Will Coronavirus hit used car prices?
Discussion
Watched some trade auctions ending today on the trade site i'm registered to. I didnt get to record the final price of enough cars to form any sort of trend, but some general observations of all 17 or so...
- Of those that didnt meet reserve last time only around 25% ended up relisted, so it looks like an accommodation was met on price for those cars.
- Of those cars that were relisted, CAP Clean was revised with the latest figures. These seemed to be around £400 down on the last set (so not thousands)
- There were several large 4x4s - all of these made well below CAP Clean and didnt sell.
- Bidding overall was stronger. For example, a Golf GTI that only made £12,800 last time (against book of £15,764) made £14,100 this time (against book of £15,255).
- Cars seemed to be making closer to CAP Clean than before.
Edited by Deep Thought on Monday 1st June 18:56
Throttlebody said:
Deep Thought said:
This shows the same data from the same people but uses a less dramatic scale.
Shows a trend towards leveling off from a peak in 2016
Shows a trend towards leveling off from a peak in 2016
A different scale on the y axis makes it seem better right.Same numbers, declining YOY sales with a slightly reduced rate pre CV19.
A scale like you referenced gives the impression sharp changes and a large drop when in reality the trend is somewhat different - a relatively small year on year decline that was levelling out.
Deep Thought said:
Throttlebody said:
Deep Thought said:
This shows the same data from the same people but uses a less dramatic scale.
Shows a trend towards leveling off from a peak in 2016
Shows a trend towards leveling off from a peak in 2016
A different scale on the y axis makes it seem better right.Same numbers, declining YOY sales with a slightly reduced rate pre CV19.
A scale like you referenced gives the impression sharp changes and a large drop when in reality the trend is somewhat different - a relatively small year on year decline that was levelling out.
I would have bought one today but the deal has stalled, they were happy to let me walk for now, 1st of the month probably the worst day to negotiate. Got another one lined up but not with the dealer yet.
I’ve been watching prices of the cars I’m interested in since March, most are actually still at the same price, no movement at all. Some of the well priced private sales have been bought by dealers and are back on adding a few £k to the price. Not seeing any big reductions yet but it’s very early days.
I’ve been watching prices of the cars I’m interested in since March, most are actually still at the same price, no movement at all. Some of the well priced private sales have been bought by dealers and are back on adding a few £k to the price. Not seeing any big reductions yet but it’s very early days.
menousername said:
Deep Thought said:
Whats interesting about both charts is the level of contraction during the last crash around 2009 / 2010 / 2011 then showing the market bouncing back even stronger than before.
QE / near-zero rates etc was the response that timeProblem is we are basically at zero now without much more we can chuck at it
There's a very old joke about antique dealers:
Two antiques dealers were marooned together on an island...
...business was brisk!
Does the same apply to car dealers?
Two antiques dealers were marooned together on an island...
...business was brisk!
Does the same apply to car dealers?
Deep Thought said:
Watched some trade auctions ending today on the trade site i'm registered to. I didnt get to record the final price of enough cars to form any sort of trend, but some general observations of all 17 or so...
- Of those that didnt meet reserve last time only around 25% ended up relisted, so it looks like an accommodation was met on price for those cars.
- Of those cars that were relisted, CAP Clean was revised with the latest figures. These seemed to be around £400 down on the last set (so not thousands)
- There were several large 4x4s - all of these made well below CAP Clean and didnt sell.
- Bidding overall was stronger. For example, a Golf GTI that only made £12,800 last time (against book of £15,764) made £14,100 this time (against book of £15,255).
- Cars seemed to be making closer to CAP Clean than before.
Edited by Deep Thought on Monday 1st June 18:56
I’m after a Tuscan 2 or another lotus exige and have been looking since September last year for the right car, no movement in prices due to Covid that I can see. The difference is even though I have the money waiting I need a lower price to make me buy as I’m worried about taking a bath in the value over the next year (which normally with either car isn’t a worry)
Sevenon said:
Anyone pick up a bargain today?
The car I enquired about on Saturday (Octavia vRS 245 estate) has had an extra £500 added to the screen price so erm no.Seems to be a recurring theme that my car is worth £1500 less than before Covid-19 (was only worth £7500 tops before) but dealers still want the same as pre Covid levels if not more for their car. I do really want to change my car and was on the verge of doing so before all this happened but the way things are going I’m just going sit it all out and see how values react.
I don’t want a bargain, I don’t want to pull anybody’s pants down, I want people to be able to make a living. I don’t expect I fortune for my p/ex, all I want to pay a fair price and to get a fair price for my current car. At the moment it seems like dealers want their cake and then some.
demic said:
The car I enquired about on Saturday (Octavia vRS 245 estate) has had an extra £500 added to the screen price so erm no.
Seems to be a recurring theme that my car is worth £1500 less than before Covid-19 (was only worth £7500 tops before) but dealers still want the same as pre Covid levels if not more for their car. I do really want to change my car and was on the verge of doing so before all this happened but the way things are going I’m just going sit it all out and see how values react.
I don’t want a bargain, I don’t want to pull anybody’s pants down, I want people to be able to make a living. I don’t expect I fortune for my p/ex, all I want to pay a fair price and to get a fair price for my current car. At the moment it seems like dealers want their cake and then some.
What’s your PX? Let me know see what the book is on it?Seems to be a recurring theme that my car is worth £1500 less than before Covid-19 (was only worth £7500 tops before) but dealers still want the same as pre Covid levels if not more for their car. I do really want to change my car and was on the verge of doing so before all this happened but the way things are going I’m just going sit it all out and see how values react.
I don’t want a bargain, I don’t want to pull anybody’s pants down, I want people to be able to make a living. I don’t expect I fortune for my p/ex, all I want to pay a fair price and to get a fair price for my current car. At the moment it seems like dealers want their cake and then some.
Vroomer said:
There's a very old joke about antique dealers:
Two antiques dealers were marooned together on an island...
...business was brisk!
Does the same apply to car dealers?
I havent been a motor trader for around 7 years.Two antiques dealers were marooned together on an island...
...business was brisk!
Does the same apply to car dealers?
What part of the information i gave - like the information i gave last Monday - was not objective?
I even said i didnt gather enough final prices to give any sort of trend.
I guess i could have found some ropey old Jag that the owner was still looking x2 its value for and cited it as example of how the market had dropped 30%?
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