Thoughts on buying an E-Type

[Laicey]

I think I need a sanity check. Or maybe encouragement. I've always wanted an E-type because they are pretty and I have focussed on the S1 FHC because they are the most pretty. I have rebuilt a few cars over the years so would look after it on a DIY basis. It has to be a fixed roof version as I have an MGA roadster that I don't want to sell. Also I want to use it for long distances.

I went out (as a passenger) in a S1 FHC (there is a nice fellow in Montrose you might know). Sitting in it initially it was disappointing as it seemed similar to other 1960s cars, but I was surprised as how well developed it is. The ride and noise levels are amazing for the era and the engine so smooth and nice.

I have some worries and the first is financial. Not the price but whether we will still be allowed to use E-types in 10 years. If usage is restricted then values will plummet and it's a fair bit of money to lose. Has anyone been following the developments?

The other worry is I've been looking at the FHC but the 2+2 is very pretty and also half the price. I guess the only difference is the extra headroom and the longer platform and 50% discount. I'm starting to think a nicely set up 2+2 might be a cunning plan. A manual with sensible gearing for modern use are probably the only things I would really want.

Any thoughts, pointers or logic checks you might be able to give on the brain dump above would be most appreciated. There is something I can't put my finger on stopping me from enjoying one of these fine vehicles.

[mgcjag]

Buy becaus you want one....who knows what the future will hold....if prices plummeting bothers you then classic cars isn't for you....its happened in the past....Steve

[Laicey]

I feel there has been a generational change. I should imagine most E-types are still owned by people who bought their first house in their 20s and had enough money to buy a toy a few years later while they were cheap. I managed to buy my first house in my 40s and E-types have become a bit more expensive now. I'm still not over endowed with money. Millennials will be living with their parents and are unlikely to ever be able to afford toys.

It's inflation that's made the difference. Shadowstats calculate the current rate of inflation based on the 1980 calculation and it's been running near 10% since then. Wages haven't risen quite so quickly which is maybe why some new buyers might be concerned about finances.

One of the things motivating me is I don't want to hold cash as I think it will become worthless soon. I could buy gold which in the long term should match inflation. But lines on a spreadsheet would be much less fun than road trips in an E-type.

[mgcjag]

This sounds like a bit of a rant...Will watch your posts with interest.. Steve

[Laicey]

Apologies. If you could point me in the direction of the rules that would be most helpful.

[Cavern]

I agree Steve,
whether it’s an e type purchase or anything in life if you buy something because you’ve always wanted one and can afford it (whatever the value) you will enjoy it more…. and not worrying about investment values or something that may happen in 10 years time and that includes most importantly having your health etc! Throw away your spreadsheets and enjoy today….tomorrow is not guaranteed.

[mgcjag]

There are no strict rules in this forum except in the sale section....you've done nothing wrong...however common sense approach in posts is ideal ....Steve

[AussieEtype]

If you have doubts then dont buy one - most people buy with their hearts not their brains which is wrong but how it is. If you do not buy one something else will come along to scratch that itch and solve the heartache.

[ysmalkie]

I think if you are expecting advice what to do with the money you are probably in the wrong spot here..
Once you are sure you want an e-type, get back :-).

However, I can tell you that nowadays the cost of restoring will be roughly the same for 2+2 and FHC. These costs are not getting cheaper as well and it might be cheaper to find a restored car.

Tadek

[politeperson]

I have spent the last 35 years advising people and companies how to spend their money and what assets to buy.
I used to read just about every financial periodical going and listen to the news religiously, looking for pointers to what will happen next.

My conclusion is - no one has a clue what will happen next. Worse than that- no one has control over it either.

The other conclusion I have drawn is that fortune favours the brave, as sometimes (partial) ignorance is bliss. I have seen fortunes made from those who have just carried on regardless when others have done nothing.

I now dont bother much with the news anymore. It just promotes worry.
If I want to do something I fancy, I just do it.

I say yes a lot more to invitations now than I did in my 30's, business and social.

So, if it were me, I would just get on with it, otherwise you will be missing out.

[Mich7920]

[cactusman]

All I can add is buy one because you want one. I'm biased but they are fabulous cars to look at and lovely cars to drive. Mine puts a huge smile on my face every time I take it out...last time was this afternoon
Spend the money in the knowledge that there are costs to running an E type...things will need fixing...petrol needs buying!
Don't spend the money if you are expecting a return on your investment. You may get lucky and turn a profit but you may very well not. If you are looking for a financial return then classic cars are not for you....
As to fuel...it will be available for at least 20 more years and very likely for much longer...at a price...

[Laicey]

Thanks for all the replies - they have helped me to figure out the question.

I don't care how much my house is worth as I don't ever expect to sell it, and I imagine I would feel the same about an E-Type.

Though at the moment buying one might leave me a little exposed if other things go wrong. I think that's what is causing my worry. That should be less of a problem in a couple of years (assuming things continue to go reasonably).

While I'm waiting I might improve the garaging a bit and make a nice space in anticipation.

[Airborne62]

I live in the States. Lord knows I have no idea what the next year or years will bring. That said, my rule is that if I continue to wish for/think about/research something for one year - I then have a green light to go for it. This filters out whims on big ticket items. I bought a 62 FHC not realizing I would uncover a basket case and spend 10 years restoring it. I don't care what it is worth or what I spent on it in time or dollars. It is a thing of beauty now and a source of pride and joy.
Mark your calendar.
Buy your car.

[max-it-out]

Buy a good one or be prepared for some big bills ! It`s nearly always more cost effective to let someone else pay for restoration .Inspect potential purchases carefully before buying and either know what you`re looking for or take along an expert .
2+2 s are cheaper ( particularly the S2 ) and more practical , but to some the lines aren`t as elegant as the FHC and roadsters .

[Laicey]

Buy a good one definitely seems to be the best way forward for E-types. Basket case E-types with no floors left at £40k seem odd. I'm hoping to find a sound useable example.

I sold a car a couple of years ago partly because it was too good and I was afraid to take it anywhere so it just sat there deteriorating. I put four years restoration in that one. My favourites are the MG (I restored that 33 years ago and it is looking scruffy now) and an original old Renault I put a new chassis underneath and preserved a very tired exterior. They are useable. Anything happens I can sort it when I get around to doing the paint.

There seem surprisingly few 'oily rag' E-types advertised. Perhaps the real condition is lost in the photos.

[politeperson]

I've got an old Renault I put a chassis under too!
Still has its original paint.
There was no rust on the body but the chassis was shot.

[Mich7920]

Ahhh the Renault 4L
A really good simple car.
There's a really cool event in France called "the 4L Trophy", which is exclusively for students aged between 18 and 28. This year 1150 ! 4L brought supplies for schools, solar pumps etc...In Marocoo.
In addition to the health and safety of 2300 students... There are assistance lorries, helicopters, repairers at all the bivouas and a spare parts exchange. There is also a podium with those who have done the least km/time.
It costs £8600 for a car in decent condition and the entry fee is £3000 per student.
Not cheap! so you have to look for lots of sponsors.
https://www.4ltrophy.com/concept/
Take a look at the photos and you'll get a good idea of the atmosphere.

[politeperson]

Yes Mich,
Some of my French Cousins from Limoux completed it a few years ago in a GTL.

It was excellent. Best car for the job.

[Laicey]

Hi politeperson, we've chatted on Clementine's Garage. That's quite a collection you have and I didn't realise you had an E-type. Clearly a person of good taste to run a R4.