With the average SSIA expected to be in and around €15,000, Paddy Comyn takes a look at some ways to spend your long-saved cash on a car.
Okay, so you are one of the shrewd savers who is about to cash in on your SSIA. First, don't rub it in to those who didn't get involved, but second, if you plan to spend your money on a car, you might be wondering what you could get for your €15,000.
With no bank loans and monthly repayments hanging over you, as a cash buyer you can be aggressive and bullish with your eager salesman.
If you are after a new car, there are a total of 83 new cars that come in under €15,000. The Irish Car of the Year, the Suzuki Swift, would be the pick of these for me, with the three-door GLX version coming in at €14,995. It's a charming supermini that looks great, is fun to drive and is spacious and comfortable too. But cars such as the Toyota Aygo, the entry-level versions of the Fiat Grande Punto and the Toyota Yaris and the Kia Rio deserve special mention and these all come in under €15,000.
However, things really get interesting when you look at the used car market and this gives you a much greater choice for your money. While buying new you are restricted to small cars, but when you choose used you can get the benefit of, in many cases, a nearly new car that is still covered by a manufacturer's warranty and has lost the initial chunk of depreciation.
A quick search through Car Buyers Guide's website reveals that for under €15,000 you can do very well on a used car.
For the purposes of this exercise we are going to stick to four categories: a supermini, a family saloon, an MPV and a sports car. These are all real examples that were on sale on the website cbg.ie this week.
SUPERMINI
The Ford Fiesta Steel has been a top-seller for the past number of years and you can pick up a used one, with small mileage, for €14,500. The Steel comes with high-levels of standard equipment such as alloy wheels, ABS brakes, and fog lamps and in some cases air conditioning.
As a cash buyer you could also be expecting to pay considerably less. Don't be afraid to haggle hard! You can have a 2005 Toyota Yaris - the previous version, but you can have a five-door model with a year's mileage for €14,450.
This will be ultra-reliable and will also give you a good return on your investment. Another shrewd buy is the Volkswagen Polo. A five-door 1.2-litre Polo from 2005 was being offered in a garage in Monaghan for €14,750. Polos hold their value very well and this one was a higher-spec 'Plus' model.
FAMILY SALOON
It sounds a little hard to believe but the bigger the cars get, the more choice you have when you look at the used market. The more a car costs new, the more there is to lose in depreciation.
If you are after a family saloon for under €15,000, avoid the temptation to buy something older and flashier unless you are prepared to put more money into the car. Parts and servicing for cars like BMWs and Mercedes-Benz can be expensive and these cars can be costly to run. If you fancy something a little special, you could have a BMW 318i. It will be six years old and will need a thorough inspection. Be prepared to spend €2,000 to get the car right. You could also get a seven-year-old Mercedes C180. We found a black automatic with 70,000 miles on the clock for €14,975.
Altogether more sensible buys would be a 2003 1.6-litre Nissan Primera for €14,995, a 2003 1.6-litre Opel Vectra Comfort for €14,900 or how about a 2004 Skoda Octavia 1.4-litre for €14,950? The demand for the new-shape Toyota Avensis means you would be unlikely to get one for under €15,000, but you will get a 2003 Corolla with a 1.4-litre for €14,500. What I would recommend would be a Volkswagen Passat. We found several 2002 1.9-litre TDI models for under €15,000. You can have a 2003 model if a 1.6-litre petrol will be enough for you.
MPV
If you are after an MPV, the Citroën Picasso offers great value. There are plenty of used ones about. We found a tidy 2003 model with a full list of equipment and 50,000 miles on the clock for €14,750 with a dealer. Just make sure the electrics are working properly as there have been issues with the Multiplex wiring. Another option is the odd-looking but very worthy Fiat Multipla. You can have a 2003 1.6-litre for €13,950 and this will carry six people. An Opel Zafira, which gives you the option of seating seven, will cost you €14,950 for a 2002 model with 45,000 miles on the clock.
You can also get a previous-generation Renault Scenic, with a 1.4-litre engine and 31,000 miles on the clock, for €14,750 . If you need something a little bigger, an imported Honda Stream from 2002 can be got for €14,500 and 2001 or 2002 Hyundai Trajet's can be picked up for the same price - just make sure they weren't ever sitting on a taxi rank!
SPORTS CARS
There are those of you who were saving for a reason and that was so you could have some fun. If your €15,000 is for pure indulgence then a 2000 Mazda MX-5 can be yours for €14,750. These are often import models, but don't let that phase you too much as they are often better equipped. Normal caution applies. They are very reliable and also great fun.
A 2002 Peugeot 206CC will offer you all the thrills of a convertible for €15,000 and a 1999 Toyota MR2 is also enormous craic for that price.
We spotted a 1996 BMW M3 - a stunning sports car with 86,000 miles on the clock for €14,950. You could also have the blistering 250bhp Nissan Skyline GTS, say, a 1997 model for under €15,000. You might look silly but your children will love you. Or how about a classic car? For your €15,000, on the Classic Cars Ireland website we found a Porsche 912 from 1968 in bright orange, a 1988 original BMW M3 E30 and a stunning Mercedes-Benz 280SE Coupé all within our budget. The beauty of a classic is that they depreciate slowly and you pay no VRT if it is over 30 years old.
If your €15,000 is for pure indulgence then a 2000 Mazda MX-5 can be yours for €14,750