The last week has seen a raft of reports about the slow-down of sales at the luxury end of the market. Aston Martin is suffering badly, Bentley has serious problems and Jaguar & Land Rover, both owned by Indian firm Tata, are pushing the government for a £1 billion loan.
And today comes news that Porsche is cutting production for seven days to cope with the dwindling demand for cars worldwide.
Nobody is thinking that Porsche are in real trouble yet (after all, Porsche is the most profitable car company there is and, with a controlling stake in VW, is well-placed to survive the recession). But it is a sure sign of how bad things are that even Porsche are having to slow production.
In their statement, Porsche said:
“Porsche, too, cannot escape the current downward trend in the automobile industry,” and admitted that its sales for the year-end July are down on the previous twelve months.
Paradoxically, it is probably not the ‘Credit-Crunch’ or the recession across the West that is causing this problem. It’s fear. Fear of what is still to come. Fear, to a great degree, engendered by the media. “We’re all Doomed” they cry. No we’re not; we just need to re-adjust. And frankly, if we are all doomed, I’d rather go out in a blaze of glory in a new car, than cowering in a corner waiting for the end!
Go on. Go and grab a bargain.