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28 Nov 2010, 07:01 (Ref:2796657) | #1 | ||
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Join Date: Jul 2003
Posts: 6,863
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So how was it for you?
A couple of years back we were all exercised by how the recession would affect historic racing. Well, from the outside I would say not much at all! It's the recovery I'm far more worried about.
Firstly, public spending frightening people into cutting back. Secondly, MSA rule creep with speed eventers now having to buy FIA suits. In droves, they're saying it's too much for a couple of hill climbs a year in a Vintage or Classic car! It's not the money, it's the principle and it's particularly going to hit old car racing. While bankers never decimated historic racing by throwing themselves off buildings like we were promised, I think the recovery will be far more of a threat. Maybe not at Masters or Festival level, but definitely in the feeder series. How was it for you and how do you think it will be? I'm definitely revising my forecasts downwards, I think the recession was phoney but the recovery will be very testing. Last edited by midgetman; 28 Nov 2010 at 07:08. |
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Midgetman - known as Max Tyler to the world. MaxAttaq! |
28 Nov 2010, 19:59 (Ref:2796876) | #2 | ||
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Join Date: Jun 2009
Posts: 4,117
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I think its just time-lagged.....we managed most of last season on savings accrued over the previous few years - but the last couple of years have seen my business go much quieter and the amount people are prepared to spend drop markedly - as I sell second-hand parts the price is highly negotiable and always downwards....so my takings and therefore profits are markedly down - so our racing for next year is in serious doubt. There are other factors of course, but I'd say that for some sectors (particularly the motor trade - or the lower end of it, where I skulk) there has been a prolonged drop, and the effects of that are going to be felt for a few years.....couple that with increased costs for fuel, insurance, tyres etc and I would expect a marked drop in activity for some series...particularly the "budget" ones - unless they benefit from people "down-sizing"...
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Richard Murtha: You don't stop racing because you are too old, you get old when you stop racing! But its looking increasingly likely that I've stopped.....have to go back to rallying ;) |
2 Dec 2010, 02:07 (Ref:2798422) | #3 | ||
Racer
Join Date: Feb 2007
Posts: 241
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I think we're yet to have a recession. We've had a banking/credit crisis but the impact of cuts, direct and indirect, is yet to be felt. You're right Max, it won't hit the very wealthy (apart from propery developers maybe) but IMHO it's likely to have a significant effect on motorsport at all levels.
In anticipation of tough times ahead, my employer has let 5% of its people go in the last 3 months, many on over £100k pa, despite revenue and orders growth in 2010. If my affluent stockbroker belt village is anything to go by, the number of senior company execs who have become 'independent consultants' in the last few months, means we are in for a rough ride. Ironically, the lack of yield on traditional investments is fuelling another bubble in desirable historic cars pulling the rest of the market with it. It'll end in tears again, I fear. |
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2 Dec 2010, 10:30 (Ref:2798515) | #4 | |
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Join Date: Nov 2006
Posts: 1,523
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Interesting comments.
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2 Dec 2010, 10:47 (Ref:2798522) | #5 | ||
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Join Date: Aug 2004
Posts: 14,699
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Well I have been so quite this last month I may as well not be sitting in this shop in the cold its a complete waste of time, I wont spend what savings I do have on racing so if it don't pick up I ain't racing end of!
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You can't polish a turd but you sure can sprinkle it with glitter! |
2 Dec 2010, 20:06 (Ref:2798788) | #6 | ||
Racer
Join Date: Oct 2009
Posts: 271
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I'm not a historic racer (other than by my own age) this last year has been better so far than the previoius year and the quote bank is in better condition but I keep hitting quiet spells.
I'm hopeful for next season but its very much dependant on work like Al. If I'm busy I'm racing. After the "spending review" they do seem to be pulling back on some of the proposed savings but I think this next twelve months could be more difficult than last year. It would help if the media (news) didn't hype every turn to unbelievable heights. Just look at the world cup fiasco this week. Steve |
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2 Dec 2010, 22:22 (Ref:2798853) | #7 | ||
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Join Date: Apr 2004
Posts: 3,820
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my employer - a European-based global conglomerate - just announced record profits for the past year; I think we saw it coming and took action 2-3 years ago whch seems to have worked. A miniscule special bonus will not lead to early retirement! and I'm resigned to working for as long as they want me, to bolster the pension fund. I'll continue to race with whatever little I make using my wits and ebay
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a salary slave no more... |