How to beat car depreciation and long term ownership costs ? (nearly)

Declan Lander

Along with fuel and maintenance, I find depreciation one of my biggest costs.

One low capital way round it I'm thinking of trying is going back down the bangernomics route, finding a yoke with a few months tax and 1 years nct, and a recent service, and flogging it off again when the tax disc runs out, thus also hopefully avoiding most of the longer term costs ?

I know its not easy or ideal, not for the fainthearted, and will involve a bit of hard work buying and selling and a bit of gambling, but what do you think of this ? Have any of you tried it ? Any advice/experiences ?

Also has anyone tried this with more expensive cars, by only keeping them say 6 months ?

MidlandsM

Bangernomics is a proven way to drive for free (bar some servicing,tax,fuel,tyres,ins,etc) - another way to avoid depreciation is to buy a nice diesel from the uk making a nice saving of maybe 1k or 2, clear it, nct it, drive it for 6 or 8 months asnd sell it, I've done this in the past and got near depreciation free motoring.

uberalles

MidlandsM wrote: »

Bangernomics is a proven way to drive for free (bar some servicing,tax,fuel,tyres,ins,etc) - another way to avoid depreciation is to buy a nice diesel from the uk making a nice saving of maybe 1k or 2, clear it, nct it, drive it for 6 or 8 months asnd sell it, I've done this in the past and got near depreciation free motoring.

What diesels are popular to sell here? Did you buy privately? Whats your budget normally on a uk car?

Thanks

CiniO

Way to work against depreciation is just to drive a car worth very little.

I got 01 Fiat bravo in 2008 for €1300. It's been 4 years and nearly 80k kilometres since purchase, and I reckon car is worth about €1000 now. So I lost €300 on depreciation.

Declan Lander

MidlandsM wrote: »

- another way to avoid depreciation is to buy a nice diesel from the uk making a nice saving of maybe 1k or 2, clear it, nct it, drive it for 6 or 8 months asnd sell it, I've done this in the past and got near depreciation free motoring.

A few years ago maybe (I used to do this as well), but I find second hand motors in the UK seem to have gotten very expensive. With current exchange rates, transport, VRT, NCT costs etc. you can buy them as cheap here.
UK only seems to be good now if you want a very clean looked after car, and don't mind paying a bit extra along with the extra hassle. Can be worth it though if that is what you want, as 80% of Irish owners keep and treat their cars like pig sties.

MuppetCheck

Getting your mileage covered on expenses solves that issue for me:)

MidlandsM

Declan Lander wrote: »

A few years ago maybe (I used to do this as well), but I find second hand motors in the UK seem to have gotten very expensive. With current exchange rates, transport, VRT, NCT costs etc. you can buy them as cheap here.
UK only seems to be good now if you want a very clean looked after car, and don't mind paying a bit extra along with the extra hassle. Can be worth it though if that is what you want, as 80% of Irish owners keep and treat their cars like pig sties.

agreed, but I'm in the trade, I buy from the trade etc. Still, you nailed it about the quality of car you get v's here.

keithsfleet

If you have a basic grasp of how a car works then i'd say go for it.
Been bangernomically driving the last 3 years and love it. There is a small gamble with parts you can't physically check when looking at the car to buy but once you cover the basics you should be spot on!
Current car is a Mitsubishi FTO €890 now 6months old.
Last car was a mint E36 323 BMW coupe that cost 1800 but came with 7months tax! Sold it for €700
Also had a Mitsubishi Galant and a Mercedes E240.
Never had an ounce of trouble except for the starter motor going in the Galant

Declan Lander

MuppetCheck wrote: »

Getting your mileage covered on expenses solves that issue for me:)

I used to be paid travel expenses in a previous job, but you'll find that you don't make much after the additional wear and tear, mileage depreciation, servicing, tyres and fuel costs are taken into account. Fool's Gold a mate calls it. Besides I would prefer to put such income to use elsewhere other than towards depreciation if I can help it.

Declan Lander

MidlandsM wrote: »

agreed, but I'm in the trade, I buy from the trade etc.

That's one way to beat depreciation all right, and a perk of the trade. You'll be glad to hear I don't want to be one of those dodgy tax and warranty avoiding part time amateur traders.

MuppetCheck

Declan Lander wrote: »

I used to be paid travel expenses in a previous job, but you'll find that you don't make much after the additional wear and tear, mileage depreciation, servicing, tyres and fuel costs are taken into account. Fool's Gold a mate calls it. Besides I would prefer to put such income to use elsewhere other than towards depreciation if I can help it.

Fools gold my arse.

It has worked out very well for me over the years. I've used it to fuel, service and pay for cars. There is money to be made from it, if worked correctly;)

Mycroft H

I've often sold bangernomics cars for more then I bought them.

Declan Lander

MuppetCheck wrote: »

Fools gold my arse.

It has worked out very well for me over the years. I've used it to fuel, service and pay for cars. There is money to be made from it, if worked correctly;)

Unless your employer is paying crazy rates, very little if you do all your sums correctly and honestly.

MuppetCheck

Declan Lander wrote: »

Unless your employer is paying crazy rates, very little if you do all your sums correctly and honestly.

That's the thing, the rates are generous I suppose. The one and only perk;)

lomb

Fuel costs are much worse as is probably safety on bangernomics cars. Factor the former in and hopefully not the latter if you go down that route.

Declan Lander

lomb wrote: »

Fuel costs are much worse as is probably safety on bangernomics cars. Factor the former in and hopefully not the latter if you go down that route.

Indeed, even if the NCT and remaining mechanical condition is sound, a good reminder to check the NCAP ratings, some older cars can score quite well, some abysmally.