Opportunity Knocks
Normally you pay about 60 percent of book value.Most of the cars are newish and have service and maintenance plans in place.
As sad as these times are for many people we have to look at their misfortune as our opportunity. Over the next few months it is time to upgrade the family car and see what is available. Many are in financial strife and it is too early to pounce just yet as banks have put a freeze on some loans to help their clients through this period. I think by August or possibly September we will see many cars hitting the repossession market.
source Waste of time as this auction is full of dealers who push the prices too high. Many are buying for clients who have asked them to find a specific vehicle.
This is when people who live on credit feel it the most and why I don't or try to avoid loans of any sort. Obviously buying a house not everyone has cash at hand or a large purchase like a motor vehicle but everything else I feel should be saved and planned for.
I remember living in England seeing adverts on television selling holidays on fly now pay later deals. I have no idea how anyone can relax sipping cocktails around a beach or somewhere tropical when you are going to have to pay it off. That is my idea of a nightmare and goes against every bone in my body.
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Madness
We or some of us may find this strange behavior, but shockingly many live like this. How many people actually pay their cars off before getting another deal. I know of many who are up to their necks in debt but always have the latest and flashiest cars. Their cars are on an automatic conveyor belt every two or three years so they never really own anything. source Bought my first car at auction here and never again.It was a decent buy at the time, but could have got it cheaper at Imperial Auctions had I known.
I have always been the frugal one in the house saying no to certain purchases. Not a scrooge by any means, but just living within ones means never leads to disaster.I have tried to install the same logic to my kids with a little difficulty. My son saves like a demon yet he wastes it on his girlfriend lol so he has no hope. My daughter loves shopping and I hate shopping with her as there are always surprises at the till somehow.
My mother raised my brother and I as a single parent which is probably why I think like I do. I know how she battled and struggled to keep a roof over our heads and we never felt poor. I knew we were not like the other kids with a new bicycle every year as ours had to last. Everything we had we cherished and appreciated which I think is what is missing with most people today.
When my kids were young we went on holidays that we could afford and the only thing I didn't mind spending on was home entertainment as that actually saved us money from going out all the time. I only used the credit cards to get a credit rating as it does seem crazy that if you want to get a bond/mortgage or a loan you need to have already borrowed money.
I started looking tonight at the two auction sites I use and it is way too early and need to just keep checking back as very few people have extra funds right now. I know from previous experience that buying at the right time you can obtain a vehicle for nearly half the book value and that is my plan again. This way when you sell the vehicle in 4 years time you will get a similar price to what you paid for it.
