Will Coronavirus hit used car prices?

[av185]

Don't worry I'm not.

[growlerowl]

gizlaroc said:

I agree with a lot of what he is saying.
Not the smarmy smug attitude of course, that sort of spoils his message somewhat.

I'm just wondering what sector he is in to feel so protected from what is going on.

The type of IT that keeps the lights on, to answer the question.

I should make clear that I'm not willing things to go tits up, because who knows where that could lead. But none of us are saints - not the people that chose to live beyond their means, nor those of us that chose to step back from the debt-fuelled insanity and are left in a stronger position now. You have to get up on your own high horse to condemn me.

Back on topic - that Telegraph article that was linked earlier makes terrifying reading. I just wonder what tricks manufacturers, retailers have up their sleeves to support prices. A self-imposed mass scrappage to reduce stock for example? Is it thinkable that they'll swallow a big loss merely to defeat bargains appearing?

[SpeckledJim]

growlerowl said:

gizlaroc said:

I agree with a lot of what he is saying.
Not the smarmy smug attitude of course, that sort of spoils his message somewhat.

I'm just wondering what sector he is in to feel so protected from what is going on.

The type of IT that keeps the lights on, to answer the question.

I should make clear that I'm not willing things to go tits up, because who knows where that could lead. But none of us are saints - not the people that chose to live beyond their means, nor those of us that chose to step back from the debt-fuelled insanity and are left in a stronger position now. You have to get up on your own high horse to condemn me.

Back on topic - that Telegraph article that was linked earlier makes terrifying reading. I just wonder what tricks manufacturers, retailers have up their sleeves to support prices. A self-imposed mass scrappage to reduce stock for example? Is it thinkable that they'll swallow a big loss merely to defeat bargains appearing?

A swITch?

[CRA1G]

I remember the story years ago of the guy in central London reversing his Rolls in to a tight spot when a chap in a Mini jumps in the spot gets out of the car and says "that's what I can do with a Mini" and as the Rolls continued to reverse pushing the Mini out of the way the guy gets out and says "and that's what i can do when i own a Rolls"....
.

To this day don't know if it was a true story...

[SpeckledJim]

CRA1G said:

I remember the story years ago of the guy in central London reversing his Rolls in to a tight spot when a chap in a Mini jumps in the spot gets out of the car and says "that's what I can do with a Mini" and as the Rolls continued to reverse pushing the Mini out of the way the guy gets out and says "and that's what i can do when i own a Rolls"....
.

To this day don't know if it was a true story...

Apocryphal. Used to be told about 'Deadly' Doug Ellis.

Someone darts into Doug's space.

"You've got to be quick to do that, Mr Chairman!!

SMASH, Crrrrrrrunchh, hiss, tinkle, drip drip drip...

"You've got to be the boss to do that, you little prick."

[Deep Thought]

av185 said:

Don't worry I'm not.

Was that in response to a specific comment, or the instruction "dont worry, i'm not"?

[the-photographer]

growlerowl said:

gizlaroc said:

I agree with a lot of what he is saying.
Not the smarmy smug attitude of course, that sort of spoils his message somewhat.

I'm just wondering what sector he is in to feel so protected from what is going on.

The type of IT that keeps the lights on, to answer the question.

I should make clear that I'm not willing things to go tits up, because who knows where that could lead. But none of us are saints - not the people that chose to live beyond their means, nor those of us that chose to step back from the debt-fuelled insanity and are left in a stronger position now. You have to get up on your own high horse to condemn me.

Back on topic - that Telegraph article that was linked earlier makes terrifying reading. I just wonder what tricks manufacturers, retailers have up their sleeves to support prices. A self-imposed mass scrappage to reduce stock for example? Is it thinkable that they'll swallow a big loss merely to defeat bargains appearing?

I posted this in the other thread, your talking about a big scrappage scheme if you want to dent these numbers

https://www.thecarexpert.co.uk/car-finance-report-...

NEW Just under 960,000 private new car buyers took out some form of car finance in 2018

USED The number of used cars financed by FLA members was up 7% to 1.45 million cars in 2018

[Deep Thought]

Driver101 said:

A whisper that was desperate to be noticed. A bit like a few of his 43 posts in the PCP holiday thread.

He's maybe quiet about his wealth, but he wants you to realise he's considerably richer than you.

His whispers are a bit more obvious than he realises.

Well, i guess we have to assume / hope / believe that some of the comments by specific people on specific threads are because they are on an internet forum and they arent like that in real life....

Edited by Deep Thought on Tuesday 31st March 14:09

[suffolk009]

Vroomer said:

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).

Somebody wrote on here ( a few pages back) that Autotrader have made listings free to established customers. That's why the numbers have gone up slightly.

[anonymous-user]

Pommy said:

See, this is just a crock.

I’ve dealt with many, many wealthy individuals who have 8-9 figures net wealth who enjoy New Ferrari’s, Lamborghinis and Bentley’s along with Yachts, space flight deposits and wineries like any other lottery winner.

Old money, inherited money, titled money and lottery winners. People’s taste is not defined by the number of 000’s in their account or how they got their money.

I’ve dealt with an Indian prince who loves his FPV Ute to a Lord who likes to go to Vegas and drives a Mansory Aventador and a lottery winner who just wanted a new Subaru.

One of my mates is a new money multimillionaire, I don't know exact figure (he probably doesnt really either) but circa £15m-20m?? He sold the company he worked for for £600m.

His one and only car is a BMW 430i coupe (not even an M4) and I would imagine the average PHer would lump him in with with the 'PCP cant afford it' crowd clearly living well beyond his means.

[av185]

Deep Thought said:

av185 said:

Don't worry I'm not.

Was that in response to a specific comment, or the instruction "dont worry, i'm not"?

Ha it was in response to our Peugeot GTi16 whatever chaps post 'don't flatter yourself' which has strangely since been deleted can't think why lol.

[av185]

Aaa. said:

One of my mates is a new money multimillionaire, I don't know exact figure (he probably doesnt really either) but circa £15m-20m?? He sold the company he worked for for £600m.

His one and only car is a BMW 430i coupe (not even an M4) and I would imagine the average PHer would lump him in with with the 'PCP cant afford it' crowd clearly living well beyond his means.

Did he pcp it?

[So]

av185 said:

Aaa. said:

One of my mates is a new money multimillionaire, I don't know exact figure (he probably doesnt really either) but circa £15m-20m?? He sold the company he worked for for £600m.

His one and only car is a BMW 430i coupe (not even an M4) and I would imagine the average PHer would lump him in with with the 'PCP cant afford it' crowd clearly living well beyond his means.

Did he pcp it?

We PCPed a car not so long ago. I think the APR was 2.9%.

Will we go to hell?

[av185]

Unquestionably.

[chrispmartha]

So said:

av185 said:

Aaa. said:

One of my mates is a new money multimillionaire, I don't know exact figure (he probably doesnt really either) but circa £15m-20m?? He sold the company he worked for for £600m.

His one and only car is a BMW 430i coupe (not even an M4) and I would imagine the average PHer would lump him in with with the 'PCP cant afford it' crowd clearly living well beyond his means.

Did he pcp it?

We PCPed a car not so long ago. I think the APR was 2.9%.

Will we go to hell?

Yes in a handcart, bought on PCP

[V8RX7]

ChocolateFrog said:

Prices are definitely holding firm at the moment but then that's perfectly understandable.

Unless you absolutely need cash now, almost nothings selling.

Depends where in the market you're looking

Decent sub £5k cars are selling, sub £5k bikes are selling faster than they have for 6 months and at higher prices (admittedly it's Spring and no doubt slower than usual)

[gt69]

Auctions are a good guide to prices being realised.

The RM auction in the US last week had a few senational headlines (AM Vanquish S for US$50k - though that's not as cheap as it would have been when the $ was at 1.30 recently, which I suppose is moot), some cars sold within estimate range, but most below - sell-through rate was around 70%, which was pretty good in the curciumstances.
https://rmsothebys.com/en/home/lots/fl20

The Bonhams sale over the weekend was a bit of a waste of time for Bonhams and consignors - the sell-through rate was very low. That probably means that sellers just weren't prepared to sell (perhaps yet) at the price buyers were prepared to buy - the latter being understandably pessimistic on outlook, and the former holding out, as you'd expect.
https://www.bonhams.com/auctions/26110/#/aa0=1&amp...

The CCA auction over the last couple of days was curious. Quite a lot was selling at pretty much what one would have expected pre-CV -though there were the odd 'bargains' - carb Ferrari 308 GTS at £33k (75k miles) is the lowest I've seen since before they went through the roof at a Silverstone 2014 auction - that was a £55-60k car a couple of years ago, given the high miles, and a £45-50k car a couple of months ago
https://www.classiccarauctions.co.uk/cca-march-202...

[Bowlers]

gt69 said:

The CCA auction over the last couple of days was curious. Quite a lot was selling at pretty much what one would have expected pre-CV -though there were the odd 'bargains' - carb Ferrari 308 GTS at £33k (75k miles) is the lowest I've seen since before they went through the roof at a Silverstone 2014 auction - that was a £55-60k car a couple of years ago, given the high miles, and a £45-50k car a couple of months ago
https://www.classiccarauctions.co.uk/cca-march-202...

This chap bid and won the auction for the 308 GTS.

https://youtu.be/rCTOn7b_NI0

[Antj]

there's already desperate sellers trying to flog on V8 M3's, some have gone down very quickly watch ebay.

I would expect lots of cheap metal.my only educated guess is as an Underwriter i get to go through peoples spending in fine detail, i've been saying for years that many people are just one paycheck from bankruptcy, what we are seeing now with Covid is exactly that, worse still many had no real sign of it where as usually when life is going tits up you have some warning, but this time it was sudden so impact will be worse.

Biggest losers will be people like JLR, finance payments to them are regularly 600-800 a month.......these people aren't earning 300k either, they are earning say 70k a year ( which don;t get me is a st load in my opinion) but they are credit up to the hilt, but looks bloody amazing having the latest RR velar on the drive.

Always said if we stopped the finance merry go round and everybody gave back what they owe or own there would be a massive shortfall. i think Covid will highlight this. all ok short term as most will go with the 3 month deferments, but once this starts to run out there will be a lot or repo'd finance cars.

Only saving grace for manufacturers is the fact there is a hole at the top end of new cars

i'm only sad as i don't have surplus cash to snap up some of those bargains.


I bet the classic car market is stting itself now though, i suspect a lot of stuff will go back into hibernation to grab some more genuine barn dust.

[classicaholic]

Bowlers said:

gt69 said:

The CCA auction over the last couple of days was curious. Quite a lot was selling at pretty much what one would have expected pre-CV -though there were the odd 'bargains' - carb Ferrari 308 GTS at £33k (75k miles) is the lowest I've seen since before they went through the roof at a Silverstone 2014 auction - that was a £55-60k car a couple of years ago, given the high miles, and a £45-50k car a couple of months ago
https://www.classiccarauctions.co.uk/cca-march-202...

This chap bid and won the auction for the 308 GTS.

https://youtu.be/rCTOn7b_NI0

Nice Vid, reminds me of when I buy at auction, it can get exciting at the end!