Will Coronavirus hit used car prices?
Discussion
NelsonM3 said:
I’m a member of a US Facebook car dealer group. Apparently the US dealers are on a roll at the moment with new and used, some have done 30+ units in May alone. It’s likely some people desperate to splash some cash after not being able to for a while.
Having said that. The general consensus is that there are tough times ahead As we get toward the end of the year and reality sets in.
I think that'll be broadly similar here. Having said that. The general consensus is that there are tough times ahead As we get toward the end of the year and reality sets in.
It'll be next year before we have any sort of clarity as to how the new and used car markets are looking.
Bargains to be had along the way, but not a universal drop.
TeaVR said:
jamoor said:
What happened.
Latest example. I made an enquiry via the Audi website on an R8. Nobody called me back. Audi eventually contacted me and asked for feedback - they got both barrels.
They simply just don't want the business.
Independent specialists is where the decent customer service lies.
jammy-git said:
Main dealers are nearly always hit and miss.
Independent specialists is where the decent customer service lies.
Trust me, I've been speaking to all sorts of dealers.Independent specialists is where the decent customer service lies.
Sad thing is that there are plenty of private sellers that are struggling to sell their cars, and I suspect it's the private seller that is going to feel the pinch the most.
Dedders said:
ging84 said:
Came across this beast browsing autotrader
https://www.autotrader.co.uk/classified/advert/202...
a 2006 bently continental for £15k
I'm not really too clued in on Bentley values so could be well wrong, but my initial reaction was must be a fix upper, but advert does not suggest it is.
seems way to cheap, 3 months ago I would have assumed scam but is this where thing are now?
I’ve been watching that for a while and keep being tempted as it’s a lot of car for the money and only 5 miles away from me. Must resist! https://www.autotrader.co.uk/classified/advert/202...
a 2006 bently continental for £15k
I'm not really too clued in on Bentley values so could be well wrong, but my initial reaction was must be a fix upper, but advert does not suggest it is.
seems way to cheap, 3 months ago I would have assumed scam but is this where thing are now?
Edited by RUSSELLM on Tuesday 26th May 08:57
Anonymous-poster said:
HTP99 said:
Anonymous-poster said:
Deep Thought said:
Car dealerships allowed to reopen from 1st June in England.
Yes, but social distancing rules must be observed so test drives will have to be unaccompanied.Inky81 said:
Anonymous-poster said:
HTP99 said:
Anonymous-poster said:
Deep Thought said:
Car dealerships allowed to reopen from 1st June in England.
Yes, but social distancing rules must be observed so test drives will have to be unaccompanied.HTP99 said:
Inky81 said:
Anonymous-poster said:
HTP99 said:
Anonymous-poster said:
Deep Thought said:
Car dealerships allowed to reopen from 1st June in England.
Yes, but social distancing rules must be observed so test drives will have to be unaccompanied.I'll try and be factual rather than rely on second guessing the future. I closely followed manual OG M2 prices pre C19 and beyond before buying one in March just before lock down. I known it is a small sample but prices seem to have gone up rather than down over the past 2 weeks.
Obviously transaction prices might tell a different story and that's a sample of 1 but then again, transaction prices were also quite different from sticker prices 2 months ago...
The only downside for me is that I'll pay a higher premium than I thought for track day cover... oh well.
I can't see a M2 Comp for less than £40k either whereas there was always one or 2 at £38k pre C19.
Obviously transaction prices might tell a different story and that's a sample of 1 but then again, transaction prices were also quite different from sticker prices 2 months ago...
The only downside for me is that I'll pay a higher premium than I thought for track day cover... oh well.
I can't see a M2 Comp for less than £40k either whereas there was always one or 2 at £38k pre C19.
nickfrog said:
I'll try and be factual rather than rely on second guessing the future. I closely followed manual OG M2 prices pre C19 and beyond before buying one in March just before lock down. I known it is a small sample but prices seem to have gone up rather than down over the past 2 weeks.
Obviously transaction prices might tell a different story and that's a sample of 1 but then again, transaction prices were also quite different from sticker prices 2 months ago...
The only downside for me is that I'll pay a higher premium than I thought for track day cover... oh well.
I can't see a M2 Comp for less than £40k either whereas there was always one or 2 at £38k pre C19.
I'm tracking those also and would agree fully.Obviously transaction prices might tell a different story and that's a sample of 1 but then again, transaction prices were also quite different from sticker prices 2 months ago...
The only downside for me is that I'll pay a higher premium than I thought for track day cover... oh well.
I can't see a M2 Comp for less than £40k either whereas there was always one or 2 at £38k pre C19.
The glass floor as it were for OG M2 was around £25K. There was one went on @ £24K from a private seller and this went in a couple of days.
This is what £25K gets you currently
https://www.autotrader.co.uk/classified/advert/202...
https://www.autotrader.co.uk/classified/advert/202...
There are a few auto Comps at around £38K but manuals are £40K+. Sample autos at the £38K entry point
https://www.autotrader.co.uk/classified/advert/202...
https://www.autotrader.co.uk/classified/advert/202...
https://www.autotrader.co.uk/classified/advert/202...
Not seeing any real movement in price in that area so far TBH but i will come back to these as a reference point.
I guess the tester will be over the next few weeks as and when dealers reopen - are prices firm because dealers are pretty much closed and thus we'll see big discounting to get stock moved or will dealers hold firm on pricing? I suspect the latter on kit like this.
I also track M3 v8 and OG M4 prices nationally, and 3.0+ litre petrol stuff here in NI
Edited by Deep Thought on Tuesday 26th May 09:56
Edited by Deep Thought on Tuesday 26th May 09:59
Inky81 said:
On Wednesday I saw a local driving school had re-commenced lessons. Both instructor and student were wearing masks and gloves, sat inside a Vauxhall Corsa. Looked odd, but points to the confusion that exists at the moment.
Cars have through flow ventilation so I'd presume sitting side by side with the face vents on and a decent fan speed would be pretty safe unless one or other was coughing or sneezing. Less safe in the back I'd have thought.TeaVR said:
jamoor said:
What happened.
Latest example. I made an enquiry via the Audi website on an R8. Nobody called me back. Audi eventually contacted me and asked for feedback - they got both barrels.
They simply just don't want the business.
With the German manufacturers I was made to feel like they were doing me the favour by even considering to sell me a car. Mercedes were a joke, all of their sales people were busy the whole day apparently, I could wait around the whole afternoon if I liked and they would see if they could find someone to spend five minutes with me. I left my number, I am still waiting for the call. I assume they took one look at me and immediately decided I could not afford one of their cars.
Seat basically expected me to pay full list with GAP, Tyre Insurance, Supaguard etc. and just take whatever spec and colour they could get hold of. I wanted a silver one and was made to feel like I was being a pain in the arse and that it could take six months to get hold of a car.
I can only assume the German manufacturers have a list of people lining up to buy their cars for full list price in whatever spec and colour they get given? The sale people obviously don't have to do any selling, they just allocate the cars to whoever they like most?
Joey Deacon said:
My experience last year pre Covid-19 was the non German manufacturers were great. I went to Honda and Renault and both offered me a discount with no grief and Honda had 11 cars in stock in the exact spec I wanted that could be delivered the next week.
With the German manufacturers I was made to feel like they were doing me the favour by even considering to sell me a car. Mercedes were a joke, all of their sales people were busy the whole day apparently, I could wait around the whole afternoon if I liked and they would see if they could find someone to spend five minutes with me. I left my number, I am still waiting for the call. I assume they took one look at me and immediately decided I could not afford one of their cars.
Seat basically expected me to pay full list with GAP, Tyre Insurance, Supaguard etc. and just take whatever spec and colour they could get hold of. I wanted a silver one and was made to feel like I was being a pain in the arse and that it could take six months to get hold of a car.
I can only assume the German manufacturers have a list of people lining up to buy their cars for full list price in whatever spec and colour they get given? The sale people obviously don't have to do any selling, they just allocate the cars to whoever they like most?
I don't know what you mean as you're not buying from the manufacturers. You're buying from a dealer who buys from the UK importer. Occasionally you'll buy from one of its subsidiary (BMW Park Lane). With the German manufacturers I was made to feel like they were doing me the favour by even considering to sell me a car. Mercedes were a joke, all of their sales people were busy the whole day apparently, I could wait around the whole afternoon if I liked and they would see if they could find someone to spend five minutes with me. I left my number, I am still waiting for the call. I assume they took one look at me and immediately decided I could not afford one of their cars.
Seat basically expected me to pay full list with GAP, Tyre Insurance, Supaguard etc. and just take whatever spec and colour they could get hold of. I wanted a silver one and was made to feel like I was being a pain in the arse and that it could take six months to get hold of a car.
I can only assume the German manufacturers have a list of people lining up to buy their cars for full list price in whatever spec and colour they get given? The sale people obviously don't have to do any selling, they just allocate the cars to whoever they like most?
Pesonnaly I never struggle to buy a car irrespective of country of origin. I tend to call the dealer, agree a price that suits me on the phone (assuming the price suits them) , inspect the car and drive away. I find it extremely simple.
I am a simple man, I am just waiting for a point where I can get one of the 182hp MX5 RF's for 10-12k + my S2000 (04, 58k). I think depreciation will bring them there before we see and huge drops in prices. There have been a couple sub 20k examples but most are hovering just above.
I originally thought that there would be big consequences for car prices but I think the support from the government will have dulled the edge of this, especially for attainable but more interesting cars that have a smaller customers base.
I originally thought that there would be big consequences for car prices but I think the support from the government will have dulled the edge of this, especially for attainable but more interesting cars that have a smaller customers base.
Interesting snippet embedded in this article.
https://www.bbc.co.uk/news/business-52804512
https://www.bbc.co.uk/news/business-52804512
BBC Article said:
the head of a car dealership has said that customers will be trusted to take test drives alone as part of safety measures when they reopen next week.
Robert Forrester, chief executive of Vertu Motors, said his company had set up a number of measures inside their showrooms to become Covid-secure.
And he told BBC Breakfast: "When you actually go for a test drive, you will be the only person in the car.
"We trust the vast majority of our customers to do the right thing."
He added: "It changes how we sell cars, but there are a lot of changes in how we sell cars.
"People are doing far more on the internet. Our online sales have gone up quite considerably over the period.
"We sold 650 cars last week as a group without a single test drive and not one person coming into a showroom."
Mr Forrester added that showrooms would look very different when customers are able to visit again from next Monday.
"They will have one-way systems, hand sanitisers, there will be people with masks and we've got perspex screens to protect the customers and the colleagues."
Robert Forrester, chief executive of Vertu Motors, said his company had set up a number of measures inside their showrooms to become Covid-secure.
And he told BBC Breakfast: "When you actually go for a test drive, you will be the only person in the car.
"We trust the vast majority of our customers to do the right thing."
He added: "It changes how we sell cars, but there are a lot of changes in how we sell cars.
"People are doing far more on the internet. Our online sales have gone up quite considerably over the period.
"We sold 650 cars last week as a group without a single test drive and not one person coming into a showroom."
Mr Forrester added that showrooms would look very different when customers are able to visit again from next Monday.
"They will have one-way systems, hand sanitisers, there will be people with masks and we've got perspex screens to protect the customers and the colleagues."
BevR said:
I am a simple man, I am just waiting for a point where I can get one of the 182hp MX5 RF's for 10-12k + my S2000 (04, 58k). I think depreciation will bring them there before we see and huge drops in prices. There have been a couple sub 20k examples but most are hovering just above.
I originally thought that there would be big consequences for car prices but I think the support from the government will have dulled the edge of this, especially for attainable but more interesting cars that have a smaller customers base.
As did i, but i think you may be right there. I originally thought that there would be big consequences for car prices but I think the support from the government will have dulled the edge of this, especially for attainable but more interesting cars that have a smaller customers base.
But i guess that was the point of the cash injections in to businesses - so they could weather the storm if possible and didnt have to firesale stock to attempt to survive at the other end. If its reasonable for all other businesses to be attempting to do this, then why not car dealers?
There will be an initial pent up demand flurry of activity, dealers, salesmen and vested interest parties will drop in into their normal ‘bull mode’ to try and talk up the market but then what everybody really knows, but many dont like to openly acknowledge, the car market overall will be severely depressed.
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