Will Coronavirus hit used car prices?

Will Coronavirus hit used car prices?

Author
Discussion

Vroomer

Original Poster:

1,367 posts

132 months

Wednesday 11th March
quotequote all
During the 2008 financial crisis used car prices fell like a stone before recovering in 2009.

Do you think the current Coronavirus crisis will have a similar impact?

DSLiverpool

11,892 posts

154 months

Wednesday 11th March
quotequote all
Vroomer said:
During the 2008 financial crisis used car prices fell like a stone before recovering in 2009.

Do you think the current Coronavirus crisis will have a similar impact?
I bought a 2-year-old DB9 Volante in 2008 for £49k was an amazing deal on a admittedly slightly leggy car on 20k

lee_erm

849 posts

145 months

Wednesday 11th March
quotequote all
Angela Merkel has suggested 2/3 of Germans could contract COVID-19. The current mortality rate in Italy is I think above 5%. I'd say yes if we're talking worst case infection scenarios.

Riley Blue

16,162 posts

178 months

Wednesday 11th March
quotequote all
lee_erm said:
Angela Merkel has suggested 2/3 of Germans could contract COVID-19. The current mortality rate in Italy is I think above 5%. I'd say yes if we're talking worst case infection scenarios.
Wrong thread, this one is about used car prices.

Dave Hedgehog

12,542 posts

156 months

Wednesday 11th March
quotequote all
people will generally stop buying stuff

those that need to sell will take a big hit

PH01

810 posts

120 months

Wednesday 11th March
quotequote all

Yes, drastically !
We've seen nothing yet, it's going to get proper messy.

JuniorD

7,173 posts

175 months

Wednesday 11th March
quotequote all
I think it's only the Toyota Corona that's susceptible to the eponymous virus

lee_erm

849 posts

145 months

Wednesday 11th March
quotequote all
Riley Blue said:
Wrong thread, this one is about used car prices.
You strike me as the sort of guy who is well stocked up on toilet paper at the moment smile

V8 FOU

2,693 posts

99 months

Wednesday 11th March
quotequote all
Bloody Daily Mail readers.....

House prices, car prices, bog roll prices........

We're all doomed Captain

Riley Blue

16,162 posts

178 months

Wednesday 11th March
quotequote all
lee_erm said:
Riley Blue said:
Wrong thread, this one is about used car prices.
You strike me as the sort of guy who is well stocked up on toilet paper at the moment smile
First the wrong thread, now the wrong conclusion.

Vroomer

Original Poster:

1,367 posts

132 months

Wednesday 11th March
quotequote all
Riley Blue said:
lee_erm said:
Angela Merkel has suggested 2/3 of Germans could contract COVID-19. The current mortality rate in Italy is I think above 5%. I'd say yes if we're talking worst case infection scenarios.
Wrong thread, this one is about used car prices.
Thank you!

anxious_ant

498 posts

31 months

Wednesday 11th March
quotequote all
Perhaps it will. How sure that the used car isn't infested with Covid-19?

Jasandjules

63,803 posts

181 months

Wednesday 11th March
quotequote all
With some people not going out as much I suspect both car and house prices will take a hit. Supply and demand and all that.

isosonic

15 posts

85 months

Wednesday 11th March
quotequote all
The reasonable worst case scenario of this is a mortality rate of 0.8% of the population, with the virus peaking in May (hopefully). It's certainly going to be interesting the next few months, used car prices notwithstanding. I feel sorry for everyone affected by the fallout from this, particularly the self-employed. Schools will be closing shortly.

G_Morto

44 posts

10 months

Wednesday 11th March
quotequote all
As someone who has ordered a lease car and will be selling their current car to pay off the existing bank loan - I hope not!

WonkeyDonkey

773 posts

55 months

Wednesday 11th March
quotequote all
I'd quite like Elise prices to go back down to 2008 levels so I can buy mine back!

Scootersp

1,213 posts

140 months

Wednesday 11th March
quotequote all
Riley Blue said:
lee_erm said:
Riley Blue said:
Wrong thread, this one is about used car prices.
You strike me as the sort of guy who is well stocked up on toilet paper at the moment smile
First the wrong thread, now the wrong conclusion.
The guy was making a point about less people = less demand, potentially loss of businesses/loss of jobs = less demand.

You could have countered with most fatalities are older people and many won't have a car or something but to disregard his post as irrelevant was asking for a rebuke no?


smartypants

43,387 posts

121 months

Wednesday 11th March
quotequote all
Let’s hope so!

0a

21,789 posts

146 months

Wednesday 11th March
quotequote all
I work in a sector related to the travel industry. We have already banned overtime, will not be taking on new hires, and are getting rid of all contractors. We will probably delay paying bonuses.

This has the potential to feed through the economy, and when people don't feel confident, they delay spending or keep their old car for longer. So I'd say yes, there might be some bargains about!

ging84

6,103 posts

98 months

Wednesday 11th March
quotequote all
New car sales are likely to come to a halt, this typically has a knock on affect of reducing supply of used cars so thier values go up, however low interest rates have meant dealers are holding a lot more stock than they used to, so this might not happen.