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Biggest annual drop in car sales since 2009


TheCountOfNowhere

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May 14 a zero hedge article....... Imo I think we are saturated with new motors, and if fuel and train fares are rising will have to invest in the fuel to use the car for what it was built for rather than invest in new car every three years....... depreciation is very high so to get a car to an age when depreciation is reduced is an investment (servicing and mot helps support local self-employed business)....also the uncertainty of future electric technology on the horizon?;)

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8 minutes ago, Nabby81 said:

There was still 2.5mil new cars sold , how many new cars can people buy a year ....

That's what I thought.

In what sane world is 'only' shifting 2.5 million widgets of something a problem, when only one lifetime ago, there were hardly any.

The older I get, the more I hate so-called 'consumerism'. I hate to be lumped in with the masses and referred to as a consumer.

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9 minutes ago, Noallegiance said:

That's what I thought.

In what sane world is 'only' shifting 2.5 million widgets of something a problem, when only one lifetime ago, there were hardly any.

The older I get, the more I hate so-called 'consumerism'. I hate to be lumped in with the masses and referred to as a consumer.

100% agree.  The sickening need to keep on producing more rubbish to keep zombie companies afloat is a disgrace.

Happily the wheels are coming off now, as without easy credit, practically no one can afford their consumerist "Lifestyle".

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BBC radio said the reasons for the drop off were due to confusion about diesel emissions :rolleyes:, and  lower consumer confidence.

Obviously quoting directly an industry VI. 

Nothing to do with the fact the everyone that one that wanted a pcp/lease contract now has one, and the Ponzi is running out of steam?

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From Guardian Business live 

 

Most people who can afford a new car have bought one recently, and pent-up demand from the auto market crash during the financial crisis is now completely sated. The average age of cars on the road is now less than eight years, so there’s little replacement demand.

Consumer confidence is faltering: with incomes nearly stagnant and the outlook uncertain because of Brexit people are becoming less keen to take out credit.

November’s rise in interest rates didn’t help, raising many people’s mortgage payments and making the financing deals from dealers less attractive

 A drop in PPI claims has also cut the number of people with one-off lump sums to spend.

The sharp slump in diesel sales, after the VW scandal exposed concerns about NOx emissions. With the London congestion charge now higher, and the vehicle excise duty due to rise for the most polluting diesels, buyers are edging away rapidly. In the longer term there will be a shift towards electric cars, but at the moment sales (though fast-growing) are too low to make up the difference.

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1 hour ago, Nabby81 said:

A drop in PPI claims has also cut the number of people with one-off lump sums to spend.

Our economy really is a load of old crap isn't it. It relies on doling out windfalls to the already fiscally challenged.

I can see the introduction of the death penalty for diesel drivers soon.

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13 minutes ago, reddog said:

So what do you think the reason for the drop is?

-people waiting for viable new models with new technology (ie electric)?

-people can't afford new cars?

-there are plenty of viable cars, so no need to replace at the same rate?

-something else?

All these have been covered in the thread if you took the time to read it :P

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3 minutes ago, Northern Welsh Midlander said:

All these have been covered in the thread if you took the time to read it :P

Yes, but there was no consensus on a trend ,?

 

Could people afford a new car, but are just holding off?  Or are they broke?

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For balance, third best year this decade and sixth best year on record.

If this kept falling and let's say a small recession followed do we think the government would start pushing out funding for lending and giving out all sorts of scrappage schemes again?

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