The reason for that is that they would have bought those cars in at higher prices and are unable to move quite so much on them for fear of a loss, but if you keep an eye on thier stock and look at more recent arrivals then there would be more movement to be had, after all they are in just the same situation as the rest of us and trying to juggle thier finances..

 

My dad was offered £21k for his 2004 [54] RR V8 vogue in p/x for a new full list price RR TDV8 Vogue SE [a stock item]. A quick look on broadspeed tells me you can get the TDV8 for almost £12k off list, which means our local dealer was happy to pay £9k for a 4 year old range rover

Surprisingly, he said no?

 

I did and I am bought an MX5 cash and the idea is we aren't parting with it.

Our main family car is a different matter though.Great car but we know it is worth nowt.£25k car,4 years old,probably worth about £4k now

Thanks to the government's policies we won't be changing that for the forseeable future.

Wonder how much money the car industry is going to lose due to peoples reluctance to do car purchases now the market has collapsed?

 

The market hasnt really collapsed, there are still an awful lot of new cars out there, I think what has been hit is the ability of a lot of people to buy cars that are above what they are able to afford.

I think the petrol price stuck the first boot into car prices, then the rest of the situation unfloded and did the rest of the damage, I would imagine that small diesels are still holding their money well, its just anything expensive to run or mundane.

Like Clarkson said, musical chairs, it wont last forever and this will force changes that have not occured to us yet, I am just going to hang onto mine for the forseeable future.

 

Eh? Hows that?

I bought a Golf GT Sport a couple months ago for cash. Getting a loan or HP to buy the car would cost more. I would be earning say 4% with the cash sat in the bank but I'd be paying say 7.9% on a loan.

Paying in cash is always cheaper in the long run. Dealers are always keen to get you to sign up to finance, as they get a kickback from the finance company.

OK, it depends on the value of the car. If I wanted a 911 Turbo, then yes, I'd need finance. But that would be a car to keep for many years, not just 2 or 3.

 

its tempting to say that if you can't afford to pay cash for the car then perhaps you can't afford the car

 

That's not really right though, is it?

How many people have 10, 20, 30 grand sitting in the bank that isn't really needed but can afford £300, £400 per month quite easily?
2 or 3 grand, perhaps. But not £loads.


I know I'm the latter, and I suspect 99% of the people on here are the same.

Do you pay cash for your fuel, your shopping, your Sky subscription etc?
If you don't then perhaps you can't afford them, either.

 

agreed Zip

and I was actually going to add in my post the line

"but can afford a "high" rental cost"

the problem is your are paying a fixed cost for a depreciating asset -- that you will never own, always having to flip your finance over

and usually its on taxed income -- the finance route makes much more financial sense if you can do it through your own company using untaxed income

i suppose its the old addage "you pays your money and takes your choice" and each to is own -- but I couldn,t/wouldn't pay for a car that way

 

BINGO!
In my case anyway

 

A bit like your house, eh?

 

ah ah -- i thought that comment might make it out of the woodwork

and in the current market its hard to disagree -- but i will anyway

my father told me "buy the cheapest car you can get away with and the most expensive house you can afford"

and personally for me its been pretty good advice

but the downside is I,ve never had the luxury of driving a spanking new car complete with that wonderful smell etc and knowing that no t0ssp0t has ragged it from cold

 

You can't park your big house outside John Lewis either to impress the MILFs.

You can't do this with a Skoda either

I do live in a posh village though!

Steve

 

"You can't park your big house outside John Lewis either to impress the MILFs."


**** -- not thought of that

right, off with the pipe and slippers

wheres my f*cking checkbook -- i,m going large

 

 

For me thats the cause of the problem the world financial markets are in now.
The desire to have what we cant really afford.
we have 3 vehicles 2 daily drivers for me and the wife and my subaru type r, all the vehicles are over ten years old and they were all bought with cash.
All this hp then hand it back because your going to loose money and you want to drive the latest model when you have a perfectly good car already if you want a new one you should pay....
HELLO thats what happens when you buy a new car, and if you use finance to do it you loose even more, then the market gets flooded with second hand cars then the value of everyones car goes down, supply and demand.
So now that theres less money in the system things hav slowed to a stand still and if you want rid of a car it has to be a bargin or no one with money wants it because they would rather have the cash...

 

bang on

the point is, any financial product, from investments, payment protection, hp thru to a mortgage primary purpose is to make the person or organisation selling it money -- the fact that it works (or doesn,t in the case of some investments) for you is totally consequential and secondary in purpose

when the bloke in the dealerships signs a *** up to a finance deal on a new M5 -- he could not give a flying f*ck if he defaults 10 months later coz he will have been paid on the deal whatever the outcome for the customer

 

trust me if a car salesman thought like that, he would'nt sell many cars!, whats the point in screwing somone over, they'll never come back for another car, neither will they tell there friends about the service they had.

so in the long run you wont earn any money, you'll just have 1 deal instead of 100 deals.

 

"trust me if a car salesman thought like that, he would'nt sell many cars!, whats the point in screwing somone over, they'll never come back for another car, neither will they tell there friends about the service they had."

point taken

and i,m not saying that the car salesman does anything but give the punter exactly what he wants --a flash car, with "easy repayments"

and i,m sure in 100% of cases the bloke drives out of the dealership chuffed as pants in his shiny new car

but often the fact is - for alot of people its a financial dead end -- but in some case you can drive to it doing a 180mph

 

look at the posts on here as an example, a couple of people have had bad experinces and have now told everyone else. no body holds a gun to anyones head with regards to finance.

 

absolutly -- its a free market and i wouldn,t argue with that

everybody's got to make a living and it takes a buyer and seller to make a market

and as i stated in an earlier post -- i,m grateful coz i get to buy them 5 years later (to own, im not a dealer btw)

 

Oh so true.

I decided once that after driving through one of the poorest areas around here and seeing BMW's on loads of the drives...

1. No posh car is special anymore...everyone has one

2.What the heck happened to priorities

Still think this is why we have a glut of second hand cars worth nothing

 

My mates got a 1 year old rr sport,
he pays 450 a year to tax it, and is about to chop it in for a new rr sport,

he also had a chrysler 300c that lost him 500 a month every month.

 

Madnes

 

Thats how much my mortgage costs on a 200k house
edit to say
199
198
197
196
195

 

yes but in the long run it will be worth more

and you still have to pay to live somewhere

I lost money in the early 90's on a flat I had with my brother, I baled but he kept it on -- now worth over 4 times what we paid

with houses you only loose when you have to sell (if prices are going down)

still the best investment you can do imo

 

Agreed im not worried, i only paid 130k and i plan to be in it for the next couple of years at least by which time i think it will have bounced back, which is more than can be said for the rr sport and the porkas..

 

Correct. The thing is you are supporting the banks (boo hiss) but if you take it out at 30 and pay it off by say 60 (so you move once more) you have no cost for housing when you are old.

Of course you could just save the cost of a mortgage each month but... oops you had to spend it on rent and like anyone you want to improve things, get a bigger place so that costs money either that or you splash out doing up someone else's kitchen.

Swings and roundabouts but long term you are not going to LOSE money in property.

And on topic - it is again a good time to hold on to the car, pay off the finance and own it out right. A cash buyer at the moment has a strong hand to play!

5t.

 

Errrrm - what about all the houses being repossessed then? Can't say those that lived in them would agree...

 

Errrm... what about people being made homeless because they haven't paid their rent.... same argument.

5t.

 

You lose a LOT more having your home repossessed than you do being booted out of a rented home.
Renters just finds another place.
Buyer loses thousands and thousands and usually has to start all over again.