Sadly selling due to crisis

Sadly selling due to crisis

Author
Discussion

Chris32345

625 posts

14 months

Wednesday 25th March
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MB140 said:
I suppose I should count myself lucky. I’m in a guaranteed job. Paid regardless. I’ve always wanted an R8 ( looking at lower end of the market) or a 981 s.

I’ve seen 981 s (with reasonable mileage) going for sub £30k. First time I’ve seen that.

With low interest rates now might be the time to buy. Only problem is my 135i is now worth two chocolate biscuits and a safety pin so in reality I’m no closer.

Now if I had £30k cash sat around and could wait for the market to recover then I’d be buying now. Storing the m135i and selling it when prices recover.
What low interest rates?
Lenders area still charging 8%+ most closer to 10-15%
Bank of England interest rates mean little to consumers lender's

DickyC

36,486 posts

150 months

Wednesday 25th March
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The Buy-Low-During-A-Crisis principle has an added dimension during this particular crisis of the buyer not being to travel to collect his bargain.

Dave Hedgehog

12,542 posts

156 months

Wednesday 25th March
quotequote all
Chris32345 said:
What low interest rates?
Lenders area still charging 8%+ most closer to 10-15%
Bank of England interest rates mean little to consumers lender's
i got 2.9 in September

Dave Hedgehog

12,542 posts

156 months

Wednesday 25th March
quotequote all
phib said:
I would give it 90 days

Phib
it will be 30k by then

mikey k

12,486 posts

168 months

Wednesday 25th March
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nickfrog said:
I don't know the underlying cost of owning a R8 or a Cali but surely it's far lower over say 12 months than the crystallisation of exceptional and (hopefully) transient added depreciation. Or is there a cash-flow limitation at play?
This
I'm hanging on to my 675LT and Exige until I absolutely have to sell, hopefully in many years time!
I'm also not SORNing. I intended to do "shopping" trips in one or the other and refuse to waste money with DVLA forfeiting tax by SORNing.

greggy50

4,883 posts

143 months

Wednesday 25th March
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phib said:
I actually sold up just before it went mad, my 993 went on Tuesday. Ironically I was then planning on buying a california to go with my 355.

I dont want to be another doom merchant but if you put cars into we buy any car (which at least gave a rough guide) they have gone through the floor. I was offered a 2006 V8 vantage at trade (friend who is an Aston specialist) he was offering 18k for it WBAC £9k !!!

If you dont need really need to sell then I would be holding.

As a purchaser I would be wanting an amazing deal given circumstances and I suspect there are similar people out there, not meaning to piss on anyones bonfire but just the view of a buyer.

Phib
Is the Aston still available? I would be tempted at that money depending on the mileage etc.

Thanks

nickfrog

11,365 posts

169 months

Wednesday 25th March
quotequote all
Chris32345 said:
Lenders area still charging 8%+ most closer to 10-15%
It seems to be very easy to borrow £30k at around 3%.

MB140

2,159 posts

55 months

Wednesday 25th March
quotequote all
Chris32345 said:
MB140 said:
I suppose I should count myself lucky. I’m in a guaranteed job. Paid regardless. I’ve always wanted an R8 ( looking at lower end of the market) or a 981 s.

I’ve seen 981 s (with reasonable mileage) going for sub £30k. First time I’ve seen that.

With low interest rates now might be the time to buy. Only problem is my 135i is now worth two chocolate biscuits and a safety pin so in reality I’m no closer.

Now if I had £30k cash sat around and could wait for the market to recover then I’d be buying now. Storing the m135i and selling it when prices recover.
What low interest rates?
Lenders area still charging 8%+ most closer to 10-15%
Bank of England interest rates mean little to consumers lender's
Pre approved with first direct (I do all my banking through them) 3.3% is higher than I’m currently paying on the m135i (2.7%)

I would be putting my m135i in and saving (£10k ish).

So there are cheap loans out there. My bank know what I do for a living. I can’t default on a loan. It’s not possible. They will come to my employer and claim it at source.


phib

4,019 posts

211 months

Wednesday 25th March
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greggy50 said:
Is the Aston still available? I would be tempted at that money depending on the mileage etc.

Thanks
Sorry sold for £13k in the end

Phib

EarlOfHazard

2,339 posts

110 months

Wednesday 25th March
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phib said:
greggy50 said:
Is the Aston still available? I would be tempted at that money depending on the mileage etc.

Thanks
Sorry sold for £13k in the end

Phib
Bloody hell ! Cheap cheap

greggy50

4,883 posts

143 months

Wednesday 25th March
quotequote all
EarlOfHazard said:
phib said:
greggy50 said:
Is the Aston still available? I would be tempted at that money depending on the mileage etc.

Thanks
Sorry sold for £13k in the end

Phib
Bloody hell ! Cheap cheap
FFS I would have snapped that up at £16/17k

67Dino

Original Poster:

1,558 posts

57 months

Wednesday 25th March
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nickfrog said:
I don't know the underlying cost of owning a R8 or a Cali but surely it's far lower over say 12 months than the crystallisation of exceptional and (hopefully) transient added depreciation. Or is there a cash-flow limitation at play?
Yes, appreciate this might look curious. That’s because you’re looking at the whole cost of the car as an investment going up and down. I don’t, I treat my cars from a financial perspective as two elements: an investment and a cost.

Take a £100k car to make the numbers easy:
1) Part of the purchase price is the value that the car will retain over 5 years. Say, £50k. I don’t mind taking this out of savings - it’s basically a low risk, low return investment. Maybe I’ll get £45k, maybe £55k, but it merits using cash.
2). The rest of the purchase cost is just going to depreciate. This, along with running and finance costs is not an investment, it’s just a cost. Hence I like to pay for this out of regular income (which is why I use finance, even if I’ve got the cash).

So when my income goes down, I can’t any longer justify the regular costs and want to offload the asset. As far as I am concerned, the depreciation is a sunk cost anyway - I wasn’t expecting to see it back, so don’t mind losing it. As long as I can recoup the investment as planned (always nice to see a bit more of course), I’m ok.

Fully expect to see now lots of people saying this makes no sense financially and it would be cheaper to buy cash and hold on in down-times. I get that, and if others choose to do that, can totally understand it. Just like my way, not least as it helps me justify an investment class that otherwise makes no sense financially!

Jimmy Recard

16,312 posts

131 months

Wednesday 25th March
quotequote all
greggy50 said:
FFS I would have snapped that up at £16/17k
Same! I haven't been looking for one but that's a bargain

phib

4,019 posts

211 months

Wednesday 25th March
quotequote all
Jimmy Recard said:
Same! I haven't been looking for one but that's a bargain
I would suggest if you know anyone in the trade or can ask a local specialist to look for one for you then thats probably a good place to start.

Given they are not selling many cars at the moment they might be keen to halp for say £1k in commision

Just a thought

Phib

PS BCA have a 2008 V8 roadster with 45k miles and 7 main dealer service stamps that I supect will be about £20-£22k

GroundZero

297 posts

6 months

Wednesday 25th March
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The luxury asset market will likely take a big hit over the coming few years.
The impacts on the economy and people's income is not just going to be contained to 2020.

If you can sell now I think it may be a case of getting in on the act before the real financial impacts take place.

As has been mentioned, people's income over the next year or so will likely take a severe impact and as many luxury assets require money input to keep them going, people will naturally not be able to justify ownership.


I presume people could just keep hold and store their cars in garages, but I think they may see their asset(s) take a significant depreciation over the next few years.

Hope I'm wrong but seems that is the direction it may likely go.

Jimmy Recard

16,312 posts

131 months

Wednesday 25th March
quotequote all
phib said:
I would suggest if you know anyone in the trade or can ask a local specialist to look for one for you then thats probably a good place to start.

Given they are not selling many cars at the moment they might be keen to halp for say £1k in commision

Just a thought

Phib

PS BCA have a 2008 V8 roadster with 45k miles and 7 main dealer service stamps that I supect will be about £20-£22k
I'll keep an eye out. A V8 Vantage isn't my usual kind of car but I do like them. I'm not keen (like most) to spend much at the moment, but if a once-in-a-lifetime offer came up, I might be tempted!

BIRMA

2,744 posts

146 months

Wednesday 25th March
quotequote all
It happens, many, many years ago I had to sell my pride and joy because of a larger than expected tax bill. I couldn't see any quick practical way of raising cash other than to sell so I did. I sort of had in the back of my mind I'd always sell it the case of an emergency. A few years back it came back on to the market and I bought it back.

so called

7,347 posts

161 months

Wednesday 25th March
quotequote all
I sold my MB CLS back in 2017 due to lack of contracts and sold my Wifes Disco First Edition in January this year for the same reason.
Fortunately, landed a new contract in February just in time as WFH not an issue as I suspect we have the virus.

Macron

4,542 posts

118 months

Wednesday 25th March
quotequote all
I would not want potentially rabid tyre kickers coming to my house right now, and what reason for leaving your house would you use?

"Shopping for essentials?"

Trade buyers may be able to justify it, can't bring a car home "from home", but they'll be offering fk all!

Durzel

8,424 posts

120 months

Wednesday 25th March
quotequote all
nickfrog said:
I don't know the underlying cost of owning a R8 or a Cali but surely it's far lower over say 12 months than the crystallisation of exceptional and (hopefully) transient added depreciation. Or is there a cash-flow limitation at play?
I agree with this.

If the guy CAN sit on the R8 then in 12 months time it's going to have a lot less mileage than it would've under normal circumstances. Logic would dictate that by then there is going to be some semblance of normality. Perhaps not to the point where prices have recovered, but certainly better than right now.

If you try and sell a car like that now, or indeed any remotely expensive car, you're going to get taken to the cleaners by opportunists.