Will Coronavirus hit used car prices?

[stevemcs]

Deep Thought said:

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

My mini is now bang on 3k and the merc i keep watching is now £4340 so an increase but still £400 behind pre cv19

[Sa Calobra]

Throttlebody said:

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.

Agree. And also make you feel like they Are giving you 1800 when in reality 11k is piss poor

[Deep Thought]

Sa Calobra said:

Throttlebody said:

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.

Agree. And also make you feel like they Are giving you 1800 when in reality 11k is piss poor

Both missing the point somewhat - We all know WBAC offer low values and then chip you back.

Its the relative value - pre COVID19 and right now thats whats interesting and might give us an indicator as to where the market is at.

[Deep Thought]

stevemcs said:

My mini is now bang on 3k and the merc i keep watching is now £4340 so an increase but still £400 behind pre cv19

Which doesnt seem an unreasonable drop, 2-3 months down the line?

[Welshbeef]

Do we think we might see support both from businesses in U.K. and the govt that (just like France) the discounts on new cars are for those PRODUCED in the U.K. is Nissan Honda Mini Jag Rolls Bentley TVR Aston McLaren

[eliot]

Welshbeef said:

Do we think we might see support both from businesses in U.K. and the govt that (just like France) the discounts on new cars are for those PRODUCED in the U.K. is Nissan Honda Mini Jag Rolls Bentley TVR Aston McLaren

TVR?????!

[anonymous-user]

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.

I don't want my neighbours think I'm not doing well...can I get an Audi A1 instead?

[Deep Thought]

Argleton said:

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.

I don't want my neighbours think I'm not doing well...can I get an Audi A1 instead?

I would advise sell a kidney or cut even further back on your food - for example do your children really need food every day? - to ensure you get that new A4 as planned. Your neighbours will expect it.

Edited by Deep Thought on Thursday 28th May 09:39

[OddCat]

Throttlebody said:

No, they just want you to bring it in so they can chip away at it and then offer you £9k.

Have not sold a car through WBAC (or any other similar outfit) but I don't understand how they can chip away at, for example, a mint car. Or, if it has marks which have all been declared and factored in online, how they can do that ?

Anyone have actual experience who can recount in what way WBAC were unreasonable ?

Perhaps this 'chipping' applies more to older cars which have too many marks to declare online?

[Deep Thought]

OddCat said:

Throttlebody said:

No, they just want you to bring it in so they can chip away at it and then offer you £9k.

Have not sold a car through WBAC (or any other similar outfit) but I don't understand how they can chip away at, for example, a mint car. Or, if it has marks which have all been declared and factored in online, how they can do that ?

Anyone have actual experience who can recount in what way WBAC were unreasonable ?

Perhaps this 'chipping' applies more to older cars which have too many marks to declare online?

If you describe the car absolutely acutely then they will chip back very little if at all, however they do check things like "full" service history (needs to be totally in line with manufacturers requirements, not just say every 12,000 miles), scuffs on alloys, stonechips, scratches on bodywork.

They provide the rawest of the raw trade price, which can be an indicator of a starting point for negotiations if trading in, or in this case a reference point to before, during and after lockdown.

[nickfrog]

OddCat said:

Throttlebody said:

No, they just want you to bring it in so they can chip away at it and then offer you £9k.

Have not sold a car through WBAC (or any other similar outfit) but I don't understand how they can chip away at, for example, a mint car. Or, if it has marks which have all been declared and factored in online, how they can do that ?

Anyone have actual experience who can recount in what way WBAC were unreasonable ?

Perhaps this 'chipping' applies more to older cars which have too many marks to declare online?

Or perhaps the chip is shoulder related.

[Deep Thought]

nickfrog said:

OddCat said:

Throttlebody said:

No, they just want you to bring it in so they can chip away at it and then offer you £9k.

Have not sold a car through WBAC (or any other similar outfit) but I don't understand how they can chip away at, for example, a mint car. Or, if it has marks which have all been declared and factored in online, how they can do that ?

Anyone have actual experience who can recount in what way WBAC were unreasonable ?

Perhaps this 'chipping' applies more to older cars which have too many marks to declare online?

Or perhaps the chip is shoulder related.

[Vroomer]

Not sure what WBAC are quoting on, but I'm still getting this:

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.

[Deep Thought]

Vroomer said:

Not sure what WBAC are quoting on, but I'm still getting this:

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.

Yeah there seem to be some car types they arent quoting on currently. We're getting the same for our 2019 M140i.

[Throttlebody]

Deep Thought said:

Sa Calobra said:

Throttlebody said:

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.

Agree. And also make you feel like they Are giving you 1800 when in reality 11k is piss poor

Both missing the point somewhat - We all know WBAC offer low values and then chip you back.

Its the relative value - pre COVID19 and right now thats whats interesting and might give us an indicator as to where the market is at.

Can’t be missing the point if you just say the same thing.

[Throttlebody]

Sa Calobra said:

Throttlebody said:

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.

Agree. And also make you feel like they Are giving you 1800 when in reality 11k is piss poor

WBAC etc are just bottom feeders relying on people that thrive on minimum effort and want a quick and easy sale. I’m surprised they often express concern when they are giving low ball offers.

[Deep Thought]

Throttlebody said:

Deep Thought said:

Sa Calobra said:

Throttlebody said:

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.

Agree. And also make you feel like they Are giving you 1800 when in reality 11k is piss poor

Both missing the point somewhat - We all know WBAC offer low values and then chip you back.

Its the relative value - pre COVID19 and right now thats whats interesting and might give us an indicator as to where the market is at.

Can’t be missing the point if you just say the same thing.

You're both criticising WBAC for offering crap prices that they will try to chip people back from - we all know that.

The point was - again - to see what their prices look like now compared to pre lockdown.

Or are you ignoring that because it doesnt fit with your narrative?

Edited by Deep Thought on Thursday 28th May 11:57

[Deep Thought]

Throttlebody said:

Sa Calobra said:

Throttlebody said:

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.

Agree. And also make you feel like they Are giving you 1800 when in reality 11k is piss poor

WBAC etc are just bottom feeders relying on people that thrive on minimum effort and want a quick and easy sale. I’m surprised they often express concern when they are giving low ball offers.

Uh huh.

Pertinent bit highlighted - again.

The difference between pre and during lockdown prices is minimal. That is the key point being made.

[Throttlebody]

Deep Thought said:

Uh huh.

Pertinent bit highlighted - again.

The difference between pre and during lockdown prices is minimal. That is the key point being made.

No, the key point is, generally, what they offer you isn’t what you get when you present the car. They play games with values to try and hook you in.

[Jules Sunley]

I think WBAC is taking into account at present that there may not be many buyers clamouring to visit dealers so they may sit on stock for longer.

I always do a WBAC quote out of interest when I'm selling a car and maybe February I did a quote on my X5 which came back at 11k. I too more recently got the lockdown message of 'we are not quoting at present' and then last week had a mail to say they are quoting again and to 'click for an updated valuation' which came back at 9k so a lot less.

I agreed a sale on the car on Monday (via Autotrader) for 13.5k which is what I wanted having listed at 13,990 so I'd say dealers like WBAC are offering quite a bit less than they were pre-lockdown but the private sale market seems fine.

I pitched my car based on others on AT knowing it is a great spec' and condition and I have a comprehensive ring binder of history so once someone came to see it they should want it and it was indeed the first viewer to buy. I've had 5 or 6 enquiries in total now since the weekend (I have left the ad up with a note that a deposit has been paid, just covering my bases until I get the balance on collection this Saturday) so the used market seems alive and well for a popular car.