Will Coronavirus hit used car prices? (Vol 2)
Discussion
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
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If overpaying I would set mortgage to take it off term rather than reducing monthly payment. You will save loads in interest alone and be mortgage free earlier. It’s much more rewarding and helped me pay off 8 years early. Just my advice, up to you
The last few comments have got me thinking about house prices.
When people are struggling for money, do they ever consider selling up and moving to a cheaper/smaller house/area ?
I can't think of anyone I know who's done it, and I guess that's why house prices or always the last thing to dip ?
I'm looking to move closer to work which is in a better area, so I'm currently a saver. The savings rates are definitely getting better. Sainsbury's offer a 12 month rate at 2.50%, and I've seen higher rates about, but where your money is locked in for longer.
When people are struggling for money, do they ever consider selling up and moving to a cheaper/smaller house/area ?
I can't think of anyone I know who's done it, and I guess that's why house prices or always the last thing to dip ?
I'm looking to move closer to work which is in a better area, so I'm currently a saver. The savings rates are definitely getting better. Sainsbury's offer a 12 month rate at 2.50%, and I've seen higher rates about, but where your money is locked in for longer.
MDMA . said:
I’m after something new. Been watching a few cars (at dealers) and they still have the same cars listed at the same price for 2-3 months. No drop yet for what I’m looking at, but they’re not selling. I’m going to hold on for a few more months and see what happens (unless something really nice pops up).
Update on the above. One of the cars I’ve been watching dropped by £1k yesterday. Got a couple more to go I think at this rate. Dwh8611 said:
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
If overpaying I would set mortgage to take it off term rather than reducing monthly payment. You will save loads in interest alone and be mortgage free earlier. It’s much more rewarding and helped me pay off 8 years early. Just my advice, up to you Edited by ghost83 on Saturday 23 July 19:43
RUSSELLM said:
The last few comments have got me thinking about house prices.
When people are struggling for money, do they ever consider selling up and moving to a cheaper/smaller house/area ?
I can't think of anyone I know who's done it, and I guess that's why house prices or always the last thing to dip ?
Some do, particularly when income changes, for example on retirement. When people are struggling for money, do they ever consider selling up and moving to a cheaper/smaller house/area ?
I can't think of anyone I know who's done it, and I guess that's why house prices or always the last thing to dip ?
Moving house invokes additional costs (stamp duty etc) as well as disruption so downsizing cars is relatively cheaper and easier.
I agree house prices are often the last thing to go (although one of the most popular barometers) but I think that’s because it takes a while for the impact of interest rates etc to take hold and then the time scales involved in transacting. Plus for many I guess the house is the last resort.
It depends on your situation doesn’t it, if your mortgage is paid off then no
If you’re on a variable and the interest rates are so high meaning you can’t afford it then yes if you have plenty of equity people do what they have to do to survive,
Hence why I’m overpaying as much as I can and sacrificing other things in life! I don’t drink or smoke or take drugs I don’t go to the pub daily etc etc
I’d hope people would adjust their lifestyles before selling their houses
If you’re on a variable and the interest rates are so high meaning you can’t afford it then yes if you have plenty of equity people do what they have to do to survive,
Hence why I’m overpaying as much as I can and sacrificing other things in life! I don’t drink or smoke or take drugs I don’t go to the pub daily etc etc
I’d hope people would adjust their lifestyles before selling their houses
ghost83 said:
"The danger period, if it should be called that, is surely the time when the market is frozen. When people are not selling so prices remain unrealistically high, and people are still not buying because they think the market will further turn to their advantage, so it makes sense to keep waiting. If everyone selling a car right now - with special reference to the UK market - is honest with themselves, you probably would have achieved a little bit more this time last year. So that must mean the tipping point has been reached."This is peak, right now. If you're at peak sale price now and know you're going to get out of your car in the next 6 months just do it now.
There is no economic indicator that supports stagnating, or increasing, prices and things are headed south globally with regards to used car prices.
There is no economic indicator that supports stagnating, or increasing, prices and things are headed south globally with regards to used car prices.
Yep, everything will be heading south! Energy prices are going to put so many people in so much debt that cars are going to be the last thing on their minds, some families will be getting rid of privately owned expensive cars just to survive!
However I reckon the bottom end of the market will hold steady as those selling will still need cheap transport
They say the lower upper classes and the middle classes are going to be hit the worst, someone I know who had a bmw 5 series company car has opted for the money instead and he’s got himself a much cheaper mondeo and he’s got himself booked in for solar panels and a battery, says he’s planning on using electric heaters instead of his central heating
However I reckon the bottom end of the market will hold steady as those selling will still need cheap transport
They say the lower upper classes and the middle classes are going to be hit the worst, someone I know who had a bmw 5 series company car has opted for the money instead and he’s got himself a much cheaper mondeo and he’s got himself booked in for solar panels and a battery, says he’s planning on using electric heaters instead of his central heating
Peak for selling was September/ October, peak for buying (or selling private) was February / March.
Next month the ONS figures are going to show that year on year increase has become a decrease and the media is going to stop swallow the b
ks about chip shortages and mixed pictures and start reporting that prices are going down which will start the next wave of depreciation.
Next month the ONS figures are going to show that year on year increase has become a decrease and the media is going to stop swallow the b
ks about chip shortages and mixed pictures and start reporting that prices are going down which will start the next wave of depreciation.ghost83 said:
Yep, everything will be heading south! Energy prices are going to put so many people in so much debt that cars are going to be the last thing on their minds, some families will be getting rid of privately owned expensive cars just to survive!
However I reckon the bottom end of the market will hold steady as those selling will still need cheap transport
They say the lower upper classes and the middle classes are going to be hit the worst, someone I know who had a bmw 5 series company car has opted for the money instead and he’s got himself a much cheaper mondeo and he’s got himself booked in for solar panels and a battery, says he’s planning on using electric heaters instead of his central heating
He can't be that hard up if he can afford solar panels and battery storage. Also electric heaters cost way more than central heating.However I reckon the bottom end of the market will hold steady as those selling will still need cheap transport
They say the lower upper classes and the middle classes are going to be hit the worst, someone I know who had a bmw 5 series company car has opted for the money instead and he’s got himself a much cheaper mondeo and he’s got himself booked in for solar panels and a battery, says he’s planning on using electric heaters instead of his central heating
MG CHRIS said:
He can't be that hard up if he can afford solar panels and battery storage. Also electric heaters cost way more than central heating.
No idea about his financial situation our electric is cheaper than gas and if gas is going up the way they say I don’t see it being cheaperghost83 said:
Yep, everything will be heading south! Energy prices are going to put so many people in so much debt that cars are going to be the last thing on their minds, some families will be getting rid of privately owned expensive cars just to survive!
However I reckon the bottom end of the market will hold steady as those selling will still need cheap transport
They say the lower upper classes and the middle classes are going to be hit the worst, someone I know who had a bmw 5 series company car has opted for the money instead and he’s got himself a much cheaper mondeo and he’s got himself booked in for solar panels and a battery, says he’s planning on using electric heaters instead of his central heating
Whoever is saying that needs a fHowever I reckon the bottom end of the market will hold steady as those selling will still need cheap transport
They say the lower upper classes and the middle classes are going to be hit the worst, someone I know who had a bmw 5 series company car has opted for the money instead and he’s got himself a much cheaper mondeo and he’s got himself booked in for solar panels and a battery, says he’s planning on using electric heaters instead of his central heating
king reality check!MG CHRIS said:
ghost83 said:
Yep, everything will be heading south! Energy prices are going to put so many people in so much debt that cars are going to be the last thing on their minds, some families will be getting rid of privately owned expensive cars just to survive!
However I reckon the bottom end of the market will hold steady as those selling will still need cheap transport
They say the lower upper classes and the middle classes are going to be hit the worst, someone I know who had a bmw 5 series company car has opted for the money instead and he’s got himself a much cheaper mondeo and he’s got himself booked in for solar panels and a battery, says he’s planning on using electric heaters instead of his central heating
He can't be that hard up if he can afford solar panels and battery storage. Also electric heaters cost way more than central heating.However I reckon the bottom end of the market will hold steady as those selling will still need cheap transport
They say the lower upper classes and the middle classes are going to be hit the worst, someone I know who had a bmw 5 series company car has opted for the money instead and he’s got himself a much cheaper mondeo and he’s got himself booked in for solar panels and a battery, says he’s planning on using electric heaters instead of his central heating
swanny71 said:
ghost83 said:
Yep, everything will be heading south! Energy prices are going to put so many people in so much debt that cars are going to be the last thing on their minds, some families will be getting rid of privately owned expensive cars just to survive!
However I reckon the bottom end of the market will hold steady as those selling will still need cheap transport
They say the lower upper classes and the middle classes are going to be hit the worst, someone I know who had a bmw 5 series company car has opted for the money instead and he’s got himself a much cheaper mondeo and he’s got himself booked in for solar panels and a battery, says he’s planning on using electric heaters instead of his central heating
Whoever is saying that needs a fHowever I reckon the bottom end of the market will hold steady as those selling will still need cheap transport
They say the lower upper classes and the middle classes are going to be hit the worst, someone I know who had a bmw 5 series company car has opted for the money instead and he’s got himself a much cheaper mondeo and he’s got himself booked in for solar panels and a battery, says he’s planning on using electric heaters instead of his central heating
king reality check!Peak was absolutely end of last Summer / October, and things are now cooling slowly. Supply is still pretty limited so conditions just aren’t there for a crash right now.
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