Will Coronavirus hit used car prices? (Vol 2)

[The Rotrex Kid]

andyalan10 said:

You'd be better off reading used toilet paper than any paper that uses journalists with that level of financial literacy.

This from the article is a good one too.

'There are no penalties for defaulting on PCP payments other than having to hand the car back,'

Not financial advice!

[Fusion777]

Not seen much on the WBAC values for a while. Would be nice to see some graphs/tables again.

[e-honda]

I think after 3 years of trying to buy it they've had enough and are rebranding as WBAC except DT's

[ghost83]

The red Mclaren I was watching has had its biggest drop so far,

It started at £88k in February 2022
Then 86k
Then 85k

And now it’s dropped to 77k

[e-honda]

Just been serviced by McLaren, I wonder if that was in February, or if along with the £11k price drop and probably a couple of £k in stock finance interest they've also had to pay for a main dealer service.

[Honeywell]

Same price point as a V6 Emira. What would that spec have been new in actual price not list price?

[Sukh13]

Returning to the price as at spring 2020...

[ghost83]

e-honda said:

Just been serviced by McLaren, I wonder if that was in February, or if along with the £11k price drop and probably a couple of £k in stock finance interest they've also had to pay for a main dealer service.

It’s said just been serviced by Mclaren since February, quite a big drop though in a week in my opinion basically 10%

[Pommy]

ghost83 said:

e-honda said:

Just been serviced by McLaren, I wonder if that was in February, or if along with the £11k price drop and probably a couple of £k in stock finance interest they've also had to pay for a main dealer service.

It’s said just been serviced by Mclaren since February, quite a big drop though in a week in my opinion basically 10%

Car sales go to the floor for the next few months I understand so not only is that a lot of money to be tied up doing nothing, it'll keep heading south even further.

[ghost83]

Pommy said:

Car sales go to the floor for the next few months I understand so not only is that a lot of money to be tied up doing nothing, it'll keep heading south even further.

Yeah but they’re not going to go up again either! Come April that isn’t going to gain 10k! I’m seeing so many people on social media or TikTok of families upset over cost of living and genuinely can’t afford to live (although why they would put themselves out there like that I have no idea)

It’s starting to bite and until March people will be running up debt then taking all summer to try and pay it back, then it will be winter again

[Pommy]

ghost83 said:

Pommy said:

Car sales go to the floor for the next few months I understand so not only is that a lot of money to be tied up doing nothing, it'll keep heading south even further.

Yeah but they’re not going to go up again either! Come April that isn’t going to gain 10k! I’m seeing so many people on social media or TikTok of families upset over cost of living and genuinely can’t afford to live (although why they would put themselves out there like that I have no idea)

It’s starting to bite and until March people will be running up debt then taking all summer to try and pay it back, then it will be winter again

I agree with you, as I said "it'll keep heading south even further"

[limpsfield]

ghost83 said:

Pommy said:

Car sales go to the floor for the next few months I understand so not only is that a lot of money to be tied up doing nothing, it'll keep heading south even further.

Yeah but they’re not going to go up again either!

I wouldn't bet against that happening to be honest.

I'd rather they dropped further as I want to buy another car. But we have been somewhat in the eye of the financial storm in recent months. If - and it is admittedly a big if - the economy perhaps does not look quite as dire coming out of winter/spring, and if mortgage and general lending rates drift back to more acceptable levels (but not like they were 18 months ago) I think this would put a floor under prices.

People are inherently bad at predicting future prices of all sorts of assets and markets - just read back through this thread. I am quite happy to wait out the winter and wouldn't be surprised to see prices soften in the short-term, but I think it is far from a slam dunk that they are going to nosedive.

[bencollins4]

ghost83 said:

Pommy said:

Car sales go to the floor for the next few months I understand so not only is that a lot of money to be tied up doing nothing, it'll keep heading south even further.

Yeah but they’re not going to go up again either! Come April that isn’t going to gain 10k! I’m seeing so many people on social media or TikTok of families upset over cost of living and genuinely can’t afford to live (although why they would put themselves out there like that I have no idea)

It’s starting to bite and until March people will be running up debt then taking all summer to try and pay it back, then it will be winter again

The people struggling to afford to live weren’t in a position to buy a McLaren a few months back either. Sadly a lot of people are / will struggle. They are not / have never been buyers of expensive sports / supercars.

There is a price point for these cars where a lot of people with money will jump in.

[ghost83]

bencollins4 said:

The people struggling to afford to live weren’t in a position to buy a McLaren a few months back either. Sadly a lot of people are / will struggle. They are not / have never been buyers of expensive sports / supercars.

There is a price point for these cars where a lot of people with money will jump in.

The only reason why I’ve focussed on that car in particular is because someone said people buying the top end cars are still buying them so prices won’t go down but obviously that’s not the case,

The people that are affected most will likely be the ones with the Audi/vw/merc/bmw on pcp

[ChocolateFrog]

ghost83 said:

The red Mclaren I was watching has had its biggest drop so far,

It started at £88k in February 2022
Then 86k
Then 85k

And now it’s dropped to 77k

Guessing that 'just been serviced' could more accurately be described as will require service in 2 months.

[ChocolateFrog]

ghost83 said:

Pommy said:

Car sales go to the floor for the next few months I understand so not only is that a lot of money to be tied up doing nothing, it'll keep heading south even further.

Yeah but they’re not going to go up again either! Come April that isn’t going to gain 10k! I’m seeing so many people on social media or TikTok of families upset over cost of living and genuinely can’t afford to live (although why they would put themselves out there like that I have no idea)

It’s starting to bite and until March people will be running up debt then taking all summer to try and pay it back, then it will be winter again

Those families won't be McLaren shopping though.

You'd have to have some seriously fked up priorities to be deciding whether it will be the Macca or the hearing that you're going to default on.

[Pommy]

bencollins4 said:

ghost83 said:

Pommy said:

Car sales go to the floor for the next few months I understand so not only is that a lot of money to be tied up doing nothing, it'll keep heading south even further.

Yeah but they’re not going to go up again either! Come April that isn’t going to gain 10k! I’m seeing so many people on social media or TikTok of families upset over cost of living and genuinely can’t afford to live (although why they would put themselves out there like that I have no idea)

It’s starting to bite and until March people will be running up debt then taking all summer to try and pay it back, then it will be winter again

The people struggling to afford to live weren’t in a position to buy a McLaren a few months back either. Sadly a lot of people are / will struggle. They are not / have never been buyers of expensive sports / supercars.

There is a price point for these cars where a lot of people with money will jump in.

Actually I would say that a lot of people financing these sorts of cars (and most of these are sold on finance not cash) are financers of many things and increased lending costs are gonna hit them hard. They may not go broke but they'd certainly be looking to get their outgoings rid.

[AlexNJ89]

ChocolateFrog said:

Those families won't be McLaren shopping though.

You'd have to have some seriously fked up priorities to be deciding whether it will be the Macca or the hearing that you're going to default on.

The market as a whole will impact them.

If you own a chain of Takeaways for example, you may be able to afford a Mclaren, but if the poorer people can't afford to eat out then you'll also feel the effects.

Then you have bigger businesses like airlines, clothes stores, restaurants etc seeing a downturn in sales, then that loss of money means laying off of staff.

Then the person who was high up in the Supply chain/Operations in say .. H&M, IKEA or Next, will have to let go of that McLaren.

[e-honda]

bencollins4 said:

The people struggling to afford to live weren’t in a position to buy a McLaren a few months back either. Sadly a lot of people are / will struggle. They are not / have never been buyers of expensive sports / supercars.

There is a price point for these cars where a lot of people with money will jump in.

You keep saying this sort of thing, but it just isn't the reality.

The Baron of Burnley isn't the person who sets the price of a 5 year old McLaren, if he wanted one he would have ordered it 6 years ago, It is very unlikely he would wake up 1 day and go from owning zero super cars to today is the day I want a McLaren, and if he did he would be one of the people paying overs for a 6 month old one if he couldn't bring himself to wait for a new one.
The people who control the price for second hand super cars are those moderately wealthy who have been saving for many many years for their 1 time purchase along with those who are a fair bit more wealthy and can afford to do it maybe every few years.
These people are affected by the economy

[bencollins4]

e-honda said:

bencollins4 said:

The people struggling to afford to live weren’t in a position to buy a McLaren a few months back either. Sadly a lot of people are / will struggle. They are not / have never been buyers of expensive sports / supercars.

There is a price point for these cars where a lot of people with money will jump in.

You keep saying this sort of thing, but it just isn't the reality.

The Baron of Burnley isn't the person who sets the price of a 5 year old McLaren, if he wanted one he would have ordered it 6 years ago, It is very unlikely he would wake up 1 day and go from owning zero super cars to today is the day I want a McLaren, and if he did he would be one of the people paying overs for a 6 month old one if he couldn't bring himself to wait for a new one.
The people who control the price for second hand super cars are those moderately wealthy who have been saving for many many years for their 1 time purchase along with those who are a fair bit more wealthy and can afford to do it maybe every few years.
These people are affected by the economy

What’s not the reality? That the moderately wealthy won’t buy a supercar if the price drops?

I’ve not seen many more negative posters than you, full stop, and you ‘keep saying this sort of thing’. We are almost all affected by the economy, but it’s not the apocalypse for most that you keep peddling.