Used Car Prices -2021

[Al Gorithum]

Apologies if this has been done before.

Been monitoring used car prices for a few weeks/months. Seems to me that cars aren't selling much but prices remain remarkably firm.

Could be wrong but I suspect that there are downward pressures on prices so a correction is inevitable.

Thoughts and/or experiences?

[brillomaster]

i imagine a lot of people are reigning in new car purchases due to uncertainty of the economic climate, and ability to get finance on PCP deals.

if people buy fewer new cars, then there will be fewer used cars for sale - if supply is short, prices will stay high.

secondly if people who were going to buy a new car, instead get a cheaper second car, demand for second hand cars will go up. if demand is high, prices will stay high.

[rapidude]

I think desirable second hand cars will actually remain robust for the foreseeable future!
Classics & modern classic prices seem to be weathering the storm pretty well and are still ticking up.

[Hippea]

I think the opposite will happen. Lockdown is likely to end come the spring and I think we will see people going on a used car spending spree , rising used prices.

[Welshbeef]

2020/2021 years will be similar ish(worse) than the impact of the financial crash in 2007/2008.

Massively fewer new cars produced means less supply turning into a situation in years to come of higher prices and/or people holding onto their cars for longer.
What that means is people most impacted will be those at the cheapest area of the market.

[Toyoda]

OP, not sure if you've seen this thread:

https://www.pistonheads.com/gassing/topic.asp?h=0&...

[Al Gorithum]

Toyoda said:

OP, not sure if you've seen this thread:

https://www.pistonheads.com/gassing/topic.asp?h=0&...

No I didn't. Thank you