Will Coronavirus hit used car prices?

[Bigwod]

growlerowl said:

That's a somewhat iconic and pretty rare car these days, so probably somewhat insulated from price drops. So good for you if that's the case. I doubt that the regular nippy/thirsty but not particularly collectable car in the £20k-40k bracket (which is what I'm interested in) will fair as well over coming months. A chunky drop of prices in that category isn't hard to envisage. How many people are going to be shopping for a supercharged 500hp Jag in the next 6 months at current prices?

Looking at buying a Xk convertible , prices are holding up.

[growlerowl]

Pioneer said:

No one I suspect, haven't all the 70+ year olds been told to stay indoors

Weak bait.

[growlerowl]

Bigwod said:

Looking at buying a Xk convertible , prices are holding up.

But can you name anything that *has* started dropping in value?

[gazza5]

I have my car on lease (golf r estate).

I asked to buy it at beginning of march - mileage 28k, car will be 3 years old in June - £20,350.

I asked to buy it again yesterday - mileage 28k, price £19,250.

So dropped £1k already in 3 weeks. I appreciate BCA is currently closed - its nothing exotic being a golf r - but its now getting tempting at that sort of price when I know the car etc - will just have to get the battered wheel arch that some moron did.

Although if a golf is dropping that much in a month - maybe I should start looking for a v8 (my ultimate dream)!

[C4ME]

ghost83 said:

Also something else which will affect long term is the fact when all this is over taxes for self employed people are going up according to the chancellor he wants a level playing field for everyone so if taxes go up profits go down wage bills have gone up due to living wage etc etc, company directors/owners possibly won’t have the same money they once had,

If the one good thing that comes out of this whole situation is to fairly level up the playing field for different modes of working then it will be a welcome change.

[Vroomer]

growlerowl said:

Bigwod said:

Looking at buying a Xk convertible , prices are holding up.

But can you name anything that *has* started dropping in value?

We've no idea what realisable prices might be as the market is in stasis.

I suspect if you had to turn a car into cash tomorrow, you'd find it worth at least 20% less than a month ago.

[ghost83]

You need to give it time to drop it’s been 2 week, the st will start to hit the fan in the next 6-8 week and come autumn will be a good time to buy

[av185]

gazza5 said:

I have my car on lease (golf r estate).

I asked to buy it at beginning of march - mileage 28k, car will be 3 years old in June - £20,350.

I asked to buy it again yesterday - mileage 28k, price £19,250.

So dropped £1k already in 3 weeks. I appreciate BCA is currently closed - its nothing exotic being a golf r - but its now getting tempting at that sort of price when I know the car etc - will just have to get the battered wheel arch that some moron did.

Although if a golf is dropping that much in a month - maybe I should start looking for a v8 (my ultimate dream)!

A 3 year old 28k Golf R estate would have dropped around £1k anyway into April as new car reg and increased supply would have hit the market.

[chrispmartha]

ghost83 said:

You need to give it time to drop it’s been 2 week, the st will start to hit the fan in the next 6-8 week and come autumn will be a good time to buy

Quite, the st hasn't quite hit the fan for some - yet!

There seems to be a bit of a feeling that things will suddenly pick up again after a few months, it could take years.

[andyxxx]

chrispmartha said:

Quite, the st hasn't quite hit the fan for some - yet!

There seems to be a bit of a feeling that things will suddenly pick up again after a few months, it could take years.

I agree – except I say - it will take years.

If I were to market any of my cars now I would be happy to get 30% less than a month ago. That may improve slightly for a short time when we do open back up due to the lack of new cars coming through.

Property prices I guess at least 30 to 40% lower and will not recover for years – there will simply be far too many houses coming on the market with far less people in a position to purchase.

[Deep Thought]

andyxxx said:

chrispmartha said:

Quite, the st hasn't quite hit the fan for some - yet!

There seems to be a bit of a feeling that things will suddenly pick up again after a few months, it could take years.

I agree – except I say - it will take years.

If I were to market any of my cars now I would be happy to get 30% less than a month ago. That may improve slightly for a short time when we do open back up due to the lack of new cars coming through.

Property prices I guess at least 30 to 40% lower and will not recover for years – there will simply be far too many houses coming on the market with far less people in a position to purchase.

And i think we'll hit a recession or a depression even after we've got past CV-19, which will further depress the used car market.

[Bigwod]

growlerowl said:

But can you name anything that *has* started dropping in value?

Mustang Bullitt,50 year special rhd £42k On 1.5 k Williams classics 18 plate first one to be registered in uk . So there’s one for you.

[growlerowl]

andyxxx said:

I agree – except I say - it will take years.

If I were to market any of my cars now I would be happy to get 30% less than a month ago. That may improve slightly for a short time when we do open back up due to the lack of new cars coming through.

Property prices I guess at least 30 to 40% lower and will not recover for years – there will simply be far too many houses coming on the market with far less people in a position to purchase.

Suits me. I'm looking to move up and calculated that if prices fall equally for the size of place I'm after as they do for my current house, every percentage point drop will save me £3k on the new mortgage.

[MDMA .]

av185 said:

gazza5 said:

I have my car on lease (golf r estate).

I asked to buy it at beginning of march - mileage 28k, car will be 3 years old in June - £20,350.

I asked to buy it again yesterday - mileage 28k, price £19,250.

So dropped £1k already in 3 weeks. I appreciate BCA is currently closed - its nothing exotic being a golf r - but its now getting tempting at that sort of price when I know the car etc - will just have to get the battered wheel arch that some moron did.

Although if a golf is dropping that much in a month - maybe I should start looking for a v8 (my ultimate dream)!

A 3 year old 28k Golf R estate would have dropped around £1k anyway into April as new car reg and increased supply would have hit the market.

2015 Golf R with 60k miles, big spec, full history, £8k. Was sent a link earlier for it.

[Jasandjules]

suffolk009 said:

But "decimating" is really losing one in ten (it comes from the way Roman leaders used to motivate a lazy army: line them all up along the parapet of a high bridge and push every tenth soldier to their deaths).

Actually just to be really pedantic, often Legions were decimated (it was not just if they were lazy but if there were mutineers and other things too) by the soldiers being split into groups of 10, the 1 selected would then be beaten to death by the other 9. They were sometimes stabbed too but IIRC that was a rarer approach as it was too swift a death. The beating/kicked to death was the favoured approach I believe.

[gizlaroc]

MDMA . said:

2015 Golf R with 60k miles, big spec, full history, £8k. Was sent a link earlier for it.

Pass it on?

[Thankyou4calling]

MDMA . said:

2015 Golf R with 60k miles, big spec, full history, £8k. Was sent a link earlier for it.

Really? I’ve checked AT and the cheapest are £13k plus!

[MDMA .]

gizlaroc said:

MDMA . said:

2015 Golf R with 60k miles, big spec, full history, £8k. Was sent a link earlier for it.

Pass it on?

Will check. Sent it this morning on a WhatsApp msg.

2015, 60k. Big spec. 8k

[Butter Face]

Sounds like a scam.

[Deep Thought]

Butter Face said:

Sounds like a scam.

Indeed.

Unnecessarily cheap