Will Coronavirus hit used car prices?

Will Coronavirus hit used car prices?

Author
Discussion

Durzel

8,698 posts

122 months

Wednesday 25th March
quotequote all
Well interest rates have been cut twice, that might have something to do with it smile

Trustmeimadoctor

5,515 posts

109 months

Wednesday 25th March
quotequote all
But loan rates have gone up

So

17,829 posts

176 months

Wednesday 25th March
quotequote all
Trustmeimadoctor said:
But loan rates have gone up
Yes it seems so, We got an asset finance quote 10 days ago at a good rate and anticipated a better rate a week later. But rates rose.

Trustmeimadoctor

5,515 posts

109 months

Wednesday 25th March
quotequote all
Its a difference between unsecured and secured finance least with a car loan they can repo the car smile

GT3Manthey

249 posts

3 months

Wednesday 25th March
quotequote all
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 !

Deep Thought

26,244 posts

151 months

Wednesday 25th March
quotequote all
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.

If somone needs to buy a car now, then bite the bullet, but i cant see any compelling reason to otherwise do so.

av185

11,002 posts

81 months

Wednesday 25th March
quotequote all
Largely depends on the age of the car.

The newer and more oversupplied less popular the car the bigger the drop ££.

gizlaroc

14,683 posts

178 months

Wednesday 25th March
quotequote all
So said:
Trustmeimadoctor said:
But loan rates have gone up
Yes it seems so, We got an asset finance quote 10 days ago at a good rate and anticipated a better rate a week later. But rates rose.
Risk rate has gone through the roof.


av185

11,002 posts

81 months

Wednesday 25th March
quotequote all
av185 said:
Touring442 said:
Fezzaman said:
it will be interesting to see how Sytner go about their 'buy cars online' model.
They've dumped 2000 cars at auction, no reserve. Their overheads are incredible.
scratchchin

Custard/link.
Repeat custard link.

I call bullst.

coffee

So

17,829 posts

176 months

Wednesday 25th March
quotequote all
av185 said:
av185 said:
Touring442 said:
Fezzaman said:
it will be interesting to see how Sytner go about their 'buy cars online' model.
They've dumped 2000 cars at auction, no reserve. Their overheads are incredible.
scratchchin

Custard/link.
Repeat custard link.

I call bullst.

coffee
You haven't got the hang of this have you. You should be calling "custard".



Trustmeimadoctor

5,515 posts

109 months

Wednesday 25th March
quotequote all
the xj im tracking now 948 below average was 962 for last 2 days si average for them is coming down

av185

11,002 posts

81 months

Wednesday 25th March
quotequote all
We assume guilty by silence. judge

Shuvi McTupya

23,640 posts

201 months

Wednesday 25th March
quotequote all
Trustmeimadoctor said:
the xj im tracking now 948 below average was 962 for last 2 days si average for them is coming down
Eh?

GT3Manthey

249 posts

3 months

Wednesday 25th March
quotequote all
av185 said:
Largely depends on the age of the car.

The newer and more oversupplied less popular the car the bigger the drop ££.
Agreed. The run of the mill cars fine but something like a GT porsche wont fall another 30% IMO

Dave Hedgehog

12,733 posts

158 months

Wednesday 25th March
quotequote all
GT3Manthey said:
Agreed. The run of the mill cars fine but something like a GT porsche wont fall another 30% IMO
too many people have bought cars for investment, and just like the stock market when it turns bad they will panic and try to get out also many people will need to sell to raise cashflow

imagine what state the economy is going to be in if we are still in isolation in 6 months time or if we have to cycle 2 months out 2 months in isolation as they wait for the virus to run its course or a vaccine

Auto810graphy

491 posts

46 months

Wednesday 25th March
quotequote all
So said:
You haven't got the hang of this have you. You should be calling "custard".
Only 3 tins per customer so he won’t be able to.

To be fair Vertu / Farnell put about 15 nearly new Range Rover products onto the BCA online platform including a couple of delivery mileage ones but from experience they set the reserve within a few hundred pounds of their retail forecourt price.

GT3Manthey

249 posts

3 months

Wednesday 25th March
quotequote all
Dave Hedgehog said:
too many people have bought cars for investment, and just like the stock market when it turns bad they will panic and try to get out also many people will need to sell to raise cashflow

imagine what state the economy is going to be in if we are still in isolation in 6 months time or if we have to cycle 2 months out 2 months in isolation as they wait for the virus to run its course or a vaccine
Yup i get all of this and run of the mill cars are not exempt. Not sure its the case with small number build GT cars.

Maybe some of the RS models return to list but that i suspect will be the worst of it

av185

11,002 posts

81 months

Wednesday 25th March
quotequote all
GT3Manthey said:
av185 said:
Largely depends on the age of the car.

The newer and more oversupplied less popular the car the bigger the drop ££.
Agreed. The run of the mill cars fine but something like a GT porsche wont fall another 30% IMO
Yup and don't forget a 12 month old e.g. Focus trading at say £13k last week would lose up to another 25% over the next 6 months anyway pre CV all other things being equal.

Porsche along with other manufacturers have stopped production and the 992 GT3 launch probably now next year, Turbo and Turbo S delayed amongst others. Production of niche Cayster models in doubt.

RUSSELLM

5,376 posts

201 months

Wednesday 25th March
quotequote all
Shuvi McTupya said:
Trustmeimadoctor said:
the xj im tracking now 948 below average was 962 for last 2 days si average for them is coming down
Eh?
The XJ was a 1980’s Porsche economy entry below average, where as it’s proper Porsche race car money below average now.

That’s what I took from it.

Trustmeimadoctor

5,515 posts

109 months

Wednesday 25th March
quotequote all
Shuvi McTupya said:
Trustmeimadoctor said:
the xj im tracking now 948 below average was 962 for last 2 days si average for them is coming down
Eh?
On autotrader it shows you the difference between the car your looking at and the average price that that type is up for

A week ago the car im looking at was about 1400 below the average 2 days ago i noticed it was now only 962 below the average now its only 942 below the average.

So the average of this xj has dropped (this one hasnt been reduced yet)