WeBuyCars loses R7 billion in four months

[TopAuto]

WeBuyCars loses R7 billion in four months

WeBuyCars has lost 31% of its value over the last four months on the back of cheap Chinese cars and poor results.

 

[A3@MBB]

Technically it's the shareholders combined that lost R7 billion.

 

[Sinbad]

Did they look under the couch?

 

[Jean Claude Vaaldamme]

LOL blame cheap Chinese cars and not the fact that they are constantly in the news and social media for all the shyte they sell to customers.

 

[zerocool2009]

Time for share topup!

 

[airborne]

Yay!
They are scumbags.

 

[Jefferson D'Arcy]

That’s the depreciation curve of a ‘luxury EV’.

 

[Cius]

I will never trust them, and most people I know won't either. Perhaps to sell a car to them, but even that. Been expecting this correction for a while.

 

[marine1]

No sympathy for them, I cant believe people still buy cars there, I said some time ago, I thought this company would not last, they would be in trouble soon.

 

[Binary_Bark]

I will never trust them, and most people I know won't either. Perhaps to sell them a car, but even that. Been expecting this correction for a while.

I know of a few people who bought cars from them, and every single one has had a horrendous experience. If you want to quickly get rid of your old car, they are useful, but to buy from them, no.

 

[Cius]

I know of a few people who bought cars from them, and every single one has had a horrendous experience. If you want to quickly get rid of your old car, they are useful, but to buy from them, no.

I know of a few sales that went OK. My dad got a car from them that has run great. However its luck of the draw. There is no warranty worth the paper its written on. Worst experience was a friend who got a Prada from them only later to find out it had a much cheaper motor from a Fortuner installed that was never declared and from the mechanics could figure out it was a much higher millage engine that was 3-4 years older than the rest of the car. Would have materially changed the sale price if he knew and was undeclared. He gave them the oportunity to make it right by either refunding him and taking the vehicle, or paying him a fair difference and they lawyered up and refused to help in any way or form.

Any company is OK to work with when things are going right. Good companies prove themselves on how they treat a customer when things go wrong. WeBuyCars does very little due diligence when they purchase a car so everyone with a Lemon sells it to them. They then pass those lemons on to their customers and refuse to help when it hits the fan.

 

[L-Dog]

Will definately pick up some shares if it drops to around R 25 a share. In a few years market will be flooded with cheap 2nd hand chinese cards and webuycars will definately benefit.