Will Coronavirus hit used car prices?

[Vroomer]

Limp Mode said:

WBAC quoted me about £700 higher than AC when I was selling my ST in February/march. The difference is, when I turned up at WBAC they took about £1700 off the quote for invisible damage that he couldn't find again upon me asking to see it.

I went to Arnold Clark the next day and got £100 less than they quoted but still significantly more than WBAC.

I think taking these online valuations at face value is slightly naive

In the context of this discussion, the interesting thing is the trend – not the absolute value.

[Limp Mode]

gizlaroc said:

£1700 off for damage they couldn't show you?

Sorry, don't believe it.


I have sold loads of cars to WBAC and they have always been completely fair. If described properly they pay out properly. If you leave off something that needs prepping before it is retailed they will charge for it. To be expected.

I have sold 3 recently to them that all got more than private sales were fetching.

Whether or not you believe me means nothing. It happened.

It was a 15 plate focus ST on about 40k and had not a single mark on it.

He did his little inspection while I sat in the portacabin then came in and said "ok so unfortunately due to the damage, I'd have to offer you X.

I told him to come outside and show me this damage.

He then walked around with a gigantic torch trying to find things and he couldn't find a thing. It was actually quite embarrassing.

[Deep Thought]

growlerowl said:

Deep Thought said:

The view from the trade posting on here seems to be it has quietened down this last 2-3 weeks but that is probably in line with it coming in to a quiet time anyway.

That is also borne out by WBAC valuations which seem to have started to top out and soften a little.

Probably not been slow enough for long enough for prices to start to drop yet.

Might be deals to be done face to face i guess but no big sticker price drops.

Thanks for the info. If anything prices still look higher for V8 Jags now that I look.

Yeah thats what i'm seeing across big engined petrol cars i'm seeing also.

I think its too soon to see lower trade values & less consumer demand translating in to lower forecourt prices.

I guess the trick at this stage would be to identify how long a seller has had a car for sale and then judge if they might be amenable to a "cheeky" offer.

I'm sure you know but the date the ad was placed on Autotrader is built in to the URL so can be a handy reference.

[LGriffiths88]

Deep Thought said:

Yeah thats what i'm seeing across big engined petrol cars i'm seeing also.

I think its too soon to see lower trade values & less consumer demand translating in to lower forecourt prices.

I guess the trick at this stage would be to identify how long a seller has had a car for sale and then judge if they might be amenable to a "cheeky" offer.

I'm sure you know but the date the ad was placed on Autotrader is built in to the URL so can be a handy reference.

Wow very handy. Thanks for that info.

[TurboHatchback]

I was just attempting to get a WBAC quote for my Skoda out of curiosity but it turns out Skoda is not in their list of manufacturers. I guess they don't buy any car after all.

[vaud]

TurboHatchback said:

I was just attempting to get a WBAC quote for my Skoda out of curiosity but it turns out Skoda is not in their list of manufacturers. I guess they don't buy any car after all.

They do. I just tried one and it worked (random Skoda Fabia)

[The Rotrex Kid]

vaud said:

TurboHatchback said:

I was just attempting to get a WBAC quote for my Skoda out of curiosity but it turns out Skoda is not in their list of manufacturers. I guess they don't buy any car after all.

They do. I just tried one and it worked (random Skoda Fabia)

Yeah same. Just stick in the reg and it should just work.

[WakeFlakes]

I’m in the market for a new toy at the moment. Debating if now is the right time to buy, or wait 6 months to see if prices drop.

I’m not in a rush to buy, but I feel like waiting just leads to more waiting for this opportune time that will never appear!

[Deep Thought]

WakeFlakes said:

I’m in the market for a new toy at the moment. Debating if now is the right time to buy, or wait 6 months to see if prices drop.

I’m not in a rush to buy, but I feel like waiting just leads to more waiting for this opportune time that will never appear!

I was in a similar position earlier in the year. The toy in question would have been an M3 v8 or an M2. Sadly after lockdown ended, prices rose significantly as did demand so a £25K M2 became a £29K car. My "fear" was that buying at that point could mean a significant sharp drop in a short time. I could tolerate a £25K-£22K drop in a year but a £29K->£22K drop would be unpalatable.

So i went cheaper and bought a BMW Z4C. They hadnt suffered a massive rise after lockdown and being cheaper even a significant percentage drop in value shouldnt amount to a big amount. Its also at a price point where i cant really ever see me needing to sell it, whereas £25K in an M2 could have had to be cashed in at some point.

So i guess its down to what you're looking at and what you intend to spend. I think the market for "toys" over £10K has risen generally and theres no guarantees it wont drop.

But maybe thats ok if you're planning on keeping something long term anyway?

[ChocolateFrog]

WakeFlakes said:

I’m in the market for a new toy at the moment. Debating if now is the right time to buy, or wait 6 months to see if prices drop.

I’m not in a rush to buy, but I feel like waiting just leads to more waiting for this opportune time that will never appear!

Might as well wait until January atleast.

[vaud]

March / April is when things will really bite, sadly (bounceback loans start being repaid, VAT, tax submissions, etc)

[Helicopter123]

vaud said:

March / April is when things will really bite, sadly (bounceback loans start being repaid, VAT, tax submissions, etc)

BBL now to be repaid over 10 years, but plans could change again. I'm not sure that many will ever be repaid and wouldn't be surprised if the government quietly wrote off the lot at some stage in the future.

Employment and confidence will be key, along with ongoing support from Government and BoE.

I think prices will soften, but not massively more than standard depreciation curves.

[WakeFlakes]

Deep Thought said:

I was in a similar position earlier in the year. The toy in question would have been an M3 v8 or an M2. Sadly after lockdown ended, prices rose significantly as did demand so a £25K M2 became a £29K car. My "fear" was that buying at that point could mean a significant sharp drop in a short time. I could tolerate a £25K-£22K drop in a year but a £29K->£22K drop would be unpalatable.

So i went cheaper and bought a BMW Z4C. They hadnt suffered a massive rise after lockdown and being cheaper even a significant percentage drop in value shouldnt amount to a big amount. Its also at a price point where i cant really ever see me needing to sell it, whereas £25K in an M2 could have had to be cashed in at some point.

So i guess its down to what you're looking at and what you intend to spend. I think the market for "toys" over £10K has risen generally and theres no guarantees it wont drop.

But maybe thats ok if you're planning on keeping something long term anyway?

I’m looking at either an Evora 400 or an Alpine A110. 45-50k. I’ve seen an Evora that I like, but I just feel like things are likely to turn worse in the coming months. So if in the next 6 months I can pick the same car up for 5/6K less then it seems sensible to wait.

[Bigwod]

I bought a puppy last week which cost me twice as much as my first car

[av185]

Evidently Cavapoos are getting way over Cap clean, even dogs.

[Deep Thought]

WakeFlakes said:

I’m looking at either an Evora 400 or an Alpine A110. 45-50k. I’ve seen an Evora that I like, but I just feel like things are likely to turn worse in the coming months. So if in the next 6 months I can pick the same car up for 5/6K less then it seems sensible to wait.

Yup. makes sense.

Edited by Deep Thought on Wednesday 28th October 15:04

[MuscleSedan]

av185 said:

Evidently Cavapoos are getting way over Cap clean, even dogs.

Funny you should mention that ...

Mrs looked at some Lhasapoos - £1k each !!!!

[av185]

MuscleSedan said:

av185 said:

Evidently Cavapoos are getting way over Cap clean, even dogs.

Funny you should mention that ...

Mrs looked at some Lhasapoos - £1k each !!!!

Chatting to some Husky owners (not the Hillman variety) during last Sundays walk and they paid £5k a pop!

Makes running a car look relatively cheap lol.

[ChocolateFrog]

My GSD was £350 4 years ago, admittedly that was on the cheap end but the prices now, ridiculous.

[Earthdweller]

Deep Thought said:

I was in a similar position earlier in the year. The toy in question would have been an M3 v8 or an M2. Sadly after lockdown ended, prices rose significantly as did demand so a £25K M2 became a £29K car. My "fear" was that buying at that point could mean a significant sharp drop in a short time. I could tolerate a £25K-£22K drop in a year but a £29K->£22K drop would be unpalatable.

So i went cheaper and bought a BMW Z4C. They hadnt suffered a massive rise after lockdown and being cheaper even a significant percentage drop in value shouldnt amount to a big amount. Its also at a price point where i cant really ever see me needing to sell it, whereas £25K in an M2 could have had to be cashed in at some point.

So i guess its down to what you're looking at and what you intend to spend. I think the market for "toys" over £10K has risen generally and theres no guarantees it wont drop.

But maybe thats ok if you're planning on keeping something long term anyway?

Lot of sense in the 30Si

They are a great car and well looked after ones with low miles I can’t see dropping much, if at all, now

I’ve had mine 4 years and I could probably sell it for not far off what I paid for it

Probably one of the safest places to drop less than £10k on a car there is ( maybe )