Selling up my M5 - Moving to an EV and a toy

[Hammy98]

Hi guys.

Thinking of selling up my current car - a 2018 BMW M5.
It was a dream car for me as I always felt the M5 was top of the super saloon tree, and I've long been a fan of M cars.

I'd ran an M4 for a couple of years beforehand. I loved the M4 for it's rawness, something I feel is missing from the M5.
For me it just feels too big and heavy, and whilst it handles well it just feels too much to hustle down a nice road.
It's so well insulated and rides so smoothly that you can easily get to naughty speeds with little effort, and whilst I like the shove
I'm very aware I need my license and the chances to use the full performance of the M5 are few and far between without risking it.

My enjoyment of cars has always been having a nice daily with a bit of performance, however I'm starting to think a better idea would be a nice daily and a performance car alongside that is purely for fun, as well as maybe giving me a chance to get on track - something I've always wanted to get into.

This led me onto my current plan, which is to sell up the M5 and pick up something nice as a daily which wont cost a lot to run every month. The leftover money that I would be spending on the M5 every month can go into something fun.

I've long been one of the 'I'll hold out against EVs for as long as possible' crowd, but when browsing cars for sale at the moment they seem to make a lot of sense for low costs in terms of day-to-day running as well as actual finance cost. As a result I've started looking at Audi E-Trons and Polestar 2s. Thinking being that one of these a few years old can be had for ~350pm with minimal deposit, and 4-5 years of battery warranty remaining. Going by the calculator on the Octopus EV website, I could cover my 1k miles a month for £80 by charging at home on their tariff.

For the toy, it only seemed right to have a V8 to offset the EV daily. I'm really keen on an E92 M3 as I've always wanted one but thought the fuel costs would cripple me - not as much of a concern if only doing a few K a year. They seem to be a regular sight at trackdays too, however I'm aware they need some prep for track work. The road tax seems to be a killer on these, but the EV would be 0 tax so overall it's not too bad for 2 cars.

I'm aware of the common issues on the E92, so I guess the point of this post is to see what others think about the whole idea. The M5 costs me an arm and a leg to run every month, then there's the yearly service due to my mileage, tyres, sky high insurance.
In comparison I ran a multicar quote for an E Tron and an E92 Competition and it was £450 a year less than I pay for the M5 on it's own.

Are there other costs I'm not considering in running 2 cars instead of 1?
Insurance is less, fuel is less, servicing I *think* would be less as 1 is an EV and the E92 will do very low miles...
I have a driveway for both and a suitable point for a charger to be installed.

Am I missing anything?
Bit of a strange post I know, I think I just need a sanity check!

[Muzzer79]

How will you be buying the EV?

I like your plan and it's something I'm considering too. Newer performance cars being too heavy and damn expensive to consider as an all-in-one prospect.

I run an EV already, but am looking at a toy as an addition rather than upgrading the EV.

But I have access to company-supplied EV. I wouldn't buy one with the current depreciation risk.

A PCP offers more safety, if you can get a good deal - but I'd avoid cash or HP at present.

[Hammy98]

Muzzer79 said:

How will you be buying the EV?

I like your plan and it's something I'm considering too. Newer performance cars being too heavy and damn expensive to consider as an all-in-one prospect.

I run an EV already, but am looking at a toy as an addition rather than upgrading the EV.

But I have access to company-supplied EV. I wouldn't buy one with the current depreciation risk.

A PCP offers more safety, if you can get a good deal - but I'd avoid cash or HP at present.

Definitely, prices seem to be increasing by huge amounts with every new model - so then there's the huge depreciation that comes with...

I was thinking a PCP on a used EV to be honest. The finance broker I used on my M5 is offering 8% APR still, so their PCP figures look very attractive on a ~25k EV. Normally I sell my cars before the end of the term but I reckon there will be little to no equity in the EV with the rate they're currently depreciating, so it would be a VT or hand it back at the end of the term I think.

[blueacid]

Hammy98 said:

Hi guys.

Thinking of selling up my current car - a 2018 BMW M5.
It was a dream car for me as I always felt the M5 was top of the super saloon tree, and I've long been a fan of M cars.

I'd ran an M4 for a couple of years beforehand. I loved the M4 for it's rawness, something I feel is missing from the M5.
For me it just feels too big and heavy, and whilst it handles well it just feels too much to hustle down a nice road.
It's so well insulated and rides so smoothly that you can easily get to naughty speeds with little effort, and whilst I like the shove
I'm very aware I need my license and the chances to use the full performance of the M5 are few and far between without risking it.

My enjoyment of cars has always been having a nice daily with a bit of performance, however I'm starting to think a better idea would be a nice daily and a performance car alongside that is purely for fun, as well as maybe giving me a chance to get on track - something I've always wanted to get into.

This led me onto my current plan, which is to sell up the M5 and pick up something nice as a daily which wont cost a lot to run every month. The leftover money that I would be spending on the M5 every month can go into something fun.

I've long been one of the 'I'll hold out against EVs for as long as possible' crowd, but when browsing cars for sale at the moment they seem to make a lot of sense for low costs in terms of day-to-day running as well as actual finance cost. As a result I've started looking at Audi E-Trons and Polestar 2s. Thinking being that one of these a few years old can be had for ~350pm with minimal deposit, and 4-5 years of battery warranty remaining. Going by the calculator on the Octopus EV website, I could cover my 1k miles a month for £80 by charging at home on their tariff.

For the toy, it only seemed right to have a V8 to offset the EV daily. I'm really keen on an E92 M3 as I've always wanted one but thought the fuel costs would cripple me - not as much of a concern if only doing a few K a year. They seem to be a regular sight at trackdays too, however I'm aware they need some prep for track work. The road tax seems to be a killer on these, but the EV would be 0 tax so overall it's not too bad for 2 cars.

I'm aware of the common issues on the E92, so I guess the point of this post is to see what others think about the whole idea. The M5 costs me an arm and a leg to run every month, then there's the yearly service due to my mileage, tyres, sky high insurance.
In comparison I ran a multicar quote for an E Tron and an E92 Competition and it was £450 a year less than I pay for the M5 on it's own.

Are there other costs I'm not considering in running 2 cars instead of 1?
Insurance is less, fuel is less, servicing I *think* would be less as 1 is an EV and the E92 will do very low miles...
I have a driveway for both and a suitable point for a charger to be installed.

Am I missing anything?
Bit of a strange post I know, I think I just need a sanity check!

Seems very sane to me. I moved to an EV (2018 Tesla Model S), since the roads I'm driving on just don't afford the chance to have any real fun. Why pour money away? Like you've noticed, you might as well smash out 1k a month in an EV for pennies, and then it doesn't matter what the MPG is of the silly car.
Octopus' Intelligent tariff is indeed a good plan. Make sure that either the vehicle you buy or the charger you fit to your house will support it - it's sadly not universal yet. I'm enjoying the cheap motoring, and cheap tax - and surprisingly not-hideous insurance.

When I was shopping, I looked also at the iPace - the HSE spec ones are really quite nice. If you get one with Pivi Pro (70 plate onward typically; the easiest way to tell is that the rear seats are 40/20/40 rather than 60/40) then that's superior to the previous system. If you push outwards at the top of the windscreen (where the sun strip would be if this were the 1990s), check that the windscreen holds still; there was a recall for this. However, it handled wonderfully, and had a lot of power - actually quite chuckable! But, for me I preferred the Model S; however the Jag was a bloody close second. My choice there might seem strange, but having utterly poured money into repairs for a Jag XF, I was perhaps understandably reluctant.
Equally, the Tesla Model 3 has depreciated like a stone - which is excellent for you as a secondhand buyer. Yessss there are many points about it being a 'white goods' car, but that's precisely the role you're asking it to fill. Just to be cheap, fairly quick, and to just be a place to smash out motorway miles.

In my case, honorable mentions went to the Audi Etron and the Polestar 2. The etron has a huge battery, but a ravenous appetite for electrons. Many reports of them struggling to get over 150 miles in winter, despite a cavernous battery. However, because of this, they are getting cheaper - if your 1k a month is made of the same 100 mile commute (for example) then one might well still do the trick for you. If, however, you plan to do semi-regular 200+ mile journeys, having to charge it quite that much will start to get really old, really quickly.
In terms of the Polestar 2, it looked suitable for me (especially with the Plus pack), but a friend reported nothing but problems with the one they've got, and indifference/ineptitude from the local dealer to us. The latter part swayed me; if it went wrong I didn't want the same experience. But, again, those circumstances might not hold true for you, so here it is as food for thought.


As for your new toy car, if you would welcome suggestions, I've seen a lot of love for the Jaguar F-Type. I totally understand your point about wanting a V8, however the 380bhp v6s does go like stink, and is lighter than the v8. If you've already looked and ruled it out then fair enough - but well worth a look. Or potentially a TVR?
Otherwise if you want to do some track work - would a Caterham or Westfield be a bit too raw? Not suggesting these are in the same class as an E92; just wanting to investigate alternatives.

I'd suggest waiting a month or two with the EV as your only car, though. If the EV works for you, then you will have a far better idea of what kind of journeys you wouldn't want it to do, and that might shape your buying decisions. Equally, if you give it a month or two and decide that an EV isn't the car for you, then you've only got one car to sell, rather than having to shift both an EV and a (perhaps slower to sell?) sports car on, in order to return to a 'jack of all trades' vehicle.

[samoht]

I swapped my daily to an EV in November and definitely am glad of it. As you say it's cheaper, it's also wonderfully relaxing and in local use you never have to stand around at a petrol station filling it up.

For a fun / track car I'd be looking for something smaller and lighter than a saloon car, perhaps Elise/Caterham or Boxster/MX-5?

[ITP]

If you want to get into doing track stuff in your fun car I wouldn’t go for an E92 or ftype etc, you want lightweight, more fun and will go through consumables a lot less.

[sturge7878]

It’s a shame when the good times come to an end and I suspect we’ll be seeing more of this as the recession bites. I recall the guy in “from a to b modern motoring” being downsized into a Maestro for missing a couple of deals. Harsh. Moving to an EV from an M5 I suspect would be the 2024 equivalent or worse. Either way hope things turn around for you and you can always go back to running a decent ICE rather than a poor person’s tax write off EV obsolete ste.

[raspy]

£80 for 1k miles based upon octopus charging at home? That seems excessive.

I pay £25 a month for 1k miles to charge my iX using octopus intelligent.

[survivalist]

Sounds like a good plan, although I’d suggest considering more options than a e92 M3 as the fun car.

The engine is a masterpiece, but in 4 years of owning one I never felt it was special enough to be a weekend car. As a track car if needs a fair bit of investment in brakes, suspension and seats.

If you can get away with 2 seats, then a Boxster or Cayman are a better option IMO.

Edited by survivalist on Wednesday 8th May 22:11

[Muzzer79]

sturge7878 said:

It’s a shame when the good times come to an end and I suspect we’ll be seeing more of this as the recession bites. I recall the guy in “from a to b modern motoring” being downsized into a Maestro for missing a couple of deals. Harsh. Moving to an EV from an M5 I suspect would be the 2024 equivalent or worse. Either way hope things turn around for you and you can always go back to running a decent ICE rather than a poor person’s tax write off EV obsolete ste.

What on earth are you talking about?

Who said anything about the recession biting? Or things needing to “turn around”

Maestro guy (I remember him too) was downgraded by his company. We’re talking about the OP making a choice to go from one car to two.

[cerb4.5lee]

I love the idea of a toy, but the EV idea doesn't do all that much for me though. However times do seem to be definitely changing now though, and EVs do seem to be the "in thing" nowadays that is for sure. So why not?

[blueacid]

sturge7878 said:

It’s a shame when the good times come to an end and I suspect we’ll be seeing more of this as the recession bites. I recall the guy in “from a to b modern motoring” being downsized into a Maestro for missing a couple of deals. Harsh. Moving to an EV from an M5 I suspect would be the 2024 equivalent or worse. Either way hope things turn around for you and you can always go back to running a decent ICE rather than a poor person’s tax write off EV obsolete ste.

Eh?
I mean, he's still planning on running an ICE for fun. How's the EV obsolete, though?

[keo]

sturge7878 said:

It’s a shame when the good times come to an end and I suspect we’ll be seeing more of this as the recession bites. I recall the guy in “from a to b modern motoring” being downsized into a Maestro for missing a couple of deals. Harsh. Moving to an EV from an M5 I suspect would be the 2024 equivalent or worse. Either way hope things turn around for you and you can always go back to running a decent ICE rather than a poor person’s tax write off EV obsolete ste.

Wtf? People should really stay off the drugs.

Op it sounds like a good plan, I have had a two car garage for a while now. Good to have a car for each purpose as such. I echo other posters though I wouldn’t say a M3 is a fun car. But if that’s what you want fair play. I’d go lightweight though.

I am very anti electric but even I have thought it might make sense for me.

[South tdf]

sturge7878 said:

It’s a shame when the good times come to an end and I suspect we’ll be seeing more of this as the recession bites. I recall the guy in “from a to b modern motoring” being downsized into a Maestro for missing a couple of deals. Harsh. Moving to an EV from an M5 I suspect would be the 2024 equivalent or worse. Either way hope things turn around for you and you can always go back to running a decent ICE rather than a poor person’s tax write off EV obsolete ste.

EV’s are hardly for poop people, the reason people have them is because they pay to much tax hence why lower income earners on 20% don’t benefit from salary sacrifice schemes.

Edited by South tdf on Thursday 9th May 07:11

[covmutley]

Sort of what I've done, although a couple of rungs down from where you are, and in my case it was mainly due to the high mileage I do.

I had a jag xe s, and even with that at 320bhp, it was often wasted 90% of the time. Good car though!

Anyway, with a couple of other cars in between I now find myself with a dual motor polestar 2 and an austin healey sprite. The polestar is a fantastic car, with a couple of niggles. The ride can be a bit crashy on potholed roads (so most then!) The central console is big, which I don't mind, but it's wasteful and the screen demister buttons are rubbish. Aside from that though, it's great. With 400bhp it's quick,but not fun. Although because the power is instant and comes so easily, it's very useful for overtakes and I use the power a fair bit I find.

Obviously I went classic route rather than v8, but a 2 car setup works for me. I like tinkering with it, it's fun to drive (1275 engine, weber carb, lots of mods), free road tax, cheap parts, cheap insurance etc. If I had more money and a bigger garage, I'd probably have gone caterham, elise or tvr though.

Edited by covmutley on Thursday 9th May 07:37

[GT9]

South tdf said:

sturge7878 said:

I hate EVs with a passion, and troll every EV thread I can find with dozens of new logins created when the previous one gets rumbled.

EV’s are hardly for poop people

Harsh, but fair!

[NDA]

I have an EV for daily driving and a V8 for summer fun. I SORN the V8 from October to April every year.... the VED is now over £700 a year which is not unaffordable, but seems a bit of a rip off for the low mileage it does.

You need to be able to charge at home for an EV to really work well and you may find (as I do) that the EV becomes such an easy and cheap car to own.

Unless you're towing a caravan on 600 miles trips without wanting to stop (as many PH'er seem to do) an EV makes a great daily driver.

[Discombobulate]

Try an iPace. Nearly new there are bargain and a great drive / place to sit. I came from RS6 and 4, rather than M5 (but I have had one in the past) and, other than the Taycan, the iPace was the best of the lot. Mine has been faultless.

Haven't tried the latest Polestar though.

[cerb4.5lee]

NDA said:

I have an EV for daily driving and a V8 for summer fun. I SORN the V8 from October to April every year.... the VED is now over £700 a year which is not unaffordable, but seems a bit of a rip off for the low mileage it does.

I do that with one of mine as well, although it is only a V6, and it has just cost me £404 for 6 months tax.

I'm not ready to join the "green numberplate stripe brigade" yet. However because I keep reading about you lot on here with EVs though...it is getting more and more difficult for me to ignore them in fairness.

[NDA]

cerb4.5lee said:

I'm not ready to join the "green numberplate stripe brigade" yet. However because I keep reading about you lot on here with EVs though...it is getting more and more difficult for me to ignore them in fairness.

If you 'have' to buy a new car - as I did - then an EV needs to be on the list somewhere. In my case I replaced an elderly Range Rover that I'd had from new, it needed to go as it was getting more expensive to service and MOT and I'd done 150,000 miles in it.

It all depends on what you're using it for - but 200 miles a day is easy and the occasional long trip is not difficult at all.

I suppose where the buy is tricky is when you might just simply fancy a change and it's your only car, it would be a trickier choice.