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@Hefty
Yeah ^ and yeah ^^.
That’s generally how recessions go. Those with plenty of money are unaffected or get more, those who have stretched themselves wind things back in.
If you’re 30 you’ve never experienced rising interest costs so your £1000 a month cushion between incomings and outgoings has been plenty, indeed £300 has been plenty. Then your heating goes up £150 a month and your mortgage goes up £500 a month and your shopping goes up £100 a month etc and maybe you’re self-employed and have some lean months, then all of a sudden you have to cut something big, it can only really be the car.
Big engined saloons and estates are always depreciation monsters (I’d imagine you can get an early V8 CLS for c. £5k) for the running cost reasons you mention, it’ll probably continue and worsen from now but you probably know that.
I’m interested to see what happens to the sought-after young bloke sportscars that are mostly bought on finance - M2, Cayman GT4, 458, that type of thing - who will buy those if people stop taking finance? It used to be men in their 50s who bought expensive sportscars for cash after they’d sold their small businesses and the kids had left home, but over the last 5 or 8 years that’s totally changed and you see no end of twenty-somethings spending £1000 a month on finance. Surely this will stop?