Will Coronavirus hit used car prices?
Discussion
Hungrymc said:
Dwh8611 said:
I don’t get that? Cars are expensive to buy, run and keep whatever miles you do, so I feel you have to do enough miles to make the expense worthwhile. You could have the best car in the world but if you are hardly using to save fuel or re-sale value why bother? It’s a lot of money to spend looking at it parked up.
I love cars and think you should be out there driving/enjoying them otherwise what is the point? Just my PistonHead opinion ??
I guess the point is, if you’re not doing loads of miles of dull ploughing through the traffic on a dull commute (which very few people enjoy) then it’s easier to justify something with higher running costs to use for fun .... in exactly the way you say.I love cars and think you should be out there driving/enjoying them otherwise what is the point? Just my PistonHead opinion ??
If I end up only doing 100 miles a week then an old diesel Mondeo will get replaced by something interesting.
spikeyhead said:
Hungrymc said:
Dwh8611 said:
I don’t get that? Cars are expensive to buy, run and keep whatever miles you do, so I feel you have to do enough miles to make the expense worthwhile. You could have the best car in the world but if you are hardly using to save fuel or re-sale value why bother? It’s a lot of money to spend looking at it parked up.
I love cars and think you should be out there driving/enjoying them otherwise what is the point? Just my PistonHead opinion ??
I guess the point is, if you’re not doing loads of miles of dull ploughing through the traffic on a dull commute (which very few people enjoy) then it’s easier to justify something with higher running costs to use for fun .... in exactly the way you say.I love cars and think you should be out there driving/enjoying them otherwise what is the point? Just my PistonHead opinion ??
If I end up only doing 100 miles a week then an old diesel Mondeo will get replaced by something interesting.
Will uncertainty depress demand? A relative was planning to change his car, but he works in aerospace and although his job is safe for now, he is concerned about what might happen in the next year or two, so for the time being he is keeping the money he had earmarked for one and staying with his present car. If enough people are thinking like him, will this depress demand for the foreseeable future and have a longer term effect on prices?
Court_S said:
Deep Thought said:
+1
Ironically, we're saving money because we now use our car(s) so little, but its hard to justify buying a newer car with it...
But I imagine for many on here, cars are not always a rational purchase. Ironically, we're saving money because we now use our car(s) so little, but its hard to justify buying a newer car with it...
Less driving for me makes the running costs of an M car more palatable. Less fuel, less servicing etc.
The issue then becomes, if i'm likely to pay +£2,000 now for an M2 over what they were, but theres a medium+ term drop then i could take maybe a £5-7K bath on a car in a year that might only do 500 miles.
In my mind i'd like our second car to be close to cost neutral. I've done that so far in the last year (since we put a second car back on the road) with a 2013 Focus ST, then an Insignia (took it as a part ex), then the 330i. Even including insurance and road tax i'm probably breaking even (made quite a lot on the ST, made a little on the Insignia, should make a little / break even on the 330i). Theres no absolute financial reasons for doing it - i just have the aim of driving something reasonably interesting and it not costing me money.
Again - thats my specific circumstances - and if it was to be our main car then i wouldnt care so much.
Edited by Deep Thought on Saturday 20th June 11:34
Justin Case said:
Will uncertainty depress demand? A relative was planning to change his car, but he works in aerospace and although his job is safe for now, he is concerned about what might happen in the next year or two, so for the time being he is keeping the money he had earmarked for one and staying with his present car. If enough people are thinking like him, will this depress demand for the foreseeable future and have a longer term effect on prices?
I think the general view is that prices are firm right now because of pent up demand but will soften / drop (depending on your viewpoint) later in the year as unemployment rises significantly.And yes, i think you're right - there will be people who face an uncertain future over the next couple of year who may chose to hold on to what they have.
Justin Case said:
Will uncertainty depress demand? A relative was planning to change his car, but he works in aerospace and although his job is safe for now, he is concerned about what might happen in the next year or two, so for the time being he is keeping the money he had earmarked for one and staying with his present car. If enough people are thinking like him, will this depress demand for the foreseeable future and have a longer term effect on prices?
100%. Car sales volumes will drop. Deep recession. For the current situation, if there’s flexibility with car ownership, sell high, buy low. Sell now, buy later.
Throttlebody said:
100%. Car sales volumes will drop. Deep recession. For the current situation, if there’s flexibility with car ownership, sell high, buy low. Sell now, buy later.
Well it had to come one day i guess - i agree with you.Sell now buy later may well be the smart option if someone can make that work for them.
Last week I sold my 67 plate Golf GTI to a dealer for 19k. Wbac/all the others offered around 17.5k as soon as they reopened, which is around 2k down on when I nearly sold it 6 months ago.
More than happy, was expecting to either have to hang onto it or take a pasting.
Was planning on keeping it until March next year, but it seemed prudent to ditch it now as I had the option, and I expect the decline to be deferred to the end of the year due to all the discussed reasons.
More than happy, was expecting to either have to hang onto it or take a pasting.
Was planning on keeping it until March next year, but it seemed prudent to ditch it now as I had the option, and I expect the decline to be deferred to the end of the year due to all the discussed reasons.
Auto810graphy said:
Deep Thought said:
Was 24K miles in a year a good idea in a 2.0 litre petrol BMW? Surely a 320d would have made more sense?
Best leave it.....Besides the picture he took last week “His BMW” has only done low miles.
Oh well, whatever.
Edited by Deep Thought on Saturday 20th June 15:05
Deep Thought said:
Throttlebody said:
100%. Car sales volumes will drop. Deep recession. For the current situation, if there’s flexibility with car ownership, sell high, buy low. Sell now, buy later.
Well it had to come one day i guess - i agree with you.Sell now buy later may well be the smart option if someone can make that work for them.
Throttlebody said:
Deep Thought said:
Throttlebody said:
100%. Car sales volumes will drop. Deep recession. For the current situation, if there’s flexibility with car ownership, sell high, buy low. Sell now, buy later.
Well it had to come one day i guess - i agree with you.Sell now buy later may well be the smart option if someone can make that work for them.
And you were wrong about there being an immediate drop in used car prices?
In fact - based on that, you've been wrong about everything so far?
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