Cars that will go UP in value for a reasonable price

jimjames

kteara wrote: »

Mortgaging a house and renting out, is a perfect plan because it provides income which can allow me to purchase an even better car (R8). The problem however, is I'm led to believe this isn't possible. At 24 years old I will probably have around 20k savings. This is barely enough for a deposit on a crappy 1 bed apartment (I live in South London). I'm also led to believe that my first property purchase is unable to be rented out due to restrictions from mortgage lenders.

Slightly getting away from the original question but buying a BTL when you don't have your own property is pretty hard. For your own you need 5% deposit but for a BTL you normally need 25%. If getting 5% is hard, how much harder is 25%.

kteara

jimjames wrote: »

Slightly getting away from the original question but buying a BTL when you don't have your own property is pretty hard. For your own you need 5% deposit but for a BTL you normally need 25%. If getting 5% is hard, how much harder is 25%.

The issue is yes I could probably afford to mortgage a crappy flat and be up to my eyeballs in debt. But this flat is definitely not somewhere I would want to live in for more than 5 or so years so I'm unsure what to do. The ideal family home I want to own would cost around 350k+ and its not even extravagant, it would be a normal 3-4 bedroom detached house with a garage. Is that really asking for too much ?

ratrace

kteara wrote: »

This is an idea i'm willing to take on board. I've looked at hire companies and theres one that offers an Audi R8 (595 a night, minimum 2 nights hire) so that is £1190 for 2 nights. and I do that twice a year = £2380.

Is that a better option than purchasing the Audi S3?

thanks!

You can get track day vouchers for around £300 for a about 9 laps around a race track and a chance to drive other super cars also

Me and my mates are going for this option (on one of the lads birthday) only for super cars such as Audi r8, Lamborghini, Ferrari etc.....

we didn't want to go down the hiring route due to the fact that most companys we spoke to about hiring a super cars like an r8 for a weekend they wanted a £5,000 damaged deposit which we thought was too much, if someone keyed it or damaged it while walking past then im sure the company would have taken a good chuck of that

ratrace

kteara wrote: »

The issue is yes I could probably afford to mortgage a crappy flat and be up to my eyeballs in debt. But this flat is definitely not somewhere I would want to live in for more than 5 or so years so I'm unsure what to do. The ideal family home I want to own would cost around 350k+ and its not even extravagant, it would be a normal 3-4 bedroom detached house with a garage. Is that really asking for too much ?

350k would buy you a really nice detached 4/5 bedroom property with plenty of land and space for about 3 garages lol, In yorkshire where i live also in a really nice low crime, quiet location

something like this

http://www.rightmove.co.uk/property-for-sale/property-31300593.html?premiumA=true

kteara

I will buy the S3 this year. When I graduate I will keep saving whilst living at home for 2 more years, then I will sell the S3 when it comes time to purchase a house (24 years old) so I have a bigger deposit. I will then carry on saving for another year and then probably buy something better than the S3.

No idea when/how/if I can buy the R8 at a later age.

JustinR1979

When you get older you'll realise it's just a car, and priorities change.

kteara

JustinR1979 wrote: »

When you get older you'll realise it's just a car, and priorities change.

I'm not disputing this but what are you implying I should do?

JustinR1979

Put a roof over your head and put a car second.
By the time you can afford an R8, it may not compare greatly to modern cars.
Not 100% compatible (it's a sierra!), but I dreamed of a sapphire cosworth when I was younger since seeing it in Spender.
Test drove one when I had my E36 M6, was looking at swapping.
It didn't compare well.
Lotus Carlton would be more comparable I guess, but the M5 I had would have that beaten in all aspects too.

kteara

JustinR1979 wrote: »

Put a roof over your head and put a car second.
By the time you can afford an R8, it may not compare greatly to modern cars.
Not 100% compatible (it's a sierra!), but I dreamed of a sapphire cosworth when I was younger since seeing it in Spender.
Test drove one when I had my E36 M6, was looking at swapping.
It didn't compare well.
Lotus Carlton would be more comparable I guess, but the M5 I had would have that beaten in all aspects too.

Forget the r8. What do you think about my plan for buying the Audi s3 soon and then saving for the house and possibly selling it when it comes time to buy a house? Given the current state of house prices do u think I'll regret it? Do I need to save every penny just to remain average these days? I don't want to regret buying the S3 in 4 years time when it comes time to buy a house.

JustinR1979

S3 has lost most of it's money, and you'll need a car for getting about.
Isn't too highly strung so may be ok bills wise.
What about insurance? At your age it could cost a few hundred more a year? Then fuel, another tenner a week maybe?
There's a grand for a kick off, depends how hard you want/need to save


I bought the M5 whilst saving for a house - it was then or never, mortgage leaves little for sports cars.
But it gets easier each year as long as you get pay rises and mortgage rates don't shoot up.