Auction watch

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DaveDCB

Well-known member
Nothing wrong with finance if your business model supports it, but more risk and you have to guarantee the workload or the overhead becomes unmanageable. Certainly prefer owning kit, however my little E10 was on 0% as it made no sense to pay it outright in that scenario. Another 2 years of £225 a month IIRC. It only needs to come out of the shed once or twice a month to pay its way. Ref the Duchy group - if you look at some of the articles - you can see they went for it in a big way. Shows that bigger isn't always better. I think Duchy group is a splinter from another (or more?) companies?
It’s when companies are paying 10% interest but don’t make an extra 10% that things start to go wrong! Over the lifetime of a business an extra 10% cost on all your assets is a lot of money to be giving away to the finance company for the sake of new kit every 3 years!!
 
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Stroppymonkey

Well-known member
It’s when companies are paying 10% interest but don’t make an extra 10% that things start to go wrong! Over the lifetime of a business an extra 10% cost on all your assets is a lot of money to be giving away to the finance company for the sake of new kit every 3 years!!
Covid loans / CIBL starting to bite as well. Be certainly glad to see back of ours next summer.
 
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DaveDCB

Well-known member
Covid loans / CIBL starting to bite as well. Be certainly glad to see back of ours next summer.

An interest free period of 12 months applied, after which the interest was charged as follows:

● 3.49% over Bank of England Base Rate¹ for loans up to and including 3 years

● 3.99% over Bank of England Base Rate¹ for loans over 3 years

No repayment of capital was required during the period of 12 months from drawdown”

Almost like they knew interest rates would go through the roof isn’t it!
 
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Stroppymonkey

Well-known member

An interest free period of 12 months applied, after which the interest was charged as follows:

● 3.49% over Bank of England Base Rate¹ for loans up to and including 3 years

● 3.99% over Bank of England Base Rate¹ for loans over 3 years

No repayment of capital was required during the period of 12 months from drawdown”

Almost like they knew interest rates would go through the roof isn’t it!
Such a cynic 😂
 
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Stroppymonkey

Well-known member
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Cheap for what it is I think. Local seller and genuine. Tempted to see if it would fit on mine..
 
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