|
Author |
Message |
smegballs |
This post is not being displayed .
|
smegballs World Chat Champion
Joined: 28 Oct 2007 Karma :
|
Posted: 20:27 - 23 Jul 2017 Post subject: Vehicle Finance - Credit Bubble? |
|
|
Anyone got a rough idea of the magnitude of debt in UK (or elsewhere out of interest) from car finance/loans?
Is this another looming credit bubble? I've heard two anecdotes, and I'm sure you lot will have some, that would seem to indicate it is.
1. Friend of mind gets a used warrior pickup on finance, a little while later it needs new propshafts, but he doesn't have the money to do it. So it sits for ages, still paying the finance, without being in a state to actually provide use.
2. Another mate goes to a house party, meets a lad there who has 80k worth of BMW parked up outside. At one point a few of them go for a beer run to the local corner shop, BMW kid ends up asking for some of the other guys if they could buy him a few beers. He explains that basically all of his money is going on the finance for the BMW and that despite having* the car, he is effectively penniless.
Admittedly these are just two examples, but I'm sure they aren't isloated incidents. Anyone have other stories?
*of course he doesn't "have" the car, the finance company does... |
|
Back to top |
|
You must be logged in to rate posts |
|
|
Itchy |
This post is not being displayed .
|
Itchy Super Spammer
Joined: 07 Apr 2005 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
kawakid |
This post is not being displayed .
|
kawakid World Chat Champion
Joined: 15 Mar 2005 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
Kickstart |
This post is not being displayed .
|
Kickstart The Oracle
Joined: 04 Feb 2002 Karma :
|
Posted: 20:39 - 23 Jul 2017 Post subject: |
|
|
Hi
Second has been the case for many many years. Some people spend every penny they have on a toy like that (neighbours sons had a friend who in his early 20s had a Focus RS when they first came out, and was virtually pennyless).
Not so sure on the first, but probably more that these days ever fewer people are capable of doing basic repairs.
All the best
Katy ____________________ Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing |
|
Back to top |
|
You must be logged in to rate posts |
|
|
dodsi |
This post is not being displayed .
|
dodsi Dirty Carny
Joined: 06 Aug 2004 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
M.C |
This post is not being displayed .
|
M.C Super Spammer
Joined: 29 Sep 2015 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
- |
This post is not being displayed because the poster has bad karma. Unhide this post / all posts.
|
- Super Spammer
Joined: 22 Oct 2013 Karma :
|
Posted: 22:22 - 23 Jul 2017 Post subject: |
|
|
"You will never own the car".
We have a nation of retards who can't understand this. Apparently in the 70's we rented TV's too.
So you spend £2,500 a year, plus a several thousand pound deposit, plus damage incurred, to rent a car you could own if you went for a 3-10 year old mint one.
£8,000 to rent a Fiat 500 for 3 years, or buy a mint 9 year old Golf R32? Or a 10 year old 330ci Convertable BMW, for £3,000.
No wonder the EU want us to keep buying but never owning their cars. ____________________ TZR250 2MA road, TZR250 1KT road, TZR250 2MA race, TDR250, YZF-750R Boost colours.
Jaguar S Type 3.0 V6 Sport R, VW Transporter T5 GP LWB Shuttle 140ps DSG. |
|
Back to top |
|
You must be logged in to rate posts |
|
|
Rogerborg |
This post is not being displayed .
|
Rogerborg nimbA
Joined: 26 Oct 2010 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
M.C |
This post is not being displayed .
|
M.C Super Spammer
Joined: 29 Sep 2015 Karma :
|
Posted: 23:30 - 23 Jul 2017 Post subject: |
|
|
Let's not do this again |
|
Back to top |
|
You must be logged in to rate posts |
|
|
owl |
This post is not being displayed .
|
owl World Chat Champion
Joined: 21 Oct 2016 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
Tracey Suntan-King |
This post is not being displayed .
|
Tracey Suntan-King World Chat Champion
Joined: 10 Nov 2012 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
skatefreak |
This post is not being displayed .
|
skatefreak World Chat Champion
Joined: 06 Feb 2010 Karma :
|
Posted: 10:14 - 24 Jul 2017 Post subject: |
|
|
I agree that it's not always a bad thing.
My wife has a <2 year old 1.6 C4 cactus on finance, £125'ish a month, more than affordable and after chopping in the finance on the old car + deposit its only a couple of years @ 0%. Expensive motoring but it's about as cheap as it will ever get going that new + she needs a reliable car (read likes shiney) as it's her only form of transport.
Me on the other hand bought a 22 year old 306 a month ago (£200 + £50 driving home + insurance), new disks/pads/clutch and a good service (£100). If it craps out I just get on one of my motorbikes!
I did brim the tank with (dried + filtered) Waste vegetable oil last week though, another 50 litres ready to go and can dry/filter 100 litres in an afternoon.
The car will have paid for itself in a few months, Tax and insurance (for both of us) in the months after.
I'm cheap, I'll admit that, not fussy in the slightest about what I drive either but am currently doing the 'cross fit' thing (cheap introductory offer, already cancelled the subscription ) but the smell of chips every time I start that car up is driving me up the wall... Do want chips |
|
Back to top |
|
You must be logged in to rate posts |
|
|
dodsi |
This post is not being displayed .
|
dodsi Dirty Carny
Joined: 06 Aug 2004 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
Rogerborg |
This post is not being displayed .
|
Rogerborg nimbA
Joined: 26 Oct 2010 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
skatefreak |
This post is not being displayed .
|
skatefreak World Chat Champion
Joined: 06 Feb 2010 Karma :
|
Posted: 15:18 - 24 Jul 2017 Post subject: |
|
|
Do people really consider car's disposable (answer seems to be yes?)?
You could have the cleanest running car in the world but if you demand a new one every 3 years then you're creating an awful amount of manufacturing pollution
Not to mention the fact that can everyone really afford to 'lease' a car? I mean yeah it's only a few hundred a month but just think of how many cars you are actually buying every decade?
With cheap finance people seem to be buying into the manufacturers arms who have by the way literally hit gold.
Don't just buy one car and drive it for 10 years ohhh no no no no...
Buy 3.5 cars over 10 years!
Although I have to disprove of this wasteful, disposable, consumer mentality on morals... I wont disprove to loud as it seems to keep second hand car values pretty low and I'll be damned if I'm going to piss away thousands on lease/finance/new shite modern cars (when my old clapped out banger finally cops it that is) |
|
Back to top |
|
You must be logged in to rate posts |
|
|
Itchy |
This post is not being displayed .
|
Itchy Super Spammer
Joined: 07 Apr 2005 Karma :
|
Posted: 16:25 - 24 Jul 2017 Post subject: |
|
|
skatefreak wrote: | Do people really consider car's disposable (answer seems to be yes?)?
You could have the cleanest running car in the world but if you demand a new one every 3 years then you're creating an awful amount of manufacturing pollution
Not to mention the fact that can everyone really afford to 'lease' a car? I mean yeah it's only a few hundred a month but just think of how many cars you are actually buying every decade?
With cheap finance people seem to be buying into the manufacturers arms who have by the way literally hit gold.
Don't just buy one car and drive it for 10 years ohhh no no no no...
Buy 3.5 cars over 10 years!
Although I have to disprove of this wasteful, disposable, consumer mentality on morals... I wont disprove to loud as it seems to keep second hand car values pretty low and I'll be damned if I'm going to piss away thousands on lease/finance/new shite modern cars (when my old clapped out banger finally cops it that is) |
https://vimeo.com/9683428 ____________________ Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching. |
|
Back to top |
|
You must be logged in to rate posts |
|
|
Kickstart |
This post is not being displayed .
|
Kickstart The Oracle
Joined: 04 Feb 2002 Karma :
|
Posted: 18:49 - 24 Jul 2017 Post subject: |
|
|
Hi
Not sure many people have kept cars from new to utterly clapped out. Part of the appeal for the PCP deals and leasing is to turn over new cars into 2nd hand ones without dropping the prices (as the importers don't want to be seen as cheapy car suppliers), and 2nd hand has always been where most of the sales have been.
Bigger problem is that they appear to be trying to increase sales by making them cheaper based on a value after X years. But by doing this they will force down the value after X years , which will push up the PCP / lease costs.
Possibly more of a worry is the number of people who are going to be screwed over by a load of minor repairs to bring it back up to an acceptable condition at the end of the term. Or worse, find they have to put in an insurance claim to cover the minor bits that have added up.
All the best
Katy ____________________ Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing |
|
Back to top |
|
You must be logged in to rate posts |
|
|
skatefreak |
This post is not being displayed .
|
skatefreak World Chat Champion
Joined: 06 Feb 2010 Karma :
|
Posted: 19:05 - 24 Jul 2017 Post subject: |
|
|
Old 306... red
How did you know I literally bought one of those |
|
Back to top |
|
You must be logged in to rate posts |
|
|
smegballs |
This post is not being displayed .
|
smegballs World Chat Champion
Joined: 28 Oct 2007 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
M.C |
This post is not being displayed .
|
M.C Super Spammer
Joined: 29 Sep 2015 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
Rogerborg |
This post is not being displayed .
|
Rogerborg nimbA
Joined: 26 Oct 2010 Karma :
|
Posted: 19:59 - 24 Jul 2017 Post subject: |
|
|
Itchy wrote: | https://vimeo.com/9683428 |
The problem with working on modern cars is that once the electronics go, you often are cheaper just buying one that's not lit up like a Christmas tree rather than paying hefty fees for diagnosis, tracing, and eye wateringly expensive black boxes which are increasingly keyed to each other and not easily swappable.
I've currently got a yellow EML and a red SRS light on my 2010 Zafira, and am not relishing the conversation with the local techno-spanner monkey come MOT time.
And even mechanically they're not designed to be worked on. I was attempting to get the rear calipers off it only to discover that the top bolt is placed so that you cannot get a socket onto it without first removing the brake line. A spanner just started rounding it off, and there's no convenient way to access the bolts anyway without removing the whole rear bumper or putting it up on ramps.
So I'm not completely ruling out the prospect of getting Mrs Borg into a PCP-mobile, just so that I never have to work on a car again, or pay a garage to do so. ____________________ Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike |
|
Back to top |
|
You must be logged in to rate posts |
|
|
Kickstart |
This post is not being displayed .
|
Kickstart The Oracle
Joined: 04 Feb 2002 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
M.C |
This post is not being displayed .
|
M.C Super Spammer
Joined: 29 Sep 2015 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
Rogerborg |
This post is not being displayed .
|
Rogerborg nimbA
Joined: 26 Oct 2010 Karma :
|
Posted: 22:57 - 24 Jul 2017 Post subject: |
|
|
Sadly it had the antifire fix.
Then it had the second antifire fix.
It might actually be the best plan though. I'll PM arry. ____________________ Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike |
|
Back to top |
|
You must be logged in to rate posts |
|
|
M.C |
This post is not being displayed .
|
M.C Super Spammer
Joined: 29 Sep 2015 Karma :
|
|
Back to top |
|
You must be logged in to rate posts |
|
|
Old Thread Alert!
The last post was made 6 years, 277 days ago. Instead of replying here, would creating a new thread be more useful? |
|
|
|