seams cars that were 150k new, with low k's are now worth under 15k, and im talking cars 10 or so yrs old, why is that!
foxdonut,
Oct 27, 3:38am
Would you like to take a guess!
tantric5,
Oct 27, 3:42am
not just Jags
beemers, mercedes etc etc etc.
socram,
Oct 27, 3:50am
Without biting to the above comment's intention (#2!) if you purchase any capital asset such as a car, the IRD write off is about 26% per annum.So a $160,000 car (rounded up, it's easier!) is worth $120,000 after year one, $90,000 after year two and so on.By the time you get to 10 years, regardless of whether it is a Jag, a Merc or a Lexus, to a company, it isn't really worth much.
My own Cooper S is therefore only valued at about $3,000 now,The fact that it is very low mileage, means that if I chose to sell, I'd make a reasonable profit and would be paying a fair bit of tax on it.I think that apart from an older Rolls Royce or an expensiveclassic car, this applies to just about all cars - and always has.
foxdonut,
Oct 27, 3:50am
Alfa Romeo has traditionally suffered as well.
Its because NZ is a dumping ground for old cars.
That, and most of the rapidly depreciating cars are actually just shit cars.
Plenty of character, and I'd rather have a jag or alfa than a toyota, but really - they're not exactly "pinnacles of enduring mechanical example".
rovercitroen,
Oct 27, 3:58am
Just bought an immaculate NZ 1987 new Audi 100 CD with 170,000 genuine kms and FSH for less than $2k. The first owner paid $72k for it. How much real estate could you buy for that in 1987! My 1997 Jag XJ8 was $140k new, now worth around $7k I guess. I love depreciation. Of course the catch is that you need to budget a couple of thousand a year for repairs and maintenance and accept the fact that if something big goes wrong you will write it off and sell for parts.
rovercitroen,
Oct 27, 4:01am
No leather seats!
socram,
Oct 27, 4:03am
That link is to a 20 year old Jag.There comes a point when they don't really depreciate any more.Using that one is a good example.
rovercitroen,
Oct 27, 4:07am
Another thing is that luxury cars tend to be large and thirsty which pushes down their value especially the last few years with the fuel price increasing.
foxdonut,
Oct 27, 4:08am
Over (market) price by about 1-2 grand, depending if the driver wants the 4 litre or not.
quickstitch,
Oct 27, 4:31am
because the leather retrim would cost $3500 to $5000, not worth spending that amount of cash on that car
the-lada-dude,
Oct 27, 4:32am
is it a genuine cooper s SOCRAM !970, 1071, 1275 !
scotty20001,
Oct 27, 4:55am
i would have a BMW or a Mercedes or a Jag over any rice crap that's for sure.
quickstitch,
Oct 27, 5:03am
yeah i would own a Xj jag, but it would have to get a small block repower (i would even consider a chev motor ). sorry, moment of weakness, it would be a cleveland repower
nzshooter01,
Oct 27, 5:04am
some good posts there, i know the later cars arnt proper jags they still are a hell of a lot of car for 12-15k
foxdonut,
Oct 27, 5:11am
The Jag S type is a Ford Mondeo.
socram,
Oct 27, 5:16am
If you mean, original BMC 1293cc (1275) Cooper S, no! That would now be an appreciating asset.How I cry when I realise how much the early rally S I sold for the equivalent of $600 in 1973, would be worth now.
phillip.weston,
Oct 27, 5:24am
I'm sure you are meaning the X type.
mugenb20b,
Oct 27, 5:34am
To get around this problem, you could sell the car for arguments' sake for $10k. Put the $3k through the books, and keep the difference in cash. Of course, that means that you can't just bank the cash, you have to launder it somehow, or use it up slowly.
crzyhrse,
Oct 27, 5:47am
It's because people want rid of them.
haydennaomi,
Oct 27, 5:50am
some of the newer ones are on a ford mondeo platform
foxdonut,
Oct 27, 6:17am
Yes, sorry.
The S type was just a heap of shit.
my bad.
xs1100,
Oct 27, 8:32am
theres a lot of singapore imports out there also
trade4us2,
Oct 27, 8:52am
I had a 5.8 litre (rebored) Chev motor put in my Jag after the Jag engine died horribly. I never had any engine problems after that. What a pity the Jag body became a rust heap.
thejazzpianoma,
Oct 27, 9:07am
Actually, 10 year old Alfa's usually hold up very well. Its the winning combination of pretty bomb proof engines, galvanized bodies, quality long lasting paintwork, very good quality leather and owners that tend to look after and maintain their vehicles.
Most problems with Alfa's of that age are minor and inexpensive to fix too.
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