Well here is the problem, my wife has a 2007 XK convertible which I really love and have said that as soon as we have the money I want a coupe. Well silly me I looked on the for sale site and there is a lovely Grey 2007 for sale at a fair price! So do I buy? It would mean dipping in to our small savings pot and with the economy the way it is could be a crazy move but you only live once right. So is owning 2 XK's over the top, my wife's soft top is her baily driver the coupe would be used when I do not have to ferry Dog's or visiting relatives about.

 

I have heard that the general rule of thumb is you can afford up to half of your gross income in car value. So, if you are buying two 07 XK's, the value of two of these cars would be (retail, just a guess for this post):

2 x $38K = $76K

So, according to the rule I referenced, if your income is $152K or above you can afford it.

Whether this is accurate I don't know. It's just what I heard/read. I think this factors in insurance and cost of ownership as well.

On the savings thing, only you can answer that. I personally have to have a pretty good amount in savings or I constantly worry. I *do not* include 401K balances in savings.

 

You missed the fact that he will have a total of 3 cars, not 2. So, if you assume that the other one is also about $40k, and if the rule of thumb is valid, then he and his wife need to make $240k between them.

 

The fact that you would own 2 XK's is irrelevant. The question is: can you afford to buy a third car? Also, in your post you said that you wanted an XK coupe, "when we have the money." You didn't say, "when I find one I want at a fair price."

Quite honestly, from the tone of your post, and from the fact that you spoke about "dipping into our small savings pot," then it doesn't sound to me like you can afford a third car yet. My suggestion is to wait until you have the money. When that time occurs, you will always find another car you want at a fair price. In the meantime, you and your wife could switch off from time to time, and share time driving both cars.

 

Sell the 3rd car, buy the XK coupe and then wait until you are good to replace the 3rd car (or just downsize to less expensive 3rd car)

 

Your first mistake was to start looking at "for sale" cars, creating a temptation. I've made that mistake so many times it is not even funny. When ever I just start "browsing" cars on the market, simply just to look, I always and every time end up buying a car that I did not truly need. I could tell you what not to do but, I'll probably do it myself again and again. :-)

Nothing wrong with having 3 cars in your household, I have more than that for the two of us. Just make sure that you are prepared to upkeep two Jags that can be very expensive to maintain or repair if you do not have full warranty coverages.

Albert

 

Thanks for all the really good advice. We do have the XK and a 2010 Town and country. Our income is good and the coupe would be paid in full. Will be thinking very hard over this so the advice was as I said most helpful and thought provoking. Such a great site will let you know what I do.

 

I have never heard of the "rule of thumb" formula of car ownership. Very interesting!

brdave

 

Hey Robert - perhaps we're on a different "page" with the meaning of small savings!!!

I just had to do it...

 

I have seen and checked out that XK coup you like. It has a great set of up grade wheels/tires. It's looks very good and has the best color the car came in IMHO.

If you are meeting your financial obligations in other ways do it. Pristine condition 07 xks are getting harder to find every day.

 

Robert - if I can ask, where did you find the Grey coupe?

 

Hi Tarheel ( UNC fan ? ) the car looks really good and the mileage is really good, funny the only thing I am not sure about is the wheels! I do have about $30.000 I could spend but that is way too cheap for that car and I would not insult the seller. RS, the coupe is on the sale site under XK mint condition and although it would be an extravagance the coupe would not leave me strapped for cash but I do not usually buy cars with no warranty, my wife's XK has a bumper to bumper 4 yr on it which we have already used no question asked to fix the roof. On another topic how do I post photo's of our XK on the site? RS I hope we can get on the same page!

 

Bob,

I bought one just like it for $29,000 from a MB dealer back in Nov. Mine is a base model, had more miles at 34k but a superior interior and the remainder of a Select Edition Warr.You can't go wrong to offer $30k and buy your own warrant pkg.

I know what you mean about low ball offers to private sellers, particularly serving military, but business is business and the term "firm" need not apply. $30,000 used cars are starting to linger on the mkt for dealers and private sellers alike what with the uptick in new car sales. After all, you may be doing him a service.

 

BTW With all the minor changes wrought on the XKs sense 07, not one IMHO has improved on it and a few have actually hurt it. The coup is a superior shape but, like they say, "de top go down de monie go up".

 

You are right Tar Heel there are not many people walking round with $30.000 to spend on what is really a toy. Think that the seller is still out of the country I am still in the aiming stage at the moment so will not contact seller till I am ready to pull the trigger. Did you ever view the car? I did see that you where in touch with the seller. Wow You got a really good deal! The seller would prob get nearly $30 if he took it to carmax for a cash sale.

 

Don't take this the wrong way-- as I am most fond of Jaguar (mine bought 12 years old at 75% off original retail)-- but pithy sayings such as "only live once" only go so far. Such things are subjective, but if i had what I consider a small savings, I would not be contemplating one never mind two luxury cars. Part of living once is having a modicum of security during that life. We already see a generation heading to miserable "retirement" and we see economic bubbles and bubbly expectations destroying a middle class.

Granted, to me "small savings" might mean $100 or $10,000 or $30,000 or $50,000 (how long can one live on that, I wonder), and to you it might mean $10,000,000, but based on what I consider "small savings" to mean, having two luxury cars seems an inappropriate stretch, and yeah, over the top.

That said, you don't need my opinion what to do with your cash... save that you did, of course, ask

That said, for bang for the buck, factoring in all sorts of subjectives, a 2007 XK no doubt will bring as much happiness as materialism can provide. My 2000 XKR is bringing me great (if superficial) happiness. But, I didn't take out a third or half or ten percent of my hard fought savings to buy it.

Thoughts?

regards

d

 

Thanks David for the input. you are right i did ask!

 

Hi Robert,

Your question is certainly provocative. On its face it brings up the idea of two $90,000 vehicles, which is extravagant for most. But of course, you are not talking new, so the real question for you is: do you need/want/can enjoyable a 3rd vehicle.

Assuming the answer is yes, the question becomes, what can you get in the $30,000 ballpark? I'm currently tooling around in Arizona in a rented very blue 2012 Mustang convertible (in Jag terms the color is somewhat close to French Racing Blue). The car seems to attract as much attention as my Jag, with people admiring it and saying they would like one like it. It probably cost around 30k, but the driving experience and the car itself is, of course, a world away from the experience of my XK.

So, cost-wise, the difference between a used XK and a new Mustang is insurance and maintenance. If you can handle that, then I think the "you only live once" tilts the scale.

On another topic. When I was shopping it seemed 90+ percent of these used cars were being sold at dealers, not private parties, which I found surprising. Unfortunately I read that a very few private party offers are actually scams (sort late models by price on Cars.com and they sometimes stick out on top of the list with crazy low prices). One ploy is to justify a low price by claiming to be a military person about to be deployed to a far off land who must sell. The scammer's intention is to keep your deposit. I'm not suggesting in any way that the car you mentioned is not legit, just pointing out something I learned for the possible benefit of others reading this.

Tony