Best insurance for young person + high performance/luxury cars?

[[TW]Fox]

I don't want to risk getting a turd, and I sucker for the gadgets (which is part of the ownership experience, as sad or whatever that may be).

So buy an Approved Used one with every option. It will cost so much less money you could then afford to ship it around the world and road trip every developed nation on earth with it. And still have spare cash

The E90 isnt exactly gadget central, is it? i-Drive is cool, I really liked it, but its not worth many thousands of pounds.

Its your money (Well, so you say) so your choice but I would be amazed if you dont look back on this decision in years to come and do a HUGE facepalm.

I nearly split my coffee when I read 'scrappage' If you currently drive around in a banger eligable for scrappage something like an E46 330i Sport (Or even a pre LCI E90 330i M Sport) is going to feel like the most amazing car on the planet. There is no need to spend £35k to get the ownership experience you want.

Buying brand new BMW's is best left to leasing companies. At least buy an AUC one!

I presume you already have a house - maybe it's time to increase your property portfolio instead of buying something that I'll take off your hands for £10k in a couple of years time

 

[Hatter The Mad]

Wait... scrappage?

You are going to order a brand new 330i because you can get SCRAPPAGE discount on it? This has gone from a curious situation to really rather bizarre. Seriously, what?

I've got an old banger which I can trade in under the scheme. Why not take advantage? I don't need three cars . I never said "Hai guys I am going to order a brand new 330i because I can get a scrappage discount".

A 330i with any sort of half decent spec you'd actually want is going to run to about £35k after discount. THIRTY FIVE THOUSAND POUNDS. On a BMW 3 Series. Come on man, please see how ridiculous this is.

Yeah, it is mad, but I think it is about time I do something mad with the money I work to the bone for. I'm not going to miss the cash.

What does it offer that a £7k E46 doesnt thats actualy worth the cash?

Shiny, shiny, shiny. An E92 is my poster car, and has been since it is was launched.

With that sort of attitude towards cash I doubt your fortunate position is going to remain so fortunate for long

I didn't want this thread to head this way

So wait a year or two and buy the same car for £10,000 less!

I could get an E92 for £18k, but the insurance situation for me is the same as a brand new one. This thread is about insurance!

Its your money (Well, so you say) so your choice but I would be amazed if you dont look back on this decision in years to come and do a HUGE facepalm.

Do you speak from experience?

 

[[TW]Fox]

Yeah, it is mad, but I think it is about time I do something mad with the money I work to the bone for. I'm not going to miss the cash.

So do something mad with it.

Buy a Porsche 911 and sell it a year later after it's cost you a fortune and say 'Wow, that was hard but.. god it was good.

Take a 6 month career break and trek America, Asia, Australia and Africa.

Visit every country in Europe over the space of a month.

Buy a trackday car and write it off after driving it like a prune for 9 hard sessions.

These things are mad, life enriching things.

Buying a new BMW 3 Series is not bad, it's just ridiculously stupid in your position. You can look back on mad things and think 'Wow, that was mad. But great'. You wont look back on buying everyone else has as a company car anyway in the same way.

Shiny, shiny, shiny. An E92 is my postercar, and has been since it is was launched.

Wow, a whole 3 years of poster car. What a dream, no wonder you cant wait to fire off a huge amount of capital on one

I could get an E92 for £18k, but the insurance situation for me is the same as a brand new one. This thread is about insurance!

If you had an £18k one you could afford the insurance.

Do you speak from experience?

Not really as when I did my 'I've always wanted XYZ BMW' thing (I sympathise, really I do. I was the same age as you when I did it, as well) I did what I'm suggesting here and bought one for under £10k. It has since provided me with the sort of enjoyment I think you are after. I absolutely love it and it's fulfilled the dream I had of owning this particular car. But it also didn't rob me of other opportunities which it would have done had I spent a huge amount more on it.

We've also seen a few people on here do similar things over the year and then later say 'Oh crap'.

I have also driven countless brand new BMW's. I've had several with 3-4 miles on. I've put 1500 miles on one. I've also driven similar ones with 5-10k on. They all feel the same. The new car smell, the shineyness.. its all the same. If you hid the odometer from me I would never have been able to tell you which had 10k on and which had 0 miles on.

 

[Cyanide]

Do you speak from experience?

I can if you want. Bought a new car 2 years ago. Facepalm central at the moment, could have got pretty much the same car for a couple of grand less but oooh no... look at how shiney and new it is...

 

[Hatter The Mad]

If you had an £18k one you could afford the insurance.

I want a new suit, I can can afford an Armani suit for £silly, but it doesn't mean I agree or I am happy with the principal of paying for it. Just because you can afford something does not mean you can appreciate the value in it. It is false argument.

Not really as when I did my 'I've always wanted XYZ BMW' thing (I sympathise, really I do. I was the same age as you when I did it, as well) I did what I'm suggesting here and bought one for under £10k. It has since provided me with the sort of enjoyment I think you are after. I absolutely love it and it's fulfilled the dream I had of owning this particular car. But it also didn't rob me of other opportunities which it would have done had I spent a huge amount more on it.

Well, being the first person who I can relate to in that way to say that, perhaps I'll take a step back.

I can if you want. Bought a new car 2 years ago. Facepalm central at the moment, could have got pretty much the same car for a couple of grand less but oooh no... look at how shiney and new it is...

Sorry to hear that - what did you buy?

 

[Jez]

This is a huge mistake. While i do not know your financial situation it is fair to assume that this purchase qualifies as a lot of money to you.

Seriously, dont bother. The time to be buying 30k cars is when the money can simply be released from somewhere and not be an issue.

Why on earth do you have 30k sitting around at the moment anyway? What a dire waste of capital.

I'd like to quickly re-iterate these points, and ask you to just think about it for a while and ask yourself whether this capital could be used more effectively. Why not for example put this into deposits for a couple of BTL's or add to your portfolio in whatever area you are into?

If you already have all bases covered then go wild, but be careful with it.

 

[LiE]

For the price you're looking at for the 330i you could have http://www.pistonheads.com/sales/1382331.htm
http://www.pistonheads.com/sales/1327212.htm
http://www.pistonheads.com/sales/1063734.htm

edit - forgot about insurance...
So maybe something like this then http://www.pistonheads.com/sales/1385575.htm

 

[[TW]Fox]

I'll tell you what I'd do.

I'd go to a BMW dealer who has an AUC 2004 330Ci Sport E46, an AUC 2006 330i M Sport E92 and a new E92 demonstrator and drive all 3.

Then sit back and ask yourself if one really was so much better than the others its worth a hell of a lot more cash. If you still say yes then, well, I guess you know what you need to do.

The other good thing about a cheaper one especially with your insurance situation is this. You spend £10k on a completely mint Coupe (Which is over the odds really but go with it for the sake of arguement. You then invest the £25k somewhere else.

You then get to spend a year, two years, whatever driving around in your great 330Ci Sport. Then in a few years time you'll tire of it.

And it will be new car time.

And your budget will be whatever you've saved in the meantime + the £25k you banked + any interest from anything you invested it in AND you'll be able to insure anything you want.

I doubt there will be a realistic car this side of a Ferrari you won't be able to afford in just a few years time doing this, provided you continue to have the ability to earn as you do.

Doesn't that beat a brand new 3 Series?

In 3 years time you can say 'Check out my new Mercedes SL63 AMG lads' rather than 'My 3 Series is only worth £9k now '.

 

[Gribs]

I don't want to risk getting a turd

I don't understand this as a reason for getting a brand new car. At least with say a year old one problems have had a chance to come to light so you're less likely to get a turd and you'll still have just as much warranty protection if you do.

 

[LiE]

You could buy the biggest turd in the world and it wouldn't touch £35k in ownership.

 

[antijoke]

Can't believe E92 M3's are £35k.....

 

[Hatter The Mad]

In 3 years time you can say 'Check out my new Mercedes SL63 AMG lads' rather than 'My 3 Series is only worth £9k now '.

lol. Although I'm not in it for 'showing off', I take your point.

I'd go to a BMW dealer who has an AUC 2004 330Ci Sport E46, an AUC 2006 330i M Sport E92 and a new E92 demonstrator and drive all 3.

I've lived with a 2004 330i for quite a while, and tested a 330i and a 335i but I haven't driven them back to back like you suggested

Doesn't that beat a brand new 3 Series?

I wish I was just that bit more irrational so I can ignore what you're saying, but alas


Ok, thanks for the advice everyone. I'll be re-evaluating the head.

Please keep your insurance suggestions coming, though.

Insurance question: Would a broker be more likely to tell me "The reason why your quotes are so out of whack is X, Y and Z"? When asking the regular insurance companies, they say that they cannot tell me, and their systems are "automated". (I have ruled out all of the usual factors, but it appears to be something related to a combination of factors which I don't have the patience to trial-and-error out).

 

[[TW]Fox]

Leave the monster depreciation to people who need to keep up with the Jones and instead climb the car ladder. You could have some seriously, seriously tasty metal in 5 years time if you dont lose £20k every time you buy

As for the insurance, I've never found brokers to be much cop. I really am struggling to work out why you are having insurance issues as like I said I didnt have a problem when getting quotes on the same sort of cars (I did a 330i as well - the only difference was I was after a 4-6 year old car but value never seems to affect the policy for me).

Do you live in a high risk area? Have you tried adding your parents to your policy as a named driver with any of the Elephant style insurers?

 

[Hatter The Mad]

Do you live in a high risk area?

No, not particularly - both postcodes I could put down are about less-than-middle risk.

Have you tried adding your parents to your policy as a named driver with any of the Elephant style insurers?

Yes, prices I've mentioned have been with mother dearest added.


Whatever the factor is, something goofy is happening - i.e. when I say that I will garage my car rather than parking it on a public room, the premium shoots up.

Edit: I wonder if it is because I am looking at M Sport models. I'll test.

Edit 2: Well, apparently not - switching down to the SE just added about £600 per quote to the annual premium.

 

[[TW]Fox]

Bizarre - for me the Sport models added to the premium. It cost me more then to insure my car than it would have if it were a 530i SE.

Garage versus Driveway made zero difference.

 

[DannyDan]

Insurance question: Would a broker be more likely to tell me "The reason why your quotes are so out of whack is X, Y and Z"? When asking the regular insurance companies, they say that they cannot tell me, and their systems are "automated".

Last time I spoke to a broker they told me there was no way they could beat Churchill's quote "because you live in Liverpool"

Churchill and related companies always give me the best quotes, and infact pretty much the only quotes that are on the nice side of £2k for my BMW 525d.

 

[Hatter The Mad]

Interestingly, saying that I have fewer cars in my household than I really have brings the quote down to £2k for a 330i.

 

[[TW]Fox]

£2k for a 525d at 24

When I bought my insurance at 23 it wasn't that much and that was after I claimed for £6000 of self inflicted damage to the car after a massive talent expiration

 

[antijoke]

£2k for a 525d at 24

When I bought my insurance at 23 it wasn't that much and that was after I claimed for £6000 of self inflicted damage to the car after a massive talent expiration

Lol what happened?

 

[Gaygle]

£2k for a 525d at 24

When I bought my insurance at 23 it wasn't that much and that was after I claimed for £6000 of self inflicted damage to the car after a massive talent expiration

Wow, it cost £6000 to fix?? What needed doing? I thought you just scraped the hedge?