Will Coronavirus hit used car prices?
Discussion
Will be interesting to see what happens.
The online trade auction site i'm still subscribed to seems to be still moving cars and in significant numbers - actually seems to be up this week. Will watch what the prices are relative to CAP clean but i'm certainly not seeing any bargains.
I'd thought to pick up maybe a Boxster or convertible and run it a few months then punt it on but i think that could be hard to do now without potentially losing money.
Also had considered upgrading the 2006 330i to something fresher but i'm now working from home indefinitely so it literally wont move so no point.
I guess generally people will hold off now for various reasons.
Friend of mine sells motor homes and caravans and i thought maybe he'd be quids in this year as people wont be able to go on their package holidays to Spain etc, but he says he thinks caravan parks, etc will all close due to the risk of spreading the virus.
The online trade auction site i'm still subscribed to seems to be still moving cars and in significant numbers - actually seems to be up this week. Will watch what the prices are relative to CAP clean but i'm certainly not seeing any bargains.
I'd thought to pick up maybe a Boxster or convertible and run it a few months then punt it on but i think that could be hard to do now without potentially losing money.
Also had considered upgrading the 2006 330i to something fresher but i'm now working from home indefinitely so it literally wont move so no point.
I guess generally people will hold off now for various reasons.
Friend of mine sells motor homes and caravans and i thought maybe he'd be quids in this year as people wont be able to go on their package holidays to Spain etc, but he says he thinks caravan parks, etc will all close due to the risk of spreading the virus.
g3org3y said:
I've been meaning to buy an E92 M3 for a while. Seems like a good opportunity. I wonder how long it'll be before the dealers get desperate and start accepting really lowball offers.
Funnily, so have i. Theres a really nice one in the right colour combo for me red leather, space grey, 2013, 38K miles, auto, AUC at a nearby main dealer. Was £22,495 now £20,995. I'd have thought that could maybe be bought for a fraction under £20K now or very soon. They've had it over 90 days so must be getting jumpy...av185 said:
E92 great car at the money but high running costs heavy fuel consumption and high ved will continue to hit residuals hard.
I'm happy to wait. It'll be a 3rd/4th car. Was also looking at an E63 6 Series as a runabout. They are cheap anyway, (<£5k) but may drop further.I'm in the extremely fortunate position that income unlikely to be an issue in the upcoming months.
Deep Thought said:
g3org3y said:
I've been meaning to buy an E92 M3 for a while. Seems like a good opportunity. I wonder how long it'll be before the dealers get desperate and start accepting really lowball offers.
Funnily, so have i. Theres a really nice one in the right colour combo for me red leather, space grey, 2013, 38K miles, auto, AUC at a nearby main dealer. Was £22,495 now £20,995. I'd have thought that could maybe be bought for a fraction under £20K now or very soon. They've had it over 90 days so must be getting jumpy...Give it 2 months and walk in with 10k
Give it 3 months and walk in with a 16 pack toilet roll.
g3org3y said:
Deep Thought said:
g3org3y said:
I've been meaning to buy an E92 M3 for a while. Seems like a good opportunity. I wonder how long it'll be before the dealers get desperate and start accepting really lowball offers.
Funnily, so have i. Theres a really nice one in the right colour combo for me red leather, space grey, 2013, 38K miles, auto, AUC at a nearby main dealer. Was £22,495 now £20,995. I'd have thought that could maybe be bought for a fraction under £20K now or very soon. They've had it over 90 days so must be getting jumpy...Give it 2 months and walk in with 10k
Give it 3 months and walk in with a 16 pack toilet roll.
Toilet roll is definitely going to be the new currency by the summer.
av185 said:
Unsurprisingly only believable if you provide a link.
Sold mine 2 weeks back for a good premium ££ btw.
I guess 2 weeks back is a world away from now and the coming weeks for car buyers though.Sold mine 2 weeks back for a good premium ££ btw.
As for topic...
It has to have an effect on prices. I have two jobs, one has completely dried up (self employed part) because it’s based around a luxury for people and my employed job is dead to the point I’m now thinking if this goes on for weeks/months I’ll be let go as I was only recently employed (just done my third week)
A couple of weeks ago I was arranging my first racing license and planning grass routes motorsport and today I’m wondering how I’m gonna live in a couple of months.
I’ve always thought of myself as poor but asset ‘rich’ (and by rich I mean poor by most standards) I have some ok watches, 3 cars and a van, nice guns etc. I don’t do credit so own everything BUT I can’t sell anything at the moment as nobody in my target audience is going to be spending when they’re worried about their finances.
It’s tricky because a few weeks ago I felt safe as all my assets are (were) worth a fair bit more than I paid for them but it does show really assets are totally useless in a situation like this unfolding if you have to liquidate them to buy food and pay the mortgage.
I guess the Uber rich will be ok and the Uber poor (benefits) will be cushty but the working man will not be looking to splurge money they may need at the moment on anything luxury.
uncleluck said:
I guess 2 weeks back is a world away from now and the coming weeks for car buyers though.
As for topic...
It has to have an effect on prices. I have two jobs, one has completely dried up (self employed part) because it’s based around a luxury for people and my employed job is dead to the point I’m now thinking if this goes on for weeks/months I’ll be let go as I was only recently employed (just done my third week)
A couple of weeks ago I was arranging my first racing license and planning grass routes motorsport and today I’m wondering how I’m gonna live in a couple of months.
I’ve always thought of myself as poor but asset ‘rich’ (and by rich I mean poor by most standards) I have some ok watches, 3 cars and a van, nice guns etc. I don’t do credit so own everything BUT I can’t sell anything at the moment as nobody in my target audience is going to be spending when they’re worried about their finances.
It’s tricky because a few weeks ago I felt safe as all my assets are (were) worth a fair bit more than I paid for them but it does show really assets are totally useless in a situation like this unfolding if you have to liquidate them to buy food and pay the mortgage.
I guess the Uber rich will be ok and the Uber poor (benefits) will be cushty but the working man will not be looking to splurge money they may need at the moment on anything luxury.
I think thats exactly it. In terms of the used car market, we are going to get to / are already in the realms of people only changing their car when they "need" to, rather than when they "want" to. As for topic...
It has to have an effect on prices. I have two jobs, one has completely dried up (self employed part) because it’s based around a luxury for people and my employed job is dead to the point I’m now thinking if this goes on for weeks/months I’ll be let go as I was only recently employed (just done my third week)
A couple of weeks ago I was arranging my first racing license and planning grass routes motorsport and today I’m wondering how I’m gonna live in a couple of months.
I’ve always thought of myself as poor but asset ‘rich’ (and by rich I mean poor by most standards) I have some ok watches, 3 cars and a van, nice guns etc. I don’t do credit so own everything BUT I can’t sell anything at the moment as nobody in my target audience is going to be spending when they’re worried about their finances.
It’s tricky because a few weeks ago I felt safe as all my assets are (were) worth a fair bit more than I paid for them but it does show really assets are totally useless in a situation like this unfolding if you have to liquidate them to buy food and pay the mortgage.
I guess the Uber rich will be ok and the Uber poor (benefits) will be cushty but the working man will not be looking to splurge money they may need at the moment on anything luxury.
Also, given this is PH where we want something a bit more than just A -> B transport, the market for that kind of stuff is bound to drop. Good news for those who want to buy now and keep (assuming you buy at the bottom of the market), not so good if you feel you may wish to liquidate it at some point in the next year.
SidewaysSi said:
Audemars said:
R.Sole said:
The difference is that in 2008 10s of thousands of people did not die you f
kin moron!
People die everyday. This coronavirus will be nowhere as big as the skin moron!t caused by the credit crisis in 2008 from a financial perspective even if 10x more people die.However, I still expect prices to take a hammering because of peoples inability to live within their means which is a bus ticket for most BMW/Audi owners.
No go and stock up on the loo roll.
Human evolution at its best.
Edited by Audemars on Wednesday 18th March 00:36
t.Do you even have a car because I haven't ever seen you post anything about cars?
.Deep Thought said:
TimoMak said:
SidewaysSi said:
Learn to write and spell MF. What a tt.
Do you even have a car because I haven't ever seen you post anything about cars?
Ah Sideways, dishing out yet more random abuse. You really are a nasty peace of work aren’t you, a knowledgeless t.Do you even have a car because I haven't ever seen you post anything about cars?
.
Pot, kettle, black?
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