Many dealers are calling for the extension of the scrappage scheme, as they fear that sales will fall off when it ends. Managing director Tony Whitehorn of Hyundai UK speaking to Motor Trader said “The money is two-thirds gone and at the current rate it will be gone by the end of October. If it comes to a sudden halt we will see car sales across the industry fall off a cliff. We need the government to start thinking now about what comes next,” said Mr Whitehorn. “The industry needs a soft landing, hopefully that will be through some sort of extension of the current scheme and then a gradual tapering off. The scheme has to end at some point, we all understand that, but it needs to be a gradual landing.” While Whitehorn admits that his company has been one of the biggest…
Ford has called for a continuation of the scrappage scheme beyond the £330m funding limit imposed by the government. Speaking exclusively to Motor Trader, Ford of Britain managing director Nigel Sharpe said the following: Sorn vehicles Sharp said Ford would like to see some form of continuation and it would also like Sorn vehicles to be included in the scheme. Sharp said any additional help now would ease the pain of what looks set to be an equally tough 2010. “Next year we’ll potentially have a market without scrappage, a VAT increase, probably an environment where interest rates will track upwards and the cumulative effect of the pound being worth 25 per cent less than it was 18 months ago coming through in greater prices. Scrappage extension “Add all those things together and you could see a reduced level of demand so an extension…
According to BCA used car values rose in April to make it six months out six, this is quite incredible and in my 14 years in the industry I have never seen this happen before. In fact after speaking to a personal friend of mine who happens to be a dealer too, he seems to think that he has never seen such oddness in 40 years, yes he is getting on a bit, but I’m sure he can remember that far back. Well what does this mean for you the buyer? It means that you should be happy, as although you’re house isn’t going up in value, the car is………weird. Basically if you want to change you’re car it’s a good time too, with so many deals on new or nearly new and values on older models high, it means the gap between you…
Birmingham based van manufacturer will receive a £5m bridging loan so Russian owners Gaz can compete a sale. The company run in to trouble late last year and have been looking to sell since, LDV halted production in December 2008. Webster a Malaysian vehicle manufacturer is the likely buyer. Webster will have a tough job on their hands, LDV have consistently made poor quality vans and only the Maxus breaking the mould, the Transit is a far superior van it beats the Maxus comfortably in most areas.
I’m sorry who are the government kidding with this lousy scrappage grant. Let me paint a picture for you, you’re driving a 2000 Ford Fiesta worth in the region of £1000, if you wanted to get a new Ford Fiesta it would cost in the region of £10000. Now stop me if I’m being a total fool, but what makes the government think that someone who is driving an old motor can suddenly afford to splash out £10000 for a new one. The funniest thing about all this is that, I could trade in a fairly low polluting one litre car and buy a Bentley probably one of the most polluting cars in the world and still get the £2000 grant. The government appears to have abandoned any notions that the scrappage scheme is an environmentally-friendly plan. It has probably not imposed a maximum…
We predicted that used stock levels would remain low and they are. However we have seen within in the last week to ten days stock levels return to somewhere near normality. Prices are still on the high side, but if you know where to look there is choice around, rather than before where small levels of stock and way over book prices made trading tough. With more stock out there do not expect prices to rise any further than they did in the first crazy quarter this year. Expect pricing to level out and for more usual small price drops in line with depreciation. Over the next two quarter we should see stock and pricing come further in to line. Large cars will still be affected and small to medium sized models to be stabilised through out the year. It’s a very weird old trading…
Wow now there is something you don’t see every day in the car industry…..prices going up. With used car stock hard to come by it seems the market having taken such a hit last year, is on the road to recovery. This is not due to the UK coming out of recession, it is purely based on supply and demand. Glass’s guide the motor trade’s pricing bible has seen most values either stay the same or go up. This is most unusual but is a sign of crazy times in the industry, I’m not sure this will continue but all you buyers out there be warned. Last years bargains are long gone and unless you want to buy a big engine or luxury motor, expect to pay proper money. Dealers are paying over the odds for stock so expect everyday motors to be more…
The car market is a funny thing to read at the moment but having spent over 14 years in the trade, I will share with you what is happening and why. I delve in to the new and used markets discovering who is really at fault for the craziest time in vehicle sales I can remember. The used car market has been having a bumper year so far, with sales and vehicle values doing very well compared to 2008. Stock levels have been low on anything aged between 6 months – 18 months old. This could continue for the immediate short term and possibly into ¼ three this year. This is due to many varying factors: 1. New car market slump means people are buying nearly new instead. 2. Dealers and private buyers had put off buying in the last ¼ of 2008, believing…
