wfb
Part of things
Posts: 191
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Mar 22, 2020 23:06:35 GMT
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I am self employed as of tomorrow i will be a stay at home dad because the school my 5 year old daughter goes to has now closed and I have no child care of any kind available to me. My plumbing and home improvement business has seen its bookings for the next three months all postpone or cancel in the last five days. I have been actively looking for a new classic for the last few months, not now every penny is now a prisoner. I sold one of my existing cars on Friday for well below its value just to get some much needed funds in the bank. I will be applying for my £94 a week universal credit and hoping I can get through this without losing my house. I am just one buyer that is now out of the market, there will be many more just like me. So I am thinking that classic cars may well drop in value.
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If it makes you feel any better wfb you’re not alone, plus we’re now confined to the house due to the medical issues within the family I’m not complaining, just trying to stay alive I’m not at the point of selling anything, yet, because I’m not at the point where I may have to, yet, and I don’t really want to be dealing with sales at the moment, but we’ve really pulled our horns in too Don’t think I’ll be buying anytime soon either!
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wfb
Part of things
Posts: 191
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I know I am not alone. Many of my friends and work aquaintances are self employed and in similar circumstances. I am glad that I am not yet in a self isolation or lock down situation and I am following all the safety guidelines. My previous post may have seemed pesemistic but I am not saying I have got it worse than others I was just highlighting the senario that a possible classic car buyers have suddenly found them self in. I do think as mentioned earlier in this thread that there will be other people both self employed and employed that will find themselves in need of extra money to see them through and at times like these the toys have to go. Simple economics show that when supply of an item increases and demand drops then the price reduces.
On a positive note I am lucky enough to still be holding on to my E36 touring(daily) and Morris Minor traveller(very long term project) for the forseeable future and hopefully long term. I do still hope to get the odd few hours working on my project, it is stored 20 minutes away from home so hoping we avoid lockdown for as long as possible.
We all need to try our best to stay safe and if possible stay positive until we come out the otherside of this.
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anils
Part of things
Posts: 184
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Mar 23, 2020 10:00:43 GMT
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The answer is yes.
There will be different priorities now and the majority of people will want to shore up funds for their household.
Large purchases will slow IMHO.
The last thing on minds will be to buy cars, unless it is absolutely necessary or there are those looking for a bargain due to distressed sales.
Not everyone is cash rich, to ride this virus issue out.
We are tracking along the lines of other European countries, and we can see what's coming. It'll be for the long haul.
Those mentioned in this thread, especially the self employed, my heart goes out you.
I was considering taking my pension this year, but I shan't now.
Those that bought into the classic car as an investment, might well be looking over their shoulder, especially those that don't have funds to let this pass, but there will be distressed sales.
I always take "we buy any car" valuations with a big pinch of salt, but they are an indicator. I know big franchise dealers are already depressing part exchange values, because they have stock sitting around.
People, stay safe.
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Last Edit: Mar 23, 2020 10:02:23 GMT by anils
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Mar 23, 2020 10:07:08 GMT
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I must admit, I bought my Mustang (last month!) with the intention of running at as daily for a year & selling it back on for a bit less than I paid - I have a feeling it will be a lot less now & thats a modern car!
Glad it's not on finance or I wouldnt easily be able to get out of it without continuing to pay off a debt for something I don't have.
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Mar 23, 2020 10:16:04 GMT
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In other news, yen's dropped so good time to buy that awesome JDM stuff lol
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Mark
Posted a lot
Posts: 3,818
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Mar 23, 2020 10:25:03 GMT
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As long as I can get unleaded I'm not overly concerned but I appreciate that's a selfish attitude. That said, I would wager that running a nigh on 50 year old car, by recycling bits from other old cars, is far better for the planet than many battery powered atrocities that pass for cars nowadays.
Yes, people will have to watch the pennies till this current situation passes but hopefully the economy will bounce back again.
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BMW 320d (fridge on wheels)
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