Quote:
Originally Posted by JNW1
This thread strikes chord with me as I'm currently agonising over whether or not to cancel the order for my M340i Touring. The car is built and in the UK and, providing we don't enter a lockdown situation, will probably be delivered before the end of the month. However, due to the effects of coronavirus my pension fund has dropped by over 20% in the last few weeks and hence what looked like a nice retirement present at the time of order now feels like a bit of an extravagance; I'm sure the markets will recover in time but it doesn't feel like that's going to happen anytime soon.
If I cancel now I'll obviously lose my £1k deposit but I reckon discounts and finance rates are likely to be better once production restarts so I think I'd probably be able to recover that £1k via a better deal if I cancelled and reordered. Also, if we go into lockdown - which feels more like when rather than if - my new car would just be expensive garage ornament for a few weeks (or months!) and hence I wouldn't be losing much by not having it available to drive.
My thoughts on what to do change by the day (sometimes several times during the day!) but at the moment I'm leaning towards keeping hold of my money for the time being and reordering at a later date as and when things improve. In many ways I don't want to cancel as the car's a great spec and I've been really looking forward to getting it; however, with everything else going on at the moment it seems an irrelevance (which if I'm honest would also take a bit of the shine off getting it).
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I'm in a fairly similar situation although a lot further from retirement than you by the sounds of it. I flip flop repeatedly on what to do but currently I'm sticking with going ahead. The spec I ordered I almost certainly will never see on a dealer's lot so it would be back to a factory order, which given the current production downtime means I'd be unlikely to see it until autumn/winter time I reckon and I'm remaining optimistic that life returns to something approaching normality again before then.
It is very hard as I can also foresee a situation where that money could have been usefully spent on something else or saved for a rainy day, but then that was also true before the current situation as well so I'm not sure that's enough justification to cancel.
The only difference now is that I am more inclined to stick with the PCP deal rather than withdrawing and paying cash. Kind of hedging my bets a little and just swallowing the additional interest costs in return for liquidity.
My business is not directly impacted by the lockdowns etc and in fact tends to be resilient in recession but that doesn't mean that companies we do business with won't struggle or go under which will have a knock on effect.
I'm sure tomorrow I will have a different view again!