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Some contrasting news tonight: news items about folk with kids losing out more; and others having to take out pay day loans to keep up with their rent - this followed by the news that Bentleys are selling like hot cakes; OK, good for the workforce - but who's got the money to buy them? :unsure:

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Do people who take out payday loans ever look at the interest rates they are paying? Criminal doesn't come close :shock: :shock: :shock:

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I am always amazed at the interest charges on those pay day loan adverts.

 

The worst one I saw was horrendous. For example if you borrowed £1.00 for twelve months you would end up paying £2,957.70 back :shock:

 

However they are a short term loan.

One advertised charges about 29% per month so if you borrow £100 you pay back £129 and you have to pay it back on your next pay day.

 

As an emergency one off thing I suppose it may be useful but expensive.

 

As for people who can afford to buy a NEW Bently, they will not be too worried about having to scrimp and save. If they can afford a Bently then they have no money worries at all.

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You can get a 2005-6 Bentley continental coupe for about 30k.... a lot less if you haggle. Not bad for a car costing about 140k new.

 

You will find that most of the cars like that will be sold to leasing companies (who will get a good discount) and people (or usually businesses) will pay a monthly sum (and claim 50% of the VAT back too) over the three years. That way, the leasing company buy a £150k car for maybe £120k, rent it for three or 4 years at somewhere about £3,000 a month (plus VAT so about £3,600 a month) at 10k a year mileage

 

The lease company get about £140k back over three years (More if the leaser goes over the 30k allocated miles) and still can get about 30K for the car second hand

 

The person leasing the car is responsible for everything to keep the car to spec so servicing, repairs etc. and at the end, someone gets to buy a 3 year old, low mileage Bentley for £30k....

 

so there you are... the rental company buy a car for £120k (and probably on finance), the person leasing the car pays for it but hands it back after 3 years with no issues and the leaser makes 30k profit!!

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But surely it won't all be down to "leasing" or to Saudi Princes etc? Perhaps it's folk like Fred the shred, spending their city bonuses or golden parachutes? Meanwhile, you've got desperate folk digging even bigger holes for themselves with involvement with loan sharks. :blink:

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But surely it won't all be down to "leasing" or to Saudi Princes etc? Perhaps it's folk like Fred the shred, spending their city bonuses or golden parachutes? Meanwhile, you've got desperate folk digging even bigger holes for themselves with involvement with loan sharks. :blink:

 

Obs.... YOU would like it to be all down to "folk like Fred the shred, spending their city bonuses or golden parachutes" but it isn't I'm afraid. A mate of mine has a Bentley Continental.... he runs his own small but very profitable business tuning cars and vans to get more mpg from them.... he is covered in tattoos and to look at him he is the last person you would expect to own a Bentley....

 

The big problem with your usual "Its the rich banking folk what dun it all guv" prattle is that unfortunately there are just not enough of them to blame and tax to satisfy your arguments and so as usual, you try to sensationalise things....

 

You will be suprised just how many cars are still supplied by leasing companies and also suprised how many high end cars; Bentley, Rolls, Mercedes etc. are on lease and not owned by the individual behind the wheel.

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I certainly don't own the Rolls Royce I'm driving just now. (well the steering of my mighty vessel is made by RR anyway :wink: :wink: ) :D :grin:

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Obs.... I'm giving you the facts to counter your argument and still you won't accept that it isn't just bankers and speculators that are buying new expensive cars......

 

Most people you see in these big flash cars don't own them.... they are owned by companies or leased personally. I could go to the Mercedes dealer tomorrow and get an £85,000 S Class Mercedes on lease but I could never afford to buy one.

 

Have a look around and tell me how many really old cars you see on the roads today.....apart from the likes of my Corsairs and stuff like that, there are not many old Sierras for example or old Escorts.... because people don't keep cars as long as they did these days; even though they are better built and safer.

 

I watched an episode of the Sweeney today and it was from the 1977 series and there were early 1960's Zephyrs, a Zodiac from the same period and a couple of early 1500 Corsairs; all just in the streets as the filming was done around London. You show me anywhere today where people are driving even mid 90's cars in any great numbers

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