You are reading a single comment by @TRA and its replies.
Click here to read the full conversation.
London Fixed Gear and Single-Speed is a community of predominantly fixed gear and single-speed cyclists in and around London, UK.
This site is supported almost exclusively by donations. Please consider donating a small amount regularly.
TRA
mcmyk
This caught my eye:
https://rpmtechnik.co.uk/sales/vehicle/mk1-996-gt3/
Which is, obviously, both very yellow and moderately expensive.
I thought I'd take a look at what it would cost (financed) to put it on the drive.
I could put £10,000 in and then HSBC would lend me £50,000.
The monthly repayment would be £978.37, and overall the cost of the money would be £8,702.
I'm fairly confident that (if Brexit doesn't kill us all) the car would be worth a similar amount to today in five years, so it's the cost of the finance, insurance and maintenance to find.
Moving away from HSBC I looked at a specialist car finance place - they offer a product that combines a monthly payment with a balloon.
The same 10k down gives a monthly payment of £500, with a final balloon of £35,384. This means the total paid is £30,000 in monthlies (60*500) plus the deposit plus balloon= £75,384.
The cost of lowering the monthlies by £479 is ~£6,682.
I have an ISA that I put £500 a month in, and then empty periodically when it's useful - for e.g. I just took the money out of it to buy my girlfriends birthday present this month.
I could therefore move that £500 to paying for the GT3 and not notice it month to month although I would notice it at birthdays and Christmas.
Idle speculation to an extent, but keen to hear what you chaps would do.