Will Coronavirus hit used car prices?
Discussion
growlerowl said:
This is one of the things I loved about my MX5. Driving controls, stereo, heater/air con and window switches was pretty much everything it had. Just get in and drive.
I've taken the air con out of my Eunos. Unnecessary. I cannot understand the desire to have built in sat nav? Everyone has a phone these days and Waze is a doddle to use.Venisonpie said:
Yup. Once the furlough cash stops and people start getting made redundant payments will be missed. Repossessions will spiral and get dumped into a falling market. Manufacturers have no product coming through and what stock they have no one wants. They're well and truly fecked.
I expect the furlough payments will be rolled on as needed. Otherwise I reckon you're spot on.A1VDY said:
Never mind any savings, it'll be food, household basics, fruit/veg /meat ect which will be the new currency.
.
Blimey that's going to be inconvenient. I currently manage with a modest bill fold wallet, with a couple of cards and a small sum in cash. How on earth am I going to carry that lot about in order to pay for things?.
So said:
A1VDY said:
Never mind any savings, it'll be food, household basics, fruit/veg /meat ect which will be the new currency.
.
Blimey that's going to be inconvenient. I currently manage with a modest bill fold wallet, with a couple of cards and a small sum in cash. How on earth am I going to carry that lot about in order to pay for things?.
jsf said:
av185 said:
Dont think for one minute that those jobsworths riding the public sector gravy train won't be the first to be laid off when the s
t hits the fan.
Working in the NHS is the golden ticket, gold plated pension, 6 month full pay sick leave and good pay if you work through the grades.t hits the fan.It's going to be s
t for the front line staff for a while, but as a career with stable income and long term benefits it's hard to beat.Numpty with honours said:
Self- employment or working in the private sector pay more because in times of crisis there will not be the same safety net.
Exactly my point! But being self employed doesn’t mean that you have to suffer hardship, it’s about planning!My father-in-law owns his own business (interior design) and when he is doing well, don’t we all know it! Fancy holidays, cars, meals..... but he has struggled a lot recently and has no savings to fall back on.
I have a friend who is a multimillionaire and you wouldn’t know it! When I first met him, he used to drive around in a liquid yellow Clio Sport, not to hide his wealth, just because he liked the car! Even now he doesn’t drive around in a Ferrari or a Porsche, he has a Megan Trophy R, again because he likes the car! My point is that he probably has 10 times the amount of money my father-in-law has, however he doesn’t shove it in your face! Is he struggling during this pandemic? No, why? Because he is sensible and plans for the worst case scenario! He is paying his 50 members of staff their full wage without the governments 80% offer.
Wow, this thread went downhill quickly. Economic distress sometimes brings out the worst in people - why?
My view is that used prices will be hit but only in the future. Prices are holding up for now so you could argue that the arguments are moot.
Regardless of what industry you are in, we are all going to be impacted by a reported 15% drop in GDP. If you are a GP you have a good job on paper but how will your day to day working environment be if you are dealing with a constant flow of economic casualties? Mental health problems, malnutrition, etc. Please don't gloat as your future may not be as abundant as you think.
Stay safe and invest in opportunities that you can afford.
My view is that used prices will be hit but only in the future. Prices are holding up for now so you could argue that the arguments are moot.
Regardless of what industry you are in, we are all going to be impacted by a reported 15% drop in GDP. If you are a GP you have a good job on paper but how will your day to day working environment be if you are dealing with a constant flow of economic casualties? Mental health problems, malnutrition, etc. Please don't gloat as your future may not be as abundant as you think.
Stay safe and invest in opportunities that you can afford.
Surely the issue at the moment is that hardly any buying or selling is actually taking place so prices remain static. It is impossible to gauge what is happening to prices as few if any sales are taking place so there is no data.
We are not going to know what is going to happen until things start getting back to normal and people are actually able to buy and sell cars again.
You could argue that prices are not going to fall as there are no new cars being produced, and if there are no new cars then there are no second hand trade ins. You could argue that supply is going to be hit, so if anything prices could actually rise.
On the other hand you could argue that people will be less inclined to take on debt and companies may be less inclined to lend so prices will fall.
If prices do fall I believe it will only be for a short amount of time, people have short memories and the credit junkies will be back out there as soon as this is all history.
We are not going to know what is going to happen until things start getting back to normal and people are actually able to buy and sell cars again.
You could argue that prices are not going to fall as there are no new cars being produced, and if there are no new cars then there are no second hand trade ins. You could argue that supply is going to be hit, so if anything prices could actually rise.
On the other hand you could argue that people will be less inclined to take on debt and companies may be less inclined to lend so prices will fall.
If prices do fall I believe it will only be for a short amount of time, people have short memories and the credit junkies will be back out there as soon as this is all history.
Wow, I came home on this thread for some interesting view points on the potential for a shift in used car values, but instead found the dark side of PistonHeads.
Lots of bitterness and smug posts from ‘richer than you’ types...it’s all well and good but there are for more shades out there than ‘sold my classic Porsche and shares’ and ‘white RRS debt junkie’. There will be lots of normal families on average wages that have an average mortgage and a few K of credit card debt or a small loan that will be out of work and struggling, this is all without mentioning that people are dying and that health comes before all in terms of importance.
Lots of bitterness and smug posts from ‘richer than you’ types...it’s all well and good but there are for more shades out there than ‘sold my classic Porsche and shares’ and ‘white RRS debt junkie’. There will be lots of normal families on average wages that have an average mortgage and a few K of credit card debt or a small loan that will be out of work and struggling, this is all without mentioning that people are dying and that health comes before all in terms of importance.
Numpty with honours said:
Rscut said:
I’m a teacher and am on a decent salary and used to look with envy at others with higher wages, however I am very grateful for the security my job provides. I genuinely don’t think I would be able to deal with the uncertainty of losing my job or being broke, given the fact that I have two young children.
Self- employment or working in the private sector pay more because in times of crisis there will not be the same safety net. Most public sector workers get paid more now when you look at pensions etc.
av185 said:
Wealth certainly whispers.
Whereas particularly new money shouts perfectly illustrated by the recent meteoric rise of Chaverry. Hopefully with hard times ahead this will now be significantly reduced.
"Current cars 911 991.2 GT3 manual clubsport, Ferrari 458 Italia, 911 997 GTS PDK coupe, 981 Spyder, 981 GT4, 718 GT4 due (poss RS), 911 991.2 GT2 RS PDK due at some point (18 18)."Whereas particularly new money shouts perfectly illustrated by the recent meteoric rise of Chaverry. Hopefully with hard times ahead this will now be significantly reduced.
Joey Deacon said:
Surely the issue at the moment is that hardly any buying or selling is actually taking place so prices remain static. It is impossible to gauge what is happening to prices as few if any sales are taking place so there is no data.
We are not going to know what is going to happen until things start getting back to normal and people are actually able to buy and sell cars again.
You could argue that prices are not going to fall as there are no new cars being produced, and if there are no new cars then there are no second hand trade ins. You could argue that supply is going to be hit, so if anything prices could actually rise.
On the other hand you could argue that people will be less inclined to take on debt and companies may be less inclined to lend so prices will fall.
If prices do fall I believe it will only be for a short amount of time, people have short memories and the credit junkies will be back out there as soon as this is all history.
Sorry, but there is no room for sensible posts like this. I've tried it, and they tend to get ignored. Try something about how we'll all be living in our cars in six months time and that potatoes will replace the pound as our currency. We are not going to know what is going to happen until things start getting back to normal and people are actually able to buy and sell cars again.
You could argue that prices are not going to fall as there are no new cars being produced, and if there are no new cars then there are no second hand trade ins. You could argue that supply is going to be hit, so if anything prices could actually rise.
On the other hand you could argue that people will be less inclined to take on debt and companies may be less inclined to lend so prices will fall.
If prices do fall I believe it will only be for a short amount of time, people have short memories and the credit junkies will be back out there as soon as this is all history.
av185 said:
Wealth certainly whispers.
Whereas particularly new money shouts perfectly illustrated by the recent meteoric rise of Chaverry. Hopefully with hard times ahead this will now be significantly reduced.
Absolutely.Whereas particularly new money shouts perfectly illustrated by the recent meteoric rise of Chaverry. Hopefully with hard times ahead this will now be significantly reduced.
Nothing whispers wealth quite as much as a country house in the Cotswolds and a beat up Volvo parked outside one's Knightsbridge mews.
maz8062 said:
Wow, this thread went downhill quickly. Economic distress sometimes brings out the worst in people - why?
My view is that used prices will be hit but only in the future. Prices are holding up for now so you could argue that the arguments are moot.
Regardless of what industry you are in, we are all going to be impacted by a reported 15% drop in GDP. If you are a GP you have a good job on paper but how will your day to day working environment be if you are dealing with a constant flow of economic casualties? Mental health problems, malnutrition, etc. Please don't gloat as your future may not be as abundant as you think.
Stay safe and invest in opportunities that you can afford.
Its quite sad to see the two extremes emerging in society - those who think the rules dont apply to them, and are outraged by police and health workers telling them what to do at one end and then at the other end theres those who are sitting smugly in the belief they are up there in their ivory towers and financially immune to it all - to be honest nobody is.My view is that used prices will be hit but only in the future. Prices are holding up for now so you could argue that the arguments are moot.
Regardless of what industry you are in, we are all going to be impacted by a reported 15% drop in GDP. If you are a GP you have a good job on paper but how will your day to day working environment be if you are dealing with a constant flow of economic casualties? Mental health problems, malnutrition, etc. Please don't gloat as your future may not be as abundant as you think.
Stay safe and invest in opportunities that you can afford.
Some of the posts on here have been quite appalling to be honest.
A crisis like this does seem to bring out the worst in people.
Joey Deacon said:
Surely the issue at the moment is that hardly any buying or selling is actually taking place so prices remain static. It is impossible to gauge what is happening to prices as few if any sales are taking place so there is no data.
We are not going to know what is going to happen until things start getting back to normal and people are actually able to buy and sell cars again.
You could argue that prices are not going to fall as there are no new cars being produced, and if there are no new cars then there are no second hand trade ins. You could argue that supply is going to be hit, so if anything prices could actually rise.
On the other hand you could argue that people will be less inclined to take on debt and companies may be less inclined to lend so prices will fall.
If prices do fall I believe it will only be for a short amount of time, people have short memories and the credit junkies will be back out there as soon as this is all history.
I think thats totally it. We are not going to know what is going to happen until things start getting back to normal and people are actually able to buy and sell cars again.
You could argue that prices are not going to fall as there are no new cars being produced, and if there are no new cars then there are no second hand trade ins. You could argue that supply is going to be hit, so if anything prices could actually rise.
On the other hand you could argue that people will be less inclined to take on debt and companies may be less inclined to lend so prices will fall.
If prices do fall I believe it will only be for a short amount of time, people have short memories and the credit junkies will be back out there as soon as this is all history.
Dolf Stoppard said:
Try something about how we'll all be living in our cars in six months time and that potatoes will replace the pound as our currency.
Yup. Not sure if the people posting it are really that hysterical or its a form of attention seeking.Either way they must be a bundle of fun to be confined in a house with.
Edited by Deep Thought on Tuesday 31st March 10:54
Joey Deacon said:
Surely the issue at the moment is that hardly any buying or selling is actually taking place so prices remain static. It is impossible to gauge what is happening to prices as few if any sales are taking place so there is no data.
At the moment, the market is essentially frozen, which is why the continually increasing number of cars for sale on Autotrader is so baffling (541k cars today).Gassing Station | General Gassing | Top of Page | What's New | My Stuff