[Panchoa]

Am I the only one that is thinking about selling one their cars currently?? We both have a car each (Audi S5 and 540i) and neither are hardly doing much mileage at the moment.....which is seriously making me consider whether having so much cash tied up depreciating on the drive is the right thing to do...?!?!?

I can’t see me being back in the office much this year and missus wfh anyway so reckon we could probably get away with one car with a few adjustments....!

What’s other people’s thoughts??

I would love to keep both but they just aren’t being used to justify it anymore.....

[isleaiw1]

Originally Posted by Panchoa

Am I the only one that is thinking about selling one their cars currently?? We both have a car each (Audi S5 and 540i) and neither are hardly doing much mileage at the moment.....which is seriously making me consider whether having so much cash tied up depreciating on the drive is the right thing to do...?!?!?

I can’t see me being back in the office much this year and missus wfh anyway so reckon we could probably get away with one car with a few adjustments....!

What’s other people’s thoughts??

I would love to keep both but they just aren’t being used to justify it anymore.....

But if you sell up you crystallise the depreciation and in six months - or maybe 9 - you have to pay dealer margin to buy another....

Unless you were thinking of swapping in next 9 months, makes no sense to me...

[Goneinsixtyseconds]

Originally Posted by isleaiw1

But if you sell up you crystallise the depreciation and in six months - or maybe 9 - you have to pay dealer margin to buy another....

Unless you were thinking of swapping in next 9 months, makes no sense to me...

I’ve been thinking about doing it. On a pcp dealer margin doesn’t mean much.

I don’t put a deposit down, so no loss there. If I can clear the full debt I save £600, plus probably £130 a month in tax, insurance, service, tyres etc, and then just start with another next year. If I lose £2k I’m still in the clear after 3 months.

[isleaiw1]

Originally Posted by Goneinsixtyseconds

I’ve been thinking about doing it. On a pcp dealer margin doesn’t mean much.

I don’t put a deposit down, so no loss there. If I can clear the full debt I save £600, plus probably £130 a month in tax, insurance, service, tyres etc, and then just start with another next year. If I lose £2k I’m still in the clear after 3 months.

But you by your own admission want rid of your car....

And of course “if I can clear the full debt” is 7 words but a massive statement with zero deposit, 6 months in....

[JustChris]

Possibly. Things would need to get a lot worse.

We'd ditch the X2 and keep M135i and MX5. Petrol all the way.

X2 is just on its 2 year mark soon and I've a happy feeling we'd make 1-2k back. I know the pace we'd talk to they're doing well at the moment turning over German marques and minis.

The world will take the MX5 from my cold dead hands. It's worth jts weight in gold for stress relief. Driven it 23/25 days of ownership so far. About 5 of those were essential trips.

Back OT. The idea makes perfect sense to me. If only for peace of mind and to remove any guilt! Forget maths in the whole and if your deposit is paid...guess what it's not coming back if you ditch it after 1 month, 6, 13 or 48 months. For me once it's gone, it's gone.

If things rapidly turned back to normal and you needed a second. At again, could you get into something cheaper quickly to avoid immobility?

[NotGotABimmer23]

I'm not thinking of ditching as I'm guessing the price I'd get for my car atm would be shocking and would leave me in a huge neg equity hole. However as soon as VT rolls around early next year the car will be gone and replacing with something about half the monthly cost. Going forward we are going to be wfh 2-3x a week, probably equates to an annual mileage of 5k for me. What's the point in a 500 quid per month motor? I'd prefer to spend the money on my house.

[Panchoa]

Originally Posted by kylemacca01

I'm not thinking of ditching as I'm guessing the price I'd get for my car atm would be shocking and would leave me in a huge neg equity hole. However as soon as VT rolls around early next year the car will be gone and replacing with something about half the monthly cost. Going forward we are going to be wfh 2-3x a week, probably equates to an annual mileage of 5k for me. What's the point in a 500 quid per month motor? I'd prefer to spend the money on my house.

Yes this is where my thinking is too.....mileage looks like it’s going to drop pretty significantly Going forward which means I’m just not getting to drive and enjoy the car much....

I guess trying to sell at the moment will be pretty hard to do though and I suspect dealers will be bid peanuts at the moment!!

[gr4z]

I certainly have canned any discussions at home about replacing my 440i which is bought and paid for. Just not doing the mileage. Plus as many say, any trade in price would be shocking so it's just not worth it.

[JustChris]

Originally Posted by gr4z

I certainly have canned any discussions at home about replacing my 440i which is bought and paid for. Just not doing the mileage. Plus as many say, any trade in price would be shocking so it's just not worth it.

Absolutely a different question if it's in the bag already. Quite some peace of mind in fact.

[omegaelite32]

I'm selling my 340i which is fully paid for. I only use it once a week for half hour at most. My stepson has a banger and I'm a named driver so I'll use that.

I would rather use the cash on holidays/travelling than a novelty. Cost of ownership over 9 months hopefully £3.5k (excluding tax and insurance). It's an itch I'm glad I scratched because now I know I can do without

[RobUK]

Probably should do because 3 cars is just an indulgence

RX450h was a joint purchase in 2010 and have to say it's never once gone wrong in the 10yrs we've had it. Brilliant for load lugging and long trips (e.g. 300 miles each way to N.Yorks), still on its original batteries although the warranty expired this year. Other half has always had Audi's and bought a 2018 S5 Cabrio which I know she'd never get rid of because - roof down motoring. It's OK and the V6 sounds nice but the suspension is like being on bricks! I bought the 340i with my own money and to be honest it's the car we need the least, but ... it's my little bit of 'independence' plus it's way more fun than the other two!

[isleaiw1]

I am in the category of considering if I need a station and supermarket car given I dont know when I will be going to station again regularly.....

But its paid for and costs peanuts to run, and at some stage I suppose I will go back to commuting (unless the worst happens!)

So it lives for now - although a friend collecting a 20 plate JCW the other day did test my resolve....

[Goneinsixtyseconds]

Originally Posted by JustChris

Possibly. Things would need to get a lot worse.

We'd ditch the X2 and keep M135i and MX5. Petrol all the way.

X2 is just on its 2 year mark soon and I've a happy feeling we'd make 1-2k back. I know the pace we'd talk to they're doing well at the moment turning over German marques and minis.

The world will take the MX5 from my cold dead hands. It's worth jts weight in gold for stress relief. Driven it 23/25 days of ownership so far. About 5 of those were essential trips.

Back OT. The idea makes perfect sense to me. If only for peace of mind and to remove any guilt! Forget maths in the whole and if your deposit is paid...guess what it's not coming back if you ditch it after 1 month, 6, 13 or 48 months. For me once it's gone, it's gone.

If things rapidly turned back to normal and you needed a second. At again, could you get into something cheaper quickly to avoid immobility?

I wish I could train my brain to follow your man maths thinking on deposits. I’d have a new car every year then instead of every 3 ish. And I would really love to change every year.

I just can’t remove the overall cost per year of ownership from my thinking, £7k of pcp payments plus a lost deposit every year makes for expensive driving in my mind.

That’s why I’m stuck with my X3, unless I want to take a hit. With this I did it the other way around. No deposit paid (which would have allowed me to be tricked into thinking I’m selling it for what I owe on the finance), just negative equity to clear. Same difference, cost of changing early is a lot.

However, getting rid and not replacing would work in my brain. But not just for a short term period with no car, it’d have to be a couple of years to make writing off the deposit worthwhile.

[isleaiw1]

Originally Posted by Goneinsixtyseconds

I wish I could train my brain to follow your man maths thinking on deposits. I’d have a new car every year then instead of every 3 ish. And I would really love to change every year.

I just can’t remove the overall cost per year of ownership from my thinking, £7k of pcp payments plus a lost deposit every year makes for expensive driving in my mind.

That’s why I’m stuck with my X3, unless I want to take a hit. With this I did it the other way around. No deposit paid which would allow me to be tricked into thinking I’m selling it for what I owe on the finance, just negative equity to clear. Same difference, cost of changing early is a lot.

However, getting rid and not replacing would work in my brain. But not just for a short term period with no car, it’d have to be a couple of years to make writing off the deposit worthwhile.

In my case deposits come from bonus time, straight into car account, never had so never missed. And of course come swap time if you dont have the same deposit again your monthlies go up - so if you dont get that regular "I wont miss it" inflow, you wont be swapping again...

Being single helps, no expensive holidays for the other half or family, no pressure for household shit, just do what I want....

And yes the accountant knows its a waste of money - but then so are expensive cars, so if I start to quibble about writing off deposits I should quibble about the annual cost of a car I dont need as unlike you, mine is not a work necessity....

I'm trying to get the deposit together for another house or move back to chesterfield and pay off deposit on that one - so big deposits wont be happening for a while now!

[Goneinsixtyseconds]

Originally Posted by isleaiw1

In my case deposits come from bonus time, straight into car account, never had so never missed. And of course come swap time if you dont have the same deposit again your monthlies go up - so if you dont get that regular "I wont miss it" inflow, you wont be swapping again...

Being single helps, no expensive holidays for the other half or family, no pressure for household shit, just do what I want....

And yes the accountant knows its a waste of money - but then so are expensive cars, so if I start to quibble about writing off deposits I should quibble about the annual cost of a car I dont need as unlike you, mine is not a work necessity....

I'm trying to get the deposit together for another house or move back to chesterfield and pay off deposit on that one - so big deposits wont be happening for a while now!

It’s definitely a mind set that I can’t master.

Work bonuses are real money to me, used for all sorts of things, mainly holidays, but maybe a houses extension this year.

And it doesn’t come down to a “quibble” in my mind. On my last 3 cars my pcp payments have been the same, about £7k a year. Writing off another £5k ish of lost deposit or negative equity after a year is more than just a quibble to me. It’s a significant increase in costs.

Only two ways round it, allow man maths to fool you like it’s not really happening. Or, as in your case, have enough money to not worry about a few grand disappearing. My brain won’t allow me to do either.

My only approach is the logical change time, when new tyres, tax, service etc is due, and writing that off against some of the lost deposit/negative equity.

It is one of my true hates at car dealerships when they start shuffling pots of money around on trade in values and discounts to try and trick you into thinking you’re getting a good deal. Only second to the question, tell me what you’d like to pay each month sir? (And once you’ve told them, they adjust the discount and tell you how much deposit you need to handover to get to that amount!)

[isleaiw1]

Originally Posted by Goneinsixtyseconds

It’s definitely a mind set that I can’t master.

Work bonuses are real money to me, used for all sorts of things, mainly holidays, but maybe a houses extension this year.

And it doesn’t come down to a “quibble” in my mind. On my last 3 cars my pcp payments have been the same, about £7k a year. Writing off another £5k ish of lost deposit or negative equity after a year is more than just a quibble to me. It’s a significant increase in costs.

Only two ways round it, allow man maths to fool you like it’s not really happening. Or, as in your case, have enough money to not worry about a few grand disappearing. My brain won’t allow me to do either.

My only approach is the logical change time, when new tyres, tax, service etc is due, and writing that off against some of the lost deposit/negative equity.

It is one of my true hates at car dealerships when they start shuffling pots of money around on trade in values and discounts to try and trick you into thinking you’re getting a good deal. Only second to the question, tell me what you’d like to pay each month sir? (And once you’ve told them, they adjust the discount and tell you how much deposit you need to handover to get to that amount!)

My only disagreement with that is that I dont have enough money not to worry about it, should be paying down a big mortgage instead - but I think when life kicks you in the nuts you learn that sometimes, being happy is better than having a few quid.....

Dealers can try what they like - I guarantee I am better at numbers than them so if they come trying to be clever I throw a few things out to confuse them instead..... sure you are more than capable of that too!

[doncarlyon]

I'm waiting on a new lease car being delivered

[Goneinsixtyseconds]

Originally Posted by isleaiw1

My only disagreement with that is that I dont have enough money not to worry about it, should be paying down a big mortgage instead - but I think when life kicks you in the nuts you learn that sometimes, being happy is better than having a few quid.....

Dealers can try what they like - I guarantee I am better at numbers than them so if they come trying to be clever I throw a few things out to confuse them instead..... sure you are more than capable of that too!

I am, and that’s why it annoys me when some youngster in a dealers starts trying to reduce my monthly payments by just upping my deposit. Does that really work on anyone?

Apologies for saying you didn’t need to worry about it, it just seemed inferred when you said quibbling about lost deposits.

[isleaiw1]

Originally Posted by Goneinsixtyseconds

I am, and that’s why it annoys me when some youngster in a dealers starts trying to reduce my monthly payments by just upping my deposit. Does that really work on anyone?

Apologies for saying you didn’t need to worry about it, it just seemed inferred when you said quibbling about lost deposits.

oh, the vast majority are numerically challenged and easily swayed by a new car.... I taught accountants who were shit with numbers!

Its fine - just remember age / family position makes a huge difference.... when my kids were younger, holidays about £5k to £7k in todays money, now £1700 tops. birthdays and xmas a couple of grand each (by the time you have done presents, parties, gifts, trips out, presents for extended family on their special days), now £1200 tops. Household shit and clothes - before, who knew, but loads, now better part of buggar all. Kids and wives are much more expensive than M5s, however you finance!

[Bryans69]

We went from two to one about three years ago (exluding the MGB currently in pieces in the garage)

Big change was I went from needing a car a couple of days a week for work (out for meetings), to being in the office full time, so cycling everyday.

We were still paying off the building works done, so having a £25k Boxster sitting on the drive doing 2k a year didn't make sense when we had loans to pay off.

We live less than a mile from the girl's school, the wife only works part time, and most of what we need is in walking distance, so we manage with one car no problem.

That said, depending on finances over the next year, there is still a camper van or an older Vantage on the horizon, but either / or will be an endulgence.

[bytejunkie]

trying to do the man maths in my head that leads me to chopping the 335d in and halving the equity i have in it. 3k on a 320d (older) and 3k on an old harley to do up.
im not sure this is or isnt a mid life crisis, but the garage is full of kids bikes where 10 years ago it had an old G60 in it and im spending my evenings on the xbox, not spannering which i miss loads. i cant get a kit car in and i might get an old bike in.
surprisingly, her indoors isn't hating the idea.

[TouringPleb]

We have had discussions about downsizing what we've got.

Mr TP is currently working from home only going to the stadium once a week and on match days. This has reduced his mileage considerably and isn't likely to change much going forward as his Boss has now seen working from home is doable. So at the moment his X3 M40i is sitting on the drive doing very little.

I love my 440i GC but probably 99.5% of all the miles I've done in it I've been on my own.

Our only criteria is one of the cars has to be dog friendly but big enough for two big dogs. We already over pay our mortgage but would like to reduce our car outgoings to help clear some debt we've built up and to clear the mortgage even sooner.

When it comes to change my car I think I will contact Park Lane and see what offers they've got on or what they need to get rid of from stock. Or take a cheap lease deal from somewhere. Fancy a small hot hatch like a manual Cooper S next.

But this may well change again!