Sadly selling due to crisis

Sadly selling due to crisis

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Discussion

xcentric

467 posts

177 months

Wednesday 25th March
quotequote all
Depends.

Having money in the bank and not servicing a loan at the moment is, for many, the best option. Your circumstances may vary.

No profit, as you say, so greater costs in keeping the more expensive car re depreciation. Will it cost substantially less to run though, including repairs? If so makes it a closer call - if not then stick with what you have.

And finally, it could be that in 2 years we're more or less back to where we are now, for a lot of people and sectors. In which case it makes less difference. Bit the chances of that are, IMHO, not that likely. It will be deep but brief recession, for most - but for many businesses and hence employers and so their employees, they won't be in existence. And we'll all be paying more tax.

ninepoint2

2,590 posts

118 months

Wednesday 25th March
quotequote all
Welshbeef said:
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
I think a few on this thread may have missed this post yes

sparks_190e

11,586 posts

171 months

Wednesday 25th March
quotequote all
Jesus, I could go and purchase that Aston or one similar right now if I wanted if they are going for circa £15k, but as I only earn around double that I don't think it's a good idea!

But that's so cheap!

67Dino

Original Poster:

1,748 posts

63 months

Wednesday 25th March
quotequote all
ninepoint2 said:
Welshbeef said:
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
I think a few on this thread may have missed this post yes
Agree. Since I put the car up for sale, the rules have made it practically quite hard to sell a car (although car brokers are still permitted to deal, so not impossible). So looks like I’ll just have to keep it after all and review later in the year. I’ve had worse things happen...


Edited by 67Dino on Wednesday 25th March 23:18

Jazzer77

1,297 posts

152 months

Wednesday 25th March
quotequote all
sparks_190e said:
Jesus, I could go and purchase that Aston or one similar right now if I wanted if they are going for circa £15k, but as I only earn around double that I don't think it's a good idea!

But that's so cheap!
They aren't that cheap yet. It was a trade to trade sale.
Cheapest on ebay is £17k+ with 5 days left to run.

sparks_190e

11,586 posts

171 months

Wednesday 25th March
quotequote all
Jazzer77 said:
sparks_190e said:
Jesus, I could go and purchase that Aston or one similar right now if I wanted if they are going for circa £15k, but as I only earn around double that I don't think it's a good idea!

But that's so cheap!
They aren't that cheap yet. It was a trade to trade sale.
Cheapest on ebay is £17k+ with 5 days left to run.
Regardless of the purchase price I couldn't consider something like a Vantage despite being able to afford the purchase price of a cheap one, running it is another matter. And now I'm furloughed I can't consider anythingfrown

andymc

6,573 posts

165 months

Thursday 26th March
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You should be ok in 2 years

Welshbeef

41,900 posts

156 months

Thursday 26th March
quotequote all
Dave Thornton said:
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?
Why not offer the company far less than £23k they may accept in the current climate. If the company owns it they should be writing it down further anyway

phib

4,111 posts

217 months

Thursday 26th March
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Welshbeef said:
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?
Surely (unless I am missing something) its just about your attitude to risk and buying blind as you can buy a car but cant inspect it or collect it.

Hnece why all of BCA is only buy now.

My insurance company was there yesterday, the DVLA electronic bit still works and bank transfers work.

Apreciate its difficult and probably risky but I see it as just the collection side that is the problem ?



Phib

ghost83

4,041 posts

148 months

Thursday 26th March
quotequote all
So how much have they offered for the California?

Welshbeef

41,900 posts

156 months

Thursday 26th March
quotequote all
sparks_190e said:
Jesus, I could go and purchase that Aston or one similar right now if I wanted if they are going for circa £15k, but as I only earn around double that I don't think it's a good idea!

But that's so cheap!

Welshbeef

41,900 posts

156 months

Thursday 26th March
quotequote all
sparks_190e said:
Jesus, I could go and purchase that Aston or one similar right now if I wanted if they are going for circa £15k, but as I only earn around double that I don't think it's a good idea!

But that's so cheap!
You mean buying it blind paying for it in full and leaving it for an unknown duration there until covid and lockdown permit you to collect it.

Another question will you deep clean it with gloves in case of virus

BrettMRC

1,771 posts

118 months

Thursday 26th March
quotequote all
Welshbeef said:
sparks_190e said:
Jesus, I could go and purchase that Aston or one similar right now if I wanted if they are going for circa £15k, but as I only earn around double that I don't think it's a good idea!

But that's so cheap!
Getting in there before someone snaps up the cheap 944's? hehe

Alex_225

4,045 posts

159 months

Thursday 26th March
quotequote all
As said it's going to be a tricky finding the rare people who are in a position to buy at this time. Even if there are people out there they may be uncertain and hold back.

I considered myself pretty fortunate that I managed to sell my old E Class two weeks ago but it was only £1500 so not quite the sums talked about here.

Genuinely best of luck to those selling though, not a nice position to have to be in.

greenarrow

2,453 posts

75 months

Thursday 26th March
quotequote all

I think if you can possibly tough it out you need to hold fire on selling, particularly at the prestige end of the market. How many times have we seen people on here making comments about selling a car in the credit crisis autumn of 2008 to the effect of "I wish I had kept hold of that car, I sold it for X and now its worth Y".....

On the other hand, at the cheaper end of the market, having been watching the EP3 Civic market for a bit, I may take the plunge in the next few months should there be a correction....

GroundZero

637 posts

12 months

Thursday 26th March
quotequote all
sparks_190e said:
Jesus, I could go and purchase that Aston or one similar right now if I wanted if they are going for circa £15k, but as I only earn around double that I don't think it's a good idea!

But that's so cheap!
Aren't Aston's generally cheap to buy for a reason?
Running costs/maintenance being the big hit for ownership?


V8fan

3,514 posts

226 months

Thursday 26th March
quotequote all
Alex_225 said:
As said it's going to be a tricky finding the rare people who are in a position to buy at this time. Even if there are people out there they may be uncertain and hold back.

I considered myself pretty fortunate that I managed to sell my old E Class two weeks ago but it was only £1500 so not quite the sums talked about here.

Genuinely best of luck to those selling though, not a nice position to have to be in.
This huge economic shock will cause a lot of problems for many. However, without wishing to sound insensitive, there are many people out there along with millions of retirees (not all are old!) who are on fixed salaries who have very little outgoings at the moment. All theatres, cinemas, pubs, restaurants and leisure facilities closed. Even some people sat at home on the 'promised' 80% wages if they have no travel costs and nowhere to go.

It's probably an exaggeration to say there will be 'pent-up money' waiting to be unleashed on cars but there are many people who will have more money in the bank this autumn that they expected. I've not put my motorbike on the road (not 'necessary')and about to SORN a heavy fuel user. I'm old enough to remember the property crash of the early 1990s and the repercussions in the classic car 'investment' market; there were definitely some good car purchases available if you had cash.

I'm predicting big spending at Christmas, for PH ers, some of it may be on cars...... smile

Welshbeef

41,900 posts

156 months

Thursday 26th March
quotequote all
BrettMRC said:
Welshbeef said:
sparks_190e said:
Jesus, I could go and purchase that Aston or one similar right now if I wanted if they are going for circa £15k, but as I only earn around double that I don't think it's a good idea!

But that's so cheap!
Getting in there before someone snaps up the cheap 944's? hehe
You are right looks like that other poster will buy it blind if the price is right he wants one clearly.

Go for it

Jimmy Recard

17,208 posts

137 months

Thursday 26th March
quotequote all
Welshbeef said:
You mean buying it blind paying for it in full and leaving it for an unknown duration there until covid and lockdown permit you to collect it.

Another question will you deep clean it with gloves in case of virus
If no one has been in the car for a couple of weeks, there won't be any active virus in there, will there?
At least that's how I understand it

Alex_225

4,045 posts

159 months

Thursday 26th March
quotequote all
V8fan said:
This huge economic shock will cause a lot of problems for many. However, without wishing to sound insensitive, there are many people out there along with millions of retirees (not all are old!) who are on fixed salaries who have very little outgoings at the moment. All theatres, cinemas, pubs, restaurants and leisure facilities closed. Even some people sat at home on the 'promised' 80% wages if they have no travel costs and nowhere to go.
It's an interesting point that. I mean even taking into account my travel and buying lunches 2-3 times a week, I'm £400 a month better off as I'm working from home. It's possible people are paying off their personal debts more quickly or just putting the money away.