Will Coronavirus hit used car prices?

[Vroomer]

ghost83 said:

Not on about the top top bosses but there’s a scale! Just because you may earn a lot doesn’t mean you’re Not skint! Wages dictate lifestyle! Lifestyle makes you skint!

Edited by ghost83 on Saturday 4th April 09:42

True. Most people live in line with their income, so even those on previously high incomes will cut back.

[Vroomer]

Is this cheap?

https://www.facebook.com/marketplace/item/66662460...

[Vroomer]

Autotrader today:

540k cars total for sale, or which
32k cars are private

I wonder if anything has actually sold??

[Vroomer]

danp said:

jamoor said:

True but if I was selling a car I wouldn’t have random people turning up to see it. It’s very hard to sell a car and maintain a good distance from the buyer.

I reckon you could keep a fair way apart, apart from a test drive (if it got that far). Even then perhaps one party could go in the back and then swap over ;-)

TBH from seeing how many people ignore the social distancing suggestions at the supermarket I reckon you’d have less risk from selling a car to a well vetted and well distanced punter!

Edited by danp on Saturday 4th April 20:59

How on earth can you buy or sell a car and respect social distancing? Autotrader must be a fantasy market at the moment.

[Vroomer]

V8RX7 said:

Still plenty of buyers around at the lower end (sub £10k)

How? Going to view a car is not on the list of permitted reasons for leaving home.

[Vroomer]

V8RX7 said:

Vroomer said:

V8RX7 said:

Still plenty of buyers around at the lower end (sub £10k)

How? Going to view a car is not on the list of permitted reasons for leaving home.

Exceeding the speed limit is illegal too - the vast majority do that daily.

Take a look at sold items on ebay and have a meltdown.

I doubt you're right that many are out looking at cars – only shameful idiots.

[Vroomer]

SpeckledJim said:

Dave Thornton said:

My predictions for the car market over the next 12 months:

1. New cars - no discounts as there is short supply due to factory closures
2. Nearly new cars - more demand, higher prices, due to shortage of new cars
3. 3-4 year old cars - significant oversupply, lower prices, as finance schemes end, market value is lower than GFV and people return the car and buy new/nearly new
4. Anything sub-£5000 / over 5 years old - very little difference
5. High end / classic cars - very low turnover, leading to lower prices for distress sales, no opportunity for speculators

Overall we'll be driving older / higher mileage cars which will eventually need replacing, therefore market likely to self-correct in 1-3 years.

Views?

Extraordinarily optimistic, IMO.

Agree. The world is facing a massive financial shock from which it will take years to recover.

The last thing on most people's minds when the lockdown ends Is a new car.

[Vroomer]

gizlaroc said:

I would say your prediction is wrong.

I have advertised my 5 year old 90k miles BMW 5 series touring. £9000.
I have been bombarded with enquiries on it, since the furloughing started.
Everyone is getting out of their PCP or swapping from a thirsty, expensive to tax/keep motor.

5 year old German marques people can buy cash will be exactly where many will be heading imho.

Bombarded with enquiries, but any viewings?

It is socially irresponsible to go out looking at cars. Social distancing on a test drive? I think not.

[Vroomer]

jamoor said:

Vroomer said:

Bombarded with enquiries, but any viewings?

It is socially irresponsible to go out looking at cars. Social distancing on a test drive? I think not.

Against the law is it not?

In most cases, it is not an essential journey.

We are meant to be working together to protect the NHS and save lives; discretionary car changes can wait.

Edited by Vroomer on Thursday 9th April 09:40

[Vroomer]

Approved Used M4s on official site start at £24k and likely to be cheaper soon

[Vroomer]

Autotrader update:

550k cars for sale today
32k of those private

[Vroomer]

Quote from 19th March:

OddCat said:

This Coronavirus thing is suddenly going to blow over and we'll all be wondering "what the hell was that all about?"

Still of the same view, OddCat?

[Vroomer]

jjr1 said:

Adverts are free for this month for traders, so the numbers are unrealistic as an example of the car market.

Even my private ad which should have expired has had a free 30 day extension.

Trade has gone up 12k since end March, private static at 32k

[Vroomer]

sisu said:

GT3Manthey said:

Just came across this action site and signed up.

Interesting that some of the cars have sold pre auction

https://www.classiccarauctions.co.uk/cca-march-202...

You aren't getting punters in a auction house any time soon. This is turning into EBay and they need to keep the cars flowing. Good to see some sensible prices on most of the cars.

This would seem to be a big price even if we were in normal times:

https://www.classiccarauctions.co.uk/2005-porsche-...

£24k with premium for a Porsche without full history.

[Vroomer]

Welshbeef said:

How are people buying a car from auto trader currently?

They shouldn't be: unless they are a key worker going to view a car is not essential travel.

[Vroomer]

I think it's a record, but I understand all the ads are free and almost nothing is selling, so it's not surprising

[Vroomer]

RDMcG said:

https://www.thestar.com/business/2020/04/13/fear-o...


Very grim in the US expected........

Interesting article. I wonder if a similar one has been written about the UK market.

[Vroomer]

niggtv said:

... the reality is that there isn't discernible movement in the market yet.....

That's because the market is essentially frozen. We won't know what the real prices are until post-lockdown.

[Vroomer]

The new car market was having a major downturn pre-Covid.

Post-Covid, used car buyers are going to be very reluctant to buy anything that is not perceived as a bargain.

[Vroomer]

ChasW said:

There must be others like me now, in a an unexpected buying position, looking for something out of the ordinary that would normaly be out of my price range. The temptation is great.

...but like most sensible people, I bet you'll resist it! So prices will slide.