Has the slump in the economy influenced your car purchase decision?

benbsb29 · 13th October 2008, 12:48

With the general caution which has been sounded by my company, and also the cost cutting measures which have been adopted, i am led to believe that we are in for some difficult times ahead in terms of hikes and increments.

If i was at all considering a car purchase during this period, i would either put it on hold, else opt for a much cheaper car. Hence, voted for the latter.

Path_Finder · 13th October 2008, 13:02

Quote:

Originally Posted by navin

aint's 2 and 4 similar.

I think all these just descriptive options. Broadly options 1,2 & 4 together means you are "not affected" and options 3 & 5 means you are "affected"

Ym-enjn · 13th October 2008, 15:40

I have selected option no 2. Little worried about the economic conditions but it won't effect too much.

METISWHG · 13th October 2008, 15:46

voted for 2.
shifting to Gurgaon in November end. with no public transport, i dont even have an option. will just go for a used Fiat Palio or Adventure, while holding for my next car till my appraisals and loan rates for next year.

supremeBaleno · 13th October 2008, 16:04

Had been planning to buy an M800 for wifey for some months now as a safe town runabout. Only reason for postponing it was my worry about MSIL slashing prices of M800 when Nano debuts in Oct2008. Now that Nano is pushed to Dec, don't see any point in waiting any more.

But, after driving a friend's new M800 recently, I find the steering requires quite some effort, especially while reversing and at low speeds. Since this would be more of a problem for wifey, decided to up the budget and go instead for an Alto-Lxi with PS.

The slump/slowdown is not going to change this decision.

srijit · 13th October 2008, 20:56

I would not think of buying a car, but needs must. Second hand sedan coming up in the near future.

cypher · 14th October 2008, 08:51

I was planning on buying a second car (SUV/MUV) for the family. Have put it off for the time being considering all the uncertainty in the financial markets and knowing that things are getting tougher in the IT industry.

lantian · 14th October 2008, 17:07

I bought myself a new car just 6 days back it is a NHC Exi with alloys & later upsized the tires with Michellin XM1+.I already had 2 yr a Indica Turbo which I wanted to sell it but decided to keep it after getting dismal offers.
So I have opted for the 1st option, the present slump in economy has not affected my decision to go for a new car.

hrag · 15th October 2008, 10:38

Sam, I don't know if my answer belongs here or not.
I was waiting for the new lease scheme from my company to change my car. The scheme is now unsure thanks to the economy. It would still be my money but exempt from tax calculations if I opt for the lease.

I have no option but to wait for the situation to improve.

Steeroid · 15th October 2008, 10:49

It has definitely affected mine - was planning an upgrade from the Jag, but interest rates and down payments have gone up and besides this is the time to keep your cash in hand.

vasudeva · 15th October 2008, 12:32

Have had no plans to buy one till end-2010, so this does not matter.

Looking at the SIAM figures, there has been a definite slowdown in domestic sales growth from 12.2% in 2007-08 to 7.5% in 2008-09 (1st half). What has also caused the slowdown is the rising fuel prices, and reduction in excise duties on twowheelers. There could be some postponement of car purchases. 2W sales declined 7.9% in 2007-08 but have increased 11.5% in first half of 2008-09.

A leading indicator is commercial vehicle sales which have actually declined in Aug and Sep 2008. So right now, the slowdown is affecting CVs mostly but also cars.

amit27 · 15th October 2008, 12:42

I am definitely going to buy a car come 2009 what is holding me is the Parking space was looking to buy Corolla Altis but no space to park . Now looking at buying a good hatchback ( diesel only ) as need to drive 80 kms daily .

vasudeva · 15th October 2008, 12:42

Even the Chinese growth engine seems to have stalled. As this report says, following a decline in August, Chinese vehicle sales fell once again in September, according to data released by the China Association of Automobile Manufacturers (CAAM). Results from the trade association show that the total number of vehicles sold during the month fell by 2.7% year-on-year (y/y) to 751,500 units. Passenger car sales made up 552,800 units of these, a drop of 1.4% y/y. The decline in the month took a further toll on the year-to-date (YTD) figure, with the total number of vehicle sales during the first three quarters of the year standing at 7.23 million units, up 11.9% y/y, while the YTD growth rate for passenger car sales remained in double figures at 11.4% y/y, totalling 5.1 million units.

Global Insight // Same-Day Analysis

A.R · 15th October 2008, 12:52

I selected Option 3. I had a significant investment in MFs which have slumped. To make up the loss (which is only current as I understand) I rather invest when the market is low & wait.

So car purchase plan delayed :-(

StarScream · 15th October 2008, 14:04

I had planned to change my City after it hits 80,000 kms (by early next year - fourth year of ownership) but now I've decided to keep it for at least five years and then think of an upgrade. Also I dont think I'll upgrade from C to D segment and stick with the same class of car.

View Poll Results: This is what the economy did to my decision
I bought a car recently (3 months)	41	17.30%
I am going to buy a car in the near future (3 months)	37	15.61%
I have decided not to buy a car for now	92	38.82%
It makes no difference to me	48	20.25%
I will now buy a more economic car.	19	8.02%
Voters: 237. You may not vote on this poll

13th October 2008, 12:48	#46
benbsb29 Team-BHP Support Join Date: Nov 2006 Location: Brisbane Posts: 9,968 Thanked: 13,209 Times View My Garage	With the general caution which has been sounded by my company, and also the cost cutting measures which have been adopted, i am led to believe that we are in for some difficult times ahead in terms of hikes and increments. If i was at all considering a car purchase during this period, i would either put it on hold, else opt for a much cheaper car. Hence, voted for the latter.
	() Thanks

13th October 2008, 15:40	#48
Ym-enjn Senior - BHPian Join Date: Jun 2008 Location: Jaipur Posts: 1,039 Thanked: 59 Times	I have selected option no 2. Little worried about the economic conditions but it won't effect too much.
	() Thanks

13th October 2008, 15:46	#49
METISWHG BHPian Join Date: Aug 2008 Location: Una Posts: 119 Thanked: 11 Times	voted for 2. shifting to Gurgaon in November end. with no public transport, i dont even have an option. will just go for a used Fiat Palio or Adventure, while holding for my next car till my appraisals and loan rates for next year.
	() Thanks

13th October 2008, 16:04	#50
supremeBaleno Senior - BHPian Join Date: Dec 2005 Location: Chennai / Kochi Posts: 5,546 Thanked: 2,698 Times View My Garage	Had been planning to buy an M800 for wifey for some months now as a safe town runabout. Only reason for postponing it was my worry about MSIL slashing prices of M800 when Nano debuts in Oct2008. Now that Nano is pushed to Dec, don't see any point in waiting any more. But, after driving a friend's new M800 recently, I find the steering requires quite some effort, especially while reversing and at low speeds. Since this would be more of a problem for wifey, decided to up the budget and go instead for an Alto-Lxi with PS. The slump/slowdown is not going to change this decision.
	() Thanks

13th October 2008, 20:56	#51
srijit BHPian Join Date: Jan 2008 Location: Trivandrum Posts: 598 Thanked: 8 Times	I would not think of buying a car, but needs must. Second hand sedan coming up in the near future.
	() Thanks

14th October 2008, 08:51	#52
cypher BHPian Join Date: Jul 2007 Location: Pune Posts: 153 Thanked: 4 Times	I was planning on buying a second car (SUV/MUV) for the family. Have put it off for the time being considering all the uncertainty in the financial markets and knowing that things are getting tougher in the IT industry.
	() Thanks

14th October 2008, 17:07	#53
lantian Newbie Join Date: Aug 2006 Location: New Delhi Posts: 7 Thanked: 0 Times	I bought myself a new car just 6 days back it is a NHC Exi with alloys & later upsized the tires with Michellin XM1+.I already had 2 yr a Indica Turbo which I wanted to sell it but decided to keep it after getting dismal offers. So I have opted for the 1st option, the present slump in economy has not affected my decision to go for a new car.
	() Thanks

15th October 2008, 10:38	#54
hrag BANNED Join Date: Nov 2004 Location: Bangalore / Madras Posts: 1,982 Thanked: 31 Times	Sam, I don't know if my answer belongs here or not. I was waiting for the new lease scheme from my company to change my car. The scheme is now unsure thanks to the economy. It would still be my money but exempt from tax calculations if I opt for the lease. I have no option but to wait for the situation to improve.
	() Thanks

15th October 2008, 10:49	#55
Steeroid Senior - BHPian Join Date: Mar 2005 Location: N.A Posts: 7,046 Thanked: 2,751 Times	It has definitely affected mine - was planning an upgrade from the Jag, but interest rates and down payments have gone up and besides this is the time to keep your cash in hand.
	() Thanks

15th October 2008, 12:32	#56
vasudeva Senior - BHPian Join Date: Mar 2007 Location: Delhi Posts: 2,221 Thanked: 212 Times	Have had no plans to buy one till end-2010, so this does not matter. Looking at the SIAM figures, there has been a definite slowdown in domestic sales growth from 12.2% in 2007-08 to 7.5% in 2008-09 (1st half). What has also caused the slowdown is the rising fuel prices, and reduction in excise duties on twowheelers. There could be some postponement of car purchases. 2W sales declined 7.9% in 2007-08 but have increased 11.5% in first half of 2008-09. A leading indicator is commercial vehicle sales which have actually declined in Aug and Sep 2008. So right now, the slowdown is affecting CVs mostly but also cars.
	() Thanks

15th October 2008, 12:42	#57
amit27 BHPian Join Date: Jun 2007 Location: Guragaon Posts: 173 Thanked: 0 Times	I am definitely going to buy a car come 2009 what is holding me is the Parking space was looking to buy Corolla Altis but no space to park . Now looking at buying a good hatchback ( diesel only ) as need to drive 80 kms daily .
	() Thanks

15th October 2008, 12:52	#59
A.R BHPian Join Date: Jan 2008 Location: Bangalore Posts: 151 Thanked: 11 Times	I selected Option 3. I had a significant investment in MFs which have slumped. To make up the loss (which is only current as I understand) I rather invest when the market is low & wait. So car purchase plan delayed :-(
	() Thanks

15th October 2008, 14:04	#60
StarScream Senior - BHPian Join Date: Nov 2007 Location: Noida/Delhi Posts: 1,263 Thanked: 665 Times	I had planned to change my City after it hits 80,000 kms (by early next year - fourth year of ownership) but now I've decided to keep it for at least five years and then think of an upgrade. Also I dont think I'll upgrade from C to D segment and stick with the same class of car.
	() Thanks