Will Coronavirus hit used car prices?

[anonymous-user]

golfer19 said:

I sold a car for my niece yesterday.
Ownership change done online.

V5C isnt proof of ownership anyway.

Markets are doing some bizzare stuff in all sectors at the moment, cars is just one aspect. NASDAQ went through 10,000 today.

It's going to be months before the car market shows us the likely outcome.

[Greggymagic]

menousername said:

I have four or five models I am interested in between 14k-20k

When I plug my filters in I get a good 40+ results on each, all trade sellers. So thats a good 160 / 180 cars there.

Same stock since before lock down, no changes, no price reductions, only 2 have disappeared- not sure if sold, moved on to another dealer or auction etc. They were both main dealer so possibly will resurface at an indie.

Felt that most were 2k too much before all this. On some there is already a face lift version out and the new model due out soon, so they are not fresh models.

Just had an email from a dealer offering 0% APR on their used selection. Had a look, plugged some filters in, was getting Rav4s with 60k miles on the clock for best part of 20k. Hybrid admittedly. Not considered a Toyota before but had zero interest in those at that price level.

As a ready-to-go buyer there needs to be some repricing to get me interested in parting with some cash. Probably get bid down on my px so its even more essential asking prices move with them. Cannot see what else might unfreeze the market.

Same - I'm looking at 3 different models so quite a wide range of vehicles and the prices have gone up by around 2k on pre covid prices. Strange, as I really though they might have nudged lower, not just because of C19 but we're also into a new 20 ref plate period and the cars that I'm looking at have all recently had new face-lift models released. Everything logical would intimate that they should be lower or worse case scenario, the same.

Someone must be biting so good luck to them but I'm holding off for now - certainly not interested at 2k more than they were 3 months ago.

[menousername]

Greggymagic said:

Same - I'm looking at 3 different models so quite a wide range of vehicles and the prices have gone up by around 2k on pre covid prices. Strange, as I really though they might have nudged lower, not just because of C19 but we're also into a new 20 ref plate period and the cars that I'm looking at have all recently had new face-lift models released. Everything logical would intimate that they should be lower or worse case scenario, the same.

Someone must be biting so good luck to them but I'm holding off for now - certainly not interested at 2k more than they were 3 months ago.

Possibly thinking they can “discount” them to generate some interest. Whilst bidding down your px.

On the “Ask a Car Sales Anything” thread there is a guy looking at a 30k Merc and asking if its unrealistic to ask for a wheel scuff to be refurbed. Dealers popping up saying yes its unreasonable. Think its been a sellers market for too long. Most not sure what a buyers market looks like

[dawsonz]

Jasandjules said:

dawsonz said:

How are people still selling their cars privately in this time, i've seen a fair few private listings go up. Are the DVLA even processing them?

Well what happened was a bloke came over. Looked at the car and then agreed a price. He paid the money and drove it away....

Well done, sold without a test drive?

[5LDC]

dawsonz said:

Jasandjules said:

dawsonz said:

How are people still selling their cars privately in this time, i've seen a fair few private listings go up. Are the DVLA even processing them?

Well what happened was a bloke came over. Looked at the car and then agreed a price. He paid the money and drove it away....

Well done, sold without a test drive?

I've just sold a car privately, the buyer test drove the car alone with me following in a car behind.
Only happy to do so as he seemed a decent guy and I was driving a considerably faster car, should he try to disappear.

[Inky81]

Wonder how Mexman is getting on. Imagine he must be busy

[Deep Thought]

menousername said:

Possibly thinking they can “discount” them to generate some interest. Whilst bidding down your px.

On the “Ask a Car Sales Anything” thread there is a guy looking at a 30k Merc and asking if its unrealistic to ask for a wheel scuff to be refurbed. Dealers popping up saying yes its unreasonable. Think its been a sellers market for too long. Most not sure what a buyers market looks like

Thats not what he asked. You need to re read it.

He said he'd out a put a deposit down, driven 420 miles to do the handover and drive it home - having negotisted and agreed the price before hand- and found a 1 inch scuff on a wheel. Bear in mind also its a 2.5 year old car.

He asked was it unreasonable to ask the dealer to discount the price of the repair and the price of respraying for some stone chips and he would do it when he got it home as he didn't want to do another 840 mile return trip if they were to do it.

Edited by Deep Thought on Tuesday 9th June 23:06

[menousername]

Deep Thought said:

Thats not what he asked. You need to re read it.

He said he'd out a put a deposit down, driven 420 miles to do the handover and drive it home - having negotisted and agreed the price before hand- and found a 1 inch scuff on a wheel. Bear in mind also its a 2.5 year old car.

He asked was it unreasonable to ask the dealer to discount the price of the repair and the price of respraying for some stone chips and he would do it when he got it home as he didn't want to do another 840 mile return trip if they were to do it.

Edited by Deep Thought on Tuesday 9th June 23:06

Yep - he hadn't completed the transaction I believer? When he arrived the car had some scuffs and marks and was it reasonable to ask dealer to discount it or cover it if he got it done.

Was it unreasonable to ask- no. Should he need to on a 30k car- no. It should be immaculate.

[Algarve]

He wasn't exactly holding strong cards at that point, was he.

Already driven 420 miles, also unlikely to any sort of repeat custom so no real need for the dealer to bend over backwards for him.

It kinda sounds like he wanted Harrods service, but Pound Shop pricing (otherwise why did he drive that far to get one in the first place)

[dawsonz]

5LDC said:

I've just sold a car privately, the buyer test drove the car alone with me following in a car behind.
Only happy to do so as he seemed a decent guy and I was driving a considerably faster car, should he try to disappear.

That's a good idea, I was thinking of selling my car but current times have put me off, may just hold out until the restrictions are lifted.

[anonymous-user]

I feel that there will be a shift, or correction if you will, but it won’t take place until the gov turn off the magic money taps. Given they are pumping out 80% salaries and £50k loans left, right, and centre, I don’t think the true impact has hit yet. I reckon it will be much later in the year.

[So]

Powerfully Built Company Director said:

I feel that there will be a shift, or correction if you will, but it won’t take place until the gov turn off the magic money taps. Given they are pumping out 80% salaries and £50k loans left, right, and centre, I don’t think the true impact has hit yet. I reckon it will be much later in the year.

I would agree with that.

[South tdf]

5LDC said:

I've just sold a car privately, the buyer test drove the car alone with me following in a car behind.
Only happy to do so as he seemed a decent guy and I was driving a considerably faster car, should he try to disappear.

And what would you have done if he decided to disappear.

[The spinner of plates]

South tdf said:

5LDC said:

I've just sold a car privately, the buyer test drove the car alone with me following in a car behind.
Only happy to do so as he seemed a decent guy and I was driving a considerably faster car, should he try to disappear.

And what would you have done if he decided to disappear.

Phone the police whilst keeping him in view I would guess.

[CRA1G]

The spinner of plates said:

Phone the police whilst keeping him in view I would guess.

And tell them what.. ? I've given someone permission to drive my car....

[5LDC]

The spinner of plates said:

South tdf said:

5LDC said:

I've just sold a car privately, the buyer test drove the car alone with me following in a car behind.
Only happy to do so as he seemed a decent guy and I was driving a considerably faster car, should he try to disappear.

And what would you have done if he decided to disappear.

Phone the police whilst keeping him in view I would guess.

Yes this.
Having his name/address from his license, his Dads registration No of the car he turned up in and the key to the car he was driving in my pocket (keyless) was my plan b should he be able to out run me with half the horsepower.

[VonSenger]

So said:

Powerfully Built Company Director said:

I feel that there will be a shift, or correction if you will, but it won’t take place until the gov turn off the magic money taps. Given they are pumping out 80% salaries and £50k loans left, right, and centre, I don’t think the true impact has hit yet. I reckon it will be much later in the year.

I would agree with that.

It's utterly delusional to think otherwise. Or, which I suspect is the case. They simply don't understand rudimentary economics.
And people in the latter camp are dolling out investment advice on other forums. Staggering.

We're in for a rough year or 2.......... I'm being extremely optimistic.

I enquired about a car this week, trader seemed to refuse to acknowledge the honeymoon we're in or the pent up purchasing flurry we've seen this week and last. Apparently that's it, we're all good and back to normal.

[So]

VonSenger said:

So said:

Powerfully Built Company Director said:

I feel that there will be a shift, or correction if you will, but it won’t take place until the gov turn off the magic money taps. Given they are pumping out 80% salaries and £50k loans left, right, and centre, I don’t think the true impact has hit yet. I reckon it will be much later in the year.

I would agree with that.

It's utterly delusional to think otherwise. Or, which I suspect is the case. They simply don't understand rudimentary economics.
And people in the latter camp are dolling out investment advice on other forums. Staggering.

We're in for a rough year or 2.......... I'm being extremely optimistic.

I enquired about a car this week, trader seemed to refuse to acknowledge the honeymoon we're in or the pent up purchasing flurry we've seen this week and last. Apparently that's it, we're all good and back to normal.

He has no need to acknowledge it, he can probably sell everything he's got at strong money, for some time yet.

He'd better put his profits in the piggy bank though.

[VonSenger]

So said:

He has no need to acknowledge it, he can probably sell everything he's got at strong money, for some time yet.

He'd better put his profits in the piggy bank though.

Who? I'm referring to the market in general and the odd plonker on the Porsche forum.

Oh the dealer? Yes indeed, then what? Finance companies are already adjusting decisions in terms of risk.

[Jasandjules]

dawsonz said:

Jasandjules said:

dawsonz said:

How are people still selling their cars privately in this time, i've seen a fair few private listings go up. Are the DVLA even processing them?

Well what happened was a bloke came over. Looked at the car and then agreed a price. He paid the money and drove it away....

Well done, sold without a test drive?

Yes in this case but if he wanted a drive I would have let him.