Will Coronavirus hit used car prices?
Discussion
jsf said:
jammy-git said:
Ultimately you self certify when you apply and the lender assumes the information you've given is correct. I've heard of some lenders doing some further checks, but mostly not.
As soon as the government 100% underwrote the loans, the lenders didn't give a monkeys about checks.Prior to that change, the lenders were being a
holes asking for business plans etc.holes" asking for business plans? Don't know about you, but I wouldn't lend money to a business without fully understanding how they operate.maz8062 said:
Throttlebody said:
Butter Face said:
Revealing numbers and comment from the SMMT - Subdued and no sign of pent up demand, figures masked by pre CV19 delayed registrations, weak consumer commitment for a big ticket purchase. A depressed market. “this is not a recovery and barely a restart”
Fleet sales fell by a very substantial -45.2% to 69,498 units as businesses paused purchasing amid expenditure reviews.
Throttlebody said:
These pictures always look dramatic but looks like there's something like 10K cars there. That's a day's registrations during normal times.
Obviously there will be other storage places too - it would be interesting to know whether they're new or used, cars that have been imported or waiting for export etc etc. And, of course, which make/model they are.
I keep an eye on a couple of model specific forums of cars we have in the family - the Tiguan one seems to have the most panic in it about getting cars, with people tracking the ship carrying them over etc. There's one thread at the moment where it seems the dealer never ordered the car but gave the customer someone else's order reference! They're really struggling to find a replacement.
Camelot1971 said:
jsf said:
jammy-git said:
Ultimately you self certify when you apply and the lender assumes the information you've given is correct. I've heard of some lenders doing some further checks, but mostly not.
As soon as the government 100% underwrote the loans, the lenders didn't give a monkeys about checks.Prior to that change, the lenders were being a
holes asking for business plans etc.holes" asking for business plans? Don't know about you, but I wouldn't lend money to a business without fully understanding how they operate.Camelot1971 said:
jsf said:
jammy-git said:
Ultimately you self certify when you apply and the lender assumes the information you've given is correct. I've heard of some lenders doing some further checks, but mostly not.
As soon as the government 100% underwrote the loans, the lenders didn't give a monkeys about checks.Prior to that change, the lenders were being a
holes asking for business plans etc.holes" asking for business plans? Don't know about you, but I wouldn't lend money to a business without fully understanding how they operate.Edited by Deep Thought on Monday 6th July 13:32
Sheepshanks said:
Throttlebody said:
These pictures always look dramatic but looks like there's something like 10K cars there. That's a day's registrations during normal times.Obviously there will be other storage places too - it would be interesting to know whether they're new or used, cars that have been imported or waiting for export etc etc. And, of course, which make/model they are.
I keep an eye on a couple of model specific forums of cars we have in the family - the Tiguan one seems to have the most panic in it about getting cars, with people tracking the ship carrying them over etc. There's one thread at the moment where it seems the dealer never ordered the car but gave the customer someone else's order reference! They're really struggling to find a replacement.
I sold my 330i on Saturday, lots of interest so it seems the market for old BMWs in my area is still strong.
I might be getting made redundant as a consequence of covid 19 (we were recruiting before it happened) so for now I'm going to stick with not owning a car at all for the first time since I got my licence.
I might be getting made redundant as a consequence of covid 19 (we were recruiting before it happened) so for now I'm going to stick with not owning a car at all for the first time since I got my licence.
If I were in the market for a new car then I would be very tempted by a new car on a PCP, because I would know exactly how much I would be in for every month, which I could balance against possible lost income. If I were looking for a used car then I would also play safe by picking something newish with a decent guarantee left. The last thing that I would be thinking of would be something like a five year old BMW, with an unknown likelihood of throwing a big bill, but anecdotally from this forum this is the type of car that is still selling easily. Why?
Deep Thought said:
Sheepshanks said:
Throttlebody said:
These pictures always look dramatic but looks like there's something like 10K cars there. That's a day's registrations during normal times.Obviously there will be other storage places too - it would be interesting to know whether they're new or used, cars that have been imported or waiting for export etc etc. And, of course, which make/model they are.
I keep an eye on a couple of model specific forums of cars we have in the family - the Tiguan one seems to have the most panic in it about getting cars, with people tracking the ship carrying them over etc. There's one thread at the moment where it seems the dealer never ordered the car but gave the customer someone else's order reference! They're really struggling to find a replacement.
https://nottingham-therapy.co.uk/the-four-levels-o...
I think you have probably reached level 4.
Level 4 denial – Delusion
Mistaken beliefs held in spite of overwhelming evidence to the contrary. Usually deeply entrenched.
Thankyou4calling said:
av185 said:
Take a look at Boohoo Next and Primark (ABF) recent strong share price growth which suggests otherwise.
There’s no getting away from it.Retail is in big trouble and I’d include Primark in that.
Yep retail is facing headwinds but has been for some time.
But to say ALL retail is struggling is incorrect.
Justin Case said:
. . . I would be very tempted by a new car on a PCP, because I would know exactly how much I would be in for every month, which I could balance against possible lost income.
When the PCH on our Disco Sport ends in March we're going back to buying only what we can afford with the cash we have at that point. Which will probably be a Tiguan or similar headed for six-figure miles. Our income hasn't been troubled by C19, but it's been galling to pay out over £300 a month on something that's barely moved a wheel since March. Plus ours has the risk of throwing up an £1800 DPF bill because it's not been run long/far enough anyway. On something I don't own!
I suspect others are thinking the same. Yes there's the risk of a big bill, but it's also more likely it will run without too much bother year after year.
Bob-2146 said:
A useful link for you DT:
https://nottingham-therapy.co.uk/the-four-levels-o...
I think you have probably reached level 4.
Level 4 denial – Delusion
Mistaken beliefs held in spite of overwhelming evidence to the contrary. Usually deeply entrenched.
Oh, the irony https://nottingham-therapy.co.uk/the-four-levels-o...
I think you have probably reached level 4.
Level 4 denial – Delusion
Mistaken beliefs held in spite of overwhelming evidence to the contrary. Usually deeply entrenched.
You’ll be calling the kettle black soon Mr Pot
Bob-2146 said:
Deep Thought said:
Sheepshanks said:
Throttlebody said:
These pictures always look dramatic but looks like there's something like 10K cars there. That's a day's registrations during normal times.Obviously there will be other storage places too - it would be interesting to know whether they're new or used, cars that have been imported or waiting for export etc etc. And, of course, which make/model they are.
I keep an eye on a couple of model specific forums of cars we have in the family - the Tiguan one seems to have the most panic in it about getting cars, with people tracking the ship carrying them over etc. There's one thread at the moment where it seems the dealer never ordered the car but gave the customer someone else's order reference! They're really struggling to find a replacement.
https://nottingham-therapy.co.uk/the-four-levels-o...
I think you have probably reached level 4.
Level 4 denial – Delusion
Mistaken beliefs held in spite of overwhelming evidence to the contrary. Usually deeply entrenched.
From the man with a history of putting other peoples cars in his profile and who states a career of "Fighting the PCP bulsh*tters".
Yet, i'm the delusional one.
PistonBroker said:
When the PCH on our Disco Sport ends in March we're going back to buying only what we can afford with the cash we have at that point. Which will probably be a Tiguan or similar headed for six-figure miles.
Our income hasn't been troubled by C19, but it's been galling to pay out over £300 a month on something that's barely moved a wheel since March. Plus ours has the risk of throwing up an £1800 DPF bill because it's not been run long/far enough anyway. On something I don't own!
I suspect others are thinking the same. Yes there's the risk of a big bill, but it's also more likely it will run without too much bother year after year.
Expensive paper weight & I share that pain. My C63 must be losing £ hand over fist every month just sat there. Our income hasn't been troubled by C19, but it's been galling to pay out over £300 a month on something that's barely moved a wheel since March. Plus ours has the risk of throwing up an £1800 DPF bill because it's not been run long/far enough anyway. On something I don't own!
I suspect others are thinking the same. Yes there's the risk of a big bill, but it's also more likely it will run without too much bother year after year.
Hopefully things will change
I filled the Mondeo up with fuel the weekend before lockdown and it's still got a quarter of a tank left. Usually I'll get through a tank every eight days. There'll definitely be a long term fall not just in car sales but in all travel. More and more people will end up mostly working from home, though it may mean that people will buy nicer cars when they know they're not going to put 30k miles a year on them.
spikeyhead said:
I filled the Mondeo up with fuel the weekend before lockdown and it's still got a quarter of a tank left. Usually I'll get through a tank every eight days. There'll definitely be a long term fall not just in car sales but in all travel. More and more people will end up mostly working from home, though it may mean that people will buy nicer cars when they know they're not going to put 30k miles a year on them.
Or maybe they won't want to put so much money in a depreciating asset if it isn't going to get used much...jammy-git said:
spikeyhead said:
I filled the Mondeo up with fuel the weekend before lockdown and it's still got a quarter of a tank left. Usually I'll get through a tank every eight days. There'll definitely be a long term fall not just in car sales but in all travel. More and more people will end up mostly working from home, though it may mean that people will buy nicer cars when they know they're not going to put 30k miles a year on them.
Or maybe they won't want to put so much money in a depreciating asset if it isn't going to get used much...But that may be a relatively short term phenomenon for a lot of businesses and employees.
Justin Case said:
If I were in the market for a new car then I would be very tempted by a new car on a PCP, because I would know exactly how much I would be in for every month, which I could balance against possible lost income. If I were looking for a used car then I would also play safe by picking something newish with a decent guarantee left. The last thing that I would be thinking of would be something like a five year old BMW, with an unknown likelihood of throwing a big bill, but anecdotally from this forum this is the type of car that is still selling easily. Why?
Because if you buy right, the chances of a big bill on an older motor are low. Buy a 10 year old Jap with a good reliability reputation and history and save big ££ compared to a PCP. jammy-git said:
Or maybe they won't want to put so much money in a depreciating asset if it isn't going to get used much...
I was planning on changing my car this year, an X3 I’ve owned since new Both the wife and I are at home full time now and it’s done 400 miles since March. We've tended to use the Mrs’ Mini for the local runs
We’ve gone from doing about 2500 miles a month to about 500
I own the X3 outright and although it’s now five years old it’s perfect and costing me nothing so it can sit in the garage costing me nothing and I’ll get it out when we need a 2nd car
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