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Is sporty or sensible best for your next car?

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Choosing your next car isn’t easy. Can it ever really be both fun and functional?

  • Size and sportiness often don’t go together
  • Some cars can be a great financial investment
  • Electric cars are the future of motoring
  • Could equity release help you buy your dream car?

Some see it as a reflection of their personality or status. Some consider it a part of the family. For others, it’s a metal box meant only for getting from A to B with less sentimental value than a toaster. 

But whether nipping to the shops, hitching a caravan to it in search of summer sun, or visiting friends and family, most rely on their car to do the legwork. 
 
Which leaves the question, do you go for a sporty little number, or a sturdy, sensible carthorse? 
 

Practicality

If you have plans to transport more than a scotch egg and a bottle of fizzy pop, a sports car – such as the Porsche Cayman– might not always cater to your needs. 
 
With all that room required for its fuel-guzzling engine, the family may object if you’re expected to carry more than one passenger for any great distance or significant length of time. 
 
What’s more, a performance-focused car’s cockpit equipment is often stripped back to the bones. The speed you gain by cutting out the air conditioning, for example, could end up meaning a casual spin on a warm day feels rather more like a hike through the Sahara in high summer. 
 

Economics

With sports cars typically commanding a higher price, their depreciation concerns and insurance premiums that outstrip astronaut Tim Peake’s workwear budget, buying one can become a very costly affair. 
 
But that’s not always the case. Finding the right classic car can see your purchase become an investment. For example, an Aston Martin DB5 bought in the 1960s would have set you back around £4000. Today, the same car has been sold for well over £1 million. 
 
Even on a tighter budget, you can feed your petrolhead urges. A Ford Mustang RTR, for example, should cost you no more than a mid-range Audi. 
 

Enjoyment

What you lose in practicality, you should gain in the sheer thrill of a sports car. Otherwise, what’s the point? 
 
Feeling at one with the road is something hard to replicate. And the Mazda MX-5Audi TTFiat 124 Spiderand BMW 2 Seriesare just some examples of those which offer spine-tingling drives.
 
However, if you actively avoid those enthusiasts who can recognise the purr of a V8 engine from a two-mile distance, it might be wise to go for the sensible option. With a sports car, you’ll meet loads. 

Electrification

The sale of new petrol and diesel cars will be banned in the UK by 2040. So, why not get ahead of the game? 
 
Some of the latest models of electric car cannily combine performance and practicality in ways you might not expect. The Volkswagen e-GolfJaguar I-Paceand Renault ZOEspring to mind. 
 
Face-stretching acceleration, lower running costs and, if you’re lucky, the benefit of a government grant too. It could be the best of both worlds. 
 

Could equity release fund your dream car?

You can use the tax-free cash you receive from equity releasehowever you wish. That includes buying a new car. 
 
Whether you’re attracted to the thrill of a sports car or have your sights set towards a more understated model, releasing some of the money tied up in your home could be the perfect solution for you. 
 

Where do Key come in?

Here at Key, we understand that equity release is an important financial decision. And before you make it, you must first seek expert advice. It’s a regulatory requirement. That’s where we come in. 
 
We’ve helped over 1 million people decide whether equity release is right for them1. So why not join them in seeing if it’s right for you? If it’s not, we’ll tell you.
 
We’re also 100% independent. That means we only make recommendations based on what’s best for you, nothing else. And our service is free of charge unless you decide to go ahead. 
 
Try our free, no-obligation calculatorto see how much you could release now. 
 
Alternatively, if you’d like to learn more about equity release and hear from others who’ve done it, download our free equity release guide today
 

What should you consider before taking out equity release?

Our independent, specialist equity release advisers compare products from the whole of the market to find the most suitable equity release plan for you. They’ll discuss all the options available to you and explain that taking an equity release plan reduces the value of your estate and may affect any means-tested benefits you’re eligible for.
 
With a lifetime mortgage, the most popular form of equity release, you’ll still own your home. It’s a loan secured against your home and is repaid when you, or the last surviving applicant, pass away or move into long-term care. 
 
Equity release plans we recommend have a no negative equity guarantee, which means you’ll never owe more than the value of your home.
 
Key’s initial consultation is free with no obligation to proceed. If you decide to go ahead with an equity release plan, our advice fee – usually 1.99% of the amount released, subject to a minimum of £1,499 – is payable only on completion.

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