Hey everyone,
This will be a lengthy post lol.. but i think all the info I need to say is important. I've been thinking over some decisions lately and thought this forum would be the perfect place to gather insights. Here's the situation:
I own a 2000 Corvette Manual C5 Convertible in Millennium Yellow, a cherished car from my father. With only 12k miles on the clock, it's more than just a car—it's a treasure trove of memories.
Selling or trading this out of the question.
My daily driver, a 2017 Alfa Romeo Giulia Ti Sport with a performance package and jb4, has been a joy to own for the past four years. However, with its warranty set to expire next month, I find myself at a crossroads.
Here are my options:
Do Nothing: Hope for the best and ride out any potential issues. While it's been smooth sailing lately, past experiences with a transfer case replacement and an exploding sunroof make me hesitant.
Renew Extended Warranty: Despite the peace of mind, the idea of shelling out thousands for another warranty doesn't sit well with me, especially considering the possibility of losing interest in the car in the near future.
Explore Used Alternatives: I'm leaning towards this. I'm in the market for something with better performance than my Giulia, but not necessarily brand new. Something that wont look old in a couple years, good resale value, and practicality for daily use are high on my list of priorities. Snow-friendliness would be a bonus, although not essential.
In my quest for a replacement, I delved into budget considerations. I've always viewed cars as depreciating assets, and theres a difference between what I can spend and what I should spend has been at the forefront of my mind.
After thorough research, I stumbled upon some eye-opening insights.
Consider this :
https://caredge.com/depreciation
A used 5-year-old Porsche 718, initially purchased for $70k, can sell for $52k after 5 years, costing $18k to drive during that period.
Conversely, a used 5-year-old Giulia, bought for $30k, can only fetch $19k after 5 years, costing $11k to drive.
This calculation was actually spot on. I bought my car in 2020 with 35k miles on it and I paid 30k for it. Now I just checked, and with only putting 24k miles on it in that 4 year time..the value dropped to right around 18k.
The minimal cost difference between the two, despite the Porsche being more than double the initial price, is interesting. This led me to reevaluate my approach to budgetary constraints, placing more emphasis on depreciation when considering generally reliable cars.
Models that fit this and caught my eye:
M2 Competition, although not a fan of how small it looks
G80 M3
M4
Giulia Quadrifoglio (this doesnt depreciate bad. Much better than the ti sport I have)
718 Cayman S/GTS
981 Cayman S
C8 Corvette
Porsche 911 Carrera Base/S/4S (991.2)
C63 S
RS5
Then crazier cars like
Mercedes-AMG GT (2018-2019)
R8 (2015-2018)
I had the opportunity to test drive a Rapid Blue C8 for a couple of days via Turo, and the looks were breathtaking. But, I couldn't shake the nostalgia for the raw feel of my C5. Nevertheless, the smoother ride of the C8 might make it a more suitable daily driver. I've never test driven any porsche before.
So, here's the big question...Do you think transitioning to one of the M's as my daily driver while retaining the C5 for those leisurely top-down cruises is a wise move? I always want to want to drive the c5. I don't want anything to make it obsolete.
Also interested in your thoughts on my approach to depreciation considerations. Does focusing on long-term depreciation make sense to you, or am I overlooking other important factors? I know things like insurance, maintenance, fuel, etc matter but if were talking about generally reliable cars, then it should be fairly equal. I dont wanna spend too much but that also means so much less if the car doesnt depreciate. Especially since I dont drive so much...ive been under 10k miles per year
I recognize this is a BMW forum, I'm open to suggestions. Do you believe any of the cars on my list or off my list would be better suited for me given I have the c5 and my needs? If BMW, which models do you think would be best, years and trims?
Lastly, I've been practicing not using my signals so I can better adapt if I get a BMW. Any other tips?
