I have owned my barn find 1992 Eunos V Special in British Racing Green with original tan and Nardi steering wheel/gear knob for just over a year now.
With approx 57k miles and a good MOT history with no advisories or signs of rust. I have brought the car back to life and it has been my pride and joy.
My long term goal was to restore it back to showroom condition, getting a full re spray and seals etc and gift it to my daughter in the future when she is able to drive. I believe these cars are an assest and future classic.
I am finding it harder and harder to justify keeping as I now have two children one 2 years old and 4 months old and could really do with the money to buy a larger car for the family. I am also very disheartened by the ULEZ extention as I live near Heathrow Airport and will be severely affected. My plan is to drive it once a week and pay the charge but that in itself is £600 a year and with this cost of living it is a struggle.
The car will need work over time as expected and it would have to be completed as and when money becomes available and would certainly need to DIY whatever I can.
I have an agreed value of £7.5k. I understand this is different from what I would expect from a private sale but I would need atleast £6k to recover what I have spent and do not want to sell for anything less and would rather keep it.
Sad times mate.
At least you’ve enjoyed the ownership experience and may return to MX-5 ownership further down the line.
For now it seems as though fate has other ideas.
Perhaps your asking price will dictate whether you actually sell or not though.
Good luck with whatever you end up doing.
Cheers
“My long term goal was to restore it back to showroom condition, getting a full re spray and seals etc and gift it to my daughter in the future when she is able to drive. I believe these cars are an assest and future classic”
Concerning the above, without sounding negative and the gesture is a very nice one too. In reality when that time comes and the way things are going, insurance is almost impossible now for new young drivers to find without spending enormous amounts, talking £2k plus if they’ll insure her. Then as you say the London zone thing, oh I’m glad I live far away from there.
Cash it in now, say goodbye and as said spend in on your family. Or, put it in museum or garage so you can visit it from time to time, it’ll still be costing £’s in the upkeep of it.
Sorry for the negative thoughts I’d love another car to do up and keep, in reality it’s not really practical for me, age, room to keep and most importantly the cash to do it unfortunately.
I had a similar story but with a motorbike.
I owned a new Yamaha RD 500 LC, back in the day (£3,250!) and was going to keep it as an investment.
Children and houses came along and so I sold it and put the money into paying off lump sums on the mortgage and treats for my children.
Today, these Yamaha’s are going for 25k, but I made quadruple that on my first house due to paying it off early.
I would sell your MX and look to the future.
It is a hard thing to let go, but there will be plenty of 5’s around when you can get the free cash in years to come👍
If you are even thinking about selling , in my experience it means that you already want to sell but for other reasons (does this mean I’m past it /poor/old and /or not a car guy any more? ) we vacillate about actioning the the decision. Sell it . And if you regret it , buy another one . .
You have a young family and you can use the money…
Sure you will regret it in a few years, accept that, and get yourself something special then. Keeping it now on some dream that your daughter will be in love with it in 15 years time is not a great plan. She will be terrified of damaging it, would rather have a modern car than something that will be 40+ years old, and you will struggle to ‘let go’. It will cause pain and resentment, and petrol will be a grand a pint by then…
Nice idea though, but only if no sacrifices are made by others to make it happen. And if you were in that position you would not be asking for advice.
When my family was younger I had a XJ8 Jaguar which I loved and cherished although it would cost me a fortune.
Like you reality bit and she had to go.
Years later, my family have all grown up and do their own thing, I now have my dream MX-5 but also all the memories of the times we spent together doing things we couldn’t have done if I had kept the Jaguar.
Sell the MX5 and use half the cash to buy an MG Midget or Triumph Spitfire. They are great fun and an investment if you keep them in decent condition. Probably the cheapest two seat open top motoring available. Free road tax, sub £100 insurance and I believe ULEZ exempt.
I sacrificed having a nice car for myself while the kids grew up to make sure we always had a reliable family car to transport them around in. But they grow up and since then I’ve enjoyed 6 MX-5s, albeit I am MX-5 less at the moment due to physical medical issues for both myself and my wife. But once we are all ‘repaired’ …
Hey, I recall a similar story when my 2 kids were tiny. This was back in the early 90s and our second car was a 1275 MG Midget - please don’t judge me harshly! We part exchanged it for a Citroen hatchback as it seemed the most pragmatic option at the time. Skip forward some 30 years and I’m the very happy owner of a Eunos Roadster / MK1 MX5 and I couldn’t be happier - and yes that’s despite ULEZ!
A similar tale here. When my children were very young, in 1969, I had to sell my 1949 1-5 litre Riley because I could not afford to do what was needed to keep it running in the way it deserved. MOT was not much of a threat in those days, but it would not have passed current regulations. If I’d been able to keep it, it could be made to go today, and would still be a pleasure to drive. But my commute involved the M1 and I had already had to remetal the big ends three times, due to driving too fast (70 mph) on a downhill stretch. I replaced it with a Triumph Herald, which was not a good choice. But I kept my family in shoes, etc!
We had a Toyota Previa! … but it was RWD, it was a 2.4L auto monster 8 seats and steering wheel gear change. It was a great car and perfect for what we needed.
Having dealt with insurance companies, I think you would not get anything near the agreed insurance value if you were unlucky enough to make a claim.
I have the same year Eunos model as yours and I have spent a similar amount on my car as you and when I have tried to sell it, the best offer was just under £2000. A dealer offered me £900. I keep it to have the occasional run out when the weather is fine and rain not forecast. Eventually I will pass it on to one of my granddaughters.
and since then I’ve enjoyed 6 MX-5s, albeit I am MX-5 less at the moment due to physical medical issues for both myself and my wife. But once we are all ‘repaired’ …