Looking at the auction prices in HJ's report, there were clearly some bargains to be had.
One really jumped out at me though: Subaru Legacy 2.0RE Sport Tourer, 2005/55, 41k miles £4,500s.
£4500. That's almost bangernomics money!.
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Wouldn't you rather have that nice, sensible, 05 Ibiza that went for the same money?
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Anything heavy is barely making any money at auction, mostly as no one is buying anytign heavy at the moment.
At Bedford yesterday a 56 plate CLS63 AMG went for £30k, that's about £20k below trade book and more depreciation in two years than my house cost to buy!
eight year old 1.2 Corsa saxo etc are making anything up to £2k as they're the only thing moving from second hand car lots.
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At the auction yesterday a Land Rover dealer pulled me over apoplectic at something that appeared in The Telegraph on Friday. Apparently a reporter had quoted someone from a price guide as saying that Land Rovers were worth no more than scrap value. The Land Rover dealer reckoned that "his" customers were still paying good money for guzzly petrol engined Range Rovers, two fingers to the oil crisis and socialist government CO2 tax. Make of that what you will. The auction report speaks for itself. James Ruppert was there, so there should be something in next week's 'Autocar'.
HJ
Edited by Honestjohn on 12/08/2008 at 11:27
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Rover dealer reckoned that "his" customers were still paying good money for guzzly petrol engined Range Rovers two fingers to the oil crisis and socialist government CO2 tax.
There must be thousands (perhaps hundreds of thousands or even millions) of people who are sufficiently well off to not be at all bothered about the price of petrol or VED costs. I just wish I was in that group myself!
Edited by L'escargot on 12/08/2008 at 12:06
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Anyone fancy taking a gamble on which leasing company will be the first to go under?
A couple of graphs in the links below highlight where the market really is
uk.finance.yahoo.com/q/bc?s=LOOK.L&t=2y
uk.finance.yahoo.com/q/bc?s=INCH.L&t=2y
Lex, Pendragon et all are all similarly being hit.
Anyone in the trade that's being vocal about how well their business is doing is almost certainly going to be in the dole queue in three months time. The honest ones are cursing and devoting energy to minimizing overheads and stocking £2k corsas and the equivalent.
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Wouldn't you rather have that nice sensible 05 Ibiza that went for the same money?
Er, no...
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On the Subaru website, they're asking for 10-13 grand for a similar car.
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August, of course. Things are always cheap at auction during August - Christies, Sotheby's, Bonhams etc. too (that's why they don't generally have sales during August; no doubt car auctions don't have the same possibility to defer sales into September).
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In response to Spikeyhead, Lex was getting its cars gone on Monday.
HJ
Edited by Honestjohn on 12/08/2008 at 12:33
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