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Sterling is plummeting - if you want to import do so NOW!

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  • 14-01-2008 8:29pm
    #1
    JHMEG
    Closed Accounts Posts: 7,686 ✭✭✭


    Euro hits record 76p against sterling

    For the longest time £1 = €1.50

    Today £1 = €1.32

    So, buying a car for say £5,000 in the UK, you would save nearly €1000!! over last month's price.


Comments

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    #2
    DonJose
    Registered Users Posts: 3,470 ✭✭✭DonJose


    Would it be cheaper to buy a new car at these rates and pay VRT at the full rate??? Its not great for the Irish economy having a week dollar AND a week pound!!!


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    #3
    JHMEG
    Closed Accounts Posts: 7,686 ✭✭✭JHMEG


    Euro vs $ and £ at the moment is not a good situation, which is why I think it won't last. Someone will have to step in and weaken the euro. Hence now is the time to buy!

    VRT, would depend on the car, and will depend on how long sterling remains this low.


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    #4
    Mr.Diagnostic
    Registered Users Posts: 937 ✭✭✭Mr.Diagnostic


    So would you say its a good time to buy a BMW then? :)


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    #5
    gary the great
    Closed Accounts Posts: 2,665 ✭✭✭gary the great


    Ye i wonder how long its going to stay like this. Cant afford to get a car till about March, hope it doesnt go back up by then!


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    #6
    Biro
    Closed Accounts Posts: 4,091 ✭✭✭Biro


    JHMEG wrote: »
    Euro vs $ and £ at the moment is not a good situation, which is why I think it won't last. Someone will have to step in and weaken the euro. Hence now is the time to buy!

    VRT, would depend on the car, and will depend on how long sterling remains this low.

    They might up the Open Market Selling Price of popular diesels after July, so that'd negate any advantage in VRT saving, plus the exchange rate won't be as favourable.


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    #7
    chump
    Closed Accounts Posts: 3,807 ✭✭✭chump


    JHMEG wrote: »
    Euro vs $ and £ at the moment is not a good situation, which is why I think it won't last. Someone will have to step in and weaken the euro. Hence now is the time to buy!

    VRT, would depend on the car, and will depend on how long sterling remains this low.


    this is pure guesswork on your part


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    #8
    Ta me anseo
    Registered Users Posts: 234 ✭✭Ta me anseo


    I would have saved about 1,700 to 1,800 euro on my VRT bill if I waited until July. Hopefully buying this week and have saved about 2,000 euro on the exchange rate. (Spending the same amount of euro but getting younger, better spec car)

    I will eat my hat if the OMSP doesn't change overnight on July 1st. There is no way they will keep the prices the same. Of course they will argue that more efficient cars will become more desirable when compared to June 30th so that will warrant the increased OMSP in their eyes.

    No way I would wait until July. I would cry into my soup when I realised the cost was more or less the same.

    Road tax is the only thing that might change substantially....


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    #9
    JHMEG
    Closed Accounts Posts: 7,686 ✭✭✭JHMEG


    chump wrote: »
    this is pure guesswork on your part
    Do you reckon sterling will stay low vs the euro?


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    #10
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #11
    JHMEG
    Closed Accounts Posts: 7,686 ✭✭✭JHMEG


    daveirl wrote: »
    This post has been deleted.
    I absolutely agree, my degree is in IT, not in economics.

    However, without going OT, the ECB being an institution of the EU has the welfare of all EU citizens at stake. While the ECB has no direct control over exchange rates, it has influence. The ECB could either cut rates (I think this is likely) or ask the Brits not to cut theirs.


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    #12
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #13
    gary the great
    Closed Accounts Posts: 2,665 ✭✭✭gary the great


    Im going to chance another couple of months then im going to go buy the motor. Hopefully the price of the car (celicas) and VRT will drop a little more, as its really streching me financially to buy one. Or do yous think VRT on certain cars is going to rise as everyone imports cars that will have increased VRT post July?


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    #14
    mike65
    Closed Accounts Posts: 88,978 ✭✭✭✭mike65


    UK Treasury won't jump if the ECB asks it to, nor should it. It can only do what it sees fit for the UK economy. Cheap Sterling v euro is good for British economy which is running a huge trade deficit these days.

    Mike.


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    #15
    JHMEG
    Closed Accounts Posts: 7,686 ✭✭✭JHMEG


    daveirl wrote: »
    This post has been deleted.
    That's seriously bad news for us, as they're our largest trading partner. I'd tend to agree with Mike that the UK treasury won't be in a rush to fix anything other than what matters to them, and therefore I'd be thinking (hoping) that our own govt along with the govts of countries who trade with the UK would be putting putting presure on the powers that be to do something about the strength of the €.


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    #16
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #17
    rebel.ranter
    Registered Users Posts: 3,570 ✭✭✭rebel.ranter


    JHMEG wrote: »
    Euro hits record 76p against sterling

    For the longest time £1 = €1.50

    Today £1 = €1.32

    So, buying a car for say £5,000 in the UK, you would save nearly €1000!! over last month's price.

    Buy the car now & VRT it in July! :D Savings all round!


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    #18
    kluivert
    Registered Users Posts: 2,399 ✭✭✭kluivert


    rebel.ranter wrote: »
    Buy the car now & VRT it in July! :D Savings all round!

    +1

    Am off to buy a damaged car next week after talking to the bank manager for a loan.

    The savings are good at the moment. Buy a Cat D car, repair it and reg it in July, cheap car, cheap VRT and cheap road tax.

    Wait till you see there will be a queue of people with BMW 320d outside the VRO come July.

    In terms of the economy, a strong euro is bad for us.

    Betting tip for everyone here. Go to paddypowertrader or delta, place a bet that the ISEQ will drop 5e per point, with a stop loss of say 250e.


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    #19
    legs11
    Closed Accounts Posts: 1,347 ✭✭✭legs11


    lads

    just import a honda nsx while the going is good and give us some reports on it.....:p


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