What's going to collapse next...

[King Penda]

1 minute ago, One percent said:

Is that the rent for three years on a car?  If , you could buy a very nice second hand car for that and then run it into the ground. 

Indeed I’d never spend that on a car I was just showing the interest rate on 16k

[One percent]

4 minutes ago, King Penda said:

Indeed I’d never spend that on a car I was just showing the interest rate on 16k

You would have to be mad, thick as mince, desperate for attention, or all three to go for that.   I’m guessing that the bottom is going to fall out of the new car market. 

[HousePriceMania]

31 minutes ago, King Penda said:

Indeed I’d never spend that on a car I was just showing the interest rate on 16k

Did somebody say...Indeed ?

 

Job listing platform Indeed lays off 2,200 employees

https://techcrunch.com/2023/03/22/job-listing-platform-indeed-lays-off-2200-employees/

Edited March 22, 2023 by HousePriceMania

[snaga]

Legacy Auto companies, supposedly have stuffed their channels with unsold stock, 100,000s of unsold cars in China alone, Toyota have paused production of some models, and come July many of these cars can't be sold as they don't pass the new emissions laws in China or the EU.

Just as well these auto companies arn't loaded with debt, else their lenders might be getting worried ...

 

 

[HousePriceMania]

1 minute ago, snaga said:

Legacy Auto companies, supposedly have stuffed their channels with unsold stock, 100,000s of unsold cars in China alone, Toyota have paused production of some models, and come July many of these cars can't be sold as they don't pass the new emissions laws in China or the EU.

Just as well these auto companies arn't loaded with debt, else their lenders might be getting worried ...

 

 

The lenders will go before the auto-companies 

[Wight Flight]

56 minutes ago, One percent said:

You would have to be mad, thick as mince, desperate for attention, or all three to go for that.   I’m guessing that the bottom is going to fall out of the new car market. 

Erm. How much was your MINI?

[Chewing Grass]

Just now, Wight Flight said:

Erm. How much was your MINI?

Doesn't matter as everyone (with finance) is paying 50% more now than they were in Jan 2022 so the arse falling out of the car market won't make a difference unless you break your car and need a new one.

[One percent]

8 minutes ago, Wight Flight said:

Erm. How much was your MINI?

Cash mate, cash.    a whole world of difference to renting it or hp for the thing.  Never a lender or a borrower be.  

[Balding Badger]

11 hours ago, Wight Flight said:

I do wonder how long Bishops will last. (You aren't South Coast, are you?)

No, not South Coast. I saw they had invested quite big recently which seems to give you a 50-50 chance of going bust in the next 12 months in print!

[Balding Badger]

9 hours ago, One percent said:

Cash mate, cash.    a whole world of difference to renting it or hp for the thing.  Never a lender or a borrower be.  

The last time I looked at changing my car I couldn't get over the fact that no one was interested in me as a cash buyer, they only wanted people they could get interest out of on finance packages. From what I could tell this was pretty well universal. In the past, I'm sure you could get discounts as a cash buyer. Was this a myth?

It shocks me that people look at cars where they have a monthly payment of £5-600 for four or five years and then still have a £10-15000 final payment to make if they want to own the car (I know they usually just swap it for another one and carry on the game). It must take such a huge chunk out of people's finance but there seems no shortage of them in these expensive brands and I believe the vast majority are purchased this way.

Younger colleagues find the idea of buying second hand but getting something you can afford odd, probably because it is all about status for them. Instead they will be milked by finance companies forever, in all likelihood. They just can't see it.

[One percent]

22 minutes ago, Balding Badger said:

The last time I looked at changing my car I couldn't get over the fact that no one was interested in me as a cash buyer, they only wanted people they could get interest out of on finance packages. From what I could tell this was pretty well universal. In the past, I'm sure you could get discounts as a cash buyer. Was this a myth?

It shocks me that people look at cars where they have a monthly payment of £5-600 for four or five years and then still have a £10-15000 final payment to make if they want to own the car (I know they usually just swap it for another one and carry on the game). It must take such a huge chunk out of people's finance but there seems no shortage of them in these expensive brands and I believe the vast majority are purchased this way.

Younger colleagues find the idea of buying second hand but getting something you can afford odd, probably because it is all about status for them. Instead they will be milked by finance companies forever, in all likelihood. They just can't see it.

I had the same experience as you. They would give a discount on the car if you took out finance.  I read the small print which said that i could pay the full amount within a certain period (28 days? Can’t remember) and incur no interest. , i played along with the main stealer, drove the car home, phoned up the finance company and paid the lot off.  I don’t think the dealer would be best pleased but that’s their problem.  

[Jeff2500]

8 hours ago, One percent said:

I had the same experience as you. They would give a discount on the car if you took out finance.  I read the small print which said that i could pay the full amount within a certain period (28 days? Can’t remember) and incur no interest. , i played along with the main stealer, drove the car home, phoned up the finance company and paid the lot off.  I don’t think the dealer would be best pleased but that’s their problem.  

I think when I bought mine I had to have the finance for at least a month to keep the two free services and discount. It was still worth paying a months interest to keep the incentives though. If I had paid cash all they would do is knock a token £100 off.

[One percent]

9 minutes ago, Jeff2500 said:

I think when I bought mine I had to have the finance for at least a month to keep the two free services and discount. It was still worth paying a months interest to keep the incentives though. If I had paid cash all they would do is knock a token £100 off.

It shows how new cars are sold. It’s not going to look pretty with higher interest rates. 

[Herby]

On 23/03/2023 at 16:58, One percent said:

It shows how new cars are sold. It’s not going to look pretty with higher interest rates. 

My brother works for a main (German propeller badge) stealer. Finance has gone up a lot on new and second-hand cars. 

[HousePriceMania]

2 hours ago, Herby said:

My brother works for a main (German propeller badge) stealer. Finance has gone up a lot on new and second-hand cars. 

Howz that affected sales ?

[One percent]

Another main stealer site shuts

https://www.thescarboroughnews.co.uk/business/scarboroughs-marshall-honda-garage-and-car-showroom-confirms-shock-closure-4083617?fbclid=IwAR1DIMJvPcUD8231ZD9wLwwVhi3hNeUdGoud4ISVYrfw5IeWYR6DuM1Ryus

[HousePriceMania]

https://www.bbc.co.uk/news/business-65237293

 

Tupperware shares plunge as it warns of possible collapse

 

It's contained.

[HousePriceMania]

Tupperware Brands Corporation

1.24 USD-18.14 (-93.60%)past year

 

-48% today.

[Inque]

10 hours ago, HousePriceMania said:

https://www.bbc.co.uk/news/business-65237293

 

Tupperware shares plunge as it warns of possible collapse

 

It's contained.

Always thought their business model was airtight

[One percent]

3 minutes ago, Inque said:

Always thought their business model was airtight

They moved the production to china and it started leaking. 

[AWW]

On 13/03/2023 at 17:23, spunko said:

Thanks,  I really hope it pops but just a case of when. Might not be for another few years. 

I don't think used car prices are ever going back to what they used to be. Pre-Covid, you were doing well if your new car held on to half of its value at three years old. This was only ever really a UK phenomenon; cars didn't depreciate at anything like that rate in other countries, but the fact that we have the steering wheel on the correct side means that cars rarely leave the country. Cheap finance meant that anyone who wanted a new car every year could have one, meaning plentiful supply into the used market. The cheap finance has gone now, and just look at the state of new car sales. People are holding onto their cars rather than chopping them in for a new one. Used supply is very restricted. I bought a used car last month and was asking the trader about the market. He said that the hardest part of the job now was buying in stock. Pretty much anything was going for more than retail book price at BCA. As evidenced by the fact that he gave me two grand for a 13 year old diesel Golf and I paid through the nose for a scruffy car I'd been trying to find at a not-ludicrous price for months.

[AWW]

On 23/03/2023 at 07:23, Balding Badger said:

In the past, I'm sure you could get discounts as a cash buyer. Was this a myth?

That was back when car companies made cars to sell at a profit, rather than finance houses with a small car manufacturing facility.

[Axeman123]

9 hours ago, AWW said:

I don't think used car prices are ever going back to what they used to be.

I will take the opossing side of that. The long term path of interest rates is up, and real wages is down. People are going to get poorer and have lower standards of living as a result. Giving up second cars, or even any car at all, is going to be a part of that for a lot of people IMO.

[HousePriceMania]

7 minutes ago, Axeman123 said:

I will take the opossing side of that. The long term path of interest rates is up, and real wages is down. People are going to get poorer and have lower standards of living as a result. Giving up second cars, or even any car at all, is going to be a part of that for a lot of people IMO.

I know at two or three families who have gone from 2 to 1 car in the last 6 months.

 

[dnb24]

10 hours ago, AWW said:

I don't think used car prices are ever going back to what they used to be. Pre-Covid, you were doing well if your new car held on to half of its value at three years old. This was only ever really a UK phenomenon; cars didn't depreciate at anything like that rate in other countries, but the fact that we have the steering wheel on the correct side means that cars rarely leave the country. Cheap finance meant that anyone who wanted a new car every year could have one, meaning plentiful supply into the used market. The cheap finance has gone now, and just look at the state of new car sales. People are holding onto their cars rather than chopping them in for a new one. Used supply is very restricted. I bought a used car last month and was asking the trader about the market. He said that the hardest part of the job now was buying in stock. Pretty much anything was going for more than retail book price at BCA. As evidenced by the fact that he gave me two grand for a 13 year old diesel Golf and I paid through the nose for a scruffy car I'd been trying to find at a not-ludicrous price for months.

Interesting but I think he’s a few month behind the trend. Januarys auction results were the last month of crazy prices- stuff going for prices I’ve never seen - 15yo clios/micras/jazz for £1k. Last month totally different story- prices really back to normality maybe slightly less. Be interesting to see how the rest of year goes.