Monday, Sep 22, 2008
really!!!! lol
Yahoo: 'Huge Fall In UK Car Production'
Sky News understands there has been a dramatic fall in car production in Britain.
Posted by mark @ 12:12 PM (678 views) Add Comment
9 Comments
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1. montesquieu said...
Clearly a market sector heavily dependent on
1) MEWing
2) City money
Both of which are in rather short supply right now. Nice to watch.
Big 4x4s are dropping in value like a stone at the moment (twice as bad as other cars which are also well down). Gven their all-round anti-social profile it won't be long till they are solely the preserve of the shoulder tatto/string vest/pit bull brigade who currently make up the vast majority of used 4x4 buyers.
Wonder what the school run bottle blonde types who have provided the backbone of new leases will move into though, once these fat-tyred dinosaurs die off?
2. theboltonfury said...
the ending of this ridiculous motoring fad has been a long time coming.
3. stillthinking said...
Am I the only one who walks past second hand car showrooms? The prices are ludicrously low now. You obviously can't shift motors for love nor money.
The problem with easy credit is that it encourages over production. We were making more cars than necessary. A good indicator of financial hanging on by mortgage holders, the first way to get funds, flog the car.
If only ebay released figures, I bet they would make some very interesting reading. Family jewels coming onto the market place.
Cut taxes and give these poor sods a chance.
4. stillthinking said...
Boarded up shop fronts, CashConverters, Primark, Aldi, McDonalds ... Welcome to the UK.
5. drewster said...
Stillthinking - you won't get figures from AutoTrader or eBay, but there are other sources.
According to the Telegraph,
"Used cars are losing their value at a faster rate than at the height of the last recession, according to EurotaxGlass's, publisher of Glass's Guide. On average, a three-year-old car today retains about 38 per cent of its list price - worse than in 1992 when interest rates were at 15 per cent and inflation was approaching 10 per cent. Glass's says a major reason for today's weaker values is that depreciation is not being countered by inflationary price rises; between 1991 and 1992, manufacturers increased list prices by about eight per cent, whereas over the past year list prices have increased by little more than two per cent."
According to the Guardian,
"The car trade is currently slower than a Robin Reliant with a flat tyre and dealers are taking silly offers just to keep the bank manager off their backs. Only super-minis are selling - big cars and 4x4s are at the lowest prices for years. Porsche sales during August were down more than 50%. If you've always longed for one, you may not get a better chance. Try cargiant.co.uk for used car deals and honestjohn.co.uk for a list of cheapest deals on new cars."
According to the Times,
"Car sales fell to their lowest level for more than 40 years last month in the most dramatic sign yet that the country is heading into a recession. [......] Britain’s automotive industry, which employs 815,000, sells overseas predominantly but faces terrible markets in Europe and the United States as well. Industry experts described the sales figures as dreadful and gave warning that they would impact on carmaking in Britain. Already Toyota and Land Rover have announced production cutbacks because of falls in orders."
Last but not least, the Independent reports:
"A massive slump in car sales – especially gas guzzling four-wheel-drives – has decimated the profits of the leading motor dealer Pendragon, forcing it to slash its dividend."
6. timmy t said...
I remember as a kid looking out for new cars on the day that the new reg came out. We'd usually see about a dozen on the first day. I don't think I've seen a '58' reg yet and they've been out 3 weeks!! Even the 08's are rare. 09's will probably be collectors items. They'll be on antiques roadshow in years to come!
7. little professor said...
Great post drewster, thanks
8. mark wadsworth said...
@ Monty - all the bottle blondes outside my kids' school gates drive 4-by-4s, black with tinted windows. There is no reason why they should now dump them - they've already lost their money, so they might as well keep going.
@ Stillthinking - now is the time to buy a second hand car! I was supposed to hire a car for our family holiday recently but the place shuts early on Saturdays (about five minutes before I turned up. Ooops). Rather than go home car-less and face a rocket, I popped into the used car dealer next door and picked up a nice 11 year old Golf GTI for £2,000. Stalls sometimes from cold, but apart from that, I really can't quibble.
@ Drewster, good summary.
9. enuii said...
Seen one 58'er and it was a small korean one with a chevrolet badge on it.