The 'Maverick' Classic Porsche Forum and Classic Porsche Club for Porsche 356, Aircooled Porsche 911, Porsche 912, Porsche 914 & Porsche Replicas. 'We join for the cars but stay for the people'
Just a thought really. Nothing particularly prompted it.
On many different levels, i mean how much of peoples income do they spend on vehicles a year?
What sum do you feel comfortable spending on maintenance (i.e. not a full restoration) a year?
How about as a percentage of the value of the car? At what point do you decide you cant justify it? Is it a financial or heart lead choice?
Just interested really.
For me i dont think i would feel comfortable having a car worth maybe more than roughly 35% of my gross annual income? At the moment mine is a good bit less but i could stomach some more i think. (touch wood) And i only have myself to support, which i think is an important point.
Regarding running costs i try to keep it below £2k ish not including insurance/petrol/restoration etc etc, assuming base car isnt a pup. (Again touch wood!!!!)
Just interested on peoples thoughts really, especially considering classic/hobby cars, i mean I see a lot of people driving modern cars that i honestly dont really understand how they justify in terms of outright purchase price.
Last edited by JAN on Tue May 26, 2009 10:35 pm, edited 1 time in total.
Good question. I fall into the category of the latter part of your question but have now seen the light
For many years I have been in a fortunate position of being able to run a succession of nice modern cars (two Lotus (Loti?), Boxster S and two 996s) as my everyday transport.
However, when I eventually looked at what they cost in terms of depreciation let alone the running costs associated with new cars to keep warranties running- commonsense kicked in and I now use a diesel Grand Cherokee as my every day car (100k miles and counting).
For me a classic represents relatively low depreciation (or even appreciation!!) although the trade off is perhaps marginally higher running costs.
In any event don't fret too much - you only live once, drive to Le Mans, drive to the Nurburgring, drive up the Stelvo pass, drive along the French Riviera, enjoy your car and enjoy your life!! No amount of clever accounting will justify such experiences.
1. Maintenance: Stuff I have to do or the car will/already has stopped/broken/become illegal
2. Extras: Brake upgrades, paint tidying etc.
No.1 gets past SWMBO with ease, particularly as it's our family car, No.2 gets through under the radar or with false receipts
I'd love to spend more, like getting the wheels done, but I don't have it, so in that way it's not justification it's just simple money in v money out.
I've never owned my 'toys' for financial reasons ........... if anyone knows my old '66 VW cabrio that was a prime example
I have always been of the view that as long as my bills are paid & it doesn't impact on my family life, then if the car needs money spending I'll spend it ..... costs Vs value don't come into it . As long as I get enjoyment out of my hobbies then thats all that matter
the modern car thing .... you'll find most aren't bought outright, but will be funded on various finance schemes like PCP's etc or for company cars contract hire. You can get some pretty tasty motors for relatively low monthly payments assuming you never aspire to own the car. This way you just keeping paying monthly & turning over a new car every 2 or 3 years.
No idea how much I pay a year for maintenance.
If it breaks, then I pay whatever it needs to get the car back on the road.
Like someone else has said the depreciation on new stuff is horrendous, so you don't win anyway.
(Formally 356ist)
Membership #: 356!
1953 Cabriolet
1959 Coupe (Sold)
1961 Notchback
1961 Sunroof Coupe (Sold)
1962 Coupe (Gone, but not forgotten!)
ALL RHD OF COURSE!
i consider my cars to be my hobby. i am unable to maintain them myself so have to send them to specialists.
my cars are usless to me if they are not in working condition. so i end up spending what ever is needed to keep them in good reliable condition. i have learnt the hard way that trying to penny pinch on repairs is a false economy which in the past has cost me dear.
this year has been an expensive year as i have had 2 cars restored but, i am hoping that this will mean the cars are now more reliable and the running costs from now on should be more exceptable.
Last edited by Helen on Wed May 27, 2009 9:15 am, edited 1 time in total.
member#1182
Currently Porscheless but on the look out for my 30th
I can justify spending on the 911 much more easily than a modern car as unlike most cars it is a financial asset and unlikely to lose any money I put into it.
I run a £600 W124 as a daily driver so that is pretty frugal motoring compared to most people.
Gary71 wrote:In short, whatever I can get away with!
Yep, sounds familiar if its for the 911
Many a pub conversation has focused on the 'man maths' justification to why we spend so much on them, but in reality I find it helps not to worry too much about the bottom line, particularly if you get plenty of use out of it. If I get 18,000 miles a year out of mine and spend £5k pa, is that worse than spending £2k and only doing 2,000 miles per year? Personally I dont think so. Remember, not all the cars on here are hobby cars, Gary and I use them as daily's, so this also helps justify the expense, as I 'd be spending/loosing far more on a modern (oops man maths coming out again)
The one thing you dont want, however, is a wife with a seemingly unstoppable ability to justify spending every penny possible on 'her' car
Er... just had a bill in the post for Mrs Cs pagoda - new fuel pump and interim service £1256! So, looks like my 912 heads WILL be getting bigger valves then
You got off lightly if the fuel pump only cost that!
I do the small upgrade stuff at service time so the cost is more easily lost....(and easier for me to fool myself). I do about 3,500 miles a year and it's probably cost me a couple of grand a year since 2003. Some of that has added value to the car, not that I plan on selling it. However, like Helen, I have some restoration needed
58A - 71E wrote:Remember, not all the cars on here are hobby cars, Gary and I use them as daily's, so this also helps justify the expense, as I 'd be spending/loosing far more on a modern (oops man maths coming out again)
I'm also getting as much done as possible whilst it is the daily, once the company funded 'modern' arrives at the end of August then spend gets harder to justify!
I've also just done what you should never do and added it all up
Including the cost of the car, £5500, I've spent a total of £20185 on the car as it stands today, on it's shiny new Continentals. Thats every penny, from oil to bodyshop. £5500 of that is paint, the first time in at £4500 and the rest to fix it one side again recently.
It's only ever been to a garage for paint and MOT, so if I had put a cost on my time....
Yeah i just think its an interesting subject, and like hearing others views.
I guess im lucky in that i can afford to be selfish and have a fairly high disposable income (fairly!) as i only support myself and currently rent my property. I would very much like a '67 s, and i guess on paper could afford it if i really wanted to, but I enjoy other aspects of my life and saving for a flat deposit is taking some priority at the moment, as well as the odd more conventional investment (zzzzzz). I also think its quite healthy to be happy with what you have sometimes. Its a nice feeling.
I often get tongue in cheek laughed at through my 'asset' justification of my car after a large garage bill, but to be honest its my only car (tube is my daily), is tax free and cheap to insure, so that saves me £1k - £1.5k annualy over any modernish car i would remotely want. I think the argument holds water.
Keep your thoughts coming though, its interesting reading.
(touch wood) And i only have myself to support, which i think is an important point.
