Used cars not selling?
Discussion
gizlaroc said:
Mate has been looking for 3 series Tourings, A4 Avants, Merc C Class estates, XC60s etc. etc. and they are all so expensive, 10 year old ones with 80-100k are still £7-8k for one that is not knackered.
Yet, at least on C Class, you see 2004 models going for a grand. If that continues, people paying £7-8K are in for a nasty shock when they come to change after 3yrs or so.Edible Roadkill said:
I wonder would people be so keen on a new car every couple years if they were paying 7-10% interest instead of 0-3%
I don't think many know now what interest they're paying and frankly I don't think they care!On a used PCP, those interest rates are normal and people will only focus on the monthly figure. If it starts getting a little unaffordable - the dealers will simply extend the loan term to suit. What was a 36 month £299 deal will become a 42 month £299 deal with the 'wink' that can you chop it in when you've paid half if you get bored and don't worry, we'll roll any negative equity into the new deal but now it's over 60 months but hey! New car init!
I think the way cars are bought are also changing. Headline price is meaningless nowadays and we are well used to buying things via a subscription (likes mobile phones, Sky, etc) that a car purchase will simply be an extension of that. Manufacturers will start to trade like this more and more with one payment covering everything. Volvo have introduced this on the new XC40 where one payment (with no deposit) covers the lot - car, tax, maintenance, warranty, and it may also include insurance (not sure on that bit) and if I remember correctly, simple and non- onerous cancellation terms. Like an iPhone, one simple payment covers the lot. It is quite pricey but as competition for this type of deal kicks in, prices will surely fall.
As long as people are earning, they'll be buying. It's only if a massive recession comes along and we have mass layoffs will people stop and think.
We have a massive upheaval potentially happening in a year or two and no-one, no matter what side you're on, has any idea what will actually happen once we leave and people should have an eye on that little event and think how it may personally affect them before they sign up for any big purchases or commitments.
Dan W. said:
Don't think that good stock is hard to find its just more expensive.
Selling used cars is my favourite part of the job, easy part is selling a 3 year old, full history 1 owner clean condition car...... pcp returns do that for us easy cycle.
supplied by us serviced by us.
Just decided to keep ours. Sorry!Selling used cars is my favourite part of the job, easy part is selling a 3 year old, full history 1 owner clean condition car...... pcp returns do that for us easy cycle.
supplied by us serviced by us.
Was thinking the dealer might have called with a blow-out deal to swap it for a new one, but not heard a dicky-bird from them.
I was in the market for a used car last year. I had max £2000 that I could afford, I had almost no money. I was in debt. Maybe this is lower than your example but still -
I looked at a few cars and then someone suggested getting a new car, I said thats stupid I dont want to be in debt with a car and me, a 20 year old with an average job, I can't afford a new car, how ridiculous.
Then i actually looked at it. I have a steady income and could afford the payments. So I ended up spending £600 on the upfront payment, and then £200/month, on the car I liked. That's £200 for having the car, and including tax, breakdown cover, servicing, tyres, and all repairs are covered under warranty. The car's not going to let me down and it'll probably be more economical etc. as well as being a desirable and fast car.
A £20,000 car was more affordable for me than a £3,000 car. It does not surprise me at all that used cars are struggling to sell.
I looked at a few cars and then someone suggested getting a new car, I said thats stupid I dont want to be in debt with a car and me, a 20 year old with an average job, I can't afford a new car, how ridiculous.
Then i actually looked at it. I have a steady income and could afford the payments. So I ended up spending £600 on the upfront payment, and then £200/month, on the car I liked. That's £200 for having the car, and including tax, breakdown cover, servicing, tyres, and all repairs are covered under warranty. The car's not going to let me down and it'll probably be more economical etc. as well as being a desirable and fast car.
A £20,000 car was more affordable for me than a £3,000 car. It does not surprise me at all that used cars are struggling to sell.
Edited by treeroy on Thursday 16th August 10:10
Edited by treeroy on Thursday 16th August 10:11
Sheepshanks said:
Dan W. said:
Don't think that good stock is hard to find its just more expensive.
Selling used cars is my favourite part of the job, easy part is selling a 3 year old, full history 1 owner clean condition car...... pcp returns do that for us easy cycle.
supplied by us serviced by us.
Just decided to keep ours. Sorry!Selling used cars is my favourite part of the job, easy part is selling a 3 year old, full history 1 owner clean condition car...... pcp returns do that for us easy cycle.
supplied by us serviced by us.
Was thinking the dealer might have called with a blow-out deal to swap it for a new one, but not heard a dicky-bird from them.
can see why they didn't bother
Deep Thought said:
PCPers to get their come-uppance
Says it all about the sad, embittered types on all of these threads. I can imagine them twitching their curtains and positively foaming at the mouth when they see a neighbour with a new car, while trying to think they're a better person somehow because they've got some old nail on the drive.
"Come-uppance" indeed
Maybe they'll just go get something else with their 400 a month?
f
king hell! 
Deep Thought said:
Used car prices arent "high". The market is just very price driven.
The real issue is that good, used stock is hard to find. Therefore you have to pay more to get it (or spend more on lower standard cars) however the market isnt prepared to pay extra.
And its a shrinking market (the below £10K cash buyer) because more and more people are opting for a cheap lease or PCP.
If the market is not prepared to pay the extra that you are having to pay then "used car prices are too high" like I said, I stand by it. The real issue is that good, used stock is hard to find. Therefore you have to pay more to get it (or spend more on lower standard cars) however the market isnt prepared to pay extra.
And its a shrinking market (the below £10K cash buyer) because more and more people are opting for a cheap lease or PCP.
I have loads of car traders shop with me, they are all saying the same, decent cars are too expensive. Like I said before, the customer always sees the cheap one on Autotrader and that becomes the benchmark price point.
They always say that when a recession is looming furniture retailers feel it first, followed by footwear and then clothing.
I can tell you now the two customers of mine who sell furniture have both said the last 12 months have been awful, so much so both are getting out of the game.
I have a footwear agency selling shoes to retailers all over the country, they have all said 12 months ago it felt like it was slowing, the last 6 months have been awful, the worst many have known it for years.
This is small independents and the larger stores and chains.
John Lewis, the rock of UK retailing are not exactly having a great time at the moment either. When they start to wobble, with their client base, you have to stop and think what is really going on out there.
The clothing guys have all said this spring/summer has been terrible, they are all blaming it on snow in March and April, followed by football, Wimbledon and then just too hot for people to want to shop. I'm not so sure it is that?
There are certain industries who feel a recession coming, retailers mainly.
Then you have the service industries that really don't feel it until the day it happens, advertising, media etc. etc. Those are the industries that the sales guys need to use to get business and keep using until there really is no money left to do so.
Then we have the industries that cause the recession, the banks and lenders, the funny thing is, they are the most f
kin' shocked of all! I would argue that main dealers are now not retailers, they are finance houses.
The finance is the product, the cars are now just a tool to sell the product, finance.
This is why when it all goes tits up, again, they will all be in shock, again.
It is OK for everyone to say "PCP etc. is fine, I can afford it." and I agree it is fine, but do you really know how safe your job is?
I would argue 90% of people working in the private sector on PAYE have no real job security, and 90% of them would think their job is safe as houses.
You can afford PCP as long as you have enough money to get out of the deal and pay off any negative equity, or have enough money in your savings to carry on with the payments.
I'm a great advocate of buying the car for the cheapest way possible, whether that be PCP, contract hire or cash. To do it any other way is just stupid.
But I know loads of people who do it that have not got the finance in place to cover it if circumstances change, and defaulting on a credit agreement like a PCP would have such a negative impact long term that it could cost you more than you could ever imagine.
Mate of mine was working for a building firm during the last recession, he was doing quite well, £75k+ a year, working for one of the biggest new build firms out there, job was safe as houses.
He had two cars on PCP, both pretty sensible, one was a silly cheap XC60 deal at £209 a month, the other was a Merc C Class at £250 a month. For someone bringing home over £4000 a month it was easily manageable, his mortgage was just over a grand, they have no kids.
However, suddenly work dried up, he had to go back to plastering here and there and earning enough to put some food on the table and cover the bills.
The problem was his cars were both only 2-3 months into the 48 month term.
He needed to find £10k to get out of them both, which he didn't have. He muddled through for a year, but all his savings were covering the mortgage.
He ended up defaulting, real problem was when it came to remortgage he couldn't get a decent deal as no one wanted to touch him,defaulting on two credit agreements pushed them to lenders who wanted 70% LTV, and wanted to charge double the rate everyone else was advertising. The house was being valued lower so their LTV was not there, so in the end they sold their house, he is still renting now, some 7 years later.
Ask him what he thinks of pcp/contract hire now?
If he hadn't of had those cars he would not be in the position he is in now.
He also had £20,000 worth of savings in his account, but within 10-12 months that was gobbled up.
One of my best friends goes into businesses to have a look at their structure, he is often called in by the companies before the receivers.
They look at the whole thing, from wages through to productivity returns etc. etc. and 'streamline' the company.
You would be amazed at who some of his clients are, he said the last 6 months is the busiest they have been since 2009-2011, and he said that nearly every one they have seen have the same problem.
They should have gone bust years ago.
He said it is the same thing time and time again, the businesses keep extending credit, which hides the fact the business are not actually working.
He said it is the same for firms with 10 employees or 1000 employees. Their turnover is up year on year, the bank extends credit and it continues ad infinitum. Problem is, most of them are now at the point where servicing the debt is becoming an issue, the bank are saying they won't extend the credit any more and it is starting to pinch.
It only then takes a slight downturn for it to bite.
And this, he said, is pretty much where the whole of the UK is at currently.
He did suggest that everyone goes online and looks at the accounts for the company they work for, he said many might not consider their job quite as safe as they did yesterday.
Food for thought!
Interesting thread.
But why when the garbled message from government via the media is anti ICE and doom and gloom would anyone hand over cash for a car unless they absolutely need one? People who have money are not spending it on things they don’t need at the minute.
Those without cash don’t do the maths on a PCP deal they just see hassle free new SUV/hatch/nice badge etc, for £249 down and £249 a month. I know the cars are dull and have restricted mileage limits but if I am a cash poor person, but can spare £300 a month income to have a shiny new thing outside from a place that doesn’t have as high a standard for credit as my bank I’ll take it.
This is how people in the real world think and as much as people on here can argue for buying used sheds for cash (my personal preference for fun cars), it doesn’t wash for those who want to know their monthly debit column will be the same as their credit one.
But why when the garbled message from government via the media is anti ICE and doom and gloom would anyone hand over cash for a car unless they absolutely need one? People who have money are not spending it on things they don’t need at the minute.
Those without cash don’t do the maths on a PCP deal they just see hassle free new SUV/hatch/nice badge etc, for £249 down and £249 a month. I know the cars are dull and have restricted mileage limits but if I am a cash poor person, but can spare £300 a month income to have a shiny new thing outside from a place that doesn’t have as high a standard for credit as my bank I’ll take it.
This is how people in the real world think and as much as people on here can argue for buying used sheds for cash (my personal preference for fun cars), it doesn’t wash for those who want to know their monthly debit column will be the same as their credit one.
gizlaroc said:
Deep Thought said:
Used car prices arent "high". The market is just very price driven.
The real issue is that good, used stock is hard to find. Therefore you have to pay more to get it (or spend more on lower standard cars) however the market isnt prepared to pay extra.
And its a shrinking market (the below £10K cash buyer) because more and more people are opting for a cheap lease or PCP.
If the market is not prepared to pay the extra that you are having to pay then "used car prices are too high" like I said, I stand by it. The real issue is that good, used stock is hard to find. Therefore you have to pay more to get it (or spend more on lower standard cars) however the market isnt prepared to pay extra.
And its a shrinking market (the below £10K cash buyer) because more and more people are opting for a cheap lease or PCP.
I have loads of car traders shop with me, they are all saying the same, decent cars are too expensive. Like I said before, the customer always sees the cheap one on Autotrader and that becomes the benchmark price point.
Good quality used cars at trade prices are VERY hard to find - as i've said and as your trader friends are saying - therefore traders end up paying more than they want OR by sub standard stock and end up paying extra for prep, meaning ever thinner margins OR pricing the car higher (because its a good one) and risking it not selling.
gizlaroc said:
They always say that when a recession is looming furniture retailers feel it first, followed by footwear and then clothing.
I can tell you now the two customers of mine who sell furniture have both said the last 12 months have been awful, so much so both are getting out of the game.
I have a footwear agency selling shoes to retailers all over the country, they have all said 12 months ago it felt like it was slowing, the last 6 months have been awful, the worst many have known it for years.
This is small independents and the larger stores and chains.
John Lewis, the rock of UK retailing are not exactly having a great time at the moment either. When they start to wobble, with their client base, you have to stop and think what is really going on out there.
The clothing guys have all said this spring/summer has been terrible, they are all blaming it on snow in March and April, followed by football, Wimbledon and then just too hot for people to want to shop. I'm not so sure it is that?
There are certain industries who feel a recession coming, retailers mainly.
Then you have the service industries that really don't feel it until the day it happens, advertising, media etc. etc. Those are the industries that the sales guys need to use to get business and keep using until there really is no money left to do so.
Then we have the industries that cause the recession, the banks and lenders, the funny thing is, they are the most fkin' shocked of all!
A slow down in consumer spending can cause a recession. A slow down in consumer spending doesnt mean theres a recession coming.I can tell you now the two customers of mine who sell furniture have both said the last 12 months have been awful, so much so both are getting out of the game.
I have a footwear agency selling shoes to retailers all over the country, they have all said 12 months ago it felt like it was slowing, the last 6 months have been awful, the worst many have known it for years.
This is small independents and the larger stores and chains.
John Lewis, the rock of UK retailing are not exactly having a great time at the moment either. When they start to wobble, with their client base, you have to stop and think what is really going on out there.
The clothing guys have all said this spring/summer has been terrible, they are all blaming it on snow in March and April, followed by football, Wimbledon and then just too hot for people to want to shop. I'm not so sure it is that?
There are certain industries who feel a recession coming, retailers mainly.
Then you have the service industries that really don't feel it until the day it happens, advertising, media etc. etc. Those are the industries that the sales guys need to use to get business and keep using until there really is no money left to do so.
Then we have the industries that cause the recession, the banks and lenders, the funny thing is, they are the most f
kin' shocked of all! I think consumer confidence is very low - BREXIT is looming (and thats a fiasco) and in the car trade, uncertainty over diesel taxation has rogered the new car market.
gizlaroc said:
I would argue that main dealers are now not retailers, they are finance houses.
The finance is the product, the cars are now just a tool to sell the product, finance.
This is why when it all goes tits up, again, they will all be in shock, again.
Agreed.The finance is the product, the cars are now just a tool to sell the product, finance.
This is why when it all goes tits up, again, they will all be in shock, again.
gizlaroc said:
It is OK for everyone to say "PCP etc. is fine, I can afford it." and I agree it is fine, but do you really know how safe your job is?
I would argue 90% of people working in the private sector on PAYE have no real job security, and 90% of them would think their job is safe as houses.
You can afford PCP as long as you have enough money to get out of the deal and pay off any negative equity, or have enough money in your savings to carry on with the payments.
Agreed - but whats the consequence if someone loses their job?I would argue 90% of people working in the private sector on PAYE have no real job security, and 90% of them would think their job is safe as houses.
You can afford PCP as long as you have enough money to get out of the deal and pay off any negative equity, or have enough money in your savings to carry on with the payments.
- Chances are they'll have another job in a week or two/month or two at worst
- They just keep making the payments until then
No need to hand your car back they day you get made redundant.
gizlaroc said:
I'm a great advocate of buying the car for the cheapest way possible, whether that be PCP, contract hire or cash. To do it any other way is just stupid.
But I know loads of people who do it that have not got the finance in place to cover it if circumstances change, and defaulting on a credit agreement like a PCP would have such a negative impact long term that it could cost you more than you could ever imagine.
If they cant manage money do they "deserve" a great credit rating? Would it be a bad thing if those people who over used credit, couldnt manage it and crashed had a bad credit rating and couldnt get easy finance any more?But I know loads of people who do it that have not got the finance in place to cover it if circumstances change, and defaulting on a credit agreement like a PCP would have such a negative impact long term that it could cost you more than you could ever imagine.
Do people have a "right" to easy finance?
gizlaroc said:
Mate of mine was working for a building firm during the last recession, he was doing quite well, £75k+ a year, working for one of the biggest new build firms out there, job was safe as houses.
He had two cars on PCP, both pretty sensible, one was a silly cheap XC60 deal at £209 a month, the other was a Merc C Class at £250 a month. For someone bringing home over £4000 a month it was easily manageable, his mortgage was just over a grand, they have no kids.
However, suddenly work dried up, he had to go back to plastering here and there and earning enough to put some food on the table and cover the bills.
The problem was his cars were both only 2-3 months into the 48 month term.
He needed to find £10k to get out of them both, which he didn't have. He muddled through for a year, but all his savings were covering the mortgage.
He ended up defaulting, real problem was when it came to remortgage he couldn't get a decent deal as no one wanted to touch him,defaulting on two credit agreements pushed them to lenders who wanted 70% LTV, and wanted to charge double the rate everyone else was advertising. The house was being valued lower so their LTV was not there, so in the end they sold their house, he is still renting now, some 7 years later.
He should have been able to carry on with his current lender at a standard rate. It sounds like he couldnt afford his mortgage on his reduced income?He had two cars on PCP, both pretty sensible, one was a silly cheap XC60 deal at £209 a month, the other was a Merc C Class at £250 a month. For someone bringing home over £4000 a month it was easily manageable, his mortgage was just over a grand, they have no kids.
However, suddenly work dried up, he had to go back to plastering here and there and earning enough to put some food on the table and cover the bills.
The problem was his cars were both only 2-3 months into the 48 month term.
He needed to find £10k to get out of them both, which he didn't have. He muddled through for a year, but all his savings were covering the mortgage.
He ended up defaulting, real problem was when it came to remortgage he couldn't get a decent deal as no one wanted to touch him,defaulting on two credit agreements pushed them to lenders who wanted 70% LTV, and wanted to charge double the rate everyone else was advertising. The house was being valued lower so their LTV was not there, so in the end they sold their house, he is still renting now, some 7 years later.
Not really the fault of PCP?
gizlaroc said:
Ask him what he thinks of pcp/contract hire now?
If he hadn't of had those cars he would not be in the position he is in now.
He also had £20,000 worth of savings in his account, but within 10-12 months that was gobbled up.
He was over extending himself and hadnt prepared for the downturn - as many didnt. A lot of people can react quite quickly to changes in circumstances but sadly his new PCP deals and heavy mortgage suggests he couldnt.If he hadn't of had those cars he would not be in the position he is in now.
He also had £20,000 worth of savings in his account, but within 10-12 months that was gobbled up.
Not really the fault of PCP is it?
Deep Thought said:
I think consumer confidence is very low - BREXIT is looming (and thats a fiasco) and in the car trade, uncertainty over diesel taxation has rogered the new car market
Perhaps VAG diesel owners should stop suing Volkswagen for devaluing their cars, and start suing the Government.Chrishum said:
Interesting thread.
But why when the garbled message from government via the media is anti ICE and doom and gloom would anyone hand over cash for a car unless they absolutely need one? People who have money are not spending it on things they don’t need at the minute.
Those without cash don’t do the maths on a PCP deal they just see hassle free new SUV/hatch/nice badge etc, for £249 down and £249 a month. I know the cars are dull and have restricted mileage limits but if I am a cash poor person, but can spare £300 a month income to have a shiny new thing outside from a place that doesn’t have as high a standard for credit as my bank I’ll take it.
This is how people in the real world think and as much as people on here can argue for buying used sheds for cash (my personal preference for fun cars), it doesn’t wash for those who want to know their monthly debit column will be the same as their credit one.
Totally agree. But why when the garbled message from government via the media is anti ICE and doom and gloom would anyone hand over cash for a car unless they absolutely need one? People who have money are not spending it on things they don’t need at the minute.
Those without cash don’t do the maths on a PCP deal they just see hassle free new SUV/hatch/nice badge etc, for £249 down and £249 a month. I know the cars are dull and have restricted mileage limits but if I am a cash poor person, but can spare £300 a month income to have a shiny new thing outside from a place that doesn’t have as high a standard for credit as my bank I’ll take it.
This is how people in the real world think and as much as people on here can argue for buying used sheds for cash (my personal preference for fun cars), it doesn’t wash for those who want to know their monthly debit column will be the same as their credit one.
And those in the business of lending money to people like yourself know this too.
It has worked, it has worked very well. They are lending against an asset so their risk is lower and they tend to have much higher rates, so their risk is covered much quicker.
treeroy said:
Deep Thought said:
I think consumer confidence is very low - BREXIT is looming (and thats a fiasco) and in the car trade, uncertainty over diesel taxation has rogered the new car market
Perhaps VAG diesel owners should stop suing Volkswagen for devaluing their cars, and start suing the Government.I havent seen any great depreciation in VW prices because of dieselgate
Certainly no shortage of trade buyers when i sold my 2016 TDI Passat.
Deep Thought said:
He should have been able to carry on with his current lender at a standard rate. It sounds like he couldnt afford his mortgage on his reduced income?
Not really the fault of PCP?
Not really the fault of PCP?
gizlaroc said:
Ask him what he thinks of pcp/contract hire now?
If he hadn't of had those cars he would not be in the position he is in now.
He also had £20,000 worth of savings in his account, but within 10-12 months that was gobbled up.
If he hadn't of had those cars he would not be in the position he is in now.
He also had £20,000 worth of savings in his account, but within 10-12 months that was gobbled up.
Deep Thought said:
He was over extending himself and hadnt prepared for the downturn - as many didnt. A lot of people can react quite quickly to changes in circumstances but sadly his new PCP deals and heavy mortgage suggests he couldnt.
Not really the fault of PCP is it?
The problem with his mortgage was, he was on a short term deal, that ended after he had lost his job and was working self employed. The deal he was on was a good one but only fixed for 2-3 years, as many people do. Just jump to a new deal when it ends, we all think that. Not really the fault of PCP is it?
The reality was when it ended their standard rate was silly high, to get onto a decent deal they wanted a valuation again, which they did, however they valued the house at 20% less which then meant the LTV was not right anyway.
Same with other lenders.
I do think he sold his place too quickly, I said keep the cars going and do a deal with the mortgage company, he wanted the cars gone so he threw the keys back and defaulted on the agreement, that in hindsight did more damage than he ever imagined.
I guess when the world is crumbling around you you probably don't think straight.
He didn't realise how much it affected him until he tried to buy the house he was renting recently, the bank considered him too high a risk.
You have to remember there were a lot of people in the building trade who had a torrid couple of years back then.
You couldn't just walk back into another job, there were no jobs.
I would argue he was in a better position than most who take out PCP deals financially.
As the poster said above, he can afford £300 a month but doesn't have the money to buy an old banger.
Well if you have not got the money to buy an old banger you will get in trouble if you need to get out of a finance deal.
I am not saying there is a right or wrong, but I do think most people who go to work, get paid each month, never really consider it might happen to them. That's all.
Edited by gizlaroc on Thursday 16th August 12:45
Edited by gizlaroc on Thursday 16th August 12:46
gizlaroc said:
The problem with his mortgage was, he was on a short term deal, that ended after he had lost his job and was working self employed. The deal he was on was a good one but only fixed for 2-3 years, as many people do. Just jump to a new deal when it ends, we all think that.
The reality was when it ended their standard rate was silly high, to get onto a decent deal they wanted a valuation again, which they did, however they valued the house at 20% less which then meant the LTV was not right anyway.
Same with other lenders.
I do think he sold his place too quickly, I said keep the cars going and do a deal with the mortgage company, he wanted the cars gone so he threw the keys back and defaulted on the agreement, that in hindsight did more damage than he ever imagined.
I guess when the world is crumbling around you you probably don't think straight.
He didn't realise how much it affected him until he tried to buy the house he was renting recently, the bank considered him too high a risk.
You have to remember there were a lot of people in the building trade who had a torrid couple of years back then.
You couldn't just walk back into another job, there were no jobs.
I would argue he was in a better position than most who take out PCP deals financially.
As the poster said above, he can afford £300 a month but doesn't have the money to buy an old banger.
Well if you have not got the money to buy an old banger you will get in trouble if you need to get out of a finance deal.
I am not saying there is a right or wrong, but I do think most people who go to work, get paid each month, never really consider it might happen to them. That's all.
He sounds like the victim of poor financial planning on his part and a victim of circumstance at the time, and not forseeing that the housing / property / building bubble was going to burst.The reality was when it ended their standard rate was silly high, to get onto a decent deal they wanted a valuation again, which they did, however they valued the house at 20% less which then meant the LTV was not right anyway.
Same with other lenders.
I do think he sold his place too quickly, I said keep the cars going and do a deal with the mortgage company, he wanted the cars gone so he threw the keys back and defaulted on the agreement, that in hindsight did more damage than he ever imagined.
I guess when the world is crumbling around you you probably don't think straight.
He didn't realise how much it affected him until he tried to buy the house he was renting recently, the bank considered him too high a risk.
You have to remember there were a lot of people in the building trade who had a torrid couple of years back then.
You couldn't just walk back into another job, there were no jobs.
I would argue he was in a better position than most who take out PCP deals financially.
As the poster said above, he can afford £300 a month but doesn't have the money to buy an old banger.
Well if you have not got the money to buy an old banger you will get in trouble if you need to get out of a finance deal.
I am not saying there is a right or wrong, but I do think most people who go to work, get paid each month, never really consider it might happen to them. That's all.
Lets be honest, he was in a (relatively) high paying job, no second income in the household by the sounds of it, in a mortgage that he could only afford if he kept throwing sixes and getting discounted deals, and two new PCP deal cars at the door.
How many people hit that wall as a percentage? Who knows, but i'd wager its very small.
If most people lose their job, they'll get another similarly paid one with a month or two tops, and chances are they'll have another income coming in to the house anyway.
And likewise, because your friend who was in the building trade when it all crashed had a bad time of it, does that make PCP deals bad for everyone?
s
tty things can happen to people, that doesnt make all PCP users wrong.Edited by Deep Thought on Thursday 16th August 12:54
Edited by Deep Thought on Thursday 16th August 13:05
Gassing Station | General Gassing | Top of Page | What's New | My Stuff