Will Coronavirus hit used car prices?
Discussion
A1VDY said:
Nothing will be 'cracking value' as its not going to worth buying anything, nothing at all. A car that's currently £60k dropping to £40k in the autumn will still not sell due to it being worth the grand sum of f
k all in a further 6 months. The economy is going to completely collapse, there will be no market for expensive stuff of any kind whatsoever. The only cars which there will be a market for will be cheap basic stuff.
I'm under no illusion my Porsche will have the value of a 4 pack of Heinz beans. Its a perfect as new, very low mileage example but sadly it will make absolutely no difference.
The cars for sale I have on my site will have the value of scrap. Forget 'bargains', they won't be worth buying at any price..
The point of the lock down isnt to stop the virus, merely to slow it down long enough for the health service to be better prepared. At some point it is going to have to wash over the population and we'll have to take the hit on the deaths but as a society develop immunity to this virus, much in the same way as we now deal with the flus that hit, etc.k all in a further 6 months. The economy is going to completely collapse, there will be no market for expensive stuff of any kind whatsoever. The only cars which there will be a market for will be cheap basic stuff. I'm under no illusion my Porsche will have the value of a 4 pack of Heinz beans. Its a perfect as new, very low mileage example but sadly it will make absolutely no difference.
The cars for sale I have on my site will have the value of scrap. Forget 'bargains', they won't be worth buying at any price..
So, no, we're not facing complete collapse of economy to the point where anything but the most basic form of transport is worth nothing.
You can argue, postulate, hand wring about that all you like, but lets put a marker in to revisit your post and my response in a years time and see who was closest to being right.
A1VDY said:
av185 said:
the-photographer said:
Here is my question; common cars (Focus) all depreciate at a predicable rate, pre-virus of course. What will be the extra depreciation percentage because of today's environment on cars in the 1-36 month old range?
Expensive cars will be harder to predict, simpler because there is less volume. Looking at the Classified Ads, you might be able to guess which ones will have the hardest time:
California = 99
488 = 76
599 = 42
Aventador = 103
Huracan = 95
570s = 74
Bentayga = 114 (!!!) cheapest £87,000
Continental GT = 267
Nothing on your above list appeals atm.Expensive cars will be harder to predict, simpler because there is less volume. Looking at the Classified Ads, you might be able to guess which ones will have the hardest time:
California = 99
488 = 76
599 = 42
Aventador = 103
Huracan = 95
570s = 74
Bentayga = 114 (!!!) cheapest £87,000
Continental GT = 267
Edited by the-photographer on Thursday 26th March 10:41
The only car of interest which will be good value and maintain it residually ££ plus future premium would be a Hurracan Performante. I am in the market for one of the right spec and mileage. £140k feels about right atm.
Future classic and relatively low numbers will guarantee a substantial premium ££ in c 18 months if bought at sensible money over the next 6 months.
570S a great package but quite dull as a road car. I sold mine last summer after 2 months. These will be cracking value into the autumn especially pricipally due to over supply. Trade is currently mid £60ks this could drop to mid £40ks over the next few months imo.
k all in a further 6 months. The economy is going to completely collapse, there will be no market for expensive stuff of any kind whatsoever. The only cars which there will be a market for will be cheap basic stuff. I'm under no illusion my Porsche will have the value of a 4 pack of Heinz beans. Its a perfect as new, very low mileage example but sadly it will make absolutely no difference.
The cars for sale I have on my site will have the value of scrap. Forget 'bargains', they won't be worth buying at any price..
I am taking about buying stuff to run for 12 to 18 months which I generally do with my cars. By that time the market will have improved substantially as it did very quickly post financial crash 2008 as those who sold out on the drop/nadir and subsequently tried to buy back in later at substantially higher prices found out to their considerable cost ££.
On this basis with certain cars as with the stock market it can often be more expensive to be out of the market than in as the 16% rise in the FTSE just this week despite the prevailing economic woes illustrates only too well.
A1VDY said:
Nothing will be 'cracking value' as its not going to worth buying anything, nothing at all. A car that's currently £60k dropping to £40k in the autumn will still not sell due to it being worth the grand sum of fk all in a further 6 months. The economy is going to completely collapse, there will be no market for expensive stuff of any kind whatsoever. The only cars which there will be a market for will be cheap basic stuff.
I'm under no illusion my Porsche will have the value of a 4 pack of Heinz beans. Its a perfect as new, very low mileage example but sadly it will make absolutely no difference.
The cars for sale I have on my site will have the value of scrap. Forget 'bargains', they won't be worth buying at any price..
Yes that's what they said during the Financial Crisis - I bought my wife an XC90 for £12kk all in a further 6 months. The economy is going to completely collapse, there will be no market for expensive stuff of any kind whatsoever. The only cars which there will be a market for will be cheap basic stuff. I'm under no illusion my Porsche will have the value of a 4 pack of Heinz beans. Its a perfect as new, very low mileage example but sadly it will make absolutely no difference.
The cars for sale I have on my site will have the value of scrap. Forget 'bargains', they won't be worth buying at any price..
I sold it a year later for £15k
Vroomer said:
Interesting statistic:
At around 10.00am today their were 531k cars listed on Autotrader.
At around 2.30pm today there were 532k cars listed on Autotrader.
So that's an increase of 1,000 cars in just over 4 hours at a time when people aren't meant't to be making inessential journeys.
What do you make of that?
That people still want to sell carsAt around 10.00am today their were 531k cars listed on Autotrader.
At around 2.30pm today there were 532k cars listed on Autotrader.
So that's an increase of 1,000 cars in just over 4 hours at a time when people aren't meant't to be making inessential journeys.
What do you make of that?
I had a viewer on my Porsche today
I met him with hand sanitiser but he produced a mask and gloves and proceeded to inspect the car
No kittens were harmed
There have been many financial crises over the years and they follow a similar pattern, rapid fall followed by a slow rise. Here we are in uncharted territory and even epidemiologists are uncertain how it will eventually pan out as it depends so much on how people behave. The logical response is to hold fire until the situation is clearer and we have come through the other side. All we can say with certainty is that activity will be very much reduced, I just hope that most businesses survive.
CRA1G said:
Had a conversation with my insurance broker this morning and they advised all their dealerships to remove as much open stock as possible,compound all stock closely together and remove V5's and all keys... they expect looting and theft to be the next problem in all types of businesses....
This explains the way JCT600 near me have parked their cars up. I did wonderVroomer said:
Interesting statistic:
At around 10.00am today their were 531k cars listed on Autotrader.
At around 2.30pm today there were 532k cars listed on Autotrader.
So that's an increase of 1,000 cars in just over 4 hours at a time when people aren't meant't to be making inessential journeys.
What do you make of that?
I would guess that with dealerships closed and online sales only allowed we should see the numbers on autotrader grow like mad. At around 10.00am today their were 531k cars listed on Autotrader.
At around 2.30pm today there were 532k cars listed on Autotrader.
So that's an increase of 1,000 cars in just over 4 hours at a time when people aren't meant't to be making inessential journeys.
What do you make of that?
Many main dealers don't put all their stock on autotrader.
BMW often have dozens of a certain model on their AUC site that are not listed on Autotrader.
I bet now they are throwing money at the online side far more.
jamoor said:
Interesting how people are buying cars when they aren't allowed to leave home!
Probably the same ones looking for loopholes in the current advice so they can go for a non essential drive / group motorbike run, etc.They'll probably be the same ones complaining in a few weeks about even more draconian lockdown measures like those in Italy / France, etc, that will probably get introduced, because too many people aren't following some fairly clear / simple instructions.
23rdian said:
The extra enforcement will come anyway regardless of what people do. Same as these ones did. They were baked in from the beginning. The media will tell you what to think and you will do it.
The enforcement came far too late. S Africa has a proper lockdown and they've had no deaths. They've learnt from other nations, we didn't There seems to be some perverse thrill on here about prices coming down, either from those who want to buy something fun at silly cheap money, or those who are taking pleasure from someone else's expensive car now being worth less.
Chances are that used car prices will not move that far. This isn't 2008, people on the whole haven't run out of cash, they're just not spending it now.
Chances are that used car prices will not move that far. This isn't 2008, people on the whole haven't run out of cash, they're just not spending it now.
Condi said:
There seems to be some perverse thrill on here about prices coming down, either from those who want to buy something fun at silly cheap money, or those who are taking pleasure from someone else's expensive car now being worth less.
Chances are that used car prices will not move that far. This isn't 2008, people on the whole haven't run out of cash, they're just not spending it now.
"When America Sneezes, the World Catches Cold"?Chances are that used car prices will not move that far. This isn't 2008, people on the whole haven't run out of cash, they're just not spending it now.
There's now more Covid-19 cases in the US than China. What's going on with stock prices and is it leading or lagging the wider economy?
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