How Bad the Credit Crunch is...

[corozin 0]

We all know we're in a credit crunch, and that 4x4 sales are on thier knees, but this story still shocked me.

 

Recently in my area a chap enquired about the deal available to chop in his 3 year old Mercedes ML 450 against a new one at the local Mercedes Main Dealership. They could only offer him £1,000 in p/x.

 

That was a £48,000 car new less than 3 years ago. Apparently the trade can't even give them away. It's all rather depressing...

 

Has anyone else got any similar stories they'd like to share?

[Leonard 0]

Friend of my mum wanted to chop her 4 month old Landcruiser in for a Golf GTi as it was too big and thirsty. VW garage offered her £20k as "they didnt really want it" That is a £17k loss in 4 months.....

 

Mad thing is she went for it!

[horney 0]

Hearing this a lot. Mate bought a MKV R32 (used but low mileage) at the beginning of the year for a good price. He reckons he's lost £3K on it already. If you search AUtotrader and ebay it's littered with R32's going for silly cheap money compared to what they were new, nobody wants them and even the dealers can't shift them.

 

This is one of the many reasons why VW are shelving the V6 for the MKVI Golf, sales just aren't ther ein the current climate. Instead the MKVI .:R is going to be a 4 pot turbo with more power than the stnadard GTI and with Haldex AWD.

 

Nick

[Jim Bowen 1]

Still, it doesn't worry some people. Some guy in scotland had these two delivered last week :!

 

very jealous!

 

[Leonard 0]

LOL That is mental you would have thought one would be enough. I guess the Enzo is for the school run.

[Danny B 0]

Yeah if I had them two I would only use the corrado for special occassions !!

[NottsCounty 0]

Surprisingly the guy that had them delivered is in the oil industry..........

[Kevin Bacon 5]

Still, it doesn't worry some people. Some guy in scotland had these two delivered last week :!

 

very jealous!

 

And a Veyron!

 

Can't say I've really noticed anything by way of super cheap car prices. Everytime I've looked at Bora or Golf 4Mos for a project, they've always been overpriced still.

 

To me it looks the same as house pricing. People holding out for a good price still, but willing to accept more of a drop. A friend of my Dad saw a house she liked for £300K. Put in a silly offer of £250K and it was accepted instantly!

 

Feckin banks. The traders still walk away with their 6 figure bonuses whilst everyone else is struggling to make ends meet :?

 

It's not just the banks though, but they are a big contributor to the mess we're in....

[KADVR6 0]

there may be a credit crunch going on, but it does still not stop nutters like us lot spending thousands on old cars though :cuckoo:

 

when i spoke to pete @ dubpower at ed38, he said its been he's busiest year since he has started trading, and how many people just on this forum are doing turbo/charger/engine conversions.

 

sod the kids, they can eat beans on toast for 6 months, but my car must be better/faster than when it came out the factory :lol:

[Andy665 0]

The trade is panicking about p/x prices on big engined and / or 4x4's.

 

One dealer group I work with had about 20 Touaregs in stock, last month they had to write them down by the tune of £50k, thats not just a figure on a balance sheet, its got to be found somewhere.

 

I'm just glad I run older cars that won't be affected by the VED hikes and big rises in depreciation. Buying new has always been a mugs game, now its a game for the insane

[Danny B 0]

I believe the credit crunch isnt as bad as the media portrays it, if they just shut the bugger up for a month or two then most of us probably wouldnt notice it and get on with life. Obviously something was going to happen soon, its just economics (boom and bust), but I think the media dictates the degree to which it has an effect......just my 2p worth.

 

A VR6 corrado would be the only car I would buy new......If I had a money tree of course :cheers: !!!

[Danny B 0]

wheres the scottish guy gonna put the new cars, he seems to only have two garages but four cars......probably leave the enzo and veyron outside to keep up with the jones I suppose !!

[Walesy 0]

A VR6 corrado would be the only car I would buy new......If I had a money tree of course :cheers: !!!

 

..and a time machine

[dinkus 10]

Hmm, I wonder how long it'll be before you can buy something with an R36 in for peanuts... put the engine and interior into the Corrado and break the rest for parts :lol:

[Storm_Man 0]

I'm just about to take in a 57 plate Landcruiser Amazon with 14k on the clock. My customer paid £50 shy of 49k less than a year ago. Our buyer only offered £18k for it!!

 

To get the deal I had to ring a few Toyota dealers and managed to find one up North who offered £22,750. That was the best offer we got.

 

As for some of our commercial vehicles....we're having to take up to 5k a time hit on some of the S.I.V's.

 

It's embarrassing telling customers what their vehicles are worth.

[coullstar 0]

He actually traded the Enzo for the Veyron. Started up his own company a few years ago and sold it on for £20m. You guys need to move to Aberdeen, there is no such thing as the credit crunch up here and Im pretty sure there never will be until the oil runs out.

 

As for 4x4's depreciation, serves them right for buying them in the first place.

[Kevin Bacon 5]

Enough of the credit crunch, whose for a Krispy Krunch?

 

[Leonard 0]

I'd rather have a 'Feast'

[horney 0]

Pah Screwball all the way!

 

Nick

[boost monkey 0]

Krispy Krunch?! I want a Krispy Kreme

 

[Guest]

To join the amazement at selling your SUV's, mate of mine dropped his 55 plate Land Rover Discovery TDV6 SE into Audi, chopping it in for a spanky new A4 3.0TDI Quattro estate and Audi gave him £12K for the Land Rover....! He then had to settle the rest of the car's finance and wrote out a cheque for £11.5K, absolute madness.....!!!

[Danny B 0]

ummmm glazed cinnamon !!! and a veyron with cherry on top please.

[corozin 0]

Well to pick up on the Golf R32 point, the R32 is amongst those cars most noticeably affected by the new VED tax bands, as it's one of the smallest/cheapest cars you can buy that's in the top band for CO2 emissions. The £1k purchase tax for band G cars is almost inisignificant if you're buying a £70k Mercedes, but it's far more of an issue when you're looking at a £23k Golf.

 

And if you think things are bad now, wait until the £400 VED bills actually start landing on people's doormats next year.

 

The second-hand market is also completley on it's knees. At the same time as I was told about the Mercedes in the OP, I was also told that medium exec cars were being left unsold at Poole Vehicle Auctions a few weeks ago at £8k under book price. That is simply ridiculous.

 

But in a climate where unemployment is increasing, prices for most things are rocketing, there is little easy credit about and the Government continues to dither without a clue, this is only going to get a lot worse still before it gets better.

 

Me? I'm holding out for the prices on cheap R32 engines next year :) might as well use them for something LOL

[Danny B 0]

the veyron is imense but I dont think I would trade for Enzo, actually I would probably trade both for F40 and use the rest of the cash for a ice cream van !!!

[Sonicriot13 0]

I heard of a 360 that went for 50k. A V8 Vantage that went for 20k. Bentleys lose about 70 grand in three years. Also we valued a range rover at 4 grand less than glasses and that was a price that a Land Rover garage gave us. And then there's Rio Ferninand's SL55. Bought for 95k, lost his licence that month and traded it back to Autobrokers for 75K! :lol: