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Used car market after COVID-19
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[quote][i]Originally posted by SetH[/i] [quote][i]Originally posted by gavin18787[/i] I suppose when the furlough ends will be key. Alot of people on furlough boasting about how they are now better off as they have less expenditure. Like you say when/if they find jobs are not there it will be when toys come up for sale to fund things. [/quote] I see 3 clear groups since Covid-19 1) People that financially gained 2) Those where nothing really changed 3) Those that had their lives turned upside down It's group 1 that are suddenly buying hot tubs and expensive cars/bikes, well certainly in the case of my social media contacts and some friends. One of them had sold his coffee shop which was due to complete in March, the sale is still going through shortly but in the meantime he netted 10k from the government, a nice little cherry on top of his sale. Quite a few people I know are actually still on 100% wages too. Don't get me wrong I am not hating on people buying nice things but my observation is that they are really taking a risk. They all seem to think everything is going back to normal and non of them believe their jobs are at risk. Of course I don't want to see things go to hell but anything can happen over the second half of this year. Unfortunately for me I fell into group 3 but I am on the road to bouncing back from it. I will probably have more of a cash hoarding mentality for the foreseeable future. Recently I had been a big fan of car leasing and the man maths always made sense, you do a risk analysis and on paper you can comfortably meet the payments for 3 years than BOOM a world wide epidemic with millions of job losses. [/quote]
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