Will Coronavirus hit used car prices?
Discussion
Butter Face said:
I’m happy to value anyone’s car today and repost the value in September too if anyone wants to give me a reg number.
A generous offer but one that's impossible to fulfil – you can't accurately value a car when there's no market.Presumably what you mean is what the car was worth last month.
Butter Face said:
Vroomer said:
Butter Face said:
I’m happy to value anyone’s car today and repost the value in September too if anyone wants to give me a reg number.
A generous offer but one that's impossible to fulfil – you can't accurately value a car when there's no market.Presumably what you mean is what the car was worth last month.
There is virtually no market, almost nobody is going to buy today unless they are absolutely desperate and the price is a steal.
If there was a market, WBAC would not have gone into hibernation.
Edited by Vroomer on Monday 27th April 11:04
Edited by Vroomer on Monday 27th April 11:05
Butter Face said:
Vroomer said:
Butter Face said:
Vroomer said:
Butter Face said:
I’m happy to value anyone’s car today and repost the value in September too if anyone wants to give me a reg number.
A generous offer but one that's impossible to fulfil – you can't accurately value a car when there's no market.Presumably what you mean is what the car was worth last month.
There is virtually no market, almost nobody is going to buy today unless they ae absolutely desperate and the price is a steal.
If there was a market, WBAC would not have gone into hibernation.
But that aside, if you can see the value now, you can then see what the prices drop, should they do so in the coming months.
That’s the only reason I’ve offered CAP values how.
You can’t possibly say a value has gone down by X% in a months time if you didn’t know what it was before!
Deep Thought said:
Vroomer said:
Deep Thought said:
Vroomer said:
The last time real values were known was March. CAP April values are a fantasy freeze.
April prices are based on March auction prices.Lockdown didnt start until 23rd March. Plenty of auctions before then.
April CAP prices are based on March auctions, so those are the prices in March.
Nobody knows what REAL April prices are because there is no market to speak of – and exactly the same applies to the housing market.
Green1man said:
We’ve been looking for a S/h car for the OH since the start of the year ( likely a year old Kia Sportage), so we have a good handle on what prices have been like, prices seem the same now as they were two months ago.
So have you actually tried to buy anything, rather than just looking?Tyre Smoke said:
You posted that 'we are not allowed to go and buy a car'.
That is wrong. There is nothing stopping anyone buying a car. There is nothing stopping me travelling to buy a car. There is no law that states you may not travel to buy a car.
I see tens of cars every day on the M5 on trade plates. I guess they haven't been bought at auction then?
The only dim one here would be you.
It is not a legitimate reason to leave home. It is not buying food or medicine, exercising, aiding someone vulnerable or going to work.That is wrong. There is nothing stopping anyone buying a car. There is nothing stopping me travelling to buy a car. There is no law that states you may not travel to buy a car.
I see tens of cars every day on the M5 on trade plates. I guess they haven't been bought at auction then?
The only dim one here would be you.
From the Government website:
You should only leave the house for very limited purposes:
– shopping for basic necessities, for example food and medicine, which must be as infrequent as possible.
– one form of exercise a day, for example a run, walk, or cycle - alone or with members of your household.
– any medical need, including to donate blood, avoid or escape risk of injury or harm, or to provide care or to help a vulnerable person.
– travelling for work purposes, but only where you cannot work from home.
These reasons are exceptions - even when doing these activities, you should be minimising time spent outside of the home and ensuring you are 2 metres apart from anyone outside of your household.
These measures must be followed by everyone.
Absolutely no mention of being allowed to go and buy a car.
You should only leave the house for very limited purposes:
– shopping for basic necessities, for example food and medicine, which must be as infrequent as possible.
– one form of exercise a day, for example a run, walk, or cycle - alone or with members of your household.
– any medical need, including to donate blood, avoid or escape risk of injury or harm, or to provide care or to help a vulnerable person.
– travelling for work purposes, but only where you cannot work from home.
These reasons are exceptions - even when doing these activities, you should be minimising time spent outside of the home and ensuring you are 2 metres apart from anyone outside of your household.
These measures must be followed by everyone.
Absolutely no mention of being allowed to go and buy a car.
Tyre Smoke said:
Are you trolling?
Say I'm a nurse. My car has broken down and it's beyond reasonable cost to repair. I need a new car so look on Autotrader. I find a Fiesta I like the look of 34 miles away. What law am I breaking or even bending by going to buy that car?
The number of people who legitimately need to buy a car because:Say I'm a nurse. My car has broken down and it's beyond reasonable cost to repair. I need a new car so look on Autotrader. I find a Fiesta I like the look of 34 miles away. What law am I breaking or even bending by going to buy that car?
– their car has broken down
– their car is beyond reasonable repair costs and
– they have to drive to work
is tiny.
but yes the latter... but at the moment flaunting is unnecessary and makes it uncomfortable to see.... IMO...
irish boy said:
Government confirms dealers can sell and deliver during lockdown.
https://cardealermagazine.co.uk/publish/official-g...
What they are actually saying is: ...a spokesman for the Department for Business, Energy & Industrial Strategy (BEIS) said: ‘We have asked non-essential shops like car dealerships and showrooms in England to close, unless they provide urgent car repairs and other necessary services. They are all able to continue to sell cars remotely and deliver cars, as long as they follow our clear guidance from Public Health England to protect both employees who cannot work from home and their customers.’ https://cardealermagazine.co.uk/publish/official-g...
I don't think anyone has disputed that people are permitted buy without seeing the car, but the fact is virtually nobody is doing this...
growlerowl said:
Don't think anyone's linked this yet:
https://www.am-online.com/opinion/2020/04/28/shapi...
'I propose that in this exceptional situation our industry forecasters set aside their competitive differences and work together to jointly develop and implement a plan to minimise the pain caused by both a general lowering of used vehicle prices and also by high levels of volatility in pricing and supply.'
This rather reads like illegal market manipulation/collusion.https://www.am-online.com/opinion/2020/04/28/shapi...
'I propose that in this exceptional situation our industry forecasters set aside their competitive differences and work together to jointly develop and implement a plan to minimise the pain caused by both a general lowering of used vehicle prices and also by high levels of volatility in pricing and supply.'
tinyboytim said:
Used car prices are stable with some even increasing in regions by James Bullsh!tt May 5, 2020
Car Dealer Magazine investigated the used car market this week and dealers said they thought the trade needed to ‘hold its nerve’ on prices :-)
Other dealers told us they believed used car prices will go up – as has been demonstrated in this research. Oh what's that? It is a flying pig going past my window.
Seriously who makes this stuff up?
Is any dealer going to say prices will collapse and they are goingt to jettison their stock now? Of course not. Why bother asking them?Car Dealer Magazine investigated the used car market this week and dealers said they thought the trade needed to ‘hold its nerve’ on prices :-)
Other dealers told us they believed used car prices will go up – as has been demonstrated in this research. Oh what's that? It is a flying pig going past my window.
Seriously who makes this stuff up?
Deep Thought said:
So rather than "hold your nerve, dont drop prices yet as theres no customers anyway", what would your advice have been if writing an article to car dealers?
If writing for car dealers I would have said:"hold your nerve, don't drop prices yet as there are no customers anyway"
If writing for car buyers I would have said:
"hold your nerve, don't buy yet as there's no real market anyway, prices will fall soon"
Deep Thought said:
For example, if Porsche said that due to production stopping it was going to take them a year to make some specific models, nearly new and / or year old examples might rise in price.
Possibly. But on the other hand people that had been considering a new Porsche might think it rather inappropriate if those around them are stuck in the teeth of a recession.BMW A6 said:
That bigmotoringworld place in Kent has an Aventador and Rolls Royce Coupe.
Pre COVID, the 2 cars gradually had 40-60k chopped off their asking prices.
This week, both cars are priced at the highest they have ever been.
The Rolls was 200k pre COVID. Yours now for 240k.
...so they can announce massive post-lockdown price cuts by going back to their original pricePre COVID, the 2 cars gradually had 40-60k chopped off their asking prices.
This week, both cars are priced at the highest they have ever been.
The Rolls was 200k pre COVID. Yours now for 240k.
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