Depressing

[jaytip]

I did a little bit of paperwork last night toting up what my car is going to cost me a year to run when the new tax banding comes in,and it didn't make pretty reading.Not counting any repairs that may be needed or depreciation,it comes to............................9.5K a year.I was shocked.
Needless to say for a car that gets driven a max of 3K a year,it's just a financial disaster,so come Japfest there will be a for sale sign on it :(
The wife and i have decided that instead of just moving to a bigger house(and much bigger mortgage)in a few years,we will just put a two story extension on ours,but sadly that means the plot of land that was going to cover the cost of my car loan will no longer be for sale,and the money from the NSX sale-minus the loan-will go toward the extension.
I love the car but it is always going to lose money,where-as extending the house is going to save us about 50-80K in mortgage payments if we moved.

[richmills]

I did a little bit of paperwork last night toting up what my car is going to cost me a year to run when the new tax banding comes in,and it didn't make pretty reading.Not counting any repairs that may be needed or depreciation,it comes to............................9.5K a year.I was shocked.


Hi Jay

Do you mind me asking how you got this total? I've kept all my receipts for the first year of ownership for my 03, and it turns out it cost me about £2.5k to run over the year (no big repairs required). The new tax will only bump that up by about another 200 squids.

How are you getting 9.5k?

Cheers, Rich.

[simonprelude]

Loan repayment maybe for the other £7k ??

[markc]

Hey Jay, you need to get your priorities right, remember you can live in a car but you can't drive a house ;)

For those who have post 2001 cars and are worried about the VED (Road Tax), why not trade it in for a pre 2001 example. The NSX is one of the few cars that you'd hardly notice the differance in.

I can feel secondhand prices for pre 2001 NSX's firming up as I type :)

I daren't start a spreadsheet on my vehicle costs or no doubt I'd scare myself to death!

Running a collection of older "horses for courses" cars instead of a single newer "do everthing" car, the new VED rules don't really effect me, but I'll still pay more ie £185 x 3 (£555) instead of £455 if I ran 1 new big/posh/fast one. Of course I also pay 3 lots of insurance but this balenced by much lower depriciation.

For the record my current "fleet" is...
1998 Mercedes E320 Estate (Daily beater and carry all)
1997 NSX Type S (Sports car and continental tourer)
1985 Citroen CX 25ie Pallas (Oddity and classic wheels for beardy car club gatherings)

Ohh then there's the Mrs's 2007 TT Cab and my Westfield/ZZR project.

Mark

[DamianW]

No idea where 9.5k has come from given that mileage and no depreciation taken into account. How do you work that one?

My NSX didn't cost me that much to run at all really, worst single thing was insurance I think.

Back when I was commuting a long way I did calculate my petrol Audi A6 was costing me 3.5k in petrol alone per year, and that was back in the days of 90p per litre! So I went and bought a diesel, and instantly regretted it.

Edit - and what is the tax going to be on a post 2001 car then? For that matter, any idea how much I'm going to be fleeced for my 2002 M5? And can we arrange an NSXCB event to go to parliament and kick these toss pots out?

[amo]

hi mate sorry you will be leaving
but you do what you have to do only you know
and id luv a meet going to the big house and stickin 2fingers up at them lol

thx amo

[markc]

Do you really think the alternative toss pots will change it!!!

I'm afraid since "climate change" got politicised we (car owners) have been on the receiving end of all sorts of ill thought out, headline grabbing nonsense and are ripe to be taxed heavily for the priviledge.

I think your M5's gonna cost you £440pa from 2009, rising to £455pa from 2010

£450 a year to drive a car like the NSX or M5 rather than G-Wiz is good value if you ask me :)

Mark

[TheQuietOne]

Mmmm so glad mine is a 2000! :laugh:

Still TBH most people on here drive their cars about 4,000 miles p/a and they are forking out for insurance, and servicing etc over the course of that year. An extra £260 on road tax isn't that much more in the grand scheme of things if you are already justifying a car on that basis. For the rest of us who run these as our daily drives we just have to live with our sacrifice to drive one and eat a little less!

Having said that if it bothers you and affects you that much, might be a good idea to switch to a good condition '91 for £15K, get rid of most of your loan and keep your tax etc the same! :)

Life tough enough at the moment without a thread titled 'depressing' :(

[AR]

I did a little bit of paperwork last night toting up what my car is going to cost me a year to run when the new tax banding comes in,and it didn't make pretty reading.Not counting any repairs that may be needed or depreciation,it comes to............................9.5K a year.I was shocked.
Needless to say for a car that gets driven a max of 3K a year,it's just a financial disaster,so come Japfest there will be a for sale sign on it :(
The wife and i have decided that instead of just moving to a bigger house(and much bigger mortgage)in a few years,we will just put a two story extension on ours,but sadly that means the plot of land that was going to cover the cost of my car loan will no longer be for sale,and the money from the NSX sale-minus the loan-will go toward the extension.
I love the car but it is always going to lose money,where-as extending the house is going to save us about 50-80K in mortgage payments if we moved.

Sorry to hear this mate,

If and when you decide, please let me know as we could work something out.

Cheers,

Ary

[jaytip]

Lol,i thought it would supprise some of you.I actually worked it out wrong,it comes in at a bit less than 9.5K(not including depreciation).Here is the breakdown.
Loan = £6240
Insurance = £750
Servicing = approx £600
TAX = £450
MOT = £50
Fuel =£750

Total = £8840

The loan was taken out on the basis that i was going to sell half my garden for 30K.Planning permission has been approved for a 3 bedroom house and therefor estate agents valued the "plot" at 30K.

Servicing may seem steep at £600 a year but it's not really because i have to factor in time off work and travel(i take it to Two Mills becuase Cardiff Honda are way more expensive,even after travel/accomodation) plus the £600 is factoring in any consumables.

If i wanted to stay where i am living in the house the size it is,then i would have no problem,i would just sell the plot and pay off my loan,immediately saving myself £6240 a year.But the wife and i want a bigger house,and in my area the cheapest modern 4 bedroom houses are starting at approx 189K(my house has been valued at 100K) and the living rooms in those houses are not much bigger than what i have now: 13'X13'. If i build a two story extension on the side of the house i would get myself a living room approx 16.5' X 24.5' with a large bedroom with en-suite and walk in wardrobe above for about 30K,saving me about 60K
If i were still a single man then the NSX wouldn't be going anywhere,but i am now a husband and dad,and the wife and i have agreed that we would like a second child and i just want to make life a little more comfortable(more room)for them.

[simonprelude]

All very sensible, well you can say you have owned each NSX now and then possibly return in the future.

After all, the cars are not going to suddenly disappear off the face of the each now are they.



If i were still a single man then the NSX wouldn't be going anywhere,but i am now a husband and dad,and the wife and i have agreed that we would like a second child and i just want to make life a little more comfortable(more room)for them.

[jaytip]

All very sensible, well you can say you have owned each NSX now and then possibly return in the future.

After all, the cars are not going to suddenly disappear off the face of the each now are they.
Oh i don't doubt that sometime down the road i will be back in another.It's one of those cars that you keep coming back to.

[Senninha]

.........Planning permission has been approved for a 3 bedroom house and therefor estate agents valued the "plot" at 30K.........
Hi Ivor,

I'm amazed at the low value of the land you are selling considering it has building permission agreed. I take you have had it valued 'with' the permission?

Just a thought, but if you were to sell the NSX and clear your loan, would you be in a position to finance the new build yourself? This would surely net you a clear profit and you could then maybe move to a larger property? The new 3 bed Eco house from Pottons is a 60 day build and would surely be very saleable given its recent airing on TV with Tommy Walsh.

What ever you do I hope you get what your aiming to achieve for the family.

regards, Paul

[simonprelude]

By the sounds of it, a house built on the plot would be worth around £100k, so £30k for the land, minimum of £50k to build the house with a £20k profit.

So I would say £30k would be about right for the land.



I'm amazed at the low value of the land you are selling considering it has building permission agreed. I take you have had it valued 'with' the permission?

[NSXGB]

4 bedroom houses are starting at approx 189K(my house has been valued at 100K)

I'm so glad I live in the SE....:(
That would buy you a 2 bed flat round my way.

[Silver Surfer]

Any possibility to sell the 02+ and buy Lukes' brothers 91 red black and save money and still keep a NSX?

Just a thought as suggested previously?!

SS

[TheSebringOne]

Ivor, sorry to hear that you're selling after a short period of ownership, but a house for a family is more important than a car, abeit a special one! As said already said, you can always return in the future as these alu cars are rust free & well looked after! :)

Ary, would be great if you can sort something out to keep the car known to us?

[jaytip]

By the sounds of it, a house built on the plot would be worth around £100k, so £30k for the land, minimum of £50k to build the house with a £20k profit.

So I would say £30k would be about right for the land.
Bang on Si.

[jaytip]

Hi Ivor,

I'm amazed at the low value of the land you are selling considering it has building permission agreed. I take you have had it valued 'with' the permission?

Just a thought, but if you were to sell the NSX and clear your loan, would you be in a position to finance the new build yourself? This would surely net you a clear profit and you could then maybe move to a larger property? The new 3 bed Eco house from Pottons is a 60 day build and would surely be very saleable given its recent airing on TV with Tommy Walsh.

What ever you do I hope you get what your aiming to achieve for the family.

regards, Paul
If the car sells for what i'm hoping then i'm going to be left with about 15K,so i would be well short of building another house with it,but 15K on the other hand will go a long way into the build of the extension.
What i want to avoid if i can is taking out another loan to finish off the build,so i will get done what i can for 15K and then do a bit at a time untill its finished.