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To want a luxury car?

(121 Posts)
lill72 Wed 28-Jan-15 23:09:56

I recived an inheritance, which has given me freedow to do things I couldn't before. We don't own a car and are currently looking at a newish BMW.
Is it better to buy a newish car if you can and have it for a long time or an older car that is cheaper but higher mileage. Does the money you lose and maybe the need to sell/buy a new car sort of even it all out in the end?

Feeling guilty at maybe spending so much is difficult making a decision when I don't have a budget but the money could be spent in other ways - ie investment. thoughts?

lill72 Wed 28-Jan-15 23:14:21

Aologies for spelling errors - it is late!

BaffledSomeMore Wed 28-Jan-15 23:15:48

If you want a newish BMW then anything between 1 and 5 years old is your best bet. We sold our 1998 BMW 2 yeats ago and it still sailed through MOTs.
A car will always depreciate. If you want to make your money grow then a car is a bad choice. But to enjoy your money? A car is fine.

MuttonCadet Wed 28-Jan-15 23:17:43

Cars lose significant money in the first few years. If you can pick up something 3 years old then you'll get a better return on your investment.

But if you've managed without do you really need one at all? Almost any other investment would give you a better return.

Sid77 Wed 28-Jan-15 23:18:41

Pros and cons really.... A brand new car wil start to lose money straight away (as in depreciate). But will have a warranty and prob not need a service for a while. Why not compromise and get one a couple of years old? Can be mint condition and low mileage and have some warranty left on it, but you're not paying the new car premium. Look for the one you fancy brand new and then 3 years old and compare...

lill72 Wed 28-Jan-15 23:27:09

Sorry should have said - the car we are looking at is 2014. Has low mileage, still on warranty, no MOT for 2 years and the latest technology.It has taken the hit of new car depreciation already. Should we go bit older a you say? I know th 3 year cars dont have the same technology.

We need one now as I have a new baby and a 4 year old and public transport too difficult.

What would you spend on a car?

StarsOfTrackAndField Wed 28-Jan-15 23:29:44

How much of this inheritance would a car eat up?

A car is a surefire way to make that inheritance shrink to nothing. If it will take a big chunk of the sum you are inheriting, really think twice! Especially ocially as you've managed without one.

A BMW isn't a luxury car, unless it is one of the uber expensive models, a standard 3 series or 5 series will probably be better screwed together than an equivalently sized Renault, Ford or whatever, but it won't transport you to another realm of motoring like a Rolls Royce or an Aston Martin would in terms of comfort, performance or what have you. I'm not being a snob about this, my car is a beaten up old Toyota.

elQuintoConyo Wed 28-Jan-15 23:33:57

We have a 1998 Saab 95, never failed an MOT. I feel like the Queen when I'm driving it grin

Sorry, no help whatsoever!

BackforGood Wed 28-Jan-15 23:38:02

Depends on all sorts - like cost of your housing, you normal income, how crucial the particular things that attract you to that car, are, etc.,etc

Personally, I'd much prefer to use a big chink of money to pay off (?) / pay a big chunk of mortgage off(?) / use as a deposit towards a home - which gives you long term security, rather than an expensive, flashy car, which is always just going to cost you money which you'll never be able to recoup.

A much cheaper car will still get you from A to B

lill72 Wed 28-Jan-15 23:45:05

It's a BMW 3 series - so I guess then not a luxury car you say?

If I look at other new/newish cars like Quashqi, Honda, VW , they all seem to be around or often more than the price of the BMW I am looking at - am I wrong?

The car eats up less than 10% of the inheritance.

peggyundercrackers Wed 28-Jan-15 23:47:29

I bought my last car new and kept it for 15yrs, it was looked after and never missed a beat, other than the usual service bits like tyres and brakes it really didn't need much else, I would say I spent less than 1000 on it outside normal services.

I would buy something nearly new and plan to keep for a long time, not sure I would buy a bmw though...they are a bit bland for my liking.

WeldedParentMaterials Wed 28-Jan-15 23:51:46

Do it OP. Whoever said a 2014 BMW isn't a luxury car is talking pish, they are very different to Renault, VW etc, and I speak as a VW driver!

StarsOfTrackAndField Wed 28-Jan-15 23:52:29

What would you spend on a car?

I have never spend more than a thousand pounds on a car, but then I am skint at the moment and even when I had more money, begrudged spending it on car (but that's just me)

It is impossible to say without knowing your financial circumstances.

If you're already very comfortable or wealthy, then I can understand you seeing the inheritance as play money and thinking about blowing it on something like a BMW.

If this is a sum of money you are unlikely to come into again soon, I really would think long and hard about buying an unnecessarily expensive car. You said that you now needed one as you have two small children and fair enough carting two little ones around on public transport would be a bind and a car would improve your lives. But that doesn't need to be a BMW.

With a car you aren't buying an asset, you are buying something that will depreciate in value and will be an ongoing financial burden (especially when you factor in tax, servicing, repairs and insurance which is likely to be extortionate on an expensive car if you haven't got any no claims bonus.

Tutt Wed 28-Jan-15 23:57:18

I've had 4 BM's and if I didn't like powerful low sports all wheel drives I'd still have one!
First one I had for 6 years, always sailed through MOT's and was perfect until it was stolen.
The last 3 I just traded in for the next year.
I don't class them as luxury BUT they are so much nicer to drive than the cheaper cars. Mine have all been reliable.
Always buy lower mileage and around 6-12 months old so they've had the hit.

If you want and can afford go for it and happy motoring.

StarsOfTrackAndField Wed 28-Jan-15 23:58:35

welded I've driven a 3 series and a 5 series and was a bit meh, wasn't bowled over. I don't particularly like rear wheel drive cars and they can be a bloody menace in the ice and snow. Not for me. Different strokes for different folks.

OP if it is 10% of the inheritance, go for it! I thought it was a case of eating up half or two thirds.

Littlefluffyclouds81 Thu 29-Jan-15 00:10:48

I love cars and driving. I think if it's going to be something you are planning on keeping for many years, then go for it, whilst you've got the money.

If you're planning on it becoming part of the family and not thinking about selling it on again for a long long time, then it won't be the end of the world if it gets a little scratch or the kids spill a drink in it or something. That would be my only fear in forking out loads of dosh on a nearly new motor.

Beamers hold their value really well, particularly diesel ones, so you should get a good return on your money if you ever do sell it.

I'm not flush but I've just bought a 2002 tdi Passat sport, and I love it so much. It's been really well looked after and is fairly low mileage. It makes me happy every time I see it or get in it. If that's what the bmw does for you then go for it.

Also they look cool, even 15 year old ones look head turningly nice sometimes, so you will never feel like you're driving a rubbish car in x years time, they have a kind of timeless appeal.

Just buy the car!

LilMissSunshine9 Thu 29-Jan-15 00:22:05

Depends on whether its a car for life iyswim. My parents bought a Ford Mondeo brand new and its still as good as new 15yrs later. No major work has ever been required.

Most often you get 3yrs free service etc. with new cars so worth looking at both options and weighing up what is important.

Personally if this is perhaps your one and only time you see yourself buying a car then go for brand new.

YellowTulips Thu 29-Jan-15 00:26:33

I bloody love cars grin and want to drive something I desire not just a mode of transport.

So quite frankly you are not going to get a sensible response from context at 23 I bought a new MX5 with inheritance money (caveat am not stupid, this was after the money I used for a house deposit).

You have the money and the opportunity so yes - why not?

If you want a BMW I'd go for the petrol engines - more fun to drive, cheaper to buy and unless you do a super high mileage over the lifetime of the car work out cheaper than the diesels.

YellowTulips Thu 29-Jan-15 00:29:29

Sorry just to add I'd buy in the 18 months to 2 years old range if I was planning to keep it beyond 4 years.

StarsOfTrackAndField Thu 29-Jan-15 00:40:01

in context at 23 I bought a new MX5

How much do you charge for a cut and colour?


123Jump Thu 29-Jan-15 05:50:02

OP I know nothing about cars except their colour and how to drive them. DH and I lease our cars for 2/3 years then change them, through our business.
I currently have a 7 seater x5. It is nice to drive but the indicator is crap, have had to remove the floor mats as they will not stay put, the windscreen wipers need replaced-haven't even had it a year, and the rubber trim around the doors are coming off and stick outside the car...
I don't think it is that brilliant. Best I had was similar looking 5 seater Merc, not sure what you call it, but that was perfection.
Hated the Range Rover, so uncomfortable, lined my Ford-can't remember whether c or s?
Don't buy brand new!!

SkivingAgain Thu 29-Jan-15 06:02:33

Have you considered an electric car. BMW do the i3 though you probably won't get a used one yet as they're too new. Renault Zoe and Nissan Leaf the most common and LOTS of gadgets and great fun to drive (and better for the environment).

Eastpoint Thu 29-Jan-15 06:12:58

Don't get a diesel unless you do v high mileage & diesel is now getting flack for producing masses of pollution. My X5 has been going since 2008, no problems at all. We had a VW before & the difference in how I feel at the end of a journey is completely different. I also appreciate how fast the windscreen demists, so much better than our Fiat 500, even little details like that make a difference.

Perfectlypurple Thu 29-Jan-15 06:26:16

I recently inherited and we got 2 brand new cars.the inheritance paid for the deposits and we got a really good deal on the finance, so the interest is very little over the 2 years and the money saved on the mot cancels out any interest. Yes I could have paid a chunk off the mortgage but we have just knocked 6 years off that by over paying and sometimes it is nice to have something considered frivolous. We both work shifts so going to and coming from work in the early hours. Knowing we have cars that will start is a huge bonus.

Yes, the cars will depreciate quickly but the prace of mind is worth it.

If you want a nice car and can afford it then go for it.

mrsnec Thu 29-Jan-15 06:36:51

I bought a car with an inheritance last year. Not a new one but it was a make and model dh and I both wanted. We went for an older one because it had lower mileage and it was a lot cheaper than the BMW but we've had to spend a lot of money on it and sometimes wish we'd gone for the BMW instead but we decided to get a cheaper car and save some of the money but ended up spending the rest on the car anyway.

I'm glad we spent the inheritance on owning a car outright that we both love though. We only had a warrior for work and now we have something fun for weekends and something more fuel efficient too.

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