p2pmark
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Post by p2pmark on Nov 20, 2018 14:48:15 GMT
MoneyThingI've had a quick look at the appropriate valuation for the car in question, and am not sure how the £280k was arrived at. Both www.parkers.co.uk/lamborghini/urus/suv-2018/specs/ and www.autotrader.co.uk/content/car-reviews/lamborghini-urus-review-suv-2018 suggest that the retail price is £160k , and so second-hand price should be lower (even putting aside differences between retail and trade prices_. I appreciate the car in question may have more bells and whistles but it's hard to see how this could double the value. (Mods, I assume these links are OK, as I'm not identifying the specific asset in question - only the brand.) Grateful if this could be clarified. (I'm not really used to looking up car values, so very likely I've got the wrong end of the stick - apologies if so.)
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SteveT
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Post by SteveT on Nov 20, 2018 15:15:57 GMT
Not really a part of the market I'm familiar with (!) but the MT listing states:
*Please note that this particular car model has only recently been launched. As such, the car is too new for Glass's Guide and therefore on this occasion the value has been estimated based on cars advertised for sale on Autotrader.
Looking on Autotrader, there seem to be 3 pre-owned cars listed (all 1k miles or fewer) at £299,995 / £285,000 / £279,995, plus a new car ad from a Lambo dealer at £165k.
So I guess there's a long wait for delivery and those who received their cars first are trying to flip for a substantial premium. How realistic that sort of premium is, and how long that it might be sustained, I've no idea.
[The loan listing also states the loan limit for this borrower is "up to a maximum 90% of the price they purchased the vehicle", suggesting they paid at least £217k for it.]
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Post by GSV3MIaC on Nov 20, 2018 18:45:11 GMT
Not sure how the £800 bid limit was arrived at either - that only allows ~200 lenders to get their full whack, and I thought even in these difficult times there would be more interest than that. MoneyThing - what was wrong with a lower limit for 24 hours, and then a higher one thereafter??
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Post by MoneyThing on Nov 20, 2018 19:37:19 GMT
Not sure how the £800 bid limit was arrived at either - that only allows ~200 lenders to get their full whack, and I thought even in these difficult times there would be more interest than that. MoneyThing - what was wrong with a lower limit for 24 hours, and then a higher one thereafter?? Evening GSV3MIaC, You might be right ... I was thinking that I used a 0.3% ratio for the bid limit for the £105k (rounded to nearest £50), car which was filled after 6.5hrs. Since this loan is nearly twice the size of any previous loan with this borrower and there is also another £100k+ car coming shortly, I thought a ratio of 0.4% in this instance felt right. If I am proved wrong, I will adjust accordingly for the upcoming Aventador. Kind regards, Ed
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Post by MoneyThing on Nov 20, 2018 20:00:21 GMT
MoneyThing I've had a quick look at the appropriate valuation for the car in question, and am not sure how the £280k was arrived at. Both www.parkers.co.uk/lamborghini/urus/suv-2018/specs/ and www.autotrader.co.uk/content/car-reviews/lamborghini-urus-review-suv-2018 suggest that the retail price is £160k , and so second-hand price should be lower (even putting aside differences between retail and trade prices_. I appreciate the car in question may have more bells and whistles but it's hard to see how this could double the value. (Mods, I assume these links are OK, as I'm not identifying the specific asset in question - only the brand.) Grateful if this could be clarified. (I'm not really used to looking up car values, so very likely I've got the wrong end of the stick - apologies if so.) Evening p2pmark, Two aspects of this, firstly being the spec of the car & the second being the availability (or lack thereof). Whilst this car does have a base price of £160k, this is the starting point for this manufacturer. For example, we understand that the manufacturer then charge £3,000 for delivery, £2,000 tax and the cars have a compulsory tracker fitted for £1,100. The spec is then the important bit to attract buyers and on this model, things like Bang & Olufsen speakers (£5,250), heads-up-display (£5,250), 23” alloys (£4,200), etc., add a considerable amount to the base price. (If you add all the options it would take it up to c. £300k). With regards to availability, we called the manufacturer and they said early 2020 for delivery of a new car if ordered now. As you might appreciate, the people who have the money to buy these cars are quite prepared to pay a premium to jump an 18m queue. As SteveT mentions, the loan amount is < 90% of the price paid for the car by the borrower. Kind regards, Ed
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Post by GSV3MIaC on Nov 21, 2018 12:02:31 GMT
50%+ gone in 2 minutes.
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amwinv
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Post by amwinv on Nov 21, 2018 13:10:09 GMT
An hour down and still 50k (25%) available. Seems Ed wasn't too far off with the higher bid limits!
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Post by GSV3MIaC on Nov 21, 2018 13:23:52 GMT
Yes, slower than I was expecting, however I still doubt it'll last to the 24 hour limit-expiry time, which really ought be the goal (IMO).
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coop
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Post by coop on Nov 21, 2018 14:37:08 GMT
looks like a A+ loan; very c. 2016 vintage MoneyThing!
I would be well in but I don't have any extra pennies to rub together and I don't think it quite makes sense selling bits of my desirable loans to diversify and get a chunk; as this loan could well end before my existing loans and leave me with funds to invest again.
Good luck all!
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Nov 21, 2018 14:41:40 GMT
An hour down and still 50k (25%) available. Seems Ed wasn't too far off with the higher bid limits! Way too early to suggest the initial allocation was correct. The aim should not be to get the whole amount lent in the first couple of hours, but to allow everyone who wants a share to get it inside the first 24 hours.
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amwinv
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Post by amwinv on Nov 21, 2018 15:36:12 GMT
On the one hand I'm with you in principle cedarcourtcapital. Not everyone can get to a computer at a fixed time. But this loan at max allocation would have been gobbled up by 245 people. Out of over 5000 registered lenders. The fact there's still any left after 2 minutes shows it's less in demand than some loans on other platforms. The fact there's still 23k available after 3 and a half hours seems pretty reasonable to me. And I'm happier to own a (slightly larger) small chunk of such a ridiculous car now, than if the limits were lower and I'd to have to battle it out with the BH's for a bit more tomorrow. They scare me.
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cedarcourtcapital
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Listening is not the same as understanding
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Post by cedarcourtcapital on Nov 21, 2018 17:29:54 GMT
On the one hand I'm with you in principle cedarcourtcapital . Not everyone can get to a computer at a fixed time. But this loan at max allocation would have been gobbled up by 245 people. Out of over 5000 registered lenders. The fact there's still any left after 2 minutes shows it's less in demand than some loans on other platforms. The fact there's still 23k available after 3 and a half hours seems pretty reasonable to me. And I'm happier to own a (slightly larger) small chunk of such a ridiculous car now, than if the limits were lower and I'd to have to battle it out with the BH's for a bit more tomorrow. They scare me. I have seen suggestions of a 'first 24 hour limit, and then a 'second 24 hour limit', which to me, without knowing whether there are any technical difficulties implementing this, makes very good sense to me. Over 5,000 registered users, remind me again how many replied to the recent secondary market options poll? That number is a much better indication of 'active Moneything lenders, so perhaps only thinking ~300 people would be interested was not a bad guess.
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picnicman
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Post by picnicman on Nov 21, 2018 17:38:31 GMT
On the one hand I'm with you in principle cedarcourtcapital . Not everyone can get to a computer at a fixed time. But this loan at max allocation would have been gobbled up by 245 people. Out of over 5000 registered lenders. The fact there's still any left after 2 minutes shows it's less in demand than some loans on other platforms. The fact there's still 23k available after 3 and a half hours seems pretty reasonable to me. And I'm happier to own a (slightly larger) small chunk of such a ridiculous car now, than if the limits were lower and I'd to have to battle it out with the BH's for a bit more tomorrow. They scare me. I have seen suggestions of a 'first 24 hour limit, and then a 'second 24 hour limit', which to me, without knowing whether there are any technical difficulties implementing this, makes very good sense to me. Over 5,000 registered users, remind me again how many replied to the recent secondary market options poll? That number is a much better indication of 'active Moneything lenders, so perhaps only thinking ~300 people would be interested was not a bad guess. cedarcourtcapital - it is always a fine balance between the platform wanting to get the loan filled and drawn down asap and keeping investors on board. Ed appears to treat each loan on its merits which is a good thing. In this case as with many others I agree with you that it is about right - now where is the next one!!! Cheers P
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mason
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Post by mason on Nov 21, 2018 18:05:11 GMT
Despite forgetting this was going live today and noticing it just now, I've managed to get a slice. But there's only £7.8k left at T+6h, so it probably won't last 24h.
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Post by df on Nov 21, 2018 19:10:33 GMT
Yes, slower than I was expecting, however I still doubt it'll last to the 24 hour limit-expiry time, which really ought be the goal (IMO). I was 24 minutes late for the party and was surprised the availability was still there (half filled). Some time ago such poor punctuality wouldn't stand a chance. 0.42% left now. It will be filled tonight or tomorrow morning.
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