Will Coronavirus hit used car prices?

Will Coronavirus hit used car prices?

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Justin Case

2,195 posts

133 months

Wednesday 27th May 2020
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Another encouraging sign. The nearest dealers are Peugeot and Fiat. They have been closed but the Peugeots have been lined up at the front and the Fiats all tucked away. We went past this morning and the Fiats are now on display at their front, so it looks as if they may be re-opening in one way or another, probably from June 1, and I hope that they will do well. I think how the market goes will all depend on how the mainstream makes, including the cooking BMWs, etc get back into their stride, and how long or short that stride will be. Forget about discussing Porsches and private sales they don't matter when looking at the overall market, it's the mass market that is the litmus test.

anonymous-user

53 months

Wednesday 27th May 2020
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H&H auction starts at 1400 if anyone is interested....

https://live.handh.co.uk/auctions/live-sale/id/21

nickfrog

20,874 posts

216 months

Wednesday 27th May 2020
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Throttlebody said:
nickfrog said:
Exaxtly. Making definite and sweeping statements about the future of car values and the future of automotive jobs either near term or short term is idiotic and delusional.
Sure, lets just have another summary of how your personal car finance works for you.

Fascinating market views and predictions. Stay safe smile
I don't know how I could do a summary of my car finance as I don't have any. Rent one and own 2. Depreciation is not a massive concern anyway.
As for market views and predictions, I don't pretend to know the future, unlike you. Perhaps because I am not pissed off nor have an irrational grudge against car sales people.

Edited by nickfrog on Wednesday 27th May 13:28

Deep Thought

35,724 posts

196 months

Wednesday 27th May 2020
quotequote all
Justin Case said:
Another encouraging sign. The nearest dealers are Peugeot and Fiat. They have been closed but the Peugeots have been lined up at the front and the Fiats all tucked away. We went past this morning and the Fiats are now on display at their front, so it looks as if they may be re-opening in one way or another, probably from June 1, and I hope that they will do well. I think how the market goes will all depend on how the mainstream makes, including the cooking BMWs, etc get back into their stride, and how long or short that stride will be. Forget about discussing Porsches and private sales they don't matter when looking at the overall market, it's the mass market that is the litmus test.
+1

Butter Face

30,192 posts

159 months

Wednesday 27th May 2020
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Throttlebody said:
Sure, lets just have another summary of how your personal car finance works for you.

Fascinating market views and predictions. Stay safe smile
Hilarious.

'Hi Pot, you look a bit black' said the Kettle rofl

Throttlebody

2,348 posts

53 months

Wednesday 27th May 2020
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The French Govt has announced a £7.1 billion support package for the French car industry and car market.

Wonder where the UK car industry lobbying request for help with ££ large sits in the big Boris in tray for industry support and rescue funds.

growlerowl

334 posts

48 months

Wednesday 27th May 2020
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nickfrog said:
Exaxtly. Making definite and sweeping statements about the future of car values and the future of automotive jobs either near term or short term is idiotic and delusional.
Such a statement has its own limits - perhaps the avoidance of public transport and YOLO-ers will support values of cars through this, but underlying everything are the facts that the economy has taken an almighty whack already, that there are limits to what governments can do to intervene before they make things worse, and there's also the extreme likelihood verging on fact that millions of job losses are in the pipeline, thus further economic damage and disruption inbound, plus uncertainty on future outbreaks etc, which in itself doesn't help economic recovery. To just dismiss all negative speculation as if we're in a 50/50 situation in the car industry is ostrich-like behaviour given the wider context.

Welshbeef

49,633 posts

197 months

Wednesday 27th May 2020
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Deep Thought said:
Agreed. Definite recession. The unknown is how deep and how long.



Edited by Deep Thought on Wednesday 27th May 11:31
Certainly Q2 and maybe Q3

Wilmslowboy

4,190 posts

205 months

Wednesday 27th May 2020
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WBAC are back online

BigFatWombat

97 posts

59 months

Wednesday 27th May 2020
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I’ve got a 2011 X5 50i, valuations from WBAC prior to lockdown were c.£11k. I applied for an updated value about 10 days ago, received a ‘we can’t value it at the moment but will get back to you’ reply. On Saturday I received an email inviting me to apply for a value so I did, £9145, which is about what I expected given what some posters on PH have said their experiences have been.

But I’ve literally just (10 minutes ago) had an email to say the value has gone up so reapply. I did, and the value today is £10895! A near 20% increase in value in 4 days! I don’t know what it says about the market except that values are clearly all over the place at the moment.

Throttlebody

2,348 posts

53 months

Wednesday 27th May 2020
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BigFatWombat said:
I’ve got a 2011 X5 50i, valuations from WBAC prior to lockdown were c.£11k. I applied for an updated value about 10 days ago, received a ‘we can’t value it at the moment but will get back to you’ reply. On Saturday I received an email inviting me to apply for a value so I did, £9145, which is about what I expected given what some posters on PH have said their experiences have been.

But I’ve literally just (10 minutes ago) had an email to say the value has gone up so reapply. I did, and the value today is £10895! A near 20% increase in value in 4 days! I don’t know what it says about the market except that values are clearly all over the place at the moment.
No, they just want you to bring it in so they can chip away at it and then offer you £9k.

Hitch

6,101 posts

193 months

Wednesday 27th May 2020
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Vroomer said:
jammy-git said:
Is there anyone that isn't aware of the recession that's about to hit?
As has been discussed at length, there are thousands of people on furlough who are actually redundant, but just don't know it yet. Very sad.
You spelt millions wrong.

Deep Thought

35,724 posts

196 months

Wednesday 27th May 2020
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Hitch said:
Vroomer said:
jammy-git said:
Is there anyone that isn't aware of the recession that's about to hit?
As has been discussed at length, there are thousands of people on furlough who are actually redundant, but just don't know it yet. Very sad.
You spelt millions wrong.
Sadly, i think you're right there frown

Deep Thought

35,724 posts

196 months

Wednesday 27th May 2020
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WBAC still not bidding for our 2019 M140i.

I even tried a London postcode but got the "Unfortunately, during our phased re-opening, we're temporarily delaying vehicle valuations and purchases for your type of vehicle as we carefully monitor market demand during these unprecedented times." message

anonymous-user

53 months

Wednesday 27th May 2020
quotequote all
Throttlebody said:
The French Govt has announced a £7.1 billion support package for the French car industry and car market.

Wonder where the UK car industry lobbying request for help with ££ large sits in the big Boris in tray for industry support and rescue funds.
Its a massive scrappage scheme with a €7k payment off a new electric car and €3k off a conventional car. Most of the money, €5 Billion, is to prop up Renault, contingent on them keeping 2 French plants open.

It's basically a bail out of the French car manufacturing industry with a push towards electric, just what you would expect from Macron.

France did a similar bailout in 2008, without the government money French car manufacturing is bankrupt and has been for a very long time.

Deep Thought

35,724 posts

196 months

Wednesday 27th May 2020
quotequote all
Welshbeef said:
Deep Thought said:
Agreed. Definite recession. The unknown is how deep and how long.



Edited by Deep Thought on Wednesday 27th May 11:31
Certainly Q2 and maybe Q3
Indeed as a minimum

growlerowl

334 posts

48 months

Wednesday 27th May 2020
quotequote all
Throttlebody said:
The French Govt has announced a £7.1 billion support package for the French car industry and car market.

Wonder where the UK car industry lobbying request for help with ££ large sits in the big Boris in tray for industry support and rescue funds.
I can't possibly imagine any reason in the world whatsoever that the French car industry might need bailing out - after all, there's enough pent-up demand in the UK market to keep them busy for months!!!!! Right guys?

Deep Thought

35,724 posts

196 months

Wednesday 27th May 2020
quotequote all
growlerowl said:
I can't possibly imagine any reason in the world whatsoever that the French car industry might need bailing out - after all, there's enough pent-up demand in the UK market to keep them busy for months!!!!! Right guys?
Well we keep being told people are going to have to forego their white Audi A4 TDIs immediately and live within their means apparently, so a cheap french car might be the answer.

anonymous-user

53 months

Wednesday 27th May 2020
quotequote all
Deep Thought said:
Well we keep being told people are going to have to forego their white Audi A4 TDIs immediately and live within their means apparently, so a cheap french car might be the answer.
Get in now before the 10% tariff rate is applied.

nickfrog

20,874 posts

216 months

Wednesday 27th May 2020
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growlerowl said:
I can't possibly imagine any reason in the world whatsoever that the French car industry might need bailing out - after all, there's enough pent-up demand in the UK market to keep them busy for months!!!!! Right guys?
Not sure about that but they'll need all the help they can get although perhaps the pent up demand in their domestic market may be their best chance in the short term.
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