When I sold my Triumph TR4 this autumn after ten years and re-invested the money in my deal-of-the-century BMW 650i, quite a few people came to me both questioning my choice, but also asking for tips of things to think about when buying the dream car with a big D. Based on my experience over the years, I therefore decided to put together a few points in this regard that make up this week’s post.
My choice of switching from an oldtimer to a modern car, as mentioned in my previous post that you can read here, was basically a practical consideration based on how little I was using the TR4, that fact that I neither have unlimited space nor an unlimited budget, and a realization that our needs have changed. This is not to say you shouldn’t realize your oldtimer dream, but whether it’s an oldtimer or a modern car you’re dreaming about, there are some basic things to bear in mind.
Age is just a number – or is it?
The car’s age is obviously an indirect function of what your dream car is, but the point here is just to think about the implications the age will have on your ability to use it. To come back to my TR4, the longest trip I did in ten years was with my wife to Lausanne and back, around 600 kms. It was a great trip without any issues, but when we came back home I wasn’t really longing to go any further and I left the car standing for 3 weeks. If you’re more hardcore or more passionate this will sound ridiculous, but at least for some of us it’s relevant and something you should consider before deciding.
Other aspects of old vs newer include some of the things we are so used to in modern cars that we don’t even think about them. Take for example the isolation of the convertible top – there is a very big difference between a 50-year old car and a new one in this regard. Connectivity is another one of those things – if you love connecting your phone, remember that Bluetooth is a recent invention. And remember that speaker systems have evolved. Unless you want to listen to the engine all the time, make sure you’re happy with the sound, because drilling holes in the door panels of your new companion is perhaps not what you dream about.
The art of lobbying
The dream car your mind is set on is not necessarily the dream of your partner or other family members, and this is where some convincing and lobbying comes into play. Believe me, that’s a far better way to go than to start by buying the car and putting your partner before a fait accompli. I’ve tried and it’s nothing I would recommend. I’ll never forget the day we returned from holidays and whilst I brought in the luggage, my wife listened to the answering machine where a car dealer I had just made a deal with but not yet told her about called to confirm it. Somehow, I hadn’t found the right moment… She eventually came around, but I won’t try that again. Your family doesn’t need to be as enthusiastic as you, but it’s good if they’re in on the project and don’t hate your dream car – you risk becoming very lonely otherwise. Furthermore, if it’s a two-seater, that obviously means any children have to stay home. If it’s a convertible, it won’t necessarily be very comfortable in the back seat with the hood off. And so on.
The thrill of maintaining
All cars break down. To a certain extent this can be avoided by going through all the checks at the time of buying, but stuff happens. It probably happens more with oldtimers than with modern cars, but there’s more stuff that can break in modern cars, so all things considered, it may well come out the same. Also, if you believe like I did that oldtimer mechanics are good-hearted guys in it for the passion and not for the money, think again…
Whether old or new, there is obviously a cost associated with your dream vehicle, and that cost will depend heavily on both the car’s age, its condition and its complexity. Looking at oldtimers, my TR4 was a relatively safe bet given it was a no-frills car with a four-cylinder engine originating from a tractor (it sounded great but revving wasn’t its thing…). A 12-cylinder E-type or an Aston Martin V8 are a completely different story, as friends of mine have experienced over the last years. I’ve now replaced my TR4 with a modern, 8-cylinder double-turbo 650i and when the guarantee expires, I’m potentially up for much heftier bills than with the TR4, but I like to think that at least I’m aware of it. You should be so as well, and you should set a projected budget aside. If you’re insecure, speak to a specialized garage or a car club who will be able to guide you. Please remember this. I know a frightening number of intelligent people who somehow managed to forget all about it until the day the bill is delivered…
Is depreciaton a friend or foe?
With the exception of a small number of collectible cars that gain in value from day one, as a rule of thumb nothing depreciates as quickly and heavily as luxury cars and as a general rule, the more they cost as new, the more they will loose. After a period of typically 6-10 years, values then stabilize at a fraction of the initial price, and this is when it gets interesting. Allow me to take my 650i as an example. 6 years ago when it was new it cost CHF 175’ with options. 50.000 kms later I paid CHF 36’. That’s a nice little depreciation of 80% or if you prefer, 2.8 CHF per km. Even if Elon gets his way, the whole world turns electric in five years and my resale value goes to zero, I’ll never be close to that depreciation. Also, and this was important to me, a great advantage of buying a heavily depreciated luxury car is that it was built at the time to cost CHF 175’, not CHF 36’ or anything in between. That shows in every single detail, and it’s a very nice feeling.
That’s one side of the coin, but there is of course also a reason for the heavy depreciation, and that’s the maintenance cost. Having said that, I’m a very strong believer in the market being very far from perfect in this regard, meaning that if you do your research, you can to a certain extent “beat” it. As a rule of thumb, never ever be in a hurry. There are of course situations where it’s warranted to act quickly but generally, there will always be good cars around. Take your time, do your checks, look into the history, speak to experts, call the car club etc. The more you know, the more likely you are to buy the right car, and the better prepared you’ll be.
When I set eyes on a 6-series, it was these type of considerations that led me to opt for the updated 450 hp V8 rather than the pre-2013 408 hp version. The extra power was nice but above all, a bit of research showed that the previous engine had a history of engine failures that can become very expensive. This was not at all reflected in market prices however. I knew which options were important to me, and also that I wanted a fully serviced one-owner car. When that car in the right colour scheme then appeared back in August, I was able to act quickly. Of course things can still happen and I certainly don’t want to sound like a know-it-all in this regard, but I’d like to think that knowledge and some experience have at least lowered the risk.
NEVER go for “almost” right
Finally, perhaps the most important point of all. Coming back to the point of not being in a hurry, never – ever – go for the car that almost has it all. If you want a manual 996, don’t buy the Tiptronic thinking you’ll get used to it, wait for the right one to come around – it will. Don’t buy a blue car if you want a black because it’s almost as nice and after all it was cheaper. You risk thinking about it every time you walk up to the car. If you dream of the 8-cylinder, don’t by the 6-cylinder version. And so on. If you’re realizing a childhood dream, you want reality to be as close to that dream as possible an “almost” won’t cut it. When the right car comes along, you’ll be glad you waited!
So there we go. Not by any means a complete guide, but hopefully a few points that can help guide you in your quest for the dream car! Good luck!