Will Coronavirus hit used car prices?
Discussion
Bowlers said:
I'm unsure why he thought that was cheap. After adding on the buyers premium, he paid within the guide price of the car, which was £32k - £37k. And they're usually pretty high IMHO.The Practical Classics guide price for a decent runner is £42k and £55k for a very good one. So why the low guide price? Methinks he may be disappointed with the condition when he gets it, and LHD at that.
Antj said:
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.
E90 92 V8 M3s whilst a great package at the money would always take a hit when times got tough due to high running costs. To be expected tbh.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.
The one pay cheque from bankruptcy is very accurate and real too despite many in denial and a sad fact of todays debt junkies having been sold the dream who will as you rightly say unfortunately feel the pain big time over the coming months.
Interesting and probably very accurate observations from the horses mouth so to speak.
av185 said:
Antj said:
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.
E90 92 V8 M3s whilst a great package at the money would always take a hit when times got tough due to high running costs. To be expected tbh.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.
The one pay cheque from bankruptcy is very accurate and real too despite many in denial and a sad fact of todays debt junkies having been sold the dream who will as you rightly say unfortunately feel the pain big time over the coming months.
Interesting and probably very accurate observations from the horses mouth so to speak.
Antj said:
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.
I'm the only one out of my RRS owning friends that actually paid my cash for the car up front as I am intending on keeping it forever, there are 3 others in my friendship group that have one and one has a FFRR on tick and has just been furloughed. I suspect this is the norm and there are going to be some squeaky bums! We also ticked a shopping cart for my missus this month but £215 a month isn't breaking the bank at the moment luckily!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.
R.Sole said:
av185 said:
Antj said:
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.
E90 92 V8 M3s whilst a great package at the money would always take a hit when times got tough due to high running costs. To be expected tbh.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.
The one pay cheque from bankruptcy is very accurate and real too despite many in denial and a sad fact of todays debt junkies having been sold the dream who will as you rightly say unfortunately feel the pain big time over the coming months.
Interesting and probably very accurate observations from the horses mouth so to speak.
V8RX7 said:
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 lookingUnless you absolutely need cash now, almost nothings selling.
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)
Plate spinner said:
R.Sole said:
av185 said:
Antj said:
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.
E90 92 V8 M3s whilst a great package at the money would always take a hit when times got tough due to high running costs. To be expected tbh.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.
The one pay cheque from bankruptcy is very accurate and real too despite many in denial and a sad fact of todays debt junkies having been sold the dream who will as you rightly say unfortunately feel the pain big time over the coming months.
Interesting and probably very accurate observations from the horses mouth so to speak.
Good old PH
Always divides up into the following:
Know it all types that look down their noses at the peasants who have to use something so common as finance to buy a car - 99% of the time these are just people that inherited wealth and would be stacking shelves if daddy or granddady didn't bankroll them.
People that like to buy things using finance within their means (most normal people)
People that would like to buy a nice car but have to wait for their personal situation to improve before pressing the button
People that could afford to buy a nice car but run round in a stter perhaps not realising that one day you are dead and although its nice to own everything and now owe the bank anything we all ultimately rent everything in this life
Short answer - Let's just wait and see and stop being horrible to eachother.
Always divides up into the following:
Know it all types that look down their noses at the peasants who have to use something so common as finance to buy a car - 99% of the time these are just people that inherited wealth and would be stacking shelves if daddy or granddady didn't bankroll them.
People that like to buy things using finance within their means (most normal people)
People that would like to buy a nice car but have to wait for their personal situation to improve before pressing the button
People that could afford to buy a nice car but run round in a stter perhaps not realising that one day you are dead and although its nice to own everything and now owe the bank anything we all ultimately rent everything in this life
Short answer - Let's just wait and see and stop being horrible to eachother.
CRA1G said:
A few M3 E46's values have changed on the Autotrader price indicator and have increased in value in the last few days...?
Autotrader prices work on the average of prices currently advertised don't they? So if all the private sellers pull off the platform the average prices will go up a fair bit?
fridaypassion said:
Good old PH
Always divides up into the following:
Know it all types that look down their noses at the peasants who have to use something so common as finance to buy a car - 99% of the time these are just people that inherited wealth and would be stacking shelves if daddy or granddady didn't bankroll them.
People that like to buy things using finance within their means (most normal people)
People that would like to buy a nice car but have to wait for their personal situation to improve before pressing the button
People that could afford to buy a nice car but run round in a stter perhaps not realising that one day you are dead and although its nice to own everything and now owe the bank anything we all ultimately rent everything in this life
Short answer - Let's just wait and see and stop being horrible to eachother.
I prefer to contract hire /pcp cars as I can invest at a higher rate than the APR on these deals . It is also a reminder as to what a car costs you to own, paying cash you still need to put back that capital into the reserves you have expended to buy it. Always divides up into the following:
Know it all types that look down their noses at the peasants who have to use something so common as finance to buy a car - 99% of the time these are just people that inherited wealth and would be stacking shelves if daddy or granddady didn't bankroll them.
People that like to buy things using finance within their means (most normal people)
People that would like to buy a nice car but have to wait for their personal situation to improve before pressing the button
People that could afford to buy a nice car but run round in a stter perhaps not realising that one day you are dead and although its nice to own everything and now owe the bank anything we all ultimately rent everything in this life
Short answer - Let's just wait and see and stop being horrible to eachother.
There may also be an advantage if the car is riddled with faults as you have redress against the finance company if the dealer fails to remedy the problem
Also if a car depreciates very badly that is a risk the finance company carries
However if you run into financial difficulties it is of course more stressful if the car is on finance and you dont have the rescources to cover the payments
So said:
Plate spinner said:
R.Sole said:
av185 said:
Antj said:
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.
E90 92 V8 M3s whilst a great package at the money would always take a hit when times got tough due to high running costs. To be expected tbh.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.
The one pay cheque from bankruptcy is very accurate and real too despite many in denial and a sad fact of todays debt junkies having been sold the dream who will as you rightly say unfortunately feel the pain big time over the coming months.
Interesting and probably very accurate observations from the horses mouth so to speak.
Just like the Rolex etc thread/share tips thread et al lots of big talk but never any action from the armchair wannabes.
Remember the 991.1 GT3 thread back in 2014 when the cars went up to £180k dropped back to £130k at which point all the armchair punters said they would buy buy but their usual dithering meant they missed the boat and they went back up to £150k.
You couldn't make it up.
Edited by av185 on Tuesday 31st March 21:03
gizlaroc said:
CRA1G said:
A few M3 E46's values have changed on the Autotrader price indicator and have increased in value in the last few days...?
Autotrader prices work on the average of prices currently advertised don't they? So if all the private sellers pull off the platform the average prices will go up a fair bit?
av185 said:
So said:
Plate spinner said:
R.Sole said:
av185 said:
Antj said:
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.
E90 92 V8 M3s whilst a great package at the money would always take a hit when times got tough due to high running costs. To be expected tbh.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.
The one pay cheque from bankruptcy is very accurate and real too despite many in denial and a sad fact of todays debt junkies having been sold the dream who will as you rightly say unfortunately feel the pain big time over the coming months.
Interesting and probably very accurate observations from the horses mouth so to speak.
Just like the Rolex etc thread/share tips thread et al lots of big talk but never any action from the armchair wannabes.
Remember the 991.1 GT3 thread back in 2014 when the cars went up to £180k dropped back to £130k at which point all the armchair punters said they would buy buy but their usual dithering meant they missed the boat and they went back up to £150k.
You couldn't make it up.
Edited by av185 on Tuesday 31st March 21:03
Numpty with honours said:
I prefer to contract hire /pcp cars as I can invest at a higher rate than the APR on these deals .
This is the line so often trotted out by pcpers to cover their backs.Great news if you can but imo many do not beat the overall rate at all as previously discussed and many just fritter the saved capital away.
Out of interest what exactly did you invest in showing what rate of return?
Cheers.
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?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.
Aaa. 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?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.
If you're getting finance for nearly free, or actually free, why would you tie up capital?
Is the cash v finance comparison a fair one to make. Finance can make a lot of sense on a new car that you change every two or three years, but not so much on a used one where interest rates tend to be higher. If there is a shortage of new cars as and when factories get into production will dealers start to cut their interest rates on used cars to try and make up the shortfall. My view - prices are unlikely to change much either way, as with new cars dealers will offer more incentives. Shoot it down if you wish
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