Drink deeply from the well of nothingless Bastards!

[Mega]

https://www.telegraph.co.uk/investin...andlords-fear/

House price fall?

Mike

[Mega]

Re: Drink deeply from the well of nothingless Bastards!

On the car front:-

• Report post

Posted Tuesday at 01:24 AM

https://www.fleetnews.co.uk/news/car...r-values-slide

Devon Guy - 02/04/2020 16:18

The used car market, pre virus, was overinflated in price and unsustainable. This was argued to be reflective of the big price increases within the new car market introduced over the last 2-3 years as applied by manufacturers to compensate for EU fines (as previously reported in Fleet news). Sadly, over the coming months and years the economy is going to look radically different, with a global recession and high unemployment levels looking like a real possibility. Therefore we are going to see both the new and used car markets face low demand and chronic over supply, which means much reduced forecourt prices. I have a friend that runs a small used car business. He used to offer “cash for cars”, maybe getting 3 calls a week, pre the virus.

He’s now averaging 30-40 calls every week from desperate owners wanting to offload their cars because they have already lost their jobs. This comprises the newly made unemployed, and those with no work on zero hour contracts and the self-employed all who urgently need cash. He hasn’t sold a car in 12 weeks and when he tells them he can’t take on any new stock, a tirade of abuse follows!

Although we have had lockdown for a few weeks, it’s difficult to assess what demand will be like for used cars given the above.

Consequently everyone is nervous about what the market will look when lockdown is relaxed. I predict a 30% price reduction will be required to get the market moving again. Add to this, many companies have recognised that their employees can safely and cheaply work at home, very soon many of the new home workers will realise 2nd cars will no longer been needed. A recent newspaper indicated as many as 3m employees could be permanently working at home.

So we'll see yet more oversupply and price reduction. On the positive, looks like we are going to meet the carbon reduction target faster than predicted (who could have predicted that last year!) and I believe the government need to re-introduce scrappage, maybe for diesel cars over 5 yrs old and remove permanently BIK from Electric and hybrid company cars for 5 years to stimulate new car demand.
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[Mega]

Re: Drink deeply from the well of nothingless Bastards!

UK car finance groups report surge in motorists seeking loan relief Rise in calls to lenders prompts fears over potential wave of defaults
...
“There are a lot of people driving around in premium cars they should not be able to afford,” said the head of one large dealership group. “There will be a lot of delinquencies in PCP and PCH [personal contract hire], though we have not seen any yet.”
https://www.ft.com/content/229594a1-...8-e971ba836d5c

[Mega]

Re: Drink deeply from the well of nothingless Bastards!

https://www.dailymail.co.uk/money/ma...sis-bites.html

My only fear is that the government panic forces them to "loan" (give) government (My) money to a bunch of spivs whom didn't have a real business but a on going rolling over fraud.

Mike

[Mega]

Re: Drink deeply from the well of nothingless Bastards!

To modify my favourite quote by Oscar Wilde "One must have a heart of stone to read the death of BTL landlordism without laughing".

[Mega]

Re: Drink deeply from the well of nothingless Bastards!