THE FINANCIAL ANGLE

The values of the 11 second-hand cars highlighted in that original feature of 2005 ranged from £22,500 for the Maserati 3200 GT up to £30,950 for the Aston Martin DB7. The average value was something like £25,000.

Where did that £100 per week figure come from? That was the approximate cost of borrowing £25,000 as an unsecured loan and paying it back over five years. In fact, the original feature offered six loan options with weekly repayments ranging from £111 to £117.

For most of the cars in the original piece a £25,000 loan would have been sufficient by itself, although clearly the DB7 at £30,950 would’ve remained a little out of reach. As pointed out 13 years ago, however (and the same applies to this day), you could have made up the shortfall with your savings or by trading in your existing car (just as long as you had, or your car was worth, at least £5950 in the case of the DB7).

With interest rates lower today than they were in 2005 the £100 per week philosophy is actually even more sound, because it’s now possible to find a loan on those same terms that’ll cost as little as £103 in repayments each week.