Interest rates keep climbing and houses are getting harder to sell. All we need now is news of US banks going broke and we know we’re in trouble. What? When?
Money spent on vehicles that won’t be used as regular transport is an indulgence. It normally occurs when financial risks and pressures are low and when the cost of a car might come from selling an underperforming investment or tapping into home equity.
Once those avenues of acquisition close off, the funding choices come down to risking any savings you have or whatever amount you are able to borrow. Either option can commit the buyer to paying the lowest possible price rather than considering quality. Cutting corners will become more apparent the longer you own the vehicle.
At this point in time, a rerun of the Global Financial Crisis seems unlikely. However, if the banking decline spreads and sources of funding tighten further, anyone holding cash will enjoy some interesting opportunities.
As occurred when a plunge afflicted local muscle car values back in 2007-09, there will be more to this imminent decline than the misfortunes of some US banks and mortgage brokers.
Australia back in the Noughties had recovered from recession, property prices had climbed and interest rates were low. Today we see a tightening money market and anticipation of a property slump, with effects most commonly seen at the top end of the speculative vehicle market.
This story is from the Issue 478 edition of Unique Cars.
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This story is from the Issue 478 edition of Unique Cars.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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