MK5 Golf GTI
All Things Mk5 => Mk5 General Area => Topic started by: Stevemartin911 on March 05, 2018, 08:14:50 am
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Good morning, we are returning full time time to the UK in October and will hopefully have about £8.5k to get a car when we arrive, here's the question ...
Option 1
Lease a brand new golf R for two years total cost about £7k, the deposit is about £2k might get cheaper the nearer the Mk8 gets ! Then invest the £6.5k I still have in my pocket on the stock market and try and get some monthly income towards the 23 payments or
Option 2
Go and blow it all on a nice R32, Ed30 or Pirelli ?
OK so I get to own the car but it's still not a nice sparkling new R is it ?
Sorry can't promise to take your advise !
Have a good day now the weather is improving for you all.
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My 2 pence.
Old car (like the ones you mention) won't depreciate much, if at all. So you'll always have the money in the car - an asset worth £8k.
Lease a car, at the end of the two years you don't have it and you've lost your deposit (I think £5k on an R). Your asset is now gone - £0.
I have a mk5 gti, my friend down the road has a brand new 7.5 R. Of course the R is a rocket-ship but when you drive to the shops or work it makes no difference. The R is an amazing car but too fast for public roads.
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I'll throw a few pence into the hat also.....
Option 2 for me!
The MK7 and 7.5 are not much of an upgrade over a MK5. I'm sorry, but they are not. I'm not one for being won over by softer plastics and thicker sound insulation. The driving dynamics are more important. Look at the interior for example. It's all very familiar isn't it, apart from the silly digital dash which is a 4 figure bill waiting to happen. They are not much different to drive either, and have even less steering feel. WAY less.
I was considering a 7.5R but I think the MK8 will be a bit more of a noticeable leap forward over the MK5, instead of just hopping from one lily pad to another.
I'm also waiting to see what VW are going to do with their damaged reputation. Cheaper deals, more standard kit, better warranties etc etc? Might be worth waiting. The far east have caught up with the Germans and are about to surpass them very soon, so that might also be a viable alternative.
Anyway, I wouldn't blow that capital on borrowing a 7R. Manuals are heading towards the £15K mark now, which is doable with some savvy finance.
Depending on where you move to in the UK, hot hatches and fast Bimmers etc are theft magnets. Something else to bear in mind.
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Option 2 all day long, I just can't get my head around why some people are prepared to pay so much just to drive around in the latest car, no wonder debt is such a problem these days.
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Mine earlier, spot the progress.....
(https://s10.postimg.org/5cxeelc4l/A9260_E0_D-_E5_DE-4414-_BBC2-_EA0_B1_DC79315.jpg) (https://postimg.org/image/5cxeelc4l/)
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Option 2 all day long, I just can't get my head around why some people are prepared to pay so much just to drive around in the latest car, no wonder debt is such a problem these days.
100% agree with you on this, and I feel the same way about mobile phones, in fact. Still loving my iPhone 5S, which does everything I need it to do from a phone, plus I pay £15/month for an all-singing, all-dancing contract.
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Is that your well manicured hedge as well? Looks like a nice street.
I think a lot of what you said is down to the British attitude towards car ownership. In America, 200K miles is nothing. In the UK people are thinking about shifting their cars at 50K miles because 'things are going to start breaking'. At 100K car, cars are worthless. And let's not even go there with badge snobbery and status symbols on the drive.
The chef at work bought a Passat W8 recently for £1K. Absolutely nothing wrong with it and it was an absolute beast in the snow. One heck of a lot of car for £10K, let alone a tenth of that. It's waste on a biblical scale that people throw perfectly good, well specced cars away through being wimps about potential bills, but as said, think nothing of spending £1200 on a stupid phone that scans your face.
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Option 2 all day long ......
Heard it from quite a few folk now that there’s more debt in cars now than the debt in property before the last recession .... time bomb
It’s the Instagram generation .... look at me and what I’ve got , a thin veneer of glamour over a thick layer of dirt
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It’s the Instagram generation .... look at me and what I’ve got , a thin veneer of glamour over a think layer of dirt
Couldn't have put it better myself. The UK is getting infected by the shallow, self obsessed, attention seeking culture from the far east, and west.
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my input:
i had a brand new Fiesta ST. wrote it off after 2 years (first crash) worked out it cost me nearly £6,500 over 2 years and had to fight the pay out to break even. got a loan and got the GTI as a repalcement. best idea i ever had. a nice shiny new toy would be nicer but can you afford to lose all that money. and also the leasing company will props shaft you on return. every scuff, scratch inside and out will cost you to repair after. the small print is a sod, could end up costing £10,000 over 2 years, theyres a reason you can lease / finance so easily.
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a thin veneer of glamour over a think layer of dirt
Well put!
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a thin veneer of glamour over a think layer of dirt
Well put!
Other than my spelling ! :ashamed:
I’m dyslexic ( yes I did need to look up how to spell it !!)
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Trust me life is to short if you can afford it get a mk7. Your along time dead
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a thin veneer of glamour over a think layer of dirt
Well put!
Other than my spelling ! :ashamed:
I’m dyslexic ( yes I did need to look up how to spell it !!)
I assume that you are having us on, but reminds me of that graffiti from years back.....Dyslexia Rules - KO Ha ha. No offence intended, whatsoever, if you are actually dyslexic - ooopps!
Back on topic, I agree about the huge losses on brand spanking new cars - I lost £20,000 of my own money on a new 911 Carrera 4S (couldn't spell that either) bought in late 2002 for £67,000 - sold back to the dealer who I bought from in early 2005 for only £47,000, with only 19,000 miles and all Porsche servicing - I loved it at the time, but was crazy really. I don't think that I would ever buy a new car again - older and a bit wiser - maybe?
Oh, picked it up from showroom on the Wednesday, and by Friday Morning it had a massive stone chip on the rear quarter picked up from from construction rubble on the M42 where the M6 Toll Road was being built - was not a happy chappie, with a paint job needed on a 3 day old car - now that is Sod's Law.....
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..... no I’m genuinely dyslexic. My mum diagnosed me way back when it wasn’t very well heard of in the mid 80’s ( I was 6) she worked an extra day a week to fund a class for me every morning before school..... so now I’m actually not too bad at reading, spelling and writing and I will look after my mum in any financial way I can to show I’m eternally grateful........
Sorry completely off topic :ashamed:
.... maybe that’s why I can’t get my head around all this pcp, finance stuff , as it’s just not that important to me to have the very latest / new stuff
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Oh and no offence taken what so ever .... it’s certainly taught me to be able to laugh at myself :happy2:
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Oh and no offence taken what so ever .... it’s certainly taught me to be able to laugh at myself :happy2:
I apologise, my comment seems extremely crass now.
All credit to your mum - she is obviously a very caring and generous person, with your best interests at heart, and I bet that she is extremely proud of you too. Nice anecdote :drinking:
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I think a lot depends on circumstances and what kind of disposable income you have that will determine which option is best for you. Take myself for example, I have always gone down the second hand route and it has served me well over the years. I owned my last car (2010 S3) outright but I sold this last week as I wanted to free up some funds as I have also just sold my house and looking to move into a bigger property. So weighing up the options I decided to take a Leon Cupra 300 lease offer which works out at approx £6400 over 2 years. I was happy to do this as its 2 years worry free motoring whilst we do any improvements we plan on the new house and I can easily afford it.
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Some of these comments are ridiculous.
As if you wouldn’t want a new Golf R over an ageing MK5!!
Sorry but I think a fair few people here have their Mk5 blinkers on.
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I’d love a new golf r ..... but at what cost am I willing to go to get one ? No way would I want to buy one outright and I’m not a fan of finance ect
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Some of these comments are ridiculous.
As if you wouldn’t want a new Golf R over an ageing MK5!!
Sorry but I think a fair few people here have their Mk5 blinkers on.
Blinkers? My mistake, I thought I was on the MK5 forum. You are quite right in that case. MK5s are utter garbage and everyone should be in a MK7 because it is infinitely better in every way.
Thank f'ck not everyone thinks the same way you do.
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Some of these comments are ridiculous.
As if you wouldn’t want a new Golf R over an ageing MK5!!
Sorry but I think a fair few people here have their Mk5 blinkers on.
Blinkers? My mistake, I thought I was on the MK5 forum. You are quite right in that case. MK5s are utter garbage and everyone should be in a MK7 because it is infinitely better in every way.
Thank f'ck not everyone thinks the same way you do.
Haha.
I didn’t once say that MK5s are garbage just that a new MK7 R is infinitely better than an ageing MK5
Having come from a 2007 MK5 I know that a new Golf R is where I’d want to be sitting.
Each to there own. I’m sure your MK5 is lovely
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I guess it all depends on how much you want the newer model and what you have /want to spend . For what the mk7’s cost I’d be looking at entirely different car to be honest . Second hand car that is .
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I’m assuming you’re in a finincially stable position where fininance is affordable to you and if having an ageing car is something that is going to niggle at the back of your head you could place you £8.5 down as a deposit and finance the rest for a second hand mk7 R or a mk7 GTI, own it outright after a few years and not loose as much money as you would on a brand new car as some of your money will still be in the asset itself.
Sadly VW seem to have changed their target customers over the years as I have the original sale invoice of my mk5 GTI and it was £17,995 (basic spec, manual 3 door) where as a new mk7 GTI now would cost near £30k I think. Big difference. It seems VW have clicked on to the ‘keeping up with the Joneses’ culture and big debt finance people are willing to get into and are maximising profits on it. Or I could be wrong and it just costs more to manufacture the cars lol I’m not sure.
Either way I hope you find the example your looking for :happy2:
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Jayha11. .... I was also looking at the seat as the cheaper option, I can live without the four WD on the R. Do you mind telling me where you got your deal which appears to be quite good ?
Stevemartin911@aol.com Can't do pm's yet.
Thanks to everyone for your input, interesting comments, one unknown of course is the possible repair costs associated with old cars and now with sky high parts and labour costs it a needs to be considered, probably won't even get to a first service on a new one ?
Thanks. Steve
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drive the deal . com a cupra 300 for the spec i wanted was £24,700
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Whatever you decide it's up to you, no right or wrong, different circumstances etc. Here's my interpretation of personal finance on cars, you should know this before deciding.
Using VW.co.uk website, their R7.5 offer will cost you over three years:
Deposit: £5,158
36 payments of £421: £14,735
Insurance at £500 a yr: £1,500
Total cost: £21,393
Value of asset at end of 36 months: £0 as you give the car back (or pay £14,465 to keep it).
Buying a used mk5 gti, cost over 3 yrs.
Cost £5,000 (can put on a 0% credit card and pay monthly - no need to give bankers even more money)
Service £250 x3: £750
MOT £55 x3: £165
Insurance at £400 x3 £1,200
Two new tyres: £160
Misc, brakes etc: £400
Depreciation: £1,000
Value of asset (if you sold it after 3 yrs): £4,000
Total cost: £3,675
If I'm correct then the difference in cost over three years is £17,718! That could be enough money to take a year off work, or retire a couple of years earlier. Or spend on 3 yrs driving an R :grin:
Your choice, all I'm saying is have a look at your finances before you decided.
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Great way of setting it out.
A few extra things to factor into the Mk5 option, though, during that period:-
- Cambelt and waterpump c £600 (every 4 years?)
- Camchain - full kit fitted, if necessary - circa £1000 all in
- Cam follower - not sure on cost , prob £400 - £500
Some of these items appear disproportionately expensive, relative to the purchase price of the car, but you probably just accept on a higher value / newer car
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Great way of setting it out.
A few extra things to factor into the Mk5 option, though, during that period:-
- Cambelt and waterpump c £600 (every 4 years?)
- Camchain - full kit fitted, if necessary - circa £1000 all in
- Cam follower - not sure on cost , prob £400 - £500
Some of these items appear disproportionately expensive, relative to the purchase price of the car, but you probably just accept on a higher value / newer car
True that although most Mk5 GTIs now have already had the cam chain kit replaced.
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Great way of setting it out.
A few extra things to factor into the Mk5 option, though, during that period:-
- Cambelt and waterpump c £600 (every 4 years?)
- Camchain - full kit fitted, if necessary - circa £1000 all in
- Cam follower - not sure on cost , prob £400 - £500
Some of these items appear disproportionately expensive, relative to the purchase price of the car, but you probably just accept on a higher value / newer car
Cam follower is less than £40 from VW and a garage would probably be an hour labour to fit or 30 mins if your handy with the spanners. Maybe slightly longer if banjo bolt type.
Cam chain would be around the £600 mark from a garage without the VVT adjuster which unless you drill the bolt out for rounding issues wouldn't need to be changed
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Great way of setting it out.
A few extra things to factor into the Mk5 option, though, during that period:-
- Cambelt and waterpump c £600 (every 4 years?)
- Camchain - full kit fitted, if necessary - circa £1000 all in
- Cam follower - not sure on cost , prob £400 - £500
Some of these items appear disproportionately expensive, relative to the purchase price of the car, but you probably just accept on a higher value / newer car
Cam follower is less than £40 from VW and a garage would probably be an hour labour to fit or 30 mins if your handy with the spanners. Maybe slightly longer if banjo bolt type.
Cam chain would be around the £600 mark from a garage without the VVT adjuster which unless you drill the bolt out for rounding issues wouldn't need to be changed
I was assuming he meant the price of parts that would be needed if the cam follower had worn straight through
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Whatever you decide it's up to you, no right or wrong, different circumstances etc. Here's my interpretation of personal finance on cars, you should know this before deciding.
Using VW.co.uk website, their R7.5 offer will cost you over three years:
Deposit: £5,158
36 payments of £421: £14,735
Insurance at £500 a yr: £1,500
Total cost: £21,393
Value of asset at end of 36 months: £0 as you give the car back (or pay £14,465 to keep it).
Buying a used mk5 gti, cost over 3 yrs.
Cost £5,000 (can put on a 0% credit card and pay monthly - no need to give bankers even more money)
Service £250 x3: £750
MOT £55 x3: £165
Insurance at £400 x3 £1,200
Two new tyres: £160
Misc, brakes etc: £400
Depreciation: £1,000
Value of asset (if you sold it after 3 yrs): £4,000
Total cost: £3,675
If I'm correct then the difference in cost over three years is £17,718! That could be enough money to take a year off work, or retire a couple of years earlier. Or spend on 3 yrs driving an R :grin:
Your choice, all I'm saying is have a look at your finances before you decided.
Interesting to see a breakdown comparison of costs but as others have said, I think the costs for servicing and repairs would be a lot more than you've suggested and the resale figure would be lower I'd say.
But...it still shows the big different in overall costs in both and I'd go for buying a second hand one too.
:partywave:
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Really interesting thread. I'm going through a similar dilemma at the moment.
Bought a Edition 30 18 months ago and still love it but I keep thinking of getting something newer.
Mk6 R, ED35 or even a MK7 R.
My Edition 30 has lost next to nothing in depreciation. I've had 2 oil changes, DSG service and cam belt which has cost me about £600. (Did the oil service myself)
The problem for me is MK6 R and ED35 are very pricey compared to my ED30 and for me aren't worth that much extra. Been looking at a MK6 R which is 3.5 years newer and half the mileage but it's going to cost me the best part of 10k to upgrade.
To me a MK6R isn't 10k better than my current car. Mines stage 1 so it will be no quicker. I'd be paying 10K for 4wd and a slightly newer, lower mileage vehicle that's on the same chassis. Most of the tech is the same to. I'd still be in a 6 year old car going for the 2012 R so hardly a spring chicken. Shocked at high pricey MK6 R's are.
I'd probably be better going for a MK7 as they are close to the price of MK6 R's, are much newer and lots of choice on low mileage examples.
But I'm probably going to end up sticking with the ED30 as for the money it's brilliant and even a 7R isn't going to be massively different (I've drove one)
I own my ED30 outright. It's plenty fast enough at 300bhp and still puts a smile on my face.
It's well specced with all factory options except Xenons. It's going to depreciate very slowly.
This is down to personal taste but I really love the MK5 interior to, so I'm really struggling to justify any significant outlay for a slightly better car.
If you can afford a new MK7 R easily and like having the latest model then go for a 7R but if you can live without the latest model I'd seriously look for a good MK5 ED30 or Pirelli and put the rest of the money in the bank or in property.
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OK thanks guys for all your input, varied comments from one extreme to the other, I have found a very good deal on a Cupra 300 as was posted earlier and is a bit of a no brainier if I want to take the new route. Golf R or GTI about £8500 over two years incl £2700 deposit. Cupra deposit £269 + 23 at £269 = £6400 its front wheel drive so about 200kg lighter than an R and apparently a lot more nimble, it also has dsg box as a no cost option !
I have a lovely GTI over here which has been cosseted all it's life and has only 40k miles on the clock, lived in a garage in a great climate, I have been spoilt and to find its equivalent in the UK as a ed30 Pirelli GTI or R32 would be a min of £9k on a 10 year old car ?
At 65 I'm getting into my twilight years, have enough money and have lived with old cars on the principles you have very corrected pointed out for the last ten years but the new car is going to win out and I can pose about as an old git in a fast car ! After two years I might well be back, all the best guys !
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Sounds like a ok deal and in your position I can see why you’d go for it :happy2:
My issue is really with the younger generation wanting new everything and not willing to save for it .... too easy to tick up anything nowadays.