Owning, running and insuring 2 BMWs. Can this be done?

bmwguy

Hi,

Some of you may have read my thread about moving from an e39 to an e60 and at the moment I am just against the idea as I like my e39 more than the e60, apart from the e60 being more modern which was my main reason for wanting to change. Plus, like many I am always thinking of doing something new motoring wise.

Anyway, my plan for the last week or 2 that just will not leave my head and even after test driving one is this.....I want to keep my e39 and add an 02/03/04 e46 convertible to my "fleet". I can do this for approx 3-4 grand which was the cost I was looking at to change my great condition 04 e39 to a lowish mileage e60 from 06. I just didn't think that was worth the 4 grand but I think this is worthy of my hard earned 4 grand. Plus I am worried about the non DIY aspect of the e60 compared to the e39/e46 which I know my way around to a certain extent.

I have a secure private parking spot underground and there are loads of spare so I could keep them both down there no problem. I am probably going to restrict my search to a 318ci but might go to a 325i. Not looking for speed machine in this, just something for the weekend and maybe a trip to kerry in the summer. Probably a manual as I have an auto in the 525i.

I can easily afford these 2 cars and am undecided about whether I will have them both on the road simultaneously or keep them seasonal, the e46 for the summer months and the e39 for the winter. Doing something like this would really scratch the itch I have. That really depends on insurance. Tax wise, I can easily declare 1 on and 1 off if I keep them seasonal. I can probably do this with insurance too. So, I can do it this way but can I have them both on the road insurance wise at the same time in my name without getting "creative"?, i.e. insuring in my parents/family members name which I know is fronting and frowned upon and I don't want to go down that route.

Cost wise, yes I can afford it. I can only burn fuel in one of them at a time and I have a mechanic that will work on these for me properly at family rates (BMW main dealer trained, great mechanic). Tax on a 2.0 is 710 so I can justify that, or at least half of it if I go for the 6 month option. 6 on, 6 off will actually decrease my current tax bill on the 12 month 525i tax anyway. The 525i is worth about 2500 and I am positive I can pick up a 318/325ci open top for 3500 well minded with low mileage so I am not into big money tied up territory here.
Doing this will, as I said, keep me happy motoring wise for a long time and both cars will do approx 5000 miles a year so they will not be tired any time soon. I also think the girlfriend might ditch her car (04 1.4 Golf) if I do this. But she might not, i don't really care I would actually prefer if she didn't to be honest!

So, its really the insurance, the bane of every Irish motorists life that is my stumbling block.

Tell me people, can I do this, how do people get weekend cars in addition to their daily drivers?

Its something like this in the link below for example, but I wouldnt have it as my 12 month daily driver, hence keeping the e39.

https://www.donedeal.ie/cars-for-sale/bmw-cabriolet-convertible-318-ci-low-miles/11672040

CIP4

Sounds like a good idea you seem to have the cost aspect well thought out so why not plus you have the advantage of being able to take one of the road for a few days and work on it and drive the other if needs be and as you are handy around cars you will be able to do any of the small jobs yourself. If it was me I'd probably drive the e39 all year round and then put the e46 on the road for 6 months a year over the summer. That means in winter you are down to just the e39 summer you have both to pick and choose between.

Insurance it's definitely possible your not the first person to own and insure two cars in your own name. Some of the companies do multi car policies so you can insure both I'm not sure how the ncb works though by right you can only use ncb on one car but I'm sure there is a way around it with one of these multi car policies without having to go to the extent of fronting.

You could always give your insurer a ring or a decent broker and see what they say.

bmwguy

I know people are going to think I am mad and extravagant doing this but I don't think I am being. They are 2 of my favourite cars since 2000 in sport trim I prefer them to anything that has come since. I like your idea of the e39 for 12 months and the e46 for 6. There will be no monthly payments on either of them which makes this very viable. 2 nct tests every year is a big pain though. When all is said and done though, I think it's going to be a 6 month split. My head is all over the place, in the last few months I have looked at x5s, e60s and flirted with the idea of a new car on pcp (the likes of a Mazda 6, Mondeo). This latest idea, which I think will happen hopefully in the next few weeks, will not cost any more than selling my own for peanuts and changing to an e60 or x5 and significantly less than buying a newer car and I think I'll be happier for it.