Drivers left with negative equity

[DimPrawn]

According the Mail.

http://www.dailymail.co.uk/news/arti...lunges-12.html

Dealers are refusing to take 'worthless' gas-guzzling 4x4s in part exchange amid plummeting values for secondhand cars.

They say some are worth more as scrap as demand for steel soars.

Used car values generally are set to drop by 12 per cent between now and Christmas, experts warned yesterday.

A three-year-old family car worth £5,000 will drop in value by £600 - nearly three times the £225 decline in the same period last year.

That means it is losing around £5 a day for every day it sits on the driveway - leaving many owners with negative equity in their vehicles, paying more in repayments than they are actually now worth.

Experts at price-guide Parkers say the slump is being exacerbated by the Government's controversial retrospective car tax plans which they say have 'skewed' the market.

As a result of this and soaring fuel prices, garages are refusing to take the biggest 4x4s in part-exchange because they are considered worthless and impossible to sell.

Imagine that! You buy a car, hoping that over time it will increase in value, only to find the car is worth less than you paid for it, and you are trapped with negative equity!! I hope the Government is going to help first time 4x4 owners in this trap.

[PRC1964]

Yes, but if you sell the car you can convert the garage into a spare room and add value to your house, so it's not all bad news.

[TimberWolf]

How long do they need to fall in value before 4x4 drivers end up with more sense than money

[DimPrawn]

This is great news for AtW who longs to own an X5.

[TykeMerc]

Classic, just classic.

Apart from a few classic cars all cars depreciate like mad anyway they always have and always will.

I won't be upset seeing many of the Chelsea tractors leaving the road (pardon the pun) since they've never made sense to me apart from for farmers and other genuine off road types.

[DimPrawn]

Classic, just classic.

Apart from a few classic cars all cars depreciate like mad anyway they always have and always will.

I won't be upset seeing many of the Chelsea tractors leaving the road (pardon the pun) since they've never made sense to me apart from for farmers and other genuine off road types.

Middle class school run mums.

[TykeMerc]

Middle class school run mums.

Those are the 4x4 users that I could never understand.

[ThomasSoerensen]

To sit high up.

The smaller the woman, the bigger the car.

[DimPrawn]

To sit high up.

The smaller the woman, the bigger the car.

It's good that Women have such well known talents of spatial awareness in huge cars too.

[PRC1964]

Those are the 4x4 users that I could never understand.

Have you seen the state of the tarmac outside the local school? It's not safe to drive in anything less than a Porsche Cayenne.

Besides you can't fit the 4x4 child pushchair with extra large tyres and sat nav in a smaller car.