Will Coronavirus hit used car prices?

Will Coronavirus hit used car prices?

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Aaa.

4,602 posts

56 months

Wednesday 25th March
quotequote all
Just watched an early wheelers dealers circa 2005(?) And Brewer bought a 70s 911S Targa for 5 big ones. Sold it with a reconditioned gearbox for £8k.

I think youd struggle to see the same car for under £40k - but could we see a reduction ? 911 prices in general had gone very crazy and whilst you could argue they aren't making them anymore (oh, wait. They are.) There are plenty out there.

Like to see a 'correction'

jeff666

1,850 posts

149 months

Wednesday 25th March
quotequote all
smartypants said:
Olivergt said:
Is it more likely that they have moved them all to a secure location? The last thing you need is 50 premium cars sitting outside a showroom that is closed for weeks.
Yes, same has happened to a local Ford dealership. Extra barriers all cars gone. Think it’s more to do with security
We rent a forecourt out,

The tenant took all the cars off yesterday and has moved them to a secure location, he is worried about the recent theft of catalytic convertors in the area. (again)

It does look bad and most people will think he has done a moonlight flit or gone bust.

Just to add we are hoping if we get the grant we can give him a rent holiday for a few months.

jonah35

3,819 posts

115 months

Wednesday 25th March
quotequote all
Range rovers
Bentley GT
Mercedes s class

Those type of cars will collapse

Also the investment cars like a 996 gt3 will come down. Most buyers buy them instead of having a cash isa or pension contribution - they buy them cos of the residuals.

A 996 GT3 is not much different to investing in a stocks and shares ISA!

People are needing money
The drop hasn’t been seen yet but trade to trade deals have fallen off a cliff

In 3 months we will see the collapse

GT3Manthey

376 posts

7 months

Wednesday 25th March
quotequote all
jonah35 said:
Range rovers
Bentley GT
Mercedes s class

Those type of cars will collapse

Also the investment cars like a 996 gt3 will come down. Most buyers buy them instead of having a cash isa or pension contribution - they buy them cos of the residuals.

A 996 GT3 is not much different to investing in a stocks and shares ISA!

People are needing money
The drop hasn’t been seen yet but trade to trade deals have fallen off a cliff

In 3 months we will see the collapse
Funny you mention 996 Gt3 as I had a buyer trying to put a deposit on the car I just bought so not sure this is entirely accurate.

Also remember 996 Gt3's are coming from a pretty low base. They got to around 40k for a decent car down from list in the 60's and that's where they are now unlike say a 991 RS that were swapping hands at 250 from a base of 140.

Run of the mill cars like my M2 yes for sure but then that's not for sale as I like the balance of both cars and I don't need to sell.




Edited by GT3Manthey on Wednesday 25th March 19:14

Deep Thought

27,588 posts

155 months

Wednesday 25th March
quotequote all
GT3Manthey said:
Funny you mention 996 Gt3 as I had a buyer trying to put a deposit on the car I just bought so not sure this is entirely accurate.

Run of the mill cars like my M2 yes for sure but then that's not for sale as I like the balance of both cars and I don't need to sell.
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.

GT3Manthey

376 posts

7 months

Wednesday 25th March
quotequote all
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

So

19,318 posts

180 months

Wednesday 25th March
quotequote all
jonah35 said:
Range rovers
Bentley GT
Mercedes s class

Those type of cars will collapse


In 3 months we will see the collapse
I've exposure to one of those and nearly to a second.

GT3Manthey

376 posts

7 months

Wednesday 25th March
quotequote all
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

Deep Thought

27,588 posts

155 months

Wednesday 25th March
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

376 posts

7 months

Wednesday 25th March
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

27,588 posts

155 months

Wednesday 25th March
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

376 posts

7 months

Wednesday 25th March
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

19,318 posts

180 months

Wednesday 25th March
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:

1,505 posts

138 months

Wednesday 25th March
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

258 posts

128 months

Wednesday 25th March
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.

smartypants

47,208 posts

127 months

Thursday 26th March
quotequote all
isleofthorns said:
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.
Will you take £26k mister?

the-photographer

1,852 posts

134 months

Thursday 26th March
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

20,670 posts

221 months

Thursday 26th March
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

5,322 posts

207 months

Thursday 26th March
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

5,547 posts

205 months

Thursday 26th March
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