Sadly selling due to crisis

Sadly selling due to crisis

Author
Discussion

eltax91

8,333 posts

158 months

Wednesday 25th March
quotequote all
I'd bet the insurers will see a spike in claims against classics with agreed values on the policy in the next 12 months

mat205125

15,786 posts

165 months

Wednesday 25th March
quotequote all
jdizz said:
Yeah, I may have to end up selling my diamond shoes as they're too tight.
rofl

Unsorted

247 posts

14 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
Was only saying the other day to a friend who was toying with the idea of a Maserati or an Aston that a Ghibli should be less than £10K in a year and a Vantage about £14K in same period. Know different types of cars, but he is not a car enthusiast and was just for illustration... and the Aston is less than that already. Not sure if I should be amazed or not.

Johnnytheboy

19,370 posts

138 months

Wednesday 25th March
quotequote all
eltax91 said:
I'd bet the insurers will see a spike in claims against classics with agreed values on the policy in the next 12 months
All crashed while driving to the supermarket. hehe

RDMcG

14,577 posts

159 months

Wednesday 25th March
quotequote all
I have a couple of GT3RS in winter storage ( its Canada), and not going to sell them. However, if this drags on I will simply leave them stored for the duration, a bit like when cars were stored during the war. Nowhere to go anyway. We are also fairly locked down.

My father told me a story about when he was young in Ireland, after the war there were many very old cars in storage, (old crocks as they were known), and they cleared then out of a commercial garage where they had been stored and dumped them in a quarry. There were some valuable cars there which would be worth a lot now including a Bugatti, but nobody to buy them.

I doubt if this will be that badsmile....

Welshbeef

39,371 posts

150 months

Wednesday 25th March
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67Dino said:
Met my neighbour on a walk yesterday (we stood safely apart on either side of the lane to chat), and he’s selling his v10 R8 due to the impact the crisis is having on his business. He’s not short of cash, but can’t justify the outgoings when he doesn’t have incomings.

I’ll be doing exactly the same with my California. In fact, this is now the third crisis I’ve been through, and sold a car each time (replacing it when things picked up again). Always sad to, but just can’t justify running an expensive car in lean times.

Anyone else out there sadly selling a car to match amended finances?
How will that practically happen? No one can buy or owe the car as it’s not one of the only 4 reasons you leave your house.

Want to sell Yes
Able to No

greggy50

4,883 posts

143 months

Wednesday 25th March
quotequote all
Unsorted 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
Was only saying the other day to a friend who was toying with the idea of a Maserati or an Aston that a Ghibli should be less than £10K in a year and a Vantage about £14K in same period. Know different types of cars, but he is not a car enthusiast and was just for illustration... and the Aston is less than that already. Not sure if I should be amazed or not.
I can't see V8 Vantages dropping to that level normally

I snap one up for £17/18 if it was under 70k miles so will keep my eyes peeled...

KungFuPanda

3,464 posts

122 months

Wednesday 25th March
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MB140 said:
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.
What loan agreement would allow the bank to go directly to your employer if you defaulted?

Greshamst

1,030 posts

72 months

Wednesday 25th March
quotequote all
KungFuPanda said:
MB140 said:
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.
What loan agreement would allow the bank to go directly to your employer if you defaulted?
Came to ask the same thing. I can’t think of any legal situation where a private sector company could request funds direct from an employer for a personal loan default.

MB140

2,159 posts

55 months

Wednesday 25th March
quotequote all
KungFuPanda said:
MB140 said:
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.
What loan agreement would allow the bank to go directly to your employer if you defaulted?
Armed forces. Your not allowed to have unpaid debt it brings the Air Force in my case in to disrepute. If you fail to pay debts and they approach your chain of command a) you end up in big poo with the chain of command. Secondly they will just pay it for you straight out your wages. (Up to 3 days pay per month they can take.

Not so common these days for it to happen but it does happen.


Edited by MB140 on Wednesday 25th March 19:12

Greshamst

1,030 posts

72 months

Wednesday 25th March
quotequote all
MB140 said:
KungFuPanda said:
MB140 said:
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.
What loan agreement would allow the bank to go directly to your employer if you defaulted?
Armed forces. Your not allowed to have unpaid debt it brings the Air Force in my case in to disrepute. If you fail to pay debts and they approach your chain of command a) you end up in big poo with the chain of command. Secondly they will just pay it for you straight out your wages. (Up to 3 days pay per month they can take.

Not so common these days for it to happen but it does happen.


Edited by MB140 on Wednesday 25th March 19:12
I’ve seen plenty of defaults registered to armed forces bases. Like a lot. Military base on your credit file always brings up a whole heap bad credit

MB140

2,159 posts

55 months

Wednesday 25th March
quotequote all
Greshamst said:
MB140 said:
KungFuPanda said:
MB140 said:
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.
What loan agreement would allow the bank to go directly to your employer if you defaulted?
Armed forces. Your not allowed to have unpaid debt it brings the Air Force in my case in to disrepute. If you fail to pay debts and they approach your chain of command a) you end up in big poo with the chain of command. Secondly they will just pay it for you straight out your wages. (Up to 3 days pay per month they can take.

Not so common these days for it to happen but it does happen.


Edited by MB140 on Wednesday 25th March 19:12
I’ve seen plenty of defaults registered to armed forces bases. Like a lot. Military base on your credit file always brings up a whole heap bad credit
I don’t live on the base. So my credit rating isn’t based on it. I’ve completed 22 years never missed a payment on anything in my life. My point was that they can collect the debt at source if they want to.

Woody John

481 posts

25 months

Wednesday 25th March
quotequote all
Is it possible to buy a car as things stand?
I had arranged to buy something with collection tonight. This was put on hold.

DeuceDeuce

122 posts

44 months

Wednesday 25th March
quotequote all
67Dino said:
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!
Would you mind sharing how much difference in price as a percentage you expect to receive for your car in the current market versus what you would have expected a couple of months ago?

Welshbeef

39,371 posts

150 months

Wednesday 25th March
quotequote all
Woody John said:
Is it possible to buy a car as things stand?
I had arranged to buy something with collection tonight. This was put on hold.
Exactly my point above.


Unless of course you can take a hugely detailed video and it’s just serviced main dealer highlighting any work required soon. You could then buy blind -but it’s sat on the sellers drive for who knows how long. I’m not would DVLA be open in anyway to process new ownership or is that shut for however long.

What if it’s nicked from the sellers drive after you’ve bought it and paid for it. What then?

Auto810graphy

342 posts

44 months

Wednesday 25th March
quotequote all
Welshbeef said:
Exactly my point above.


Unless of course you can take a hugely detailed video and it’s just serviced main dealer highlighting any work required soon. You could then buy blind -but it’s sat on the sellers drive for who knows how long. I’m not would DVLA be open in anyway to process new ownership or is that shut for however long.

What if it’s nicked from the sellers drive after you’ve bought it and paid for it. What then?
Welcome to 2020

Online RFL, V5 change of keeper and HPI check.

Inaprop Riat

17 posts

14 months

Wednesday 25th March
quotequote all
I'm selling my Corgi Ford Sierra police car. It's times like this when you realise the little things aren't important.

Welshbeef

39,371 posts

150 months

Wednesday 25th March
quotequote all
Auto810graphy said:
Welshbeef said:
Exactly my point above.


Unless of course you can take a hugely detailed video and it’s just serviced main dealer highlighting any work required soon. You could then buy blind -but it’s sat on the sellers drive for who knows how long. I’m not would DVLA be open in anyway to process new ownership or is that shut for however long.

What if it’s nicked from the sellers drive after you’ve bought it and paid for it. What then?
Welcome to 2020

Online RFL, V5 change of keeper and HPI check.
Why would you want to buy something that maybe you’d not get for months maybe a year - why not wait until after. I get it could be a great opportunity for a buyer but OP is looking to sell right now there may be no genuine buyers only joke offers from the brochure innit types

Earthdweller

4,389 posts

78 months

Wednesday 25th March
quotequote all
67Dino said:
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!
I can see your point in a normal market

However, if today you can’t afford the finance payment on the £50k and need to realise your cash back ( the other £50k ) today

How much do you expect you’ll get back ?

I’d suggest far far less than the £45-55k you expect .. you may even find you can’t sell it, and have to hand it back to the finance Co meaning a £100k loss

Dave Thornton

179 posts

101 months

Wednesday 25th March
quotequote all
Just wanting to sense check a decision that I'm about to make ...

I was going to buy my company Q7 (for £23k, fully serviced, new tyres, immaculate, worth £26k a month ago) then run it for 2 years privately before selling it and re-joining the company scheme ad buying another. To fund the £23k I have a loan and was going to sell my A3 (£10k) - I only actually need 1 of these 2 cars.

Now the world has changed ...

I suspect the value of both cars has dropped and unlikely to recover in the next 3-6 months, so any "profit" has gone. I would lose the savings from running the Q7 privately (no lease cost but some depreciation and other costs).

So I'm minded to let the Q7 go now and reduce my exposure to depreciation. Am I calling this right?