Brexit...STG down...Stocks down..outlook for Classic cars in UK? | FerrariChat

Brexit...STG down...Stocks down..outlook for Classic cars in UK?

Discussion in 'Vintage Ferrari Market' started by Ferrari 308 GTB, Jun 23, 2016.

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  1. Ferrari 308 GTB

    Ferrari 308 GTB F1 Veteran

    Feb 21, 2015
    7,716
    Tropical
    #1 Ferrari 308 GTB, Jun 23, 2016
    Last edited: Jun 23, 2016
    With just a couple hours to go ,looking like UK will exit the EU ,what will this mean for UK/European classic cars?
     
  2. subirg

    subirg F1 Rookie

    Dec 19, 2003
    4,186
    Cheshire
    The impact of this is a true Minsky moment. The impact will, unfortunately, be global down turn, not just limited to the uk. Obviously, it means prices will only go south. £:$ moves have already made uk cars cheaper, but that's just the tip of an almighty iceberg. The impact of the U.K. Leaving the EU will take at least 2 years to work out, so the negative pressure is not momentary. More fundamentally, this has the potential to cause the EU itself to unravel as many other countries will now have referendums on staying in, or leaving. The global impact of a broader EU disintegration are enormous and not limited to stocks and shares. Buy gold if you want a hedge!
     
  3. Ferrari 308 GTB

    Ferrari 308 GTB F1 Veteran

    Feb 21, 2015
    7,716
    Tropical
    Have to agree with this, now PM Cameron says he quits ,within 3 months or so.The stock markets in Europe have dropped even more than in the UK,and the Dow looks to be heading for only a 3% drop.

    Actually not as bad as forecasted by those who wanted to stay in.
     
  4. 1971dino246gt

    1971dino246gt Karting

    Oct 9, 2010
    106
    Time to go car-shopping in UK...
     
  5. greyboxer

    greyboxer F1 World Champ

    Dec 8, 2004
    12,282
    South East
    Full Name:
    Jimmie
    As I write the dollar/sterling rate is exactly where it was just 15 weeks ago.....
     
  6. Ferrari 308 GTB

    Ferrari 308 GTB F1 Veteran

    Feb 21, 2015
    7,716
    Tropical
    #6 Ferrari 308 GTB, Jun 24, 2016
    Last edited: Jun 24, 2016
    Yep,at one stage it was at a 31 year low...even the traders back off when the Bank Of England say they have £250 billion to stabilize the markets!
     
  7. ginge82

    ginge82 Formula 3

    Jul 23, 2012
    1,361
    Europe
    Full Name:
    Art Corvelay
    Those that have genuine love for cars and history will be able to buy cheaper and the speculators that have inflated the market will get burned badly.

    What's not to like?
     
  8. Daytonafan

    Daytonafan F1 Rookie

    Oct 18, 2003
    2,748
    Surrey, England
    Full Name:
    Matthew
    The Bonhams FOS sale is this afternoon no doubt that will give some indication although with most people digesting the result I doubt buying classic cars is in their minds today.
     
  9. Ferrari 308 GTB

    Ferrari 308 GTB F1 Veteran

    Feb 21, 2015
    7,716
    Tropical
    #9 Ferrari 308 GTB, Jun 24, 2016
    Last edited: Jun 24, 2016
  10. wbaeumer

    wbaeumer F1 Veteran
    Consultant

    Mar 4, 2005
    8,826
    Now the UK-chaps have to play with themselves....


    And in case Scottlands decides to part from the UK, then the oil industrie is also gone for Mr. Johnson & Co.!

    Britannia rules the waves - but now the waves rule Britannia!

    Bon voyage....


    Ciao!
    Walter
     
  11. Daytonafan

    Daytonafan F1 Rookie

    Oct 18, 2003
    2,748
    Surrey, England
    Full Name:
    Matthew
  12. Ferrari 308 GTB

    Ferrari 308 GTB F1 Veteran

    Feb 21, 2015
    7,716
    Tropical
    LOLOLOLOLO
     
  13. Bryanp

    Bryanp F1 Rookie

    Aug 13, 2002
    3,799
    Santa Fe, NM
    I will do my part by placing a large order w/ MiniSpares/Huddersfield today. . . .
     
  14. ken qv

    ken qv Formula 3

    Oct 25, 2006
    1,916
    Florida
    Full Name:
    Ken Roberson
    Congrats to the people for being brave enough to make a bold choice.. Glad they got off the sinking ship but it will be a 5 yr recovery overall.
     
  15. 5000gt

    5000gt Karting

    Oct 8, 2015
    90
    Congratulations to the UK! Great move in my opinion as they'll be walking away from regulations and Euro central bank. I think the real looser will be Germany in the long run as they will be left alone to take on the burden of the rest of the Euro zone.
    I don't know how this will impact the classic car market but I do know that most financial markets are plunging today,Banks are all suffering,10 year note is down by 10% and gold is up by 4.8%! I think I'll hold on to my classic cars and enjoy the ride today!
     
  16. Platini 289

    Platini 289 Karting

    Sep 21, 2015
    89
  17. Platini 289

    Platini 289 Karting

    Sep 21, 2015
    89
  18. Platini 289

    Platini 289 Karting

    Sep 21, 2015
    89
  19. SupercarGuru

    SupercarGuru F1 Rookie
    Sponsor

    Dec 14, 2003
    3,743
    Fl
    Full Name:
    John Temerian
  20. richardson michael

    Aug 17, 2013
    239
    brittany. france
    Full Name:
    michael richardson
    It was a funny/peculiar day to have a car auction,thats for sure,However,I can not see any real link by Brexit to our classic cars. Remember that most of those vehicles remain in the UK,and ,by definition, have the steering wheel on the right hand side,so the market will remain stable. The Japs are not in a position to buy,China are LHD,.The flow of cars from Australia is inward to UK as the ASD is week. So,we will sit it out in UK,let the financial markets settle down,and then return to normality...keep calm,and carry on. !
     
  21. Ferrari 308 GTB

    Ferrari 308 GTB F1 Veteran

    Feb 21, 2015
    7,716
    Tropical
    I think the Japs have plenty of cash ,especially with the very strong Yen,but historically they tend to buy LHD.

    The fear is that the EU will fall apart, Uk plc will eventually fall into recession with big drops in house prices and STG,too early to call right now of course.

    Things are looking ok for now but there is a lot of uncertainty out there.
     
  22. 166&456

    166&456 Formula 3

    Jul 13, 2010
    1,723
    Amsterdam
    There are so many factors at play with differing strength, it is impossible to say what the influence exactly will be(at least it is for me).
    What is clear to me is that there is a need for people to have cash in assets.
    The UK won't fall apart, the EU is at greater risk of that IMHO. Capital is coming out of the Euro and going to the USA and Japan. Once the storm has cleared, it may also be coming to the UK again.
    This will keep interest rates low and financing easy. The financial policies in the EU are a mystery to me, for they will cause a pension crisis as well as a sovereign debt crisis. Only questions to me are which first and when.
    Brexit will keep on having the effect for people needing to find a place to put cash, especially in the Eurozone.
    On the other hand you can say that many cars are bought by financial hot shots which there may be less of going forward.
    I am neutral with regards to the classic car markets.
     
  23. Bobj

    Bobj Formula Junior

    Aug 12, 2013
    486
    UK
    If anything my view is a uncertainly in the currency markets is good for the classic car world. I'm certainly not going to be selling any of mine as anything I buy would most likely have a currency firmly attached - where as cars are relatively transportable and can be exchanged for any currency you like at any point in the future similar to gold or art - but I couldn't bring myself to hold gold and I don't know enough about art - the biggest bonus however is obviously dividends you get every time you go for a drive - which I appreciate some people get from a painting and I could see art going better as well.
     
  24. Platini 289

    Platini 289 Karting

    Sep 21, 2015
    89
  25. stevewak

    stevewak Karting

    Jul 31, 2006
    143
    UK
    UK FTSE 100 stocks just hit pre-BREXIT levels.
     

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