Depreciation on Old Cars

JP86

Hi,

Ok im calling on some experts now. I'm an absolute car nut, but im currently at university doing around 16,000 miles a year. I own a Honda Civic (R-Reg) and I really want a Toyota Celica a (51- Plate or similar). However theres no way i can afford it at the moment, but i was wondering if anybody knew how to work out the depreciation. The one's im looking at are about £4,500 at the moment. Does anybody know how much this sort of car would be say Summer/Autumn 2010. The model im looking at is the 140bhp one, with as many options as possible lol.

Thanks in advance.

JP

anewman

Assume the worst and say £1,500 maybe? Look at how much similar 9 year old cars with the mileage you're likely to put on it are at the moment - and then take a bit off to be safe.

IMO depreciation isn't really that important anyway. You need to have the money to buy the car in the first place and be prepared to lose it by purchasing the car.

JP86

Thanks for the reply.

I'm just trying to figure out how much i will need to save up in 18 months to finally get my hands on a (semi) sports car. I've done a little more investigating, I think about £3.5-4k should secure me a decent one?
I'll probably keep the car for 5/6 years so your write about the depreciation.

Jp

lincroft1710

And don't forget the extra £££ for insurance on a Celica or similar

AdrianHi

Cars have been depreciating twice as fast this year compared to recent years and anything really thirtsy (like a nice V8) has lost a huge chunk of value in no time at all.
Simply no telling in the end though I think watching the cost of depreciation is extremely improtant myself. If you don't earn enough money to cover the depreciation expense over the time you use the car, it's bleeding you dry financially and you'll not have enough money to replace it with something similar when the time comes.

JP86

Yeah that's true, has anybody got a 7th generation celica (99-05).
I was wondering what's fuel consumption like on the 140bhp?
And whats peoples general ownership experience?

Thanks JP

MX5huggy

The 140bhp engine returns 36.7mpg on the combined cycle, and even the 190bhp gets 33.6mpg. From what car website.

I would not worry too much about the economics of a car you like now but can't afford for 2 years. Just dream!! all sorts of things might change by then. Tax up, petrol price all over the place etc etc.

In the mean time keep your licence clean and build you NCB.

DKLS

AdrianHi wrote: »

Cars have been depreciating twice as fast this year compared to recent years and anything really thirtsy (like a nice V8) has lost a huge chunk of value in no time at all.

I know its fantastic :j, I am getting very excited at the prospect of some very decent wheels being bought next year.

I have recently reduced my commute from 100 miles per day to 1, hence can now justify a petrol V8.

So many choices