Buy a kit car

Opus

Hi all,

I am new to the forum and would like to earn extra cash for my family and also a little toy for myself I would like to buy a kit car (around £7000 budget). I would need to buy this from a private seller, perhaps even eBay, I have never bought anything this expensive before, how do you go about paying for something like this I one lump sum? What are my interest free loan options?

Thanks

Nile

Opus wrote: »

Hi all,

I am new to the forum and would like to earn extra cash for my family and also a little toy for myself I would like to buy a kit car (around £7000 budget). I would need to buy this from a private seller, perhaps even eBay, I have never bought anything this expensive before, how do you go about paying for something like this I one lump sum? What are my interest free loan options?

Thanks

Hello Opus

Welcome to the MSE site.

Your thread covers lots of topics and could be moved to several boards, such as:

Up Your Income
Motoring
Ebay, Auctions, Car Boot & Jumble Sales
Loans

.............but I'll move it to the Motoring board.

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere (please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="forumteam@moneysavingexpert.com"]forumteam@moneysavingexpert.com[/EMAIL].

Regards

Nile

Foxy-Stoat_3

Opus wrote: »

Hi all,

I am new to the forum and would like to earn extra cash for my family and also a little toy for myself I would like to buy a kit car (around £7000 budget). I would need to buy this from a private seller, perhaps even eBay, I have never bought anything this expensive before, how do you go about paying for something like this I one lump sum? What are my interest free loan options?

Thanks

1. Paying for a secondhand car, cash, bank transfer or bankers draft.
2. No such thing as an interest free loan, you can get interest free balance transfers on credit cards.
3. Are you trying to buy a £7000 kit car and hope to sell it for more money, thus making some extra money for yourself? If you have been watching Wheeler Dealers then you CAN earn money out of secondhand cars but that show doesn't factor in labour costs. If you are good with spanners and have the spare time and garage facilities then go for it, start small (cheap) tho.

Hope this helps!

forgotmyname

??? Puzzled ???

How is spending £7000 on a 2nd hand kitcar going to make you money?

Interest free loans, Probably zero.

Depending on the seller, Pay cash, Bankers draft, Cheque or Bank Transfer.

How old are you? Insurance on some kitcars can be pricey. Some very cheap. But it depends on the cover and the vehicle/engine.

Are the schools still out this week?

rxbren

what wheeler dealers also dont show or include is the extras they bought (latest one there was an exhaust clearly replaced but not mentioned, shown or cost added) or as above how much time in labor has been included or the elapsed time from buying car to the completion of the build then to the date was actually sold

Opus

I should have made it clear, this is a long term passion of mine and I have wanted a kit car for a very long time. I do not plan on making money on it, in fact I will almost certaining spend more money on it than what I get in return if and when I sell the car. The post was purely a post to get some ideas and suggestions on paying £7000 for a kit car from people.

rxbren

personally if i ever did go down the kitcar route id build my own then you know exactly whats been done and can choose the spec to your own taset/needs

Opus

Thats true, rxben, I can save £1000-£2000 on labour costs that way too and have the fun of building it. Also, then I could buy it in stage kits, and build it up bit by bit and pay for it in small chunks.

Gloomendoom

Do your research first. Some kit cars hold their value, some don't.

skivenov

Buy with caution.

If you buy a Ford Focus, it's as good as Ford built it.

If you buy a kit car, it's as good as somebody built it.

One of my toys is a kit car that's had 7 owners before me. It's currently and for a couple of years been the subject of a full rebuild after I found many, many concerning things.

Opus

Thanks all, I didn't realise that others would have specific interests in kit cars in the forum I would really like to build a bike engined kit (based on my budget I would go for something like a tiger or mk sports car kit)

I understand the pros and cons of bike engined kits, its just a real dream of mine. Would be nice to have something I could take onto the track occasionally (depending on finances of course)