Will Coronavirus hit used car prices? (Vol 2)

[anonymous-user]

Just looking on eBay last night and it seems that cars older than 10 years old but not quite sheds seem to be slowly dropping in price? They are nowhere near the pre Covid prices, but seem to have fallen a bit in the last couple of months?

I am sure something like this 2012 Kia Rio would have been another £1000 to £1500 a few months ago?

https://www.ebay.co.uk/itm/284898232467?hash=item4...

[Tagteam]

Joey Deacon said:

Just looking on eBay last night and it seems that cars older than 10 years old but not quite sheds seem to be slowly dropping in price? They are nowhere near the pre Covid prices, but seem to have fallen a bit in the last couple of months?

I am sure something like this 2012 Kia Rio would have been another £1000 to £1500 a few months ago?

https://www.ebay.co.uk/itm/284898232467?hash=item4...

Just look at any Martin Lewis socia media and this winter will be a blood bath - with a massive cost of living crisis

[nickfrog]

Tagteam said:

Just look at any Martin Lewis socia media and this winter will be a blood bath - with a massive cost of living crisis

Some will struggle, some won't, some will adapt, some won't.

Work might be the solution, you never know. There is plenty of it for now.

The only thing I guarantee is that a small minority will still be wishing others will suffer. Which is weird, at best.

[Tagteam]

Joey Deacon said:

Just looking on eBay last night and it seems that cars older than 10 years old but not quite sheds seem to be slowly dropping in price? They are nowhere near the pre Covid prices, but seem to have fallen a bit in the last couple of months?

I am sure something like this 2012 Kia Rio would have been another £1000 to £1500 a few months ago?

https://www.ebay.co.uk/itm/284898232467?hash=item4...

Just look at any Martin Lewis socia media and this winter will be a blood bath - with a massive cost of living crisis

[jonwm]

Tagteam said:

Joey Deacon said:

Just looking on eBay last night and it seems that cars older than 10 years old but not quite sheds seem to be slowly dropping in price? They are nowhere near the pre Covid prices, but seem to have fallen a bit in the last couple of months?

I am sure something like this 2012 Kia Rio would have been another £1000 to £1500 a few months ago?

https://www.ebay.co.uk/itm/284898232467?hash=item4...

Just look at any Martin Lewis socia media and this winter will be a blood bath - with a massive cost of living crisis

That was a particular depressing video to be fair, got me thinking and I'm not on the breadline (not far off it I should add! )

[ghost83]

I’ve just watched a Martin Lewis vid where he says there will be a financial explosion happen in September (what’s happening in September???) but I’d say this winter will be very bleak! Our arcades and machines in pubs are down 70% from summer 2019

[ghost83]

I’ve just watched a Martin Lewis vid where he says there will be a financial explosion happen in September (what’s happening in September???) but I’d say this winter will be very bleak! Our arcades and machines in pubs are down 70% from summer 2019

[Backtobasics]

ghost83 said:

I’ve just watched a Martin Lewis vid where he says there will be a financial explosion happen in September (what’s happening in September???) but I’d say this winter will be very bleak! Our arcades and machines in pubs are down 70% from summer 2019

He answered what’s happening in Sept in the video

[Tagteam]

ghost83 said:

I’ve just watched a Martin Lewis vid where he says there will be a financial explosion happen in September (what’s happening in September???) but I’d say this winter will be very bleak! Our arcades and machines in pubs are down 70% from summer 2019

Next hike in energy price caps . Interest rates rises . Winter fuel use .

[AlexNJ89]

Yeah I just watched it too. Actually made me consider selling the car that I love just to not have the finance payments then buy the same car back at a later date.

[time waster]

Not a bad idea

[ghost83]

Backtobasics said:

He answered what’s happening in Sept in the video

Yes with the price cap changes I just wondered what he meant by financial explosion


Also Chris Harris seems to think the turning point is now and the boom is over
https://collectingcars.com/stories/a-general-marke...

[Tagteam]

Good article . It was the same with the Jaguar XJ 220. It was almost the last straw when recession was imminent and a sales flop. Then the car market crashed. I did think the same when I saw a 400k Impreza .

[ghost83]

Just to compound it even more, got another letter this morning to say mortgage is going up another 0.25%. So far that’s 7 this year

On a 100k mortgage that’s like an extra £12 per 0.25% or £84 a month so far this year for all 7 rises

Obviously double that on a 200k mortgage

Etc etc

[lb3nson]

ghost83 said:

Just to compound it even more, got another letter this morning to say mortgage is going up another 0.25%. So far that’s 7 this year

On a 100k mortgage that’s like an extra £12 per 0.25% or £84 a month so far this year for all 7 rises

Obviously double that on a 200k mortgage

Etc etc

I can’t imagine many people are on variable rate mortgage though?

[mrdanbartlett]

ghost83 said:

Just to compound it even more, got another letter this morning to say mortgage is going up another 0.25%. So far that’s 7 this year

On a 100k mortgage that’s like an extra £12 per 0.25% or £84 a month so far this year for all 7 rises

Obviously double that on a 200k mortgage

Etc etc

When I got my first mortgage it was a great rate at the time, 4.24%. I wouldn't be overly surprised if rates get to 3-4% again before too long, now go and do a Mortgage calculator and put that in as the rate for your current amount - grim reading

I've personally tried to shield myself a bit by over-paying for a while so that as rates increase I can absorb it out of the overpayment which I've become used to etc.

[ghost83]

lb3nson said:

I can’t imagine many people are on variable rate mortgage though?

No they might not be but ppl could be coming to the end of their fixed periods in the next 12 month-18 month and to fix again is going to cost them considerably more

[ghost83]

mrdanbartlett said:

When I got my first mortgage it was a great rate at the time, 4.24%. I wouldn't be overly surprised if rates get to 3-4% again before too long, now go and do a Mortgage calculator and put that in as the rate for your current amount - grim reading

I've personally tried to shield myself a bit by over-paying for a while so that as rates increase I can absorb it out of the overpayment which I've become used to etc.

Same here I overpay every month so it’s not affecting me as such however in reality my payments would be a further 80 quid less than they currently are if we hadn’t had the rises! But every £1,000 I pay off it knocks £5 off my monthlies and mine has just gone up by £8 as I owe under 100k but I’ll be knocking a further £15 a month off my payments at the end of the month

[QuattroDave]

lb3nson said:

ghost83 said:

Just to compound it even more, got another letter this morning to say mortgage is going up another 0.25%. So far that’s 7 this year

On a 100k mortgage that’s like an extra £12 per 0.25% or £84 a month so far this year for all 7 rises

Obviously double that on a 200k mortgage

Etc etc

I can’t imagine many people are on variable rate mortgage though?

I am and have been for about 13 years and until about 6 months ago enjoyed <1% lending thanks to base +0.49% rate. Though I'm moving to a 10yr fixed at 2% in October which should steady the ship.

[ghost83]

QuattroDave said:

I am and have been for about 13 years and until about 6 months ago enjoyed <1% lending thanks to base +0.49% rate. Though I'm moving to a 10yr fixed at 2% in October which should steady the ship.

A 10yr fix sounds good, at least you’re not getting caught out before it’s too late I’d guess ppl won’t be able to fix at 2% in 12/18 months