Topic: Want To Buy An Aston Martin? Take Out A 144 Month Loan!

[MichaelV8]

I cannot imagine someone agreeing to a 144 month car loan.
As an Aston owner, I understand the appeal of owning one, but throwing away that kind of money is nuts!

I bought my car from the US 10 years ago when the Canadian dollar was down around 75 cents (I know...hindsight, eh!). I paid about US$35K for it, which was approx. $45KCAN. After investing around $30K in restoration and "enhancements" over the 10 years, it's now worth at the very least double, and probably closer to triple what I paid for it. Although a little thirsty, it's surprisingly reliable (last year I took it on a 3300 mile (5500 km) road trip with my daughter, and it was flawless) and an absolute blast to drive! Not to mention it's one of the most gorgeous, sex-on-wheels cars I've ever seen.

My point is, if you really want an Aston, think classic! You can still find older ones like mine at a fraction the cost of a new one, and it's value will appreciate.

[MarkStevenson]

I cannot imagine someone agreeing to a 144 month car loan.
As an Aston owner, I understand the appeal of owning one, but throwing away that kind of money is nuts!

I bought my car from the US 10 years ago when the Canadian dollar was down around 75 cents (I know...hindsight, eh!). I paid about US$35K for it, which was approx. $45KCAN. After investing around $30K in restoration and "enhancements" over the 10 years, it's now worth at the very least double, and probably closer to triple what I paid for it. Although a little thirsty, it's surprisingly reliable (last year I took it on a 3300 mile (5500 km) road trip with my daughter, and it was flawless) and an absolute blast to drive! Not to mention it's one of the most gorgeous, sex-on-wheels cars I've ever seen.

My point is, if you really want an Aston, think classic! You can still find older ones like mine at a fraction the cost of a new one, and it's value will appreciate.

 

[Hannibalsmith]

I cannot imagine someone agreeing to a 144 month car loan.
As an Aston owner, I understand the appeal of owning one, but throwing away that kind of money is nuts!

I bought my car from the US 10 years ago when the Canadian dollar was down around 75 cents (I know...hindsight, eh!). I paid about US$35K for it, which was approx. $45KCAN. After investing around $30K in restoration and "enhancements" over the 10 years, it's now worth at the very least double, and probably closer to triple what I paid for it. Although a little thirsty, it's surprisingly reliable (last year I took it on a 3300 mile (5500 km) road trip with my daughter, and it was flawless) and an absolute blast to drive! Not to mention it's one of the most gorgeous, sex-on-wheels cars I've ever seen.

My point is, if you really want an Aston, think classic! You can still find older ones like mine at a fraction the cost of a new one, and it's value will appreciate.

 

  is right, that is one sexy car

[OliverD]

I thought the only way to buy an Aston Martin was to walk into a showroom with a Safeway bag full of cash.....making payments on a supercar kind of takes away its cool factor.

You would be shocked how many cars over $100k are leased or financed. I know guys dishing out +$1500/month on a lease. Lots of people make big money but spend it before having a chance so save it.

$1500 a month to rent a car  Thats ridiculous....but I guess keeping out with the Jonesses isnt cheap.

How is that any different than buying the car with cash and having it depreciate an average of $1500/month?

[PJ]

The depreciation is brutal on them.

Sure, $50-60K for a used car seems like a lot of money, but when you started at $150K, or more, that's a LOT of dough gone.

All cars depreciate at first.  My point is Astons stop depreciating.  After 12 years regular luxury cars will be worth close to nothing while an Aston Martin will have bottomed and started to rise.   If you're going to do a really long term loan on a car it's a good choice I guess.

[jamesautos]

Bank will loan you money if you have colaterals and car loan in that case is just a line of credit...you are borrowing against your own properties... If you have good credit and an established career... I dont see a reason why the bank won't lend you money... Just make sure you buy insurance the guarded against the decreciapting value in casr you total loss of your car

[Fobroader]

I cannot imagine someone agreeing to a 144 month car loan.
As an Aston owner, I understand the appeal of owning one, but throwing away that kind of money is nuts!

I bought my car from the US 10 years ago when the Canadian dollar was down around 75 cents (I know...hindsight, eh!). I paid about US$35K for it, which was approx. $45KCAN. After investing around $30K in restoration and "enhancements" over the 10 years, it's now worth at the very least double, and probably closer to triple what I paid for it. Although a little thirsty, it's surprisingly reliable (last year I took it on a 3300 mile (5500 km) road trip with my daughter, and it was flawless) and an absolute blast to drive! Not to mention it's one of the most gorgeous, sex-on-wheels cars I've ever seen.

My point is, if you really want an Aston, think classic! You can still find older ones like mine at a fraction the cost of a new one, and it's value will appreciate.

Holy crap thats a sexy car..... 

[OliverD]

The depreciation is brutal on them.

Sure, $50-60K for a used car seems like a lot of money, but when you started at $150K, or more, that's a LOT of dough gone.

All cars depreciate at first.  My point is Astons stop depreciating.  After 12 years regular luxury cars will be worth close to nothing while an Aston Martin will have bottomed and started to rise.   If you're going to do a really long term loan on a car it's a good choice I guess.

You sure about that? An '01-'02 DB7 goes for about $55k; do you think they have bottomed out already?

A car like that is only going to bottom out relatively early if its successor is relatively undesirable. That's why a typical 993 is worth more than the equivalent 996. But most people would take a DB9 or even V8 Vantage over a DB7, so that puts a lot of pressure on DB7 pricing.

[Scaerio]

Back when I worked in banking, we had a policy that we didn't loan out more than $75K on a car loan, regardless of the cost of the car.  We had a doctor that made big money, but was cash poor thanks to his $50K/month lifestyle COKE HABIT. 

 

[PJ]

The depreciation is brutal on them.

Sure, $50-60K for a used car seems like a lot of money, but when you started at $150K, or more, that's a LOT of dough gone.

All cars depreciate at first.  My point is Astons stop depreciating.  After 12 years regular luxury cars will be worth close to nothing while an Aston Martin will have bottomed and started to rise.   If you're going to do a really long term loan on a car it's a good choice I guess.

You sure about that? An '01-'02 DB7 goes for about $55k; do you think they have bottomed out already?

A car like that is only going to bottom out relatively early if its successor is relatively undesirable. That's why a typical 993 is worth more than the equivalent 996. But most people would take a DB9 or even V8 Vantage over a DB7, so that puts a lot of pressure on DB7 pricing.

No way to be sure what the market will do.  However IMHO the only way you will find an Aston Martin for less then $50k is if it's neglected and needs expensive repairs.  The normal rules of car pricing don't apply to exotics. 

[OliverD]

The depreciation is brutal on them.

Sure, $50-60K for a used car seems like a lot of money, but when you started at $150K, or more, that's a LOT of dough gone.

All cars depreciate at first.  My point is Astons stop depreciating.  After 12 years regular luxury cars will be worth close to nothing while an Aston Martin will have bottomed and started to rise.   If you're going to do a really long term loan on a car it's a good choice I guess.

You sure about that? An '01-'02 DB7 goes for about $55k; do you think they have bottomed out already?

A car like that is only going to bottom out relatively early if its successor is relatively undesirable. That's why a typical 993 is worth more than the equivalent 996. But most people would take a DB9 or even V8 Vantage over a DB7, so that puts a lot of pressure on DB7 pricing.

No way to be sure what the market will do.  However IMHO the only way you will find an Aston Martin for less then $50k is if it's neglected and needs expensive repairs.  The normal rules of car pricing don't apply to exotics.

Early DB7s seem to go for well under $50k. There's only one with a price on autotrader.ca and it's $40k. I checked cars.com and there's eight ranging from $26-39k.

DB7s aren't hugely desirable, and as I said, as long as the DB9 is depreciating, so is the DB7.

[johngenx]

No way to be sure what the market will do. 

Yup.  It's a crap shoot.  But, anyone buying a new AM is assured that their car is going to be, in the next 5 years, worth a LOT less.  In the long term, if your car isn't part of a very small, very select group of uber-desirable cars, then you're never going to see appreciation.

For a long, long time, a 1969 911S (even the S) was just an old 911, and prices were cheap.  I paid $13K for mine and I sold it for about the same, and for a long time they weren't worth that.  Then they became rare.  And fashion started to favour the oldest 911s.  Then folks realized how special the S models were.  Today, you'd be lucky to get a 911S for $25K, likely you're going to pay $40-50K for a superb example.  But, if I'd invested that $13K back in 1986, I'd be WAY ahead.  For starters, I wouldn't have had to invest a LOT in upkeep and then replacing the body.  Rebuilding the engine is an expensive hit.  Overall, no way in the long term of owning the car would I have made a dime.

It could have gone worse financially.  I could have kept the car all these years, but $20-30K into it, and have it worth $10K.  But, I never look at cars as financial investments.  They're for the utility of ownership.

[MichaelV8]

I stand by what I said earlier: if you have that burning desire to buy an Aston, or any true exotic for that matter, in my opinion you're best to start thinking classic.
Case in point: back in 1988 I went to look at a DB4 for sale in Toronto. Looked to be in fairly good condition, but not concours. They were asking $16,500. The exact same car sold 10 years later for $70K. Today, DB4's will set you back $300-$400K for a decent one...if one can be found. Autosport Designs in New York has one for sale currently. "Price on asking".

70's-80's Aston V8's like mine can still be found for reasonable. They're fantastic cars, and many "experts" expect them to go up considerably in value, pulled along by the exponential rise of the 60's Astons (DB4/5/6)...

[johngenx]

Still a total crap shoot.  Buy the car you want.  Bonus if you make money, but it would be the last thing I'd count on.

[MichaelV8]

John, you might be right. But then again, it really depends on "the car you want"... If you happen to want the right car, buy smart and are willing to hang onto it long enough, chances are good you will at the very least get your money back. But buying an ultra expensive new car on a 144 month loan is not, in my opinion, buying smart...

My daily car is a 1992 Lexus LS400. I bought it 18 months ago for $2900 cash (I went in with the exact amount I was willing to pay, taxes included, in an envelope. It worked.). The car is low miles and near-perfect. It's quiet, comfortable, a pleasure to drive and fast. I see no reason to throw money down the drain buying new. The beauty is, I love the car, and know when the time comes to sell it, I'll lose almost nothing.

[OliverD]

But buying an ultra expensive new car on a 144 month loan is not, in my opinion, buying smart...

Of course not, if it actually takes you 12 years to pay it off. But in the example given it sounded like the buyer wanted the flexibility of a lower payment while still being able to pay off the car more rapidly. That's understandable. I paid off the five year loan of my current car in two years.

[KD]

I cannot imagine someone agreeing to a 144 month car loan.
As an Aston owner, I understand the appeal of owning one, but throwing away that kind of money is nuts!

I bought my car from the US 10 years ago when the Canadian dollar was down around 75 cents (I know...hindsight, eh!). I paid about US$35K for it, which was approx. $45KCAN. After investing around $30K in restoration and "enhancements" over the 10 years, it's now worth at the very least double, and probably closer to triple what I paid for it. Although a little thirsty, it's surprisingly reliable (last year I took it on a 3300 mile (5500 km) road trip with my daughter, and it was flawless) and an absolute blast to drive! Not to mention it's one of the most gorgeous, sex-on-wheels cars I've ever seen.

My point is, if you really want an Aston, think classic! You can still find older ones like mine at a fraction the cost of a new one, and it's value will appreciate.

  That is an absolutely gorgeous car indeed!  More photos please!

[MichaelV8]

KarlsDarwin, here are a few more photos...
(I've tried to upload them several times, but keep getting bounced!)

[MichaelV8]

and another...

[MichaelV8]

Last one...