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To cancel or not

Posted: Wed Mar 25, 2020 3:03 pm
by Jako999
Should I cancel my order? My new i3s has only been on order for a couple of weeks now and now that all the factories are closed and the dealers will be by the end of this week the delivery is likely to be extended to around 8 months. By then there are going to be lots of very cheap car’s around, there are a lot of people out there who have cars on finance and pcp that will be sending them back when they stop earning any money or are cut to 80% after all a lot of people run at around a 120% wage because they rely on overtime and bonuses.

No one knows what is going to happen but an article I read said that the global recession that will follow coved -19 could cause house prices to drop 25% so I would think cars would be the same to just shift them that means a 2 year old i3s would only be around 20k

What to do?

Re: To cancel or not

Posted: Wed Mar 25, 2020 4:45 pm
by vreihen
If we only had a crystal ball...

Back in 2008, I bought a two year-old used diesel pickup for $19K. This was at the peak of the oil/housing bubbles, and the original owner paid $43K for it brand new. Dealerships were piling up almost new trucks like this on storage lots because nobody wanted them facing $5.00+ per gallon gas. I bet that fuel prices would drop, and I won. Eleven years and 108K miles later, and the blue book is still $16K on it. Maybe I was just lucky, but I drove that truck daily for 11 years and it only cost me $3,000 if I sell it today.....

Re: To cancel or not

Posted: Fri Mar 27, 2020 8:12 am
by Jako999
That’s great well done. This is what I am thinking the used market will soon start to drop as no one can go and view cars and now most of the main dealer have shut there are no more new orders so when they reopen in ? 3 months time they will be desperate for sales. I know this sounds bad but I may as well take advantage of the situation after all I’m a paramedic so I think I deserve a bit of a bonus :D :D

We were due to holiday in Florida in the middle of June for a month so depressed at the moment because that’s not going to happen but still there are people far worse off out ther.

Thanks

Re: To cancel or not

Posted: Tue Mar 31, 2020 12:35 pm
by skeptic
Dealerships are still open around here. They will drop off cars at your home for you to test drive, but the showrooms are open as normal. Pretty empty, no handshakes and people are keeping their distance, but I (finally) bought a used i3 this weekend.

You are correct that the used marked has dropped. It will probably continue to drop, but maybe not as much as we all think and it may even start to rise before this is all over. Remember, it's all about supply and demand. Demand is dropping, but so is supply. I just bought a CPO (off lease part of national BMW network, not local). My local dealership made it clear, they are not getting ANY more vehicles. No new ones, no used, not buying anything at auction, not willing to buy anything someone wants to just unload. The only exceptions are trade-ins and lease returns. The 3 i3s on their lot is all they will have until things go back to normal. The only way I was able to buy one is they did a national search, found one that just came off lease that matched what I want but was not ready to be sold. They made it very clear, they would only buy it if I was going to buy it, contingent on vehicle condition of course, and if I put $500 down.

My crystal ball isn't any better than anyone else's, but I would not be surprised if car lots started thinning out and prices stabilized or even started to rise.

Re: To cancel or not

Posted: Wed Apr 01, 2020 2:31 am
by i3maybe
You probably have nothing to lose by cancelling. Delivery will be so far away given the shut-downs.

As to what happens after all this shit - my opinion is that the manufacturers will drastically reduce supply to keep demand and supply matched so prices won't plummet.

There are too many dealers dependent on a living for them all to start cutting prices and metaphorically cutting each others throats!!

Re: To cancel or not

Posted: Wed Apr 01, 2020 10:30 am
by Arm
What a sad, broken, corrupt system we live in. If there's a time to ponder a major change in economy and how monetary systems work, this is the time.

Re: To cancel or not

Posted: Wed Apr 01, 2020 12:15 pm
by i3maybe
I thought we had just changed how monetary systems work!

Just print it out of thin air without limitation.

Modern Monetary Theory (MMT) - otherwise known as Magic Money Tree.

:D