News

Corona Virus--any opinions on my take on the effect on collector car world?

Discussion in 'General Automotive Discussion' started by bitzman, Mar 15, 2020.

  1. VGM911

    VGM911 Formula 3

    Apr 8, 2007
    1,311
    New Jersey
    Ford did not receive TARP funds (as GM and Chrysler did), but it did receive government loans. These were critical because banks were not lending during the financial crisis.

    Ford received funding from the Term Asset-Backed Securities Loan Facility (TALF), which is a government program for auto, student, and other consumer loans. These were very low-cost government loans to the tune of $5.9 billion that helped Ford tip-toe past bankruptcy and overhaul their factories to bring out more fuel-efficient technology AND save a lot of jobs in the process.
     
    19633500GT likes this.
  2. Carnut

    Carnut F1 Rookie
    Rossa Subscribed

    Nov 3, 2003
    3,617
    Gladwyne PA
    Full Name:
    Morrie
    Another one of those it started as this discussion and ended up somewhere else. In early January I sold almost all my stocks and have been sitting on a lot of cash. I had a strange feeling something bad was coming, though I had no idea the effect would be what it has been. There will always be those you who will try and capitalize on others misfortunes, I have been looking for another 4C (spider this time), and I have made some lowball offers on a few, no one has yet to say yes. I see this as a terrible situation, in PA they have shut down pretty much everything but essential business, so cars dealers sales departments are closed. I saw a interview with a local dealer who went from selling 10+ cars a day to nothing (but he still has a $255k a month overhead), so you wonder how long these people can last. Smaller restaurants, and small businesses, will probably be the hardest hit, I don't see them making it through this, and normally I would say that people do tend to forget (look at all the mistakes we keep remaking) pretty easily, but I think this one might be different and the effect of this will be felt by everyone and every industry. I am not a gambler (I find the concept silly), but I think what we see today and what we see on May 1st might change a few peoples minds. I think the effects of this have just started.
     
  3. topcarbon

    topcarbon Formula 3

    Nov 3, 2006
    1,843
    Wisconsin/Illinois / Mexico
    Full Name:
    jason
    I don't believe the collector car market at the higher end and the "iconic cars" will suffer. Its the heavy leveraged
    wannabes newer cars that will be dumped onto the market. those dealers hanging onto their precious inventory for spring, waiting out a tough winter, will be cutting deals come Mat/June.
    As the job market is upside down, America closed, and lenders fearful to lend, one of the biggest buyers market is coming for those newer ferraris, lamborghinis, and mcclaren's.
     
    Texas Forever likes this.
  4. carnutdallas

    carnutdallas Formula Junior
    Rossa Subscribed

    Nov 11, 2010
    788
    Dallas Burbs
    Full Name:
    Rob
    Texas Forever and topcarbon like this.
  5. BJK

    BJK Formula Junior

    Jul 18, 2014
    903
    CT
    #31 BJK, Apr 6, 2020 at 11:56 AM
    Last edited by a moderator: Apr 6, 2020 at 1:51 PM
    Anyone who says people will 'forget' this in 6 months is smoking some good ****.
    Does the flu go away? NO! It comes back every year. There will not be a vaccine ready in 6-8 months when the world will be hit with round 2. (influenza vaccine is only 50% effective)
    "The seasonal flu that we deal with every year has a mortality of 0.1%,” he told the congressional panel, whereas coronavirus is "10 times more lethal than the seasonal flu," per STAT news.
    The world economy cannot afford round 2. Global economic devastation will be here in 1 year.
    Not trying to 'fear monger', but this virus and it's fallout is just getting started.
    Have a nice day.
     
  6. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    12,108
    definitely a possibility
     
  7. jjp11

    jjp11 Karting

    Sep 1, 2013
    90
    It's not like businesses will be up and running at full capacity this summer anyhow, especially social and hospitality industries. China and other countries have tried re-opening businesses and had to go on lockdown again. Containing the virus is like whack-a-mole.. You can almost guarantee this will unfold in the US this summer. Americans are going to get impatient, let their guard down, and we're going to try opening businesses too soon. People are going to continue traveling across state borders and continue spreading the virus. Unless they find a very solid way to treat this thing, prior to a vaccine being announced, I don't know the economy can get back to normal any time soon.
    Sent from my SM-G960U using FerrariChat.com mobile app
     

Share This Page