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Realistbear

Irish Spending On Cars Hits Another Record

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http://www.rte.ie/business/2006/0223/cars.html

Figures from the Central Statistics Office show that new car sales jumped by 23% in January compared with the same month last year. 24,605 new cars were licensed in the month, compared with 19,992 in January 2005.

With perhaps the world's fastest house price inflation the economy will enjoy plenty of equity release for some time to come. At least the crashing number of sales in the UK can be offset by record breaking demand over the water.

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and look how much we pay for them. :blink:

www.carzone.ie

This is the effect of the one-off SSIA saving schemes (whereby the govt tops up contributions by 25%, for non-Irish readers) maturing this year. People are borrowing against them and using it for cars.

Plus, everyone here buys their cars in January for maximum number plate bragging rights (the reg plates show the year of registration). Lots of 06 around atm.

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Apparently, you can get a car or house loan with a driver's license. Unlimited amount if you have a job. The logic is that house prices will continue to soar making it possible to sell later and use the profits to pay off any debts accrued. Houses become, in effect, a private bank with an ever increasing credit balance as prices increase. This in turn allows virtually limitless MEW to buy all those things that, without HPI, would have been just dreams. Ireland has found UTOPIA!

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Apparently, you can get a car or house loan with a driver's license. Unlimited amount if you have a job. The logic is that house prices will continue to soar making it possible to sell later and use the profits to pay off any debts accrued. Houses become, in effect, a private bank with an ever increasing credit balance as prices increase. This in turn allows virtually limitless MEW to buy all those things that, without HPI, would have been just dreams. Ireland has found UTOPIA!

I bank with Bank of Ireland, and on my online banking I used to have a giant banner saying I was preapproved for a loan of up to about 25K I think unsecured to be repaid over up to 5 years. Now I'm paid OK but 25K is a lot of cash to me. Wouldn't even consider spending that on a car (mine is worth about 3.5K and does me nicely) or anything else for that matter.

It isn't hard to get approved for a mortgage with very silly multiples either. I gather all you have to tell them is you're using the rent a room scheme (up to 6,250 tax free a year without needing special mortgage) and you can get loads.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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