how to save a fortune!!

de1amo

İ bought my sunbeam alpine 1967 back in 1987-i took a 3000 extra mortgage to buy and restore it--i am no mechanic- it has served me well all these years and the wife and teenage daughter love its style-i pay 120 for an agreed valuation of 10000 fully comp insurance and dvla forgive me my taxes--only draw back it doesnt like the long distance journeys--but i prefer to let national express chauffer me or borrow relatives cars-its fine and practical about town-and what car have you owned that has gone up in value!!

rachbc

are you still 'in profit' when you factor in the interest on your mortgage?

Penelope_Penguin

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de1amo

sorry for mis placing of mail!
at the moment that 3000 on my mortgage is costing me 60 a year--and the car has gone up 7000 under my ownership in 24 years-by reckoning thats a profit of 231 a year!7000 divided by 24 years is 291 minus mortgage fee of 60--is 231

Hintza

Well in 1987 interest rates were 16% so it would have been a lot more.

You don't really want to do this calculation as it will be horrific, having said that we are all in the same boat if we have a mortgage.

If taking interest rates at 10% (AVERAGE) then over 23 years you will have paid over £4,500 extra interest on your repayment mortgage. (ballpark figure)

Inactive

So you have a car that you cannot use on long journeys, it hasn't cost you a penny in repairs in x amount of years?, and you have to use the bus to go anywhere out of town.

Great savings, great car.;)

de1amo

3000 is 10pc of my mortgage-highest i have ever paid on mortgage is 316 per month but is now down to 50 squid--a month---so high was 379 a year and low---60

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how much would a car with style and reliability cost -depriciating not appreaciating?

maninthestreet

Classic cars aren't really a great investment, though they are great hobby (I have an MG Midget myself).

de1amo

i am old fashioned and bought/restored to make it a life time car -how much would i owe on my mortgage if i had changed my car every 4 years with a remortgage as most seemed to do!as you might guess my mortgage is 50 quid and i have just stopped drinking which will negate this!-i have moved once since 1986 and plan to keep this place til i pop my clogs-i keep things simple -

maninthestreet

Can we see some pictures of the car?

catflea

maninthestreet wrote: »

Classic cars aren't really a great investment, though they are great hobby (I have an MG Midget myself).

So True. That said, my Morris Minor cost me £70 in 2003. Spent about £800 getting it back on the road and recently valued at £1500 so quite chuffed with that. The car has appreciated in value, parts and serving costs are minimal (approx £30 a year) Free road tax, sub £100 insurance - it must be the cheapest motoring you can get :beer:
As for long Journeys, its going to Yorkshire in the Summer for the MMOC national rally (I live on the south coast :eek:) but I've driven it upto 120 miles in a stint and never missed a beat