[zltm089]

I reckon with the current economic climate, I should be able to get £3-4k off the list price of a 335i from a BMW dealer. What do you guys reckon? A BMW salesman recently told me that I was "dreaming"

Is it me? or do people not read and watch the news? (ok, the news tend to exagerate things and increase the drama, BUT a friend of mine worked for Lehman Brothers, and people did lose their jobs! and the current economy is in a very bad state! No need to watch the news to prove this!!!)

So how much do you guys reckon I could get off the asking price?

[Hoops]

There is a lot of media hype though and far too much negative spin via the media. Without doubt the climate has changed and is still changing but that said people are still spending money and certainly my local BMW dealer is still moving cars, albeit more slowly. I think some people think that they can just walk into a dealer and take the piss and their crazy offer is going to be snapped up. Without doubt there are deals to be had and with the VAT coming down and new car sales targets you can bargain an healthy discount but apart from odd exceptions the dealers are not going to just give cars away for silly money. Same with the 2nd hand car market - im sick and tired of hearing idiots going on about how an E92 M3 is going to be worth only £20k by the early next year - its such a load of crap. Yes, there will be desperate people who have lost their jobs and risk losing their homes and sadly they will sell at silly prices to get the cash rather than wait for the right buyer at the right price. This then encourages the idiots to start posting that because of these odd exceptions that they are the real prices for such cars. My friend sold his 430 spider last week and only had to reduce his asking my price by a few hundred quid - because it was the right spec and milage etc for the buyer. There is a buyer out there for everything if you are willing to hold on and are not in a desperate financial state. So, in answer to your question, yes i think you have every chance of getting a very good deal, especially as its end of month etc. I would suggest you also play the dealers off against each other to secure your business. Personally i would check the private sector before going down the dealer route as thats where the better deals are still to be had. Good luck!

[threethirty]

Originally Posted by zltm089

Is it me? or do people not read and watch the news?

... yes they do, but what the news is telling us is not the reality for most people.

We are being told we are poorer and shouldn't spend money but I think most people have not lost their jobs and feel no poorer.

[NFS]

Originally Posted by zltm089

I reckon with the current economic climate, I should be able to get £3-4k off the list price of a 335i from a BMW dealer. What do you guys reckon? A BMW salesman recently told me that I was "dreaming"

Is it me? or do people not read and watch the news? (ok, the news tend to exagerate things and increase the drama, BUT a friend of mine worked for Lehman Brothers, and people did lose their jobs! and the current economy is in a very bad state! No need to watch the news to prove this!!!)

So how much do you guys reckon I could get off the asking price?

I think this is perfectly reasonable. £3-4k would be a 10% discount, which is a historical norm for all new cars.

In 07, before BMW changed their rules brokers were offering 17% off. I wished I'd bought then, but I hung on thinking it would be cheaper to change now. Unfortunately the used values have been utterly destroyed.

As to the economy. I'm not a doom monger, but I would really advise people not to underestimate this.

I work in construction, which is always affected early in any recession. The financial system went belly up in the summer and construction is still diving.

The market for completed buildings is on it's knees because most companies have recast their plans for a shrinking of the economy right through 2009.

I think we are starting to reach a point of stability in this sector (although maybe not absolute bottom) because the markets have priced shares in all real estate and construction companies to the most pessimistic degree possible. The current prices assume no economic recovery and no ongoing value in land and buildings.

The credit market isn't moving yet and it won't move until the worst of the crisis is over.

Redundancies are happening throughout my industry right now and it looks like most companies are cutting down by around 25%. The weaker retailers are starting to go bust (Woolies and MFI) and the 'pre-christmas sales' that we are seeing right now suggest that there is desperation amongst a great many quality retailers. Even the supermarkets, who did OK this year are predicting major downturns in 09, especially those who are reliant on non-food sales like Tesco.

It's going to take a very long time for consumer confidence to return. The last 3 months have been quite grim for me and people working in retail will experience something similar in spring 09.

I'm hopeing that the money will start flowing in the system by Q3 next year, which should bring some recovery to commercial construction. Businesses will be looking ahead 12months regarding their need for buildings and wanting to be ready for the recovery in their sector.

As I say, I don't want to depress people, but I've seen how this has ripped through my sector and unfortunately it isn't over yet.

I can see why people think it's over-hyped, because it simply hasn't rippled down through the economic system to the point where most people will feel it.

[dxb335d]

Originally Posted by threethirty

... yes they do, but what the news is telling us is not the reality for most people.

We are being told we are poorer and shouldn't spend money but I think most people have not lost their jobs and feel no poorer.

shit loads of people are loosing there jobs, Woolies, Indesit and other bug companies.

Let alone smaller ones.

[Carrera RSR]

BMW (and most other manufactures) have reduced output on new cars to reduce the need to offer knee jerk discounts. That's not to say by shopping around for a 'stock car' you won't get a discount. However you will likely gat a better deal (8-10%) on a stock car than speccing a brand new new car (5-8%).

Good hunting

[NFS]

Originally Posted by dxb335d

shit loads of people are loosing there jobs, Woolies, Indesit and other bug companies.

Let alone smaller ones.

Hopefully your bit of construction is reasonable protected, since it's an essential

If anyone has any doubt look at bmw share prices:

http://www.bmwgroup.com/bmwgroup_pro...wicklung.shtml

The markets are saying that BMW has halved in value since Jan 08

And they have done well in their sector.

General Motors was worth $18.3 billion at the start of this year and is now worth $3.2 billion.

[SoYank]

What kind of an economy can flourish if no one spends?

[zltm089]

Thank you guys for your comments!

NFS, I work in construction aswell! yeah, the industry is not looking good at the moment! But luckily, infrastructure sector hasn't been hit too bad. (Fingers crossed). Some QS actually are moving to infrastructure team within my company.

I will waiting for the right car at the right price then, gona wait for that January deal!!!

[NFS]

Originally Posted by zltm089

Thank you guys for your comments!

NFS, I work in construction aswell! yeah, the industry is not looking good at the moment! But luckily, infrastructure sector hasn't been hit too bad. (Fingers crossed). Some QS actually are moving to infrastructure team within my company.

I will waiting for the right car at the right price then, gona wait for that January deal!!!

Infrastructure (and most other public sector work) should hold reasonably firm.

Even so, the likes of Balfour Beatty will have a difficult year.

The markets currently value the company at £1462m. Bottomed last month at £1071m.

At it's height last summer it was worth £2504m. Similar story throughout the industry.

Reflects the fact that there will be significatn negative growth in 2009.

[Speedtrap]

Originally Posted by NFS

Infrastructure (and most other public sector work) should hold reasonably firm.

Even so, the likes of Balfour Beatty will have a difficult year.

The markets currently value the company at £1462m. Bottomed last month at £1071m.

At it's height last summer it was worth £2504m. Similar story throughout the industry.

Reflects the fact that there will be significatn negative growth in 2009.

Unfortunately not, as my wife works for central government; they are trying to rationalise different organisations, re-organise pay scales and reduce if they have to; sell off buildings, etc and move people around from say Faringdon to Westminster, etc.... (if you do not like it, then leave)

[beemerbird]

Originally Posted by Speedtrap

Unfortunately not, as my wife works for central government; they are trying to rationalise different organisations, re-organise pay scales and reduce if they have to; sell off buildings, etc and move people around from say Faringdon to Westminster, etc.... (if you do not like it, then leave)

+1 without a doubt!

[NFS]

Originally Posted by Speedtrap

Unfortunately not, as my wife works for central government; they are trying to rationalise different organisations, re-organise pay scales and reduce if they have to; sell off buildings, etc and move people around from say Faringdon to Westminster, etc.... (if you do not like it, then leave)

I actually think the civil service is at some considerable risk. Those final salary pension schemes are expensive and there are rather a lot more civil servants than they used to be. Unfortunately, if they don't shed a big percentage of staff over the next 12 months, the private sector will turn on the government.

I was talking about public sector financed construction, like essential infrastructure, roads, bridges, building schools for the future, army bases etc.

Almost every construction company is trying to get into that market now, because they fear that the government will be the only one spending for the next 12 months.

They can't afford to stop spending either as this is an essential economic stimulus. Obama has already announced massive public sector construction projects to help the USA.

[BC4J]

Originally Posted by SoYank

What kind of an economy can flourish if no one spends?

Not much of one I guess. Though the spending frenzy didn't help that poor security guard at Wal Mart the other day!

The govt now wants us to spend big again to get it out of a hole of their own making. Wasn't asinine, manic spending what helped get us into this mess in the first place? Hey, my iPod's a year old I gotta have a new one. I haven't replaced my plasma this year and the contrast ratio is so much better on those new ones. I must buy one. Or something else. I need more stuff - now!

I've decided I could carry on buying more stuff, mainly tat in my case, but I'm getting bored with that regime. I've come over all sensible and decided to keep my money, for now. Boring in a way, but blowing out the mortgage has it's attractions.

The rest of you - keep spending please Thanks!

[scooba0010]

I may be wrong but down here on the coast it seams busy .I went shopping on Friday and it was mental busy .I asked my local Jeweller how things were and he said to be honest he cant belive how much high end stuff they are selling Rolex etc.But he belives the spring is going to be challenging .

He said that clients who had ordered some items on big waiting list were now declining them when they arrive but it is going to be another very good year .

I have been looking at property prices as well, Ok they are down a bit but nothing spectacular

Judging by my wifes christmas shopping and credit card bill this month its buisness as usual ffs .

Who has honestly cut back ? .I bought my self a bargin on Sat and havent mentioned it to my wife yet .

[NFS]

Originally Posted by scooba0010

I may be wrong but down here on the coast it seams busy .I went shopping on Friday and it was mental busy .I asked my local Jeweller how things were and he said to be honest he cant belive how much high end stuff they are selling Rolex etc.But he belives the spring is going to be challenging .

He said that clients who had ordered some items on big waiting list were now declining them when they arrive but it is going to be another very good year .

I have been looking at property prices as well, Ok they are down a bit but nothing spectacular

Judging by my wifes christmas shopping and credit card bill this month its buisness as usual ffs .

Who has honestly cut back ? .I bought my self a bargin on Sat and havent mentioned it to my wife yet .

I'm glad things aren't to bad down there at the moment.

With regard to property, it's not the price that's this issue. It's the fact that the market has frozen.

Obviously you would expect prices to fall when demand falls, but you have a weird situation now where the only buyers are those with cash who are looking to take advantage of a distressed seller. So the sellers add £50k to the price they want in the knowledge that they will only get offers that are £50k below the asking price.

I'm certainly scaling back my spending. Over the last couple of years my monthly paycheck and a nice bonus at the end of the year was a given.

Looking ahead through 2009 there are risks that I could be out of work for some of that time. Because of that I want to have enough set aside to see me through the storm.

The collapse of the financial institutions caused a massive shockwave, which is still expanding, those people that have yet to be affected will be. Hopefully not by too much, but it's going to be difficult for some.

[AlanQS]

I'm already in the job queue - an early victim of harder to get work (also last in, first out).

Although my C.V. has gone out to a number of companies, there hasn't been much luck though there is a certain groundworks contractor who is desperate for a surveyor freelance.

Sadly, I know them from my main contractor days and know just how bad working for them would be - particularly the contracts manager who did his company no favours in dealing with main contractors and I know I would fall out with him within four hours!

Every other agency seems to want to put me forward for permanent senior roles in Dubai or Egypt but been there, t-shirt, etc.

I've been out of work for 11 weeks and I am budgeting for March being the earliest I am likely to be working.

One benefit of being older is that I have no debts and actually have rainy day money - just as well or this would be the Christmas from hell!

[BC4J]

Alan - sorry to hear it. Best of luck finding a new job asap.

My company has already let go all it's contractors, expenses cutbacks have started. If we don't do our Q4 number there will be a mass blowout. I think for a lot of quarterly driven companies this is what will happen, just in time for Christmas.

[mjh93sa]

Sorry to hear that Alan. Best of luck with the job hunting.

I'm actually in the position of leaving the sinking ship at the end of the year. It's been sailing stormy waters for the last few years, and whilst the current climate hasn't done it any favours I think we'd have been scuppered anyway.

All being well I start the new job straight after Christmas!

[gr4z]

Everyone is suffering. I work in IT and even though our company has a few billion in the bank, there are cut backs everywhere. Good luck all!

[zltm089]

wow...few people on here in the construction industry!!! Alan, sorry to hear that mate. But, my company as well, is encouraging people to move to the middle east. Apparently, its kicking in Dubai atm. completing my probation period soon! so hopefully, by the end of January, I will find the right car at the right price!

[jjbirch]

its hard everywhere, for the last 7 years i have put in holidays lodges for a major parks company in the southwest, we put in 27 last winter and hes sold 2 till now, the days where the lodges sold before we finished amd when i used buy new machines every year and trucks every 2 years has gone for now, and planning to keep them for a while, the private stuff like driveways has gone, who wants to pay to tidy it up if they are hard up on money you just make do, just got to ride it out and hopefully things maybe better in 09