Covid-19 - are you cancelling?

[Lfcdan]

I have a Turbo S on order which was for a late May or early June delivery. It was on the verge of being spec locked when the lock down happened. I'm currently on the fence about continuing with the order despite getting a charging point put in and selling my year old M5.

I’m still undecided to go ahead or not but I’m also contemplating swapping my Turbo for a Turbo S should a slot become available

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[TAYC4N]

I’m still undecided to go ahead or not but I’m also contemplating swapping my Turbo for a Turbo S should a slot become available

There will be build slots available on the Turbo S for sure. I can see many business owners opting out of a £150k car at this time simply for the reasons you have stated earlier. Business are closed, staff laid off or furloughed - I don't think many would have the balls rocking up in a car like this after lock down. It all boils down to affordability and the nature of your business. If you can afford it and have balls big enough not to care about what people think then the Turbo S is the car to have if you can afford it

 

[GDHazy]

There will be build slots available on the Turbo S for sure. I can see many business owners opting out of a £150k car at this time simply for the reasons you have stated earlier. Business are closed, staff laid off or furloughed - I don't think many would have the balls rocking up in a car like this after lock down. It all boils down to affordability and the nature of your business. If you can afford it and have balls big enough not to care about what people think then the Turbo S is the car to have if you can afford it

Yep it's a tough one. I provide consultancy services mainly to public sector for complex procurements, so I'm pretty sure they will cut back on some of these now which is why I'm nervous dropping 100k on a car. That cost even in pcp would pay most of my Bill's. Will be gutted not to get it but it's just so difficult now and for the next few years I'd imagine

 

[TAYC4N]

I work in Consultancy too however my wife has a small fashion retail business and its these small businesses that are really suffering.

She has a retail shop here and a manufacturing unit in India. 1 staff here Furloughed but 50 in India who she needs to carry on paying as they are 1) poor so will be unable to feed themselves and their families if no income for even a month and 2) they are highly skilled so need to keep hold of them.

The wage bill for India alone is around £7k per month add in the factory rent and the shop rent here and no sales being made and total lockdown here and in India you can imagine what she is going through! If this goes on for 3 months we need to dig in to around £50/60k of our savings to keep the business afloat - if longer god knows what will happen. Suppliers on 30/60 days credit are also chasing for payments and will need to be paid or when she reopens they won't be supplying her with the materials needed to run her business!

She is just one of those small businesses that is suffering and there are thousands such other in the UK who will be going bust or will take a few years to recover.

It's absolute carnage and with no vaccines in sight for at least 6-9 months or more things won't get much better. Sorry for the doom and gloom but just sharing the reality out there.

 

[GDHazy]

I work in Consultancy too however my wife has a fashion retail business and its these small businesses that are really suffering.

She has a retail shop here and a manufacturing unit in India. 1 staff here Furloughed but 50 in India who she needs to carry on paying as they are 1) poor so will be unable to feed themselves and their families if no income for even a month and 2) they are highly skilled so need to keep hold of them.

The wage bill for India alone is around £7k per month add in the factory rent and the shop rent here and no sales being made and total lockdown here and in India you can imagine what she is going through! If this goes on for 3 months we need to dig in to around £50k of our savings to keep the business afloat - if longer god knows what will happen. Suppliers on 30/60 days credit are also chasing for payments and will need to be paid or when she reopens they won't be supplying her with the materials needed to run her business!

She is just one of those small businesses that is suffering and there are thousands such other in the UK who will be going bust or will take a few years to recover.

It's absolute carnage and with no vaccines in sight for at least 6-9 months or more things won't get much better. Sorry for the doom and gloom but just sharing the reality out there.

Sorry to hear that, really tough times. This is why I'm leaning towards cancelling the car as if things get worse, at least I've money to keep the house etc for a few years without work

 

[Lfcdan]

all valid points guys, i have spoken to a lot of people in the UK that believe they won't be affected by this!!
they are either naive, stupid or In my opinion both as this will affect everyone in some way

my wife is solicitor and they have had to furlough over 60% of staff mainly conveyancing, i anticipate that that department will make a lot of redundancies
lucking my wife is in family law so she's actually busier than normal

i have a renewable heating installation company and out projects are getting delayed a little at the moment so its not causing a big problem, but I'm also aware that the longer this goes on for our clients could struggle and some projects could be cancelled!!!


although its an expensive car it will still have high value so if times do get hard it could easily be sold but does it set a good example to clients etc!

 

[TAYC4N]

although its an expensive car it will still have high value so if times do get hard it could easily be sold but does it set a good example to clients etc!

Will it though!? If people don't want to be spending the cash I can't see how it will remain an expensive car? If you look at the supercar market prices are dropping like stones. 458 speciales have lost £65k over the past 2 months!

 

[kevinod]

Im personally very fortunate that my business hasn't been impacted by the virus *yet*, although I full expect it to at some point. Furloughing staff really isn't that simple when you have to provide a 24/7 callout service so hopefully this all settles sooner rather than later.

My Turbo S will still be coming and will stay in the business for the next 3 years realistically so I can't imagine the cars really being worth that much by that point anyway! It will be interesting to see if the government changes any of the BIK/benefits for the cars.

I haven't decided wether to purchase the car outright yet or use a PCP (For the GFV), but will be watching with interest to see how the market changes before its arrival.

 

[TAYC4N]

Im personally very fortunate that my business hasn't been impacted by the virus *yet*, although I full expect it to at some point. Furloughing staff really isn't that simple when you have to provide a 24/7 callout service so hopefully this all settles sooner rather than later.

My Turbo S will still be coming and will stay in the business for the next 3 years realistically so I can't imagine the cars really being worth that much by that point anyway! It will be interesting to see if the government changes any of the BIK/benefits for the cars.

I haven't decided wether to purchase the car outright yet or use a PCP (For the GFV), but will be watching with interest to see how the market changes before its arrival.

Glad to hear you have not been impacted, I sincerely hope it stays that way for you.

I would PCP the car all day. You are protected against any significant fall in value and can hand the keys back and walk away at the end without having to worry about the car being worth 20p due to a new model launch or better technology after 3 years (which there certainly may well be!). You also get full write down allowance on the PCP as well according to my accountant it's a no brainer.

 

[TC Fan]

Ps None of the Texas guys would do it even though I had a relationship with them. I love competition! I'm a capitalist. I don't need the dealer experience, I can read the Manual. And if you think they won't work on your car, think again. They are capitalists also!

How were you able to figure out their cost?

 

[Lfcdan]

Will it though!? If people don't want to be spending the cash I can't see how it will remain an expensive car? If you look at the supercar market prices are dropping like stones. 458 speciales have lost £65k over the past 2 months!

Cars like 458 speciales, GT3RS and 911R (625k 2yrs ago now 275k)will always lose money at some point that’s supply and demand on high end cars And then they will fashionable again at some point and start climbing back up

regards PCP v outright purchase etc
cash is always good in any business but as an example my turbo costs

GFV 77.3k
APR payable over 3yrs 18.5k (15k after 19% corp tax reduction)

so if the car was still worth 62k after 3 yrs i would be no worse off buying outright but IF and its a big IF they car was worth the 77k GFV then I would be much better off with an outright purchase
i do understand there are other tax benefits etc to look at and these sums are not exact but it give an idea

 

[TAYC4N]

I specifically mentioned the 458 Speciale as they were the car touted by all to be the last of the naturally aspirated V8s from the House of Ferrari and destined to hold their value. It's the first time since launch that they are now way below list price. I'm holding out with hope of buying one for £150k soon lol

 

[Lfcdan]

I specifically mentioned the 458 Speciale as they were the car touted by all to be the last of the naturally aspirated V8s from the House of Ferrari and destined to hold their value. It's the first time since launch that they are now way below list price. I'm holding out with hope of buying one for £150k soon lol

My business partner recently got rid of his 488 spider (got a DBS in its place until his F8 is ready) its less than half what he paid 3yrs ago
the 458 isn’t as good looking but sounds so much better

ive been tempted by a 570s as a toy for a while and said when they get close to 100k i will get one, you can pick them up for less than 80k at the moment
the other one I’m keeping an eye on is the GT3 touring

 

[TAYC4N]

Mclarens are nothing but trouble...join the Facebook Mclaren Owners group and you may change your mind Dan. The 720s at £130k seems immense value too!

 

[Lfcdan]

Mclarens are nothing but trouble...join the Facebook Mclaren Owners group and you may change your mind Dan. The 720s at £130k seems immense value too!

McLaren’s build quality has gone down hill but when they work they are great
that’s why it would have been a weekend car rather than my main one


my business partner has had a few Mclarens and his 570s brakes failed after a week! And so did his DB11

but I won't be buying anything other than the Taycan and Etron for the foreseeable future, then have another look in the new year when things have calmed down

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