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Discussion Starter · #23 ·
Exactly. They are expensive cars to run and maintain. So as long as you can afford to both buy the car and pay the maintenance/servicing/repair bills, still be able to eat/go on holiday/otherwise enjoy life by all means go for it. But if you're only just affording the car you won't last long with it...
Going off my budgeting I've worked out that I can still save 35,000 per year for whatever miscellaneous activity. I budget my food weekly and that comes under expenses. So assuming GTR costs might cost me 5k per year then I should be able to enjoy life on an okay level.

Thanks,
 

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Discussion Starter · #25 ·
What does the 5k cover?
I'm assuming about $1400 for tyres, $1500 for servicing per year, $1000 for insurance and $1000 in unexpected costs. However if I'm under assuming I'd love a rundown on some of the expenses I'm not thinking of.

I think I can make this work and still have enough left to enjoy life. I'm still growing my buisness and will likely increase income by another $460 per week in the next 3 months, which is around when I'll be looking to purchase so I'll know well and truly how well it'll work out by then.
 

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There's no real right or wrong answer so long as you can afford it and still enjoy life. I service mine every 6 months, cheapest service was just over £500, most expensive was just under £4.5k.
 

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I'm assuming about $1400 for tyres, $1500 for servicing per year, $1000 for insurance and $1000 in unexpected costs. However if I'm under assuming I'd love a rundown on some of the expenses I'm not thinking of.

I think I can make this work and still have enough left to enjoy life. I'm still growing my buisness and will likely increase income by another $460 per week in the next 3 months, which is around when I'll be looking to purchase so I'll know well and truly how well it'll work out by then.
I think your 'unexpected costs' budget a bit light tbh. Also depends on the mileage you are doing. That looks OK if you're doing 6K or fewer miles per annum. But far too light if you're doing 12K.
 

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Discussion Starter · #30 ·
What fuel expenses will you incur?
I'm going to be doing roughly 80-100kms per week as it would only get driven to work and back as well as the occasional weekend drive and likely track days twice per year. My partner and the kids get around in our family car so shopping trips and visiting family etc. is usually done in that.
So I'd use a full tank every 2 weeks I'd say, which would be a $80ish fill. I factor in fuel with my weekly expenses. So I wouldn't count it in my other costs. I've worked out that after mortgage, food, bills, food, tax and leisure ($1200 all up with slight over estimations) I have roughly $960 left per week without any remaining costs so I'm thinking to finance a GTR weekly out of that and still be left with $650ish per week to save.
Our children are young and don't have many costs around them besides from nappies. That'll changes in 4 years when they start school and start wanting stuff😂 So I guess if I'm going to do this, now would be the most ideal time.
 

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Discussion Starter · #31 ·
I think your 'unexpected costs' budget a bit light tbh. Also depends on the mileage you are doing. That looks OK if you're doing 6K or fewer miles per annum. But far too light if you're doing 12K.
Yeah, I think I'm looking at around 4500-6000 per year. Work is 3km away and I go there and back 4x per week, so 24kms in work travel and I'd anticipate about 50-100kms in leisure travel every other week or so.
 

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There's no real right or wrong answer so long as you can afford it and still enjoy life. I service mine every 6 months, cheapest service was just over £500, most expensive was just under £4.5k.
What was in the service at £4.5 k if you don’t mind me asking? thats Lamborghini service territory :censored:
 

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(Unexpected) engine drop to fit new bellhousing (studs on downpipes were at risk of snapping/not coming off), rear discs and pads, rubber bushing on rear suspension, flexy brake pipes (the replace every 5 years item per Nissan service schedule), full service including optimisation (all fluids changed) and MOT. I don't skimp on servicing and wanted to ensure everything (and I mean everything) was 100%.
 

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Discussion Starter · #36 ·
Really loving all the info guys!

One more question. How do I work out interest per annum? I've found a seemingly good loan that's 6% p.a
Is this 6% of the loan amount per year? If so, that would make my interest on a 100k loan 6k per year, which would result in $42,000 interest paid over 7 years.
Or is it 6% of the amount paid off per year? In which case 100,000/7 = $14,285 and 6% of that amount would be $860ish per year which would result in $6,000 interest paid over 7 years which is obviously 6% of the total loan amount.

If it's 6% of the total amount per year being 6k, then screw that, I end up paying $142,000 for a car that will likely be worth $50k by the time I pay it off.
If it's 6% of the total loan amount spread out, then I'm good with that - however it seems a little too good to be true as the finance company wouldn't be making enough to sustain their staff etc. if this was the case.

Or is it something in between that I'm missing entirely/not understanding?

Thanks
 

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If it's p.a. then that is the amount you pay per year, for each year, on the amount borrowed. So 6% each year = $6000. 7 years, so $42,000.

In the UK, rates are quoted as APR (annual percentage rate), which takes into account the as time goes on, so you owe less, i.e. you are paying intertest on an every decreasing amount.

If it was 6% of the amount paid off each year (as in your seconds example), then it would not matter how many years you borrowed the money for, it would still works out at 6% of the amount borrowed. Clearly it's never going to be that !

What you need to know is the APR, then you can use endless online calculators which will tell you the total you will pay.

This one uses pa:


Stick in $100,000 and 6% pa and it says $142,000 (give or take a few dollars).

This uses APR:


which gives a figure of $122,000

But, either, you will pay a lot of interest because of borrowing over such a long period of time.
 

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I see you can get a new Gtr around the £80k mark, let’s say for example £20k deposit and borrow £60k.

what would be the maximum length of time you could borrow over? And a rough guide on interest rate? Would imagine it’s a bit based on personal circumstance?
 

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I owned a Stage 4.25 GTR for 2 years and did about 10,000 miles. I remember doing a calculation out of interest on what I had paid to run the car inc fuel/servicing/tyres/brakes/insurance/tax and I think it worked out at around £6000 per year from memory.
 

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Discussion Starter · #40 ·
If it's p.a. then that is the amount you pay per year, for each year, on the amount borrowed. So 6% each year = $6000. 7 years, so $42,000.

In the UK, rates are quoted as APR (annual percentage rate), which takes into account the as time goes on, so you owe less, i.e. you are paying intertest on an every decreasing amount.

If it was 6% of the amount paid off each year (as in your seconds example), then it would not matter how many years you borrowed the money for, it would still works out at 6% of the amount borrowed. Clearly it's never going to be that !

What you need to know is the APR, then you can use endless online calculators which will tell you the total you will pay.

This one uses pa:


Stick in $100,000 and 6% pa and it says $142,000 (give or take a few dollars).

This uses APR:


which gives a figure of $122,000

But, either, you will pay a lot of interest because of borrowing over such a long period of time.
Thanks man, it's a little silly and ridiculous. It's affordable but it'll be a stretch. Maybe I should go for a smaller loan and get something like a c63. It'll still be a good bit of fun and won't cost as much to keep running and I'd be able to pay it off over 5 years at a smaller weekly expense.

I really would love a GTR, but I'd probably be biting off a little more than I can chew. A c63 wul cost me 40% of what a GTR will and will still be a good bit of fun and arguably a better daily.

I'll reasses my finances when it comes to cruch time and make a decision from there..

Thanks for all the help!
 
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