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The Dealership C4 Last Night

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The Dealership was on last night and it's a documentary put together about a second hand car dealership in Essex.

Of note was the guy who worked as a 21yr old assistant manager at Mothercare.

He came into the dealership and saw a Range Rover, which he test drove and immediately loved. He said how it made him feel special and that if he bought it, it would let everyone know that he had "made it", and it would be a great boost to his self confidence.

He then tried to trade in his one year old Qashqai wanting 15k for it. The salesman then asked how much outstanding finance was on the car, and this is when it got interesting....

The guy phoned up the finance company and got a settlement figure of around 18k for the outstanding finance on the car! The guy is gutted, saying that he's paid 400 a month for the last year and can't believe he's still owing just 1000 less than when he took out the finance.

This presumably meant he must have signed up to a loan of around 19k on around 20% interest! Being quite disappointed that he'd lost so much, the salesman then said if he could provide 18k part-ex and get the monthly payment figure within control, would he go ahead. (I'm assuming this was done by extending the payment term). He then smiled thinking that the salesman had magically sorted the problem out and agreed to go ahead subject to checking insurance quotes first.

The insurance company came back with 3500, and then it was that which stopped him rather than the huge finance obligation!!!

He was then interviewed by the reporter and said something very unusual... It was something like:-

"I like buying thing on finance, because it gives me more security. I mean, if I have a problem and don't have enough money that month, then I don't have to pay for it." !!!

Basically if there are many more people like him, no wonder this country is has had it!

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The Dealership was on last night and it's a documentary put together about a second hand car dealership in Essex.

Of note was the guy who worked as a 21yr old assistant manager at Mothercare.

He came into the dealership and saw a Range Rover, which he test drove and immediately loved. He said how it made him feel special and that if he bought it, it would let everyone know that he had "made it", and it would be a great boost to his self confidence.

Basically if there are many more people like him, no wonder this country is has had it!

Near the very top of all the boneheads I've ever heard...

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The Dealership was on last night and it's a documentary put together about a second hand car dealership in Essex.

Of note was the guy who worked as a 21yr old assistant manager at Mothercare.

He came into the dealership and saw a Range Rover, which he test drove and immediately loved. He said how it made him feel special and that if he bought it, it would let everyone know that he had "made it", and it would be a great boost to his self confidence.

He then tried to trade in his one year old Qashqai wanting 15k for it. The salesman then asked how much outstanding finance was on the car, and this is when it got interesting....

The guy phoned up the finance company and got a settlement figure of around 18k for the outstanding finance on the car! The guy is gutted, saying that he's paid 400 a month for the last year and can't believe he's still owing just 1000 less than when he took out the finance.

This presumably meant he must have signed up to a loan of around 19k on around 20% interest! Being quite disappointed that he'd lost so much, the salesman then said if he could provide 18k part-ex and get the monthly payment figure within control, would he go ahead. (I'm assuming this was done by extending the payment term). He then smiled thinking that the salesman had magically sorted the problem out and agreed to go ahead subject to checking insurance quotes first.

The insurance company came back with 3500, and then it was that which stopped him rather than the huge finance obligation!!!

He was then interviewed by the reporter and said something very unusual... It was something like:-

"I like buying thing on finance, because it gives me more security. I mean, if I have a problem and don't have enough money that month, then I don't have to pay for it." !!!

Basically if there are many more people like him, no wonder this country is has had it!

The finance is security in this guy's head, yet he's also complaining about how little he's paid off which restricts his options.

If my missus and I bought our cars on a £400pcm finance deal, the term would have been 8 months to buy both. 80k miles and a combined 9 years ownership since then. But then, we have not 'made it' yet...

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Might also be an out of work actor and at Mothercare not sure anything on telly can be trusted.

Range Rovers used to be mostly company directors, farmers and land owners etc. I don't really understand how so many people on average type incomes are getting into them. No change from a £1k for 4 tyres and even the diesels struggle to get 25mpg. Even if it's all on some form of finance with the least amount of repayment element possible I don't understand how so many people's credit records remain in good enough condition to secure any form of finance as they must all come unstuck eventually.

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Might also be an out of work actor and at Mothercare not sure anything on telly can be trusted.

Range Rovers used to be mostly company directors, farmers and land owners etc. I don't really understand how so many people on average type incomes are getting into them. No change from a £1k for 4 tyres and even the diesels struggle to get 25mpg. Even if it's all on some form of finance with the least amount of repayment element possible I don't understand how so many people's credit records remain in good enough condition to secure any form of finance as they must all come unstuck eventually.

There is a big feature in People Management (the CIPD/ HR journal) this week done by 'What Car' admittedly aimed at fleet managers but there was a sentence about credit for buying a new car was never easier!

I found that strange, sure there are some dealers who are doing very well with certain makes but others (some Vauxhall dealers) are absolutely struggling to sell at the moment.

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Might also be an out of work actor and at Mothercare not sure anything on telly can be trusted.

Range Rovers used to be mostly company directors, farmers and land owners etc. I don't really understand how so many people on average type incomes are getting into them. No change from a £1k for 4 tyres and even the diesels struggle to get 25mpg. Even if it's all on some form of finance with the least amount of repayment element possible I don't understand how so many people's credit records remain in good enough condition to secure any form of finance as they must all come unstuck eventually.

I'm surrounded by them in Pinner. Mostly tiny women who can hardly see over the steering wheel and can't park them anyehere. The men tend to drive the Sports version which is even more f*********g ridiculous.

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The finance is security in this guy's head, yet he's also complaining about how little he's paid off which restricts his options.

If my missus and I bought our cars on a £400pcm finance deal, the term would have been 8 months to buy both. 80k miles and a combined 9 years ownership since then. But then, we have not 'made it' yet...

Many people with the real wealth tend not to waste it.. (Such an attitude helps build it up in the first place). After all what's the point of using it all up to show you've got it? :) (empty vessels make most noise and all that...)

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Might also be an out of work actor and at Mothercare not sure anything on telly can be trusted.

Range Rovers used to be mostly company directors, farmers and land owners etc. I don't really understand how so many people on average type incomes are getting into them. No change from a £1k for 4 tyres and even the diesels struggle to get 25mpg. Even if it's all on some form of finance with the least amount of repayment element possible I don't understand how so many people's credit records remain in good enough condition to secure any form of finance as they must all come unstuck eventually.

It's supposedly a proper documentary filmed over 6 months for just 3 episodes so presumably they've cherry picked the most 'interesting' clients. Though admittedly it is hard to know what is real and what isn't.

I think finance is still much easier to get than we would all hope. The fact the guy was clearly beforehand on an around 20% apr finance deal in his previous car (when a 'typical' apr for a new car with around 8%) suggests that he'd been placed in a higher risk category. Though of cause it seems so long as it was still only 400 a monh the interest rate didn't deter him.

The range rover was an 06 reg up for 21k which makes it about the same price as the nissan qashqai he had bought new the year before, so I guess you look at it that way it was affordable on appearance. Being short sighted with finance no doubt he didn't really think about service and fuel costs.

The guy did say that the Nissan was a nice car but it was 'just a Nissan'.

I think had he bought the car he would have become unstuck fairly quickly. It seems that he was forunately for him saved from his own stupidity by the fact that he couldn't afford the insurance which obviously is mandatory before taking the car.

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Many people with the real wealth tend not to waste it.. (Such an attitude helps build it up in the first place). After all what's the point of using it all up to show you've got it? :) (empty vessels make most noise and all that...)

I am sure there are plenty that buy them to show off......why is that? I wonder....and why would anyone want big unsightly lumps to drive around in city and built up areas, vehicles that don't fit into an average car parking spot so often end up doing damage to the unfortunate cars that end up being parked next to them.... ;)

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I worked at carcraft for a short time and doing calculations on what people paid for cars has turned me into a total bangernomics fanatic.

Was common for people to come in, have been paying 4/500 a month for 3 years, have just finished paying off their car THAT MONTH, and want to upgrade, then when we gave them part ex price they had no equity in the car.

For instance, 15k mini - 500 a month for 36 months, so they pay a total of 18k, after 3 years it's a little bit battered, we offer them 3k for it.

They take the 3k, upgrade to a new 15k car, or even better they've had a pay rise since then so can afford an 18k car.

Some people were 40/50 and had done this every 3 years for decades.

Madness

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The range rover was an 06 reg up for 21k which makes it about the same price as the nissan qashqai he had bought new the year before, so I guess you look at it that way it was affordable on appearance. Being short sighted with finance no doubt he didn't really think about service and fuel costs.

I've only paid £15k on cars in 30 years and, apart from my first car (a T-plate Renault 5 TS), I have bought a 2nd-hand 3yr old ex-motability car for the last 3 purchases.

If you take off the money I got back then I've probably only spent £12K on the actual vehicles -

Current is a Peugeot 206 SW, - £35 road tax, 65 mpg, service every 10K, insurance < £200, depreciation about £500 pa and that is reducing every year I keep it - why pay more ?

But then I've never made assistant manager at Mothercare.

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Someone (a boomer preferably) ought to tell that guy he will never own a house if he fritters away £400 a month on car. :lol:

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^ Very good, aST!:lol:

I wasn't going to watch this but hearing of the ineptitude of the 'customers' , I think I will now. :)

My sister temped on reception at the local Land Rover/Range Rover dealers a few months ago. Most of the customers bought their cars with cash, such as the landowners and farm owners as previously mentioned. On one occasion one woman did come in to ask what cars they had for £7k. The salesman showed him the cheapest car on the used forecourt which was more than double.

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Some people were 40/50 and had done this every 3 years for decades.

Madness

You realise of course that it's only people like this (and company car fleet buyers / hire companies) that enable bangernomics to function. In order for you to buy a used bargain someone has to have bought a new car at some point and paid top whack for it.

It's a bit like what we had a few years ago with completely free banking, stoozing on credit cards, attractive cashback deals etc. Savvy people could get great deals because banks were making loads of money off idiot debtors.

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Might also be an out of work actor and at Mothercare not sure anything on telly can be trusted.

Range Rovers used to be mostly company directors, farmers and land owners etc. I don't really understand how so many people on average type incomes are getting into them. No change from a £1k for 4 tyres and even the diesels struggle to get 25mpg. Even if it's all on some form of finance with the least amount of repayment element possible I don't understand how so many people's credit records remain in good enough condition to secure any form of finance as they must all come unstuck eventually.

You often see slightly older (Less elaborate headlamps etc.) Range Rovers at petrol stations where their owners are putting in £10 of fuel at a time. They usually have almost balding mis-matched, no-name tyres which would tell me that the owner is struggling to keep the thing on the road. But to the idiots that that guy is friends with, he's probably seen as a total player.

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You realise of course that it's only people like this (and company car fleet buyers / hire companies) that enable bangernomics to function. In order for you to buy a used bargain someone has to have bought a new car at some point and paid top whack for it.

I hadn't thought of it that way.

I actually explained to my uncle how great it is to run my 500 quid fiesta so cheap and not be worried about costs at all, he went out and bought a 500 quid mercedes, but has since decided it's a classic, has repainted it, bought a new leather interior, new wheels, spent over 2500 on it....it's still worth 500 quid. lol

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I hadn't thought of it that way.

I actually explained to my uncle how great it is to run my 500 quid fiesta so cheap and not be worried about costs at all, he went out and bought a 500 quid mercedes, but has since decided it's a classic, has repainted it, bought a new leather interior, new wheels, spent over 2500 on it....it's still worth 500 quid. lol

That's a bit harsh.

It's probably worth £750 now.

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My survival budget is £500-600 a month. Sometimes I think I'm on a different planet to everyone else.

I think you'd be surprised.In terms of disposable income,you'd be amazed how many middle class people(£40,000+) I know are raiding savings,parents and credit cards to maintain their lifestyles.

Many families haven't really had to budget for a generation now.It's a bit like lighting fires with two twigs.Withing a generation of using lighters,those skills are gone.

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I've only paid £15k on cars in 30 years and, apart from my first car (a T-plate Renault 5 TS), I have bought a 2nd-hand 3yr old ex-motability car for the last 3 purchases.

If you take off the money I got back then I've probably only spent £12K on the actual vehicles -

Current is a Peugeot 206 SW, - £35 road tax, 65 mpg, service every 10K, insurance < £200, depreciation about £500 pa and that is reducing every year I keep it - why pay more ?

But then I've never made assistant manager at Mothercare.

Where can you get ex motability cars? Is there a particular website advertising them?

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He was then interviewed by the reporter and said something very unusual... It was something like:-

"I like buying thing on finance, because it gives me more security. I mean, if I have a problem and don't have enough money that month, then I don't have to pay for it." !!!

Basically if there are many more people like him, no wonder this country is has had it!

So the outstanding negative equity on his trade in is just being added to the new car loan? You can bet the government is backing that scheme. "Help to Drive" anyone?

It started with houses. How often have we heard bankers, financial journalists, government ministers and even the PM saying that houses are more affordable, even though the price has been inflated by 300%. Affordable because of rigged interest rates, subsidies and taxpayer support. Affordable if you only pay the interest and not the capital. Affordable to buy if the cost of rent can be inflated so it is even more expensive than buying. The actual price and value has become irrelevant to the point where it is not even mentioned. All that matters is the montly payment. Not surprising then if the same attitude applies to cars, holidays, furniture, meals out etc. When a 21 yr old school leaver is buying a Range Rover on 120% finance we are heading back to national bankruptcy at warp speed.

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Basically if there are many more people like him, no wonder this country is has had it!

Country has lived off people like that for the last decade and a half.

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