Cars

[Bagpuss]

I agree, that was my logic originally. Although the lack of safety features is slightly worrying.

You don't need to drive it fast, the fun is in the 0-30s, the twisty roads. I can't think of a car that will give as much fun for as little outlay and still makes people go "nice car" rather than "dickhead"

[Charles Foster Kane]

I guess my view is similar to what Sasguru said in an earlier post. Basically I like the thrill of driving a fast car as much as the next bloke. However my philosophy with cars as with most things I buy is if I don't have the cash I don't buy it. You are talking about a loan deal whereby you will have nothing to show for your money at the end of it. Whilst Dimprawns suggestion of putting the cash in BTL was in jest there was some sense in it to in my opinion. You also mentioned in another post you thought the cost of house prices in London was high. My view would then be to spend a little money on a reliable car (expense) and put the saved money into something else i.e. reducing a mortgage or an asset/investment of some sort.

'If it depreciates lease it, if it appreciates buy it'.

I have no debts whatsoever, not even a penny on credit cards or bank overdraft, so don't look at it as a loan, it is hiring. Contract hire is very popular in the US and does make some financial sense (when talking about new cars).

[Charles Foster Kane]

You don't need to drive it fast, the fun is in the 0-30s, the twisty roads. I can't think of a car that will give as much fun for as little outlay and still makes people go "nice car" rather than "dickhead"

Good point, I need to brainstorm these choices, draw a SWOT table or something. Good to hear another point of view, the Elise was originally my prime choice, surprisingly don't see many about.

Lotus is a great company/brand too.

[oracleslave]

'If it depreciates lease it, if it appreciates buy it'.

I have no debts whatsoever, not even a penny on credit cards or bank overdraft, so don't look at it as a loan, it is hiring. Contract hire is very popular in the US and does make some financial sense (when talking about new cars).

Fair enough. Is your house paid for? Is it the dream house? Lets face it if your after your dream car might as well have a dream house as you will spend more time in it than in the car. Kids education fund sorted? Retirement investments all in place? You get my drift. Not saying it's wrong but personally I wouldn't spend too much cash on a first car until all the rest was sorted.

[Charles Foster Kane]

Fair enough. Is your house paid for? Is it the dream house? Lets face it if your after your dream car might as well have a dream house as you will spend more time in it than in the car. Kids education fund sorted? Retirement investments all in place? You get my drift. Not saying it's wrong but personally I wouldn't spend too much cash on a first car until all the rest was sorted.

No, what you’re saying makes sense. I’m not yet shackled with a family etc., but that’s part of the reason for wanting to get a nice car before I am! (I have not paid off the mortgage though, that is one debt I have I suppose, that’s next on my list).

[Bagpuss]

Good point, I need to brainstorm these choices, draw a SWOT table or something. Good to hear another point of view, the Elise was originally my prime choice, surprisingly don't see many about.

Lotus is a great company/brand too.

It depends how much you care about the badge, the VX is a better car (tried and tested engine from the Vectra el al) unless you get the later Toyota. engined Lotus, the rest (rover engined) have patchy reliability. If I was in your new drving shoes though I'd go for a classless warm hatch. Everyone I know who bought a performance car in the first year of driving smashed it, mind you they were mainly 17-18. You may end up being uninsurable if you write off a 40k car, it matters much more than smashing a 10k one.

[DimPrawn]

Fair enough. Is your house paid for? Is it the dream house? Lets face it if your after your dream car might as well have a dream house as you will spend more time in it than in the car. Kids education fund sorted? Retirement investments all in place? You get my drift. Not saying it's wrong but personally I wouldn't spend too much cash on a first car until all the rest was sorted.

Wise words mate, wise words.

If you have £500/month to spend, buy a cheap fun car outright and put the money into high risk/high return investment.

At the end, you'll still have a car you enjoyed, and hopefully enough money to buy and even better one with the money you've made.

[Charles Foster Kane]

It depends how much you care about the badge, the VX is a better car (tried and tested engine from the Vectra el al) unless you get the later Toyota. engined Lotus, the rest (rover engined) have patchy reliability. If I was in your new drving shoes though I'd go for a classless warm hatch. Everyone I know who bought a performance car in the first year of driving smashed it, mind you they were mainly 17-18.

Yeah, I was looking at the more recent Toyota engined model, the VX220 is a cool car though, I'd forgotten about that when I was looking.

Kind of slipped into obscurity didn't it...

[DimPrawn]

Yeah, I was looking at the more recent Toyota engined model, the VX220 is a cool car though, I'd forgotten about that when I was looking.

Kind of slipped into obscurity didn't it...

I like the Clio V6 255 bhp thing too.

[Bagpuss]

It probably will become a future classic (the VX), not that many were made
IMHO it will be one of those cars that never falls much below 8k