I don’t think anyone should turn away from purchasing a V8 or larger engine simply because they’re renowned to be thirsty. Especially, if they’re to be kept as a classic or second car.
There are numerous considerations to be taken into account when considering a V8 or larger petrol engine. Okay first off, they’re not necessarily more expensive to insure than a 2000 turbo which more than likely can today blow a V8 into the weeds.
Importantly, the theory behind a big engine runs true today as much as it did fifty years ago. A big engine is less stressed covering huge mileages than a smaller engine. Meaning, what you lose in fuel thirst you gain from by paying less in maintenance costs.
Next, how much mileage do you estimate doing with your V8? If you figure you cover 4,000 miles per annum that’s roughly £2K in fuel (averaging 20 mpg). By comparison you can expect say a 2007 Honda Type R to cover 30 mpg on average if you resist your right foot pressing to the floor whenever the road empties. So, roughly expect your fuel bill to be around £1,500 per annum. For that £500 saving you have a fairly reliable, fast saloon.
What you won’t have is the thunderous call to attention delivered by a V8 whenever you appear. For many the V8 musical is worth that £500 per annum. I know that for sure because I’m one of them. Cars have grown up and people with them.
Appreciating a motor these days includes the sound they make as much as the performance they provide and, make no mistake, a V8 usually has the torque to whisk it ahead of faster smaller engines in top gear. While a Type R driver drops a couple of gears to dominate the road a V8 driver will enjoy the sheer power of pushing boot to floor without the need to search for a lower cog.