm/274772960691?hash=item3...

R8 these have steadied off & seem to sell well:

https://www.autotrader.co.uk/car-details/202105102...

https://www.autotrader.co.uk/car-details/202104081...

[FWIW]

Evora is a good shout. They seem to be going up in value if anything.

[MC Bodge]

clambo1234 said:

So looking at getting some sort of sporty car for summer. Initially thinking older GTR (09-10) or a 2015+ RS3.

My main concern is the depreciation that will come with these in 3 months time. I'm happy to lose £1-2k but more worried about a big drop in prices and losing £4-5k in this time.

Assuming I buy the right car at the right price I should reallistically be able to sell for almost the same price I bought for right? Or do people think prices are going to get driven down a lot at the end of summer (+ furlough ending in September)?

I'd just buy something much cheaper privately. Some sort of Merc AMG? Z4? Caterham? GT86? Old hot hatch in good condition?

[nunpuncher]

Surprised nobody has mentioned this. I think selling any niche performance car* after 3 months is going to be difficult. Many private buyers are going to be suspicious that they are buying someone elses problem. I'd only do it if I could buy at a price where it could then potentially be sold on to a dealer or WBAC with a sufferable loss. Otherwise I think you'll be stuck trying to sell it for ages.

• RS3 doesn't fall in to the niche performance car bracket for me. The Evora or R8 would be my choice.

[MC Bodge]

Rent one?

[fatal3rror]

In my experience, selling a car privately at that price point is possible but you have to be patient enough to find a genuine buyer who has the cash and is willing to take the risk of putting down £35k without any comeback should there be any issues. If you are in no hurry to get your money back, then worth a try but be prepared to wait. Of course, you can always sell to a dealer or WBAC equivalent but you would generally lose a lot more money in that case.

[Ash_]

As a couple of others have said, for me it would be an Evora, prices are slowly creeping up on them and from what I've heard/read they're a fantastic car.

[clambo1234]

MC Bodge said:

Rent one?

Main issue here is I am only 23. I've reached out to a few places but super expensive.

Any suggestions on where to look to rent?

[fido]

I asked the same question a few years ago and I still have that car (a V8 M3 - which hasn't depreciated much since I bought it) However I bought from a dealer and got spanked immediately.

Unless you're a car dealer (or as good as one, or can fix any issues with your free labour) then you'll probably lose a bit. As mentioned above one extra owner in a few months will raise suspicions - could be perhaps mitigated by a fresh service / MOT.

Edited by fido on Tuesday 11th May 17:47

[FWIW]

Will Blackham has just listed a nice Launch Edition Evora @ £28k. That would be a very safe place for your money. Worth having a chat with him and telling him your plans...

[Ash_]

FWIW said:

Will Blackham has just listed a nice Launch Edition Evora @ £28k. That would be a very safe place for your money. Worth having a chat with him and telling him your plans...

Damn, just checked, both of those Evora's are stunning, wish I could afford one now!