Car Sales up 90% Since July 1st

Gary ITR

http://www.breakingnews.ie/ireland/mhgbsnqlidey/rss2/

sk8board

hmmm, a 90% increase on normal JULY figures is hardly a quantum leap?

Henry Ford III

It's called a "dead cat bounce". A one off to reflect new VRT/motor tax rates.

The market is pretty dead.

Gary ITR

Henry Ford III wrote: »

It's called a "dead cat bounce". A one off to reflect new VRT/motor tax rates.

The market is pretty dead.

That's what I was thinking, although with a bit of positive spin/publicity the car market could fly again

cormac_byrne

Surely a dead cat would go splat rather than bounce?
Or does it depend on how long they have been dead?

Táck

new cars for obvious reasons. used cars were busier last year imo

miju

cormac_byrne wrote: »

Surely a dead cat would go splat rather than bounce?
Or does it depend on how long they have been dead?

it comes from an old Wall Street adage that dropped from a high enough point even a "dead cat bounces"

Onkle wrote: »

That's what I was thinking, although with a bit of positive spin/publicity the car market could fly again

Honestly dont think spin is going to do it. Country is heading into recession and thinking happy thoughts aint gonna do much good . Last time we tried that was the housing market and look what good thats done

junkyard

Markets dead for sure, never seen it so bad in 25 years. Thanks Fianna Fail for letting it happen, f*cking muppets.:mad:

crosstownk

As stated before, it's only a July 2007 vs July 2008 figures based on the first 10 days of July. Year to date, the market is back 15% on last year.

ninty9er

junkyard wrote: »

Markets dead for sure, never seen it so bad in 25 years. Thanks Fianna Fail for letting it happen, f*cking muppets.:mad:

You're welcome;)

Let's leave it at that eh!!

junkyard

Seriously though, it's about time people woke up to the fact that most of this crisis is due to major mismanagment on behalf of FF. We've been in trouble for over a year now and nothing was put in place to safeguard the economy in general. If things go much farther there won't be anything to salvage.

crosstownk

Snore......take it politics Junkyard

But I do blame the government for accentuating the decline in this year's vehicle sales by introducing the new VRT/tax regulations in July. In January, some potential buyers correctly understood the new system and opted to wait until July. Others misunderstood the forthcoming changes and just heard "cars will be cheaper in July" and took it to assume that ALL cars, new and used, would be cheaper - so they waited for never-to-happen reductions too. So some folks opted not to buy used vehicles which means that the dealer can't shift used units resulting in higher used stock levels which has a knock on effect on what the dealer will offer on potential trade ins - potential customer decides not to trade in. I think general public awareness of the changes to the VRT/tax system was quite poor. I think Revenue could have made a better effort of informing the public of what was to come.

Whether Revenue promoted it or not, the economy took a nose dive. People either felt it in their pockets directly, or listened to George Lee et al and started to economise to some extent. The new car was put on hold. Then there's those who waited for July but were unaware that certain model variants are not carried in stock and will take 12 weeks to arrive - September. So they wisely decide to wait til January for a 2009 model.

July is not the time to revamp vehicle pricing. I don't believe that this was considered when the budget was being drawn up. A simple 1 hour meeting with the SIMI may have helped.

That said, I don't think the Government saw the economic downturn coming as quick as it did - but that probably raises a heap of other questions.

However, it's a once off blip - so hopefully things will be better in January. Unless the Celtic Tiger turns into the Celtic Gerriatric, car sales for the first few weeks of next year will probably be better than the same period this year, but how they turn out for the full 12 months of 2009 is another matter.

pburns

junkyard wrote: »

Seriously though, it's about time people woke up to the fact that most of this crisis is due to major mismanagment on behalf of FF. We've been in trouble for over a year now and nothing was put in place to safeguard the economy in general. If things go much farther there won't be anything to salvage.

Junkyard, you've been buying X5s and M5s and all sorts, you can't be doing that bad!:D

Things were gonna go splat eventually, a blind man could see that. Just blaming 'de government' doesn't cut it.

Yeah, FF has to take a portion of the blame for letting property go out of control but there are also outside factors at work. Similarities to what happened in the UK in '89-'90.

Anyway, I'm not an economist, what the **** do I know?

ninty9er

pburns wrote: »

Junkyard, you've been buying X5s and M5s and all sorts, you can't be doing that bad!:D

Things were gonna go splat eventually, a blind man could see that. Just blaming 'de government' doesn't cut it.

Yeah, FF has to take a portion of the blame for letting property go out of control but there are also outside factors at work. Similarities to what happened in the UK in '89-'90.

Anyway, I'm not an economist, what the **** do I know?

Taking a simple view. Lots of property "tycoons" are going to sell that WHOLE 1 RIP that is their empire over the next few years becuase nobody will want to rent it. This means in general (because most of the houses aren't sitting debt, they're owned assets) they'll have cash in their pocket, no matter what the paper profit or loss is.

It'll be like the SSIA money all over again.