Will Coronavirus hit used car prices?

Will Coronavirus hit used car prices?

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Deep Thought

35,724 posts

196 months

Wednesday 25th March 2020
quotequote all
GT3Manthey said:
Deep Thought said:
Funnily i was just about to suggest M2s could be in for a battering.

For reference and to refer back to, cheapest car (at a dealers as it happens), auto, is this 2016 one with 64K miles @ £25K miles.

https://www.autotrader.co.uk/classified/advert/202...

3 others available under £26K too around the country.

Will be interesting to see where that sits in say 3 months time.
Mine is 13k miles and manual ( my preference) but i'm sucking a fat one with that !

At least I didn't buy it new . I paid 32k last august with 9k miles and its still under warranty.
TBF its a great car to hoon around in in all weathers but to sell it now? whos knows !

Great cars for the cash
We bought our M140i new in March 19. I think it'll be worth about 6 toilet rolls by the summer hehe

No plans to sell though so not concerned.

An M2 would be a second car. Will see if / when they hit £20K.....


GT3Manthey

4,429 posts

48 months

Wednesday 25th March 2020
quotequote all
Deep Thought said:
We bought our M140i new in March 19. I think it'll be worth about 6 toilet rolls by the summer hehe

No plans to sell though so not concerned.

An M2 would be a second car. Will see if / when they hit £20K.....
May not be that long away!

Depends on mileage as with all cars.

TBF I've owned a stack of cars and for the cash the M2 is i'd say a bargain for what it does.

Deep Thought

35,724 posts

196 months

Wednesday 25th March 2020
quotequote all
GT3Manthey said:
Deep Thought said:
We bought our M140i new in March 19. I think it'll be worth about 6 toilet rolls by the summer hehe

No plans to sell though so not concerned.

An M2 would be a second car. Will see if / when they hit £20K.....
May not be that long away!

Depends on mileage as with all cars.

TBF I've owned a stack of cars and for the cash the M2 is i'd say a bargain for what it does.
We'd have had one as our main car, but we need a 5 door. Can maybe justify one as a second car if the price is right.

But yes, they seem to be a great all rounder. smile

GT3Manthey

4,429 posts

48 months

Wednesday 25th March 2020
quotequote all
Deep Thought said:
We'd have had one as our main car, but we need a 5 door. Can maybe justify one as a second car if the price is right.

But yes, they seem to be a great all rounder. smile
My wife drives it in comfort and I drive it in sport. Sport plus makes the steering too heavy, BMW deffo got that setting wrong.
sport gives you everything with a safety net.

For the cash i'm not sure what else beats it

So

26,271 posts

221 months

Wednesday 25th March 2020
quotequote all
GT3Manthey said:
So said:
I've exposure to one of those and nearly to a second.
I also have one too but family wagon.

Bentleys I think if you own one you expect to take a bath.

Mercedes can go forever so there is a reason to run one for the rest of time
The second was a Bentley and it's a different world with them. None of the usual frills. One year warranty secondhand, only a new MOT if it's under 6 months I think. Warranty and servicing horrible pricing.

I was due to pick it up two days before COVID became a big problem, but the dealership had some delays. I asked to suspend the deal, but they said they'd cancel and return my deposit. Though I note that they haven't and the dealership is now closed.


Vroomer

Original Poster:

1,864 posts

179 months

Wednesday 25th March 2020
quotequote all
braddo said:
A great recovery wasn't coming (Brexit cliff edge at the end of 2020 creates far too much uncertainty) but it was certainly looking far better than it is now.

Behind the 2 world wars this might be the biggest unforseen 'black swan' event the world has seen, for the past couple of hundred years at least. frown
The build up to the world wars was quite long; Coronavirus has hit us like a rocket.

isleofthorns

472 posts

169 months

Wednesday 25th March 2020
quotequote all
i listed an f80 m3 individual for sale a few weeks ago around 35k.

Had some Ok genuine interest, but nothing firm.

now, two weeks later, I'm getting emails with 'offers' at 25k to take it off my hands! Nice.

the-photographer

3,479 posts

175 months

Thursday 26th March 2020
quotequote all
Here is my question; common cars (Focus) all depreciate at a predicable rate, pre-virus of course. What will be the extra depreciation percentage because of today's environment on cars in the 1-36 month old range?

Expensive cars will be harder to predict, simpler because there is less volume. Looking at the Classified Ads, you might be able to guess which ones will have the hardest time:

California = 99
488 = 76
599 = 42

Aventador = 103
Huracan = 95

570s = 74

Bentayga = 114 (!!!) cheapest £87,000
Continental GT = 267

Edited by the-photographer on Thursday 26th March 10:41

V8RX7

26,766 posts

262 months

Thursday 26th March 2020
quotequote all
the-photographer said:
Here is my question; common cars (Focus) all depreciate at a predicable rate, pre-virus of course. What will be the extra depreciation percentage because of today's environment on cars in the 1-36 month old range?
It's really very simple

Supply and demand

Currently there are very few buyers - what does that do to prices ?

However there are very few suppliers - what does that do to prices ?

At the end there will have been a considerable reduction of new / nearly new vehicles available but many people will have less money to spend...

In short - no one knows.

Chris Type R

8,018 posts

248 months

Thursday 26th March 2020
quotequote all
Not sure if Coronavirus is having an impact, but second-hand Alfa Quadrifoglios are becoming more affordable (listed from £35k - https://www.pistonheads.com/classifieds?Category=u...

RUSSELLM

6,000 posts

246 months

Thursday 26th March 2020
quotequote all
I’ve been watching them for a couple of months, and their prices haven’t really changed much.

Ditto Nissan GT-R and Audi TT-RS prices smile

Vroomer

Original Poster:

1,864 posts

179 months

Thursday 26th March 2020
quotequote all
Interesting statistic:

At around 10.00am today their were 531k cars listed on Autotrader.

At around 2.30pm today there were 532k cars listed on Autotrader.

So that's an increase of 1,000 cars in just over 4 hours at a time when people aren't meant't to be making inessential journeys.

What do you make of that?

jeff666

2,314 posts

190 months

Thursday 26th March 2020
quotequote all
Vroomer said:
Interesting statistic:

At around 10.00am today their were 531k cars listed on Autotrader.

At around 2.30pm today there were 532k cars listed on Autotrader.

So that's an increase of 1,000 cars in just over 4 hours at a time when people aren't meant't to be making inessential journeys.

What do you make of that?
The guys we rent a forecourt to spend 4k a month on Autotrader,

they have cancelled this month but have been told they can advertise next month FOC.

V8fan

6,244 posts

267 months

Thursday 26th March 2020
quotequote all
Are they mostly cheap ones? 7 days listing is free for cars under £1k. Otherwise I think it's pricey. People needing cash offloading their cars, or trying to? WBAC aren't taking any cars at all. Too much stock.

CRA1G

6,501 posts

194 months

Thursday 26th March 2020
quotequote all
Had a conversation with my insurance broker this morning and they advised all their dealerships to remove as much open stock as possible,compound all stock closely together and remove V5's and all keys... they expect looting and theft to be the next problem in all types of businesses....yikes

Fezzaman

552 posts

192 months

Thursday 26th March 2020
quotequote all
Anyone following F82/3 M4s? On Autotrader there are 828 cars advertised - is it me or is that a lot? Cooking 4 series tops out at 2443. So 25% of total 4 series are M cars?! Regardless of C19 that seems like massive oversupply

Numpty with honours

204 posts

82 months

Thursday 26th March 2020
quotequote all
jeff666 said:
Vroomer said:
Interesting statistic:

At around 10.00am today their were 531k cars listed on Autotrader.

At around 2.30pm today there were 532k cars listed on Autotrader.

So that's an increase of 1,000 cars in just over 4 hours at a time when people aren't meant't to be making inessential journeys.

What do you make of that?
The guys we rent a forecourt to spend 4k a month on Autotrader,

they have cancelled this month but have been told they can advertise next month FOC.
A few months ago typically on Autotrader around 490k were up for sale

In the property world, The London Office of the Auction House - originally offered for the auction on 25 March 131 Lots . 62 (nearly 50% withdrawn) so 69 went up for auction on the day and 48 sold - this is a appalling and gives you a flavour of how confidence has evaporated

https://www.auctionhouse.co.uk/london/auction/past...


av185

18,434 posts

126 months

Thursday 26th March 2020
quotequote all
the-photographer said:
Here is my question; common cars (Focus) all depreciate at a predicable rate, pre-virus of course. What will be the extra depreciation percentage because of today's environment on cars in the 1-36 month old range?

Expensive cars will be harder to predict, simpler because there is less volume. Looking at the Classified Ads, you might be able to guess which ones will have the hardest time:

California = 99
488 = 76
599 = 42

Aventador = 103
Huracan = 95

570s = 74

Bentayga = 114 (!!!) cheapest £87,000
Continental GT = 267

Edited by the-photographer on Thursday 26th March 10:41
Nothing on your above list appeals atm.

The only car of interest which will be good value and maintain it residually ££ plus future premium would be a Hurracan Performante. I am in the market for one of the right spec and mileage. £140k feels about right atm.

Future classic and relatively low numbers will guarantee a substantial premium ££ in c 18 months if bought at sensible money over the next 6 months.

570S a great package but quite dull as a road car. I sold mine last summer after 2 months. These will be cracking value into the autumn especially pricipally due to over supply. Trade is currently mid £60ks this could drop to mid £40ks over the next few months imo.

Numpty with honours

204 posts

82 months

Thursday 26th March 2020
quotequote all
Numpty with honours said:
jeff666 said:
Vroomer said:
Interesting statistic:

At around 10.00am today their were 531k cars listed on Autotrader.

At around 2.30pm today there were 532k cars listed on Autotrader.

So that's an increase of 1,000 cars in just over 4 hours at a time when people aren't meant't to be making inessential journeys.

What do you make of that?
The guys we rent a forecourt to spend 4k a month on Autotrader,

they have cancelled this month but have been told they can advertise next month FOC.
A few months ago typically on Autotrader around 490k were up for sale

In the property world, The London Office of the Auction House - originally offered for the auction on 25 March 131 Lots . 62 (nearly 50% withdrawn) so 69 went up for auction on the day and 48 sold - this is a appalling and gives you a flavour of how confidence has evaporated

https://www.auctionhouse.co.uk/london/auction/past...
And at Savills today -120 lots in the catalogue - 51 withdrawn leaving 69 auctioned today of which 44 were sold. Bear in mind a number of very low value lots did sell so on the other stuff the outlook was bleak to say the least

https://auctions.savills.co.uk/Auctions/PastAuctio...

I fully expect big ticket items to be heavily discounted in the coming months and cars especially, particularly as most cars today are capable of well over 100,000 miles and dont need to be changed . So buyers looking to restore their balance sheet can delay upgrading a car for a good few years - so to sell a car it needs to be priced very attractively




A1VDY

3,575 posts

126 months

Thursday 26th March 2020
quotequote all
av185 said:
the-photographer said:
Here is my question; common cars (Focus) all depreciate at a predicable rate, pre-virus of course. What will be the extra depreciation percentage because of today's environment on cars in the 1-36 month old range?

Expensive cars will be harder to predict, simpler because there is less volume. Looking at the Classified Ads, you might be able to guess which ones will have the hardest time:

California = 99
488 = 76
599 = 42

Aventador = 103
Huracan = 95

570s = 74

Bentayga = 114 (!!!) cheapest £87,000
Continental GT = 267

Edited by the-photographer on Thursday 26th March 10:41
Nothing on your above list appeals atm.

The only car of interest which will be good value and maintain it residually ££ plus future premium would be a Hurracan Performante. I am in the market for one of the right spec and mileage. £140k feels about right atm.

Future classic and relatively low numbers will guarantee a substantial premium ££ in c 18 months if bought at sensible money over the next 6 months.

570S a great package but quite dull as a road car. I sold mine last summer after 2 months. These will be cracking value into the autumn especially pricipally due to over supply. Trade is currently mid £60ks this could drop to mid £40ks over the next few months imo.
Nothing will be 'cracking value' as its not going to worth buying anything, nothing at all. A car that's currently £60k dropping to £40k in the autumn will still not sell due to it being worth the grand sum of fk all in a further 6 months. The economy is going to completely collapse, there will be no market for expensive stuff of any kind whatsoever. The only cars which there will be a market for will be cheap basic stuff.
I'm under no illusion my Porsche will have the value of a 4 pack of Heinz beans. Its a perfect as new, very low mileage example but sadly it will make absolutely no difference.
The cars for sale I have on my site will have the value of scrap. Forget 'bargains', they won't be worth buying at any price..


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