I'd say so. A new to me road bike which my Dad no longer rides, is going onto a turbo trainer. Lots of reasonably priced ones on Ebay, whereas 18 months ago 2nd hand ones were going for nearly-new prices. I don't need anything super flash, just want one with some smart/ANT+/Bluetoothy features.
Probably the cost of living issue is also a factor too. I think people are looking for saleable things that will help keep the wolf from the door.
Consumer goods being sold off are all well and good, but I am worried that people won’t be able to keep their recently acquired pet dogs as they move back into the office as home working becomes expensive to do this winter.
Firstly, I really hate the stigmatization of people who have to give up their dogs for rehoming. For the absolute vast majority of people it was one of the most heartbreaking things you can do.
Unexpectedly we* didn't find this actually happened during filming. The kennels were full, but not entirely because of high turnover of lockdown pets coming in.
The real problem was people had had 2+ years where rehoming privately was as easy a putting their dog on Pets4Homes with a £2k pricetag and having desperate buyers beat their doors down. This meant a lot of problem dogs were passed around, being re-homed multiple times until eventually they were brought to the shelter completely broken and were going to take a lot of work to get them back to a state where they could be re-homed.
So we had full kennels, but the were all likely to be in there a long time.
This is also why if you phoned up a shelter you were very likely to be told there were no suitable dogs, even if they were full. Because a LOT of them either had a history of having bitten people, or other behavioral issues that just ruled them out for 99/100 applicants.
Lockdown puppies with no issues where people had unfortunately died, had their own medical issues, work patterns had changed, getting divorced, had kids, etc etc etc. Those were rehomed in days. The biggest issue was finding enough time to film them in the shelter before they were rehomed!
*we, long running TV series at a dog rehoming charity, you can figure out which one,.
Anyone got one of these cheap SUP's they want to offload?
'Inner tory' - that's a new insult but miles off the mark.
If there's a buying opportunity which fits my requirement I'll take it - there's nothing tory about that.
It's nothing other than being pragmatic.
What's your suggestion - don't buy if there's a bargain to be had?
The thread title clearly refers to unnecessary/non-essential purchases and my post was in direct response to that.
I imagine that loads of people are either deferring purchases because of the cost of living crisis, or trying to sell stuff to make money because of the cost of living crisis.
Either way, discretionary expenditure is a bit lower down the priority order.
Will depend where you are in the financially comfortable stakes. Suspect people buying holiday homes or even new campervans are probably not in the most affected by cost of living crisis category. The people who will be hit hardest by their electricity and gas bill tripling are people who never had discretionary spend on fancy toys in the first place.
Consumer goods being sold off are all well and good, but I am worried that people won’t be able to keep their recently acquired pet dogs as they move back into the office as home working becomes expensive to do this winter.
There can't be many people who are working from home and would find it cheaper to commute than heat a single room of their house. I'm sure there will be some who cycle to work and shower at work to save the money but I wonder how many of them were making dog impulse purchases during lockdown?
Not just Pelton – I was talking to someone in the bike trade the other day and their sales are 50% down on last year.
Are you our finance director? that the sort of stupid analysis he does. "Why are we selling 50% less than last quarter?". Because last quarter was an absolutely exceptional quarter where some unusual things happened and it was actually 3x the average - nobody claimed it was normal, we are still above the average and in a trend of growth.
I think all of these subscription based services will be squeezed tbh. I wonder how the lease car market is / will fair? Can you take a lease back early?
Depends on the terms, some you can. Given the prices of cars though I'm not sure many people who "need" a car for work are going to be switching from lease to purchase. That's the sort of decision that capital rich people get to make.
Iavoided splashing out on anything massively overpriced during the lockdowns so only have stuff that I will use anyway (Wahoo Kicker, new computer) or that holds its value (Lego, Mini) but the amount of crap some friends bought is unreal. One is currently bombarding Facebook with ads for selling: sex pond, garden furniture, Peloton bike, mini home bar, trailer tent (that they never used!), home mini projector and a wealth of SUP and camping gear. A few have camper vans they can't shift as they've failed MOT's (one is an old X reg Transit that has basically split in half at the bulkhead, paid £9k for it last year!) and one has a holiday let they're desperate to sell as they leveraged themselves way too much while trying to make a quick buck out of the 'Staycation' boom.
All are normally sensible people but they all went nuts on their furlough pay
‘Inner tory’ – that’s a new insult but miles off the mark.
I suspect it was this sentence which trigger the Inner Tory remark:
Give it 6 months to really squeeze the best deals from others misfortune and forced sales.
Statement of fact.
Unfortunately, the world we live in isn't a caring, sharing place.
To be fair, if this was the energy company thread we'd all be calling for every contributors lynching as a "disaster capitalist".
Statement of fact.
Unfortunately, the world we live in isn’t a caring, sharing place.
I'd agree, the problem with large scale capitalism is if you opt out, it has no impact (other than in this case potentially driving the price even lower).
we’re hunting down a new/newer 16′ Esquif Prospector in T-Formex…
@matt_outandabout
How much are you prepared to overpay for a nice 2019 red boat!? 😉
Maybe thinking of selling mine as it doesn't get used and my Northstar covers 90% of paddling needs. It was purchased in 2019 and had limited use. Config is wooden trim, kneeling thwart, mast hole front seat (and mast foot) and full lacing. Currently sat in back garden but spent most of its life hanging in the garage undercover.
Some people are still in Dreamland when it comes to prices.
Prime example. 150 mile old 2021 Vitus Vitesse Evo CR AXS, up for £2850, £3200 new.
You can buy a brand new 2022 model with the same exact spec for £2699 from wiggle...
🤣😵💫
@RustyNissanPrarie – a bit like cars not being made, part of the canoe issue is a severe shortage of supply, and supply of lighter boats now Royalex is deceased
I'll be honest and say I know little about canoe's - I've been using the wife's SUP in canoe mode and figured a Canadian would be better. The royalex story is interesting reading.
@ta11pau1. I always wonder about the number of watchers on things like this, are they buyers or people trying to sell similar and trying to gauge demand.
There was a T5 camper on a few days ago with over 500 watchers, it didn't make reserve...
we can call it Holistay
You could, but I'm afraid I'd have to give you a kick in the knackers 🙂
thisisnotaspoon - that's a really interesting, and sad, explanation of the dog shelter situation
Probably car finance is something I know close to zero other than some products are closer to a car subscription than a loan that about apay back.
https://www.arnoldclark.com/newsroom/006-pcp-pch-or-hp-car-finance-explained
That explains it all, long and the short is that you are in for the full term like mobile contracts and you need to buy yourself out. That's why the stories of folk turning up to food banks in Porsches started (Aberdeen during the oil downturn), people couldn't afford to give the cars back.
Given the prices of cars though I’m not sure many people who “need” a car for work are going to be switching from lease to purchase. That’s the sort of decision that capital rich people get to make.
How many of those capital poor people do you think are paying at least £250 a month for a PCP/PHP/Lease (in order of likelihood) as opposed to driving their old sub £2K car into the ground? People buying cars on PCP are not short of the money or credit rating (for now) to buy a car outright or on a loan. People who aren't tend not to have £250 odd a month to spunk on a car.
Statement of fact.
Unfortunately, the world we live in isn’t a caring, sharing place.
Still a shitty thing to say, taking advantage of other folks misfortune.
Camper vans were getting silly, but I'd imagine the price of fuel (£160 plus to fill a van) has led to some people wanting to offload plus with winter on the way it's the wrong time to be selling. Plus, with the cost of living, a few people will be offloading unused/little used things to free up some cash. I had a mass clear out in spring to raise for cash for, funnily enough, a van conversion, and was amazed at how much you could get for unused stuff cluttering up the house!
Not getting rid of my camper, with mortgages rates and energy bills set to rise, I may be living in it! Am in the market for a gravel/bike packing bike though...
Still a shitty thing to say, taking advantage of other folks misfortune.
Not really. Nobody made people overpay for things. They bought in a period of high demand, low supply. Presumably they had the excess money to spend and they have had a year or two usage out of whatever it is.
What are people supposed to do now, offer them the same inflated price out of some false altruism then get lumbered with something that isn’t worth what you paid?
Not really. Nobody made people overpay for things. They bought in a period of high demand, low supply. Presumably they had the excess money to spend and they have had a year or two usage out of whatever it is.
Also not going to get upset about this.
Waiting for mortgage forclosures to snap up some BTL housing for cheap, yes thats shitty.
Buying someones 2020 paddleboard at half price is all good. If they had spent that money on a [what they would call a] proper holiday instead, they would have nothing to show for it/sell at all.
Buying someones 2020 paddleboard at half price is all good
This is exactly my thinking too. My board is looking a bit used (because it has been very used) so I'd like to upgrade it and there's got to be some that have seen less than a tenth of the hours on the water mine has.
I don't understand how peleton got such a high valuation in the first place. Wasn't it obvious that their growth was essentially lockdown driven?
The key part of the word in ‘staycation’ is ‘stay’, i.e. staying at home, and doing holiday type stuff. Going on holiday in Cornwall in the campervan you bought in lockdown, loaded with the SUP, inflatable canoe and border terrier puppy that you also got in lockdown is, in fact, not a staycation, it’s going on holiday.
Hey! The puppy came after lockdown.
There was a T5 camper on a few days ago with over 500 watchers, it didn’t make reserve…
Not T5's, but my eBay watch list is mostly bikes that are overpriced. I've zero intention of bidding on any of them but it means I get a ping when they're eventually re-listed.
Or in the wierd case of one set of formula brakes I was watching with the hoses cut off, that were at what I thought were sensibly priced but I had no need. The seller just doubled the price to one where you could get some that still had hoses 🤷
Bit mixed on this. I was predicting a bit of an availability rebound after lockdown - all those bikes being bought when gyms were shut and we were only allowed to exercise on our own. Then as things opened and also into winter I suspected people would sit on them until spring - riding in winter takes commitment but there would be 'but I'll start again when good weather returns....' which would then lose out to the lure of the gym or pub for many. I was OK with that, if they're not using them I'd happily take them off their hands.
But people who want to keep them and being forced to sell to pay a food shop or gas bill.... doesn't sit as well for me.
The other thing I have mixed feelings about, and I might get flamed here. We've had artificially low interest rates and energy bills, we've known this was coming. We also had because of lockdown opportunities to reduce expenditure - no commuting, no socialising, etc. How many used that opportunity to build up an emergency fund and how many bought toys they didn't need and in hindsight can't really afford. I don't know if I have the same sympathy for them.
Still a shitty thing to say, taking advantage of other folks misfortune.
TBH, we get a 'will the housing market collapse?' hope-thread every now and again on here. Which equally relies on the current misfortunes of people who over-extended themselves in the good times and are now are desperate to sell, even with negative equity.
Even the classifieds on here fairly often involves someone who has to N-1 because they need the money urgently.
Probably not the done thing to express it quite that clearly, mind you.
Can't imagine many of the hot-tub purchases in lockdown will be getting fired up this winter, given the price of energy.
TBH, we get a ‘will the housing market collapse?’ hope-thread every now and again on here. Which equally relies on the current misfortunes of people who over-extended themselves in the good times and are now are desperate to sell, even with negative equity.
yep, people braying for a "correction" which magically halves house prices across the country. Benefiting those with no house, not really affecting those with a fully paid up house. But financial ruin for anyone who is currently paying off a mortgage. (and a massive blow for anyone standing to inherit their parents house).
we can call it Holistay
You could, but I’m afraid I’d have to give you a kick in the knackers
Thanks for that IHN 🤣🙃👍
yep, people braying for a “correction” which magically halves house prices across the country. Benefiting those with no house,
Agreed
not really affecting those with a fully paid up house.
Agreed
But financial ruin for anyone who is currently paying off a mortgage.
Not necessarily, if they stay in the house they'll just have a house that's possibly worth less than they paid for it. Annoying, but not ruinous. Financial ruin only comes if they need to sell, and the sale proceeds won't cover the outstanding mortgage.
(and a massive blow for anyone standing to inherit their parents house).
True, but registers pretty low on my sympathy-ometer
I always thought Ebay bikes were overpriced (with the odd exception). On my local FB marketplace someone is advertising an Ultegra speccd Trek road bike for £150. I am sorely tempted.
Holistay
I always thought almost everything on Ebay
bikeswere overpriced
FTFY.
There's used Garmin Fenix 6x watches still being listed for more than new ones are on Amazon currently.
Although there are some bargains, I won a vacmaster fan (non remote version) for £29, local collection only though which will cost me £10 so £40 total Vs £70 brand new delivered.
but I am worried that people won’t be able to keep their recently acquired pet dogs as they move back into the office as home working becomes expensive to do this winter.
Our street used to be quite quiet, in the last two years half our bloody neighbours got lock down dogs which are now left at home all day yapping their heads off as their owners go back to work.
On my local FB marketplace someone is advertising an Ultegra speccd Trek road bike for £150.
Seeing as getting a pair of second-hand hydraulic Ultegra shifters is around the £300 mark (ST-RS685 or ST-R8020) for my Genesis Equilibrium rebuild, I have started to think it may be a lot better value in picking up the sort of thing you've seen and then just selling the rest of the bike that I won't need.
All a bit nuts really but there are definitely people out there still pricing things very high, and presumably getting away with it.
*edit - on second thoughts, scrap that*
I always thought almost everything on Ebay were overpriced
mostly this, but as said a few bargains.
I was very interested in a camper that was bid up to £13k, didn't sell due to reserve. Now it's back up as a classified Ad at £18k. Im at a loss, how can the owner think they will suddenly get £5k more from the same buying pool who only thought it worth £13?
#Holistay
On my local FB marketplace someone is advertising an Ultegra speccd Trek road bike for £150. I am sorely tempted.
Genuine seller? Or local bike thief?
FB Marketplace always has ads for Trek from a scammer. I've reported it but Facebook seem to like them.
treksk.com
Like thisun
I mean I bought a T5.1 for 19 grand during lockdown thinking there'd be no holidays for ages and just sold it for just under 30k, so people are still spanking the dollar left right and centre.
Similarly, the MTB I built up for £600 for Mrs Continuity in lockdown just sold for £1200. At the same time, we replaced it with a 7 grand giant for similar money.
I think its just that the variance has jumped up.
No, its a genuine seller. Hubbys old road bike, not been used in 12 months, so could do with a service. It looks an older model, it has white double spoked bontrager wheels, non disc, triple on the front. Full ultegra groupset.
10 speed dinosaur or 11 speed disc brake?
Too slow but it could be 10 speed
they’ll just have a house that’s possibly worth less than they paid for it. Annoying, but not ruinous. Financial ruin only comes if they need to sell, and the sale proceeds won’t cover the outstanding mortgage
Negative equity? If the value of the property is now less than the value of the loan secured against it they're ****ed.
Bought my T6 campervan for £46k in July 2020 and sold it in July this year for £51k with 13,000 miles on the clock. (I got it in October 2020 so really only had it for the 1 Spring and Summer hence the low miles). Only sold it because of divorce otherwise I’d have kept it, cracking bit of kit.
I think with larger items like campervans it’s a bigger picture than just lockdown purchases. The lack of availability of the base van seems to be keeping the prices high, or at least according to the company who purchased my van.
I don’t understand how peleton got such a high valuation in the first place. Wasn’t it obvious that their growth was essentially lockdown driven?
TBH didn’t all the online food delivery companies still manage to all make a loss with a captive market.
Theses companies they inhabit a weird place 🙂
Negative equity? If the value of the property is now less than the value of the loan secured against it they’re ****.
Only if they need to sell. Otherwise, assuming that they can still afford the mortgage payments, they can stay in living in the house so they're 'okay' (by which I mean not ruined, clearly it would still be a pretty shitty situation)
And what happens when it’s remortgage time and their debt is significantly higher than the value of the property they want to secure it against?
You're right, yes, they will struggle to remortgage, I missed that. But, again, if they're remortgaging because they've come to the end of a fixed term, if they can afford the payments of the current provider's Standard Variable Rate that they will have defaulted to, then they are in the 'shitty situation but okay' boat.
If they can't afford the SVR payments, there is every chance that they may be able to work something out with the current lender to alleviate the problem a bit (like extending the term). Believe it or not, mortgage lenders really want to afford defaults and kicking people out of their houses. Let's call that 'really shitty, but just about okay'.
I'm not downplaying the impact of a big fall in house prices, and there will be people who, for a combination of reasons, will be screwed, and that is awful. What I'm trying to say is that, contrary to the post that suggested it, it's not automatically ruinous for everyone with a mortgage.
