Will Coronavirus hit used car prices?
Discussion
Auto810graphy said:
Touring442 said:
They've dumped 2000 cars at auction, no reserve. Their overheads are incredible.
Are you sure? Auctions are shut and not the logistics would not be cost effective.CRA1G said:
Auto810graphy said:
Touring442 said:
They've dumped 2000 cars at auction, no reserve. Their overheads are incredible.
Are you sure? Auctions are shut and not the logistics would not be cost effective.
Pommy said:
V8RX7 said:
Pommy said:
Those who have been so opposed to PCP and only buy cash are looking a bit f
ked now - they have an asset dropping like a stone that they cant get out of and costing them massively more than a loss limiting PCP/finance arrangement.
ked now - they have an asset dropping like a stone that they cant get out of and costing them massively more than a loss limiting PCP/finance arrangement.
As everything I own is bought, not on any finance.
Remind me how I'm in trouble as I haven't got any bills to pay ?
Maybe, maybe not but there will come a point this ends and you’re left with an asset that has cost you a lot more than if you simply financed its cost for a limited period with certain total outlay.
My point is more pointed at some of the recent PCP threads where there were vehement ‘PCP arrangements are bad’ points made are clearly affected by a substantial downturn in car values as ultimately your losses are limited whereas owning something outright is a much bigger financial impact.
You are making big assumptions there - I've owned my MX5 that cost me £3500 almost 20 years - what would it have cost on PCP ?
Ah - you didn't state that in the OP and again it depends on what their situation is - however as the current situation shows - life isn't certain, bad things happen, it's best to have a rainy day fund however you wish to configure it.
Nice offer from this classic car dealer. Pay full price of £15350 and he'll store the car for you for three months FOC. 
Lucky if the car is worth £8k as it's pretty rough.
https://www.carandclassic.co.uk/car/C1215893
Lucky if the car is worth £8k as it's pretty rough.https://www.carandclassic.co.uk/car/C1215893
Pommy said:
Wouldn’t you rather have cash available rather than tied up in a car? Maybe, maybe not but there will come a point this ends and you’re left with an asset that has cost you a lot more than if you simply financed its cost for a limited period with certain total outlay.
My point is more pointed at some of the recent PCP threads where there were vehement ‘PCP arrangements are bad’ points made are clearly affected by a substantial downturn in car values as ultimately your losses are limited whereas owning something outright is a much bigger financial impact.
I’m not generally pro or anti PCP nor am I pro or anti Cash, depends on the persons circumstances, but for me, I’d rather keep as much money in the bank to have freedom to deal with the uncertainty ahead than £’000’s locked up without the flexibility.
Quite a lot of us on here have our cars as a hobby, not just as a white good. Buying outright allows us to do what we want with them. My car is used mainly as my road car, but i also use it to compete in sprints and have changed the spec massively, something you can't do with a car you don't own.My point is more pointed at some of the recent PCP threads where there were vehement ‘PCP arrangements are bad’ points made are clearly affected by a substantial downturn in car values as ultimately your losses are limited whereas owning something outright is a much bigger financial impact.
I’m not generally pro or anti PCP nor am I pro or anti Cash, depends on the persons circumstances, but for me, I’d rather keep as much money in the bank to have freedom to deal with the uncertainty ahead than £’000’s locked up without the flexibility.
I bought my current car Jan 2009 when the market fell on its arse, pre this CV it was worth £8K more than i paid for it after putting 100K miles on it.
As i paid cash for it, i don't have to sell it and have no payments going out, so i can continue to use it for the shopping run, even though i am now sat on my arse at home with 80% income.
If i was on a PCP type deal with my outgoings maxed out at normal pay and no savings i'd be crapping myself.
jsf said:
Pommy said:
Wouldn’t you rather have cash available rather than tied up in a car? Maybe, maybe not but there will come a point this ends and you’re left with an asset that has cost you a lot more than if you simply financed its cost for a limited period with certain total outlay.
My point is more pointed at some of the recent PCP threads where there were vehement ‘PCP arrangements are bad’ points made are clearly affected by a substantial downturn in car values as ultimately your losses are limited whereas owning something outright is a much bigger financial impact.
I’m not generally pro or anti PCP nor am I pro or anti Cash, depends on the persons circumstances, but for me, I’d rather keep as much money in the bank to have freedom to deal with the uncertainty ahead than £’000’s locked up without the flexibility.
Quite a lot of us on here have our cars as a hobby, not just as a white good. Buying outright allows us to do what we want with them. My car is used mainly as my road car, but i also use it to compete in sprints and have changed the spec massively, something you can't do with a car you don't own.My point is more pointed at some of the recent PCP threads where there were vehement ‘PCP arrangements are bad’ points made are clearly affected by a substantial downturn in car values as ultimately your losses are limited whereas owning something outright is a much bigger financial impact.
I’m not generally pro or anti PCP nor am I pro or anti Cash, depends on the persons circumstances, but for me, I’d rather keep as much money in the bank to have freedom to deal with the uncertainty ahead than £’000’s locked up without the flexibility.
I bought my current car Jan 2009 when the market fell on its arse, pre this CV it was worth £8K more than i paid for it after putting 100K miles on it.
As i paid cash for it, i don't have to sell it and have no payments going out, so i can continue to use it for the shopping run, even though i am now sat on my arse at home with 80% income.
If i was on a PCP type deal with my outgoings maxed out at normal pay and no savings i'd be crapping myself.
GT3Manthey said:
I think if you are tempted to dip your toe in stuff the "will it or wont it holds its money" as those days are pretty much gone just buy what you want and get ready to drive it.
Hell, we could all be wiped out soon !
I think theres a very real chance that a purchase now - that chances are you wont be able to drive anyway due to the lockdown - will be worth 30% less in 6 months time.Hell, we could all be wiped out soon !
If somone needs to buy a car now, then bite the bullet, but i cant see any compelling reason to otherwise do so.
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