Will Coronavirus hit used car prices?

[Camelot1971]

tinybraintim said:

Camelot1971 said:

What does this have to do with used car prices?

Apologise, I thought it said 'Used car prices have fallen by the greatest amount in more than 11 years as the coronavirus crisis hammers the market, mortgage lender Nationwide said on Tuesday.'

Thanks for the apology. I appreciate it.

[Throttlebody]

nickfrog said:

mike74 said:

Still far too early to gauge yet.

Plenty of idiots still lapping up there lives of leisure on furlough sat in their Argos inflatable hot tubs enjoying their beers and BBQ's... all blissfully unaware that their jobs no longer exist.

I am sure there are plenty of idiots like those you describe Mike, nonwithstanding the puerile stereotypes.
But conversely there are plenty of disgruntled idiots making absolute and sweeping statements of fact about something very difficult to gauge / predict and telling us about the apocalypse. Probably because it makes thems feel better that they won't be quite the only ones to be struggling if that ever happens.

The idiots are normally at both ends of the spectrum of binary thinking.

The best way to predict the future is to create it. People make their own luck ; there are plenty of new opportunities out there if you're not terminally miserable.

Don’t worry dude, if it all goes wrong you might find there’s an opportunity here on PH for the job you’ve always wanted - resident forum psychiatrist.

[Throttlebody]

Court_S said:

CS Garth said:

I think behaviours will return to normal quicker than we think.

There will be job losses which are regrettable but we must also beware the learning of false lessons.

It’s easy to say “everything has changed for good”. Some things have, some haven’t in my opinion.

I do too. Look at the queues to get into Ikea yesterday. Do people really need tea lights and meatballs that much?

We’ll get a better picture later in the month when more shops open, but it does seem like there is pent up demand to get back to buying stuff just because.

Imagine queuing to find there’s no meatballs.

Although the queues make great images, actual footfall is significantly lower than pre CV19 and it’s the unseen people not queuing due to financial hardship that will be driving the economic downturn.

[AndrewNR]

tinyboytim said:

House prices have fallen by the greatest amount in more than 11 years as the coronavirus crisis hammers the market, mortgage lender Nationwide said on Tuesday.

Nothing to see here, move along please.

But:

"Annual house price growth halved from 3.7% to 1.8%, as the coronavirus crisis hit market activity."

So, still not that bad really is it.

[growlerowl]

Coronavirus: More than a quarter of UK workers now furloughed:
https://www.google.com/amp/s/www.bbc.co.uk/news/am...

Sources say Prime Minister Boris Johnson's government is bracing for the UK's worst recession in 300 years:
https://www.google.com/amp/s/www.aljazeera.com/amp...

In the grip of a lockdown, our economy is teetering on the brink of complete collapse, solely propped up by government funds. We are heading towards the deepest recession in living memory.:
https://www.wired.co.uk/article/coronavirus-econom...

But please, feel free to tell me how awesome it's going to be with all these new opportunities post-crisis, that it's all being blown out of proportion, I'm mentally ill etc etc...

[Anonymous-poster]

growlerowl said:

Coronavirus: More than a quarter of UK workers now furloughed:
https://www.google.com/amp/s/www.bbc.co.uk/news/am...

Sources say Prime Minister Boris Johnson's government is bracing for the UK's worst recession in 300 years:
https://www.google.com/amp/s/www.aljazeera.com/amp...

In the grip of a lockdown, our economy is teetering on the brink of complete collapse, solely propped up by government funds. We are heading towards the deepest recession in living memory.:
https://www.wired.co.uk/article/coronavirus-econom...

But please, feel free to tell me how awesome it's going to be with all these new opportunities post-crisis, that it's all being blown out of proportion, I'm mentally ill etc etc...

But but but when Blockbuster Video stores closed they got other jobs.

[Deesee]

AndrewNR said:

tinyboytim said:

House prices have fallen by the greatest amount in more than 11 years as the coronavirus crisis hammers the market, mortgage lender Nationwide said on Tuesday.

Nothing to see here, move along please.

But:

"Annual house price growth halved from 3.7% to 1.8%, as the coronavirus crisis hit market activity."

So, still not that bad really is it.

The banks are still geared up for 50% reductions in pricing, its no biggie for them to see pricing drop, interest rate rises (highly highly very unlikely) are the danger in the long term (20+ yrs).

[Deep Thought]

growlerowl said:

Why so coy? Tell us who you are referring to. Or are you just trying to shut down people speaking the inconvenient truth?

Pointing out that the shutting down of whole sectors of the economy for months on end isn't exactly going to result in us all becoming millionaires isn't catastrophising, binary thinking, a sweeping statement, or terminally miserable. It's called being realistic. I'll also point out that the bloody chancellor has been saying these very things FFS! I guess he's just a binary thinking miserablist trying to talk down the economy though, right?

If you were including me in your list of rogues that is - perhaps I've got the wrong end of the stick.

Edited by growlerowl on Tuesday 2nd June 15:38

Oh now come on, we've ThroBo, yourself and some others telling us that its all going to burn down around us all - didnt someone predict people will be walking two hours every day just in the hope of finding a job - ANY job - and that people's aspirations in life will become putting food on the table and that we're likely to see a return to 1930s style living? Is that being realistic?

Is it realistic the seemingly willfully want it all to burn down as ThroBo does?

[nickfrog]

Throttlebody said:

Don’t worry dude, if it all goes wrong you might find there’s an opportunity here on PH for the job you’ve always wanted - resident forum psychiatrist.

I know you're pissed off but don't take it out on me. If you genuinely think it takes a psychiatrist to see through your bitterness than I am not surprised you're struggling.

dude

Edited by nickfrog on Tuesday 2nd June 18:49

[nickfrog]

growlerowl said:

I'm mentally ill etc etc...

I wouldn't go as far as that. But then again I am no psychiatrist.

(this is a joke, please don't take it too seriously).

[Deep Thought]

AndrewNR said:

tinyboytim said:

House prices have fallen by the greatest amount in more than 11 years as the coronavirus crisis hammers the market, mortgage lender Nationwide said on Tuesday.

Nothing to see here, move along please.

But:

"Annual house price growth halved from 3.7% to 1.8%, as the coronavirus crisis hit market activity."

So, still not that bad really is it.

Agreed. Conveniently missed out "in any given month" from the headline.

Great clickbait headline though.

[Deep Thought]

mike74 said:

Don't be so harsh on him.

He and various others on here are clearly under a lot of pressure and very worried about their future, it's bound to make them lash out, even if it is done in a rather roundabout way.

I'm not at all worried. I'm certainly cautious about my outlook and that of my wifes but the outlook is currently good. I'm in a contract now until the end of the year at the earliest and i could sit in the house all next year on the back of that if i had to. I wont chose to, but i could if i had to.

And god forbid the worst does happen in the meantime, we'll deal with it. We certainly wont sit on our hands, blame others and / or wish ill on every else.

[nickfrog]

I'll take 1.8% property growth for the foreseeable future. I have budgeted 1% for IHT purposes so the rest is bonus and more tax for my kids to pay into the tax man's coffers. Just doing my bit.

[Throttlebody]

AndrewNR said:

tinyboytim said:

House prices have fallen by the greatest amount in more than 11 years as the coronavirus crisis hammers the market, mortgage lender Nationwide said on Tuesday.

Nothing to see here, move along please.

But:

"Annual house price growth halved from 3.7% to 1.8%, as the coronavirus crisis hit market activity."

So, still not that bad really is it.

Interesting in that Nationwide article, there is an expectation of a 5% house price fall by the end of Q3 this year.

That’s significant. Large knock on effect, particularly for those that use property as a cash machine or future pension provider. Negative gearing will be a new experience for millions.

[jimPH]

jimPH said:

A used M135i came up for £27500 the other day, £1500 cheaper than anywhere else on AT. Was snapped up quickly. Cheapest is £29k now, was 30+ a few weeks ago. I think this is fairly normal depreciation though.

3 at 29k
Cheapest now 28,750

[Butter Face]

Throttlebody said:

Interesting in that Nationwide article, there is an expectation of a 5% house price fall by the end of Q3 this year.

That’s significant. Large knock on effect, particularly for those that use property as a cash machine or future pension provider. Negative gearing will be a new experience for millions.

2 days ago they were going to drop 14% so it’s all good news eh!

[Butter Face]

jimPH said:

jimPH said:

A used M135i came up for £27500 the other day, £1500 cheaper than anywhere else on AT. Was snapped up quickly. Cheapest is £29k now, was 30+ a few weeks ago. I think this is fairly normal depreciation though.

3 at 29k
Cheapest now 28,750

Cheapest I can see is £29000 and quelle surprise it’s bang on the book money.

[growlerowl]

Deep Thought said:

Oh now come on, we've ThroBo, yourself and some others telling us that its all going to burn down around us all - didnt someone predict people will be walking two hours every day just in the hope of finding a job - ANY job - and that people's aspirations in life will become putting food on the table and that we're likely to see a return to 1930s style living? Is that being realistic?

Is it realistic the seemingly willfully want it all to burn down as ThroBo does?

Blah blah. You know that's not what I said but if it pleases you to misrepresent me and tell yourself you've scored some amazing win against a complete rando on the Internet, be my guest.

The economy WILL be taking a massive hit. The chancellor IS warning us to brace ourselves in no uncertain terms. The rules of economics did NOT just magically change overnight.

Don't shoot the messenger.

[Deep Thought]

growlerowl said:

Blah blah. You know that's not what I said but if it pleases you to misrepresent me and tell yourself you've scored some amazing win against a complete rando on the Internet, be my guest.

The economy WILL be taking a massive hit. The chancellor IS warning us to brace ourselves in no uncertain terms. The rules of economics did NOT just magically change overnight.

Don't shoot the messenger.

I'm not mis-representing you or shooting the messenger. It IS going to be bad, however not as bad as some of the extreme views that are seen on here, which i quoted. Those views of a post apocalyptic world are not "being realistic"

Everyone is entitled to think its going to be bad. I do, however i'm certainly not gleeful about the prospect and i'm certainly not looking to evidence it by pulling up clickbait headlines or quoting out of context to back that up.

[Old Chopper]

Sure, the biggest recession in 300 years won't impact the second largest consumer spend...