How bad is the economy in your area?

[mike802]

My son and I both have Monte Carlo's.  His is an Aero Coupe and mine is just a Landau, about 20 years ago I smashed the front of mine up and planned on putting an SS nose on it.  Time went on and I bought some parts, but the project mostly just sat in the garage.  My sons Aero Coupe has been sitting as well for a couple of years and I decided to get my butt in gear and finish these projects up.  We both need different parts, so I figured a parts car would be the most cost effective route to go.  I found an SS on Craigs list and e-mailed the seller.  They got right back to me and explained the problems with the car and also said they wanted it gone and I could probably get it cheap.  We took a 2 hour drive to look at the car, it runs, there are no holes anywhere except a few small ones in the trunk.  The frame is rotted behind the rear wheels and they  included new frame sections for the repair, I have done this repair before and it is an easy fix, it needs a little body work, mostly some surface rust and a few dents and dings and new paint.  That's about it, we agreed to a price of 500.00 bucks, needless to say it went on the trailer right then and there.  As happy as I am for getting such a good deal it it upsetting that things are getting so tight for some people.  My son is disappointed because this car is to good to cut up and I would be foolish to cut up an SS in this shape to make a Landau look kind of like an SS.  So it looks like I have a "new" project.   The way things are going I may end up with some nice cars that I cant sell.

[Gregg @ Keystone Sewing]

Did they say they needed quick cash, or maybe they really wanted to get rid of the car? 

You never know these days.

Always seems to me that when times get tough, it's easy to find cheap loud speakers and high end pool cues.  LOL, but not really.  :-\

[SHHR]

Mike, I was driving down to one of my suppliers about an hour away a couple of weeks ago. I"m always looking for a decent deal I can get and turn around quick. I saw a 2005 Cadillac DeVille Concours in a guys yard for $2500.00 and it looked good from the road. Later that night a friend stopped by my shop and asked if I knew of any decent 4 door cars for sale cheap. I told him about the caddy I saw, so he went to look at it. He told me the guy was getting rid of it because of the economy, he lost his job and needs money. He started off asking book price for it and has slowly been lowering it. My friend didn't buy it since he wanted a small economy car for his wife's daughter. Last week I drove by again and saw it was down to $1900. I don't have the extra cash right now or I'd consider buying it.
But like you say the economy is the main factor. It seems like in my area (southern Indiana) people are either really hurting or doing really well. There is no middle ground and the middle class is going away quick.
Kyle

[Mojo]

The economy in my area is pitiful. Our county has the second highest unemployment rate in all of Florida. You cannot sell anything around here because no one seems to have any money or are holding onto their cash reserves. Personally, I believe this is one of the reasons for our economy not coming back as quick. People are scared of debt and are also scared of spending their savings. Many are worried about losing their jobs so they are holding on tight to their cash. This last recession taught a lot of people ( the hard way mind you ) that massive amounts of debt will sooner or later bury you.

I have two motorcycles that I would have to give away in order to rid myself of them. I was going to sell them till I found out that the going price in my area right now is wholesale. Many cars, trucks, motorcycles, boats, etc. are selling for near wholesale. I bought a Used Ram Pickup for under wholesale last year. People put their vehicles or other toys up for sale and they sit on them. No one is doing much big ticket item buying.

It is a shame to see this economy in such bad shape but then again we needed this correction to teach people not to bury themselves with massive amounts of debt. Now if we could just teach those idiots in Washington the same thing.

Anyone want to buy a couple motorcycles ? :)

Chris

[SHHR]

It is a shame to see this economy in such bad shape but then again we needed this correction to teach people not to bury themselves with massive amounts of debt. Now if we could just teach those idiots in Washington the same thing.

Anyone want to buy a couple motorcycles ? :)

Chris
[/quote]

Chris, I know some of those idiots you mentioned are prbably going to be looking for something else to do come November. Maybe they'll be interested in the bikes to just get out and ride instead of taking us for one!
Kyle

[ajlelectronics]

Same situation over here. I spent a lot of time bringing a rather nice little sprts car up to a good standard. In condition 1 it would be worth about £3600. It could do with a bit of paintwork improvement to bring it up to condition 1 and so I advertised it for £2500. It was on Ebay for nearly 3 months and the best offer I got was £1500, less than it owes me.

I think you are right about people spending money. Until the man in the street starts putting his hand in his pocket, it will not get better. We are finding that we are getting far fewer enquiries by telephone and far fewer visitors in person. The jobs that we do get are hard won against the "one man and his white van" competition that has sprung up. So many people think that cheap is the same as value for money sadly.

[bobbin]

My observation is that people with money still have it to spend.   Those who "lived large" and failed to consider, 1.)  everyone can be replaced, 2.) having an emergency fund to dull the pain of a job loss is important, and 3.)  being in hawk up to your nostrils is not a position of strength are really feeling the sqeeze about now. 

Business in the shop is an interesting mix of moneyed customers who want the work done and expect to pay for quality work, "tire kickers" looking for a "deal" (sorry!), and those who want new work but have to make older canvas last another year/two and appreciate being given options on how much a "rehab."/repair costs, based on the attention to detail and quality of materials used (roll plastic vs. Strataglass, etc.). 

A lot more repairs last year and this one, too.  But that's OK, I'm still working!

[sofadoc]

I don't know what this says for the economy, but more and more of my customers are opting to pay cold hard cash instead of plunking down plastic (fine by me).
My observation is that people are handling their money more responsibly than they did as little as 5 years ago. Impulse buys are out.
No one seems to care about getting those "reward points" for using credit cards anymore.
I think that websites such as Craigslist serve to make us more aware of people that are desperate for quick cash.
I've also noticed that nearly all of my website inquiries result in a sale, while less than 1/2 of  the phone calls I receive actually turn into a job. Seems like when people take the time to e-mail a photo of their furniture, they're serious about it, while the "tire kickers" just call and ask "How much?"

[bobbin]

I agree with the "cold hard cash" observation, Sofa..  I see a lot of that, too. 

Cash has always been king, but the devine right of kingship has not been so obvious in the past few years!  I like the resurgence, frankly.

I visited a welder last weekend.  I would like to have some brackets fabricated that will allow me to hang roll up shades mounted inside the perimeter of the framing that supports our deck canopy.  I provided him with a very precise, measured drawing and a few "visual aids" (awning hardware).  All were clearly labelled and referenced on my drawing.  I told him if I'd left anything out of the drawing to call me.  He studied it for some time and then looked at me and said, "you have thought about this carefully.  I understand exactly what you are trying to do and know exactly how large to make these pieces."  Made me feel really good, because I can make anything you want out of cloth IF you give me accurate specifications. 

He gave me a rough cost estimate (steel is high and the market price is unpredictable) and a time frame.  I will likely pay him with cash.  I don't think there's much "wrong" with the economy when you have cash in hand, you know what you want and articulate it clearly, and your're fair.   

[scarab29]

Well enough of this gloom and doom. I have had one of my best summer selling seasons in years !!!!! We usually slow down right after the 4th of july. Hasn't happened yet. I did 4 estimates for the upholstry / canvas side of my business today and am 2 for 4 so far today. Not big jobs but nice work. A cockpit cove r for a 38 ciggarette , got that one and another for a 18 donzi . Did one of the donzi's last week too. Finished a bimini and enclosure for a sea ray saturday , return customer , did his interior last summer. Working on interior for a 36 chris express right now. Have to say peeps around here are spending it seems. Was tinting the showroom  windows at the largest cadillac dealer in the country last monday and for a monday morning they were hopping!!!!  There was a customer at every salesmans desk most of the day.  :o For now , got a bunch of good jobs , hope it keeps up !!!