Credit crunch... are they still selling?
Discussion
my personal opinion is that the "credit crunch" is 99% media hype and the only people that will be affected massively are the ones who are spending beyond their means anyway. anyone with a sensible grasp on their finances will not be struggling (with the exception of certain industries which are on their arse at the moment such as the construction industry).
the sort of person who could afford a £120K ferrari 12 months ago is highly likely to still be able to afford a £70K ferrari now. likewise all the way down the food chain - the man who was considering financing a new ford fiesta will probably still swap his old escort but for a 3 year old fiesta instead.
those at the very top of the food chain (buying new 599's, veyrons, enzo's etc) have got a long way to fall before they can't afford to buy another one.
/2p
Jonny
the sort of person who could afford a £120K ferrari 12 months ago is highly likely to still be able to afford a £70K ferrari now. likewise all the way down the food chain - the man who was considering financing a new ford fiesta will probably still swap his old escort but for a 3 year old fiesta instead.
those at the very top of the food chain (buying new 599's, veyrons, enzo's etc) have got a long way to fall before they can't afford to buy another one.
/2p
Jonny
Well I just bought my first Lambo less than 10 weeks ago!
There are a few new 355 owners here and others asking around, making enquiries about their first new Lambo / Ferrari...
Most of the people I have spoken to *generally* say "Crisis? What crisis?!"
I am sure you will find people on the receiving end but for the most part it seems very much to be being played up as much as possible by our honourable ladies and gentlemen of the press (Noooo - Really?!!)
Most of the people who seem to be having a particularly hard time are those who are being affected by the fuel (by that I mostly mean gas and electricity) and food prices. ie the complete opposite end of the market...
There are a few new 355 owners here and others asking around, making enquiries about their first new Lambo / Ferrari...
Most of the people I have spoken to *generally* say "Crisis? What crisis?!"
I am sure you will find people on the receiving end but for the most part it seems very much to be being played up as much as possible by our honourable ladies and gentlemen of the press (Noooo - Really?!!)
Most of the people who seem to be having a particularly hard time are those who are being affected by the fuel (by that I mostly mean gas and electricity) and food prices. ie the complete opposite end of the market...
Edited by evil_dr_fish on Wednesday 27th August 16:59
I completely disagree with the previous two posts. We are facing the worst economic decline for the last 10 years. Only people who are completely oblivious to the world they live in would go out and pay sticker price for anything these days. I actually think, that the more money you have, the more selective you start to get in terms of spending money. For the people who have the means to buy a 599 it is not an essential purchase which can be easily held back - and the smarter buyer will simply wait.
Cash is king.
Cash is king.
clorenzen said:
I completely disagree with the previous two posts. We are facing the worst economic decline for the last 10 years. Only people who are completely oblivious to the world they live in would go out and pay sticker price for anything these days. I actually think, that the more money you have, the more selective you start to get in terms of spending money. For the people who have the means to buy a 599 it is not an essential purchase which can be easily held back - and the smarter buyer will simply wait.
Cash is king.
well you are an aston and porsche owner!Cash is king.
jleroux said:
the sort of person who could afford a £120K ferrari 12 months ago is highly likely to still be able to afford a £70K ferrari now. likewise all the way down the food chain - the man who was considering financing a new ford fiesta will probably still swap his old escort but for a 3 year old fiesta instead.
There was a market who purchased £100k cars on cheap finance deals or relied upon the equity gains in their home to live the dream. That market literally dissapeared over night. This is why there is a batch of £100k cars (430s, 360s, gallardos etc) on the market. Speak to any dealer and they will tell you its dire. Like properties, cars are simply not selling and prices are dropping by the day.Premiums on new models are likely to be non existent. a good example will be the California which I reckon will fetch literally no premium.
Cars are still selling, but selling due to the price, i.e. people with cars priced at the right level, the days of paying anything other than the right price for a car are gone (for the time being).
I spoke to the sales chap at Aston I deal with last month who sold 7 used cars (slightly lower than normal), and the DP at my Ferrari dealer said he sold 4 used ferrari's in the first two weeks of August, again, slightly lower than normal but not as bad as people are making out.
Its a buyers market at the moment, but the market is a long way from being 'dead'.
I spoke to the sales chap at Aston I deal with last month who sold 7 used cars (slightly lower than normal), and the DP at my Ferrari dealer said he sold 4 used ferrari's in the first two weeks of August, again, slightly lower than normal but not as bad as people are making out.
Its a buyers market at the moment, but the market is a long way from being 'dead'.
Edited by Maff on Wednesday 27th August 22:29
It all depends on what part of the country you are in as well - as some parts are struggling more than others. I know some dealers running at 115% stock at the moment.
My experience to date suggests a lot of people are just sitting back and watching the market to see how things go - I know several people who took a dive to offloaded their cars to be cash rich as possible with a view to snapping up a few bargains / investments.
It IS a buyers market and you are spoilt for choice - if you have the funds you can more likley than not buy a very nice motor for a lot less than you thought.... and its only going to get better for the buyer.
My experience to date suggests a lot of people are just sitting back and watching the market to see how things go - I know several people who took a dive to offloaded their cars to be cash rich as possible with a view to snapping up a few bargains / investments.
It IS a buyers market and you are spoilt for choice - if you have the funds you can more likley than not buy a very nice motor for a lot less than you thought.... and its only going to get better for the buyer.
Maff said:
I spoke to the sales chap at Aston I deal with last month who sold 7 used cars (slightly lower than normal), and the DP at my Ferrari dealer said he sold 4 used ferrari's in the first two weeks of August, again, slightly lower than normal but not as bad as people are making out.
Just being a bit synical, but if either the chap at Aston or Ferrari was telling their customers 'it's dead and no-one's buying anything', it would put off any potential purchasers they're talking to, as the last thing they want to hear is, that they're the only ones this month to be mad enough to buy a new Ferrari.I work for Mercedes and we have seen a big shift in the models we are selling, with people desperate to come out of anything big at the moment; but were lucky in the respect that we have quite a large diverese range so we're still reasonably bouyant, although nowhere near as busy as we were last year.
I agree that this credit-crunch is mostly media hype though; and other than the housing/construction industry most people are reporting 'business as normal'.
xxplod said:
Things are bad, no doubt about it. I got a call from the OPC salesman who sold us our new Cayman 3 years ago. He knew we'd sold it (18 months ago!) and was clearly on instructions to call everyone he'd ever got the phone number of to "see what we were doing with our cars" etc...
Well it's not stopping OPCs making utterly w@nk bids on decent trade ins, and ffoking us up the ring with the warranty changes.They can burn as far as I am concerned!
d8ean said:
i.e not the 6.3 AMG ones?
They have reduced the production for any AMG models coming into the UK, so this has increased the demand for them, so funnily enough the AMG's are the only big engined car that seem to be selling well. For example you cannot get an allocated build for a C63 Estate until Feb next year!!andrew. said:
matc said:
andrew. said:
matc said:
I work for Mercedes and we have seen a big shift in the models we are selling
can i ask where in mercedes ?Traxx, we've already got about 5 orders for the new SLC.
matc said:
andrew. said:
matc said:
andrew. said:
matc said:
I work for Mercedes and we have seen a big shift in the models we are selling
can i ask where in mercedes ?Traxx, we've already got about 5 orders for the new SLC.
their monthly co car scheme rates always gave an insight into what was selling and what, ahem, allegedly, was not
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