Will Coronavirus hit used car prices?
Discussion
Throttlebody said:
The Rotrex Kid said:
Throttlebody said:
Looks like all this used car prices are rising from the vested interest and car salesmen isn’t to be fully believed.
The huge eBay Motors Group said the average price of a used car dropped by 1.3% in June.
‘ However, for this sample, eBay Motors Group takes a snapshot of 50 cars and that does not include the entire market.’The huge eBay Motors Group said the average price of a used car dropped by 1.3% in June.
https://cardealermagazine.co.uk/publish/used-car-d...
Maybe they should have just picked the cars only going up in in price and ignored all the others going down
Throttlebody said:
Looks like all this used car prices are rising from the vested interest and car salesmen isn’t to be fully believed.
The huge eBay Motors Group said the average price of a used car dropped by 1.3% in June.
I don’t want to waste my time on the troll but from the same site to show how simple minded he can be.The huge eBay Motors Group said the average price of a used car dropped by 1.3% in June.
https://cardealermagazine.co.uk/publish/used-car-p...
This simply shows that it is to early to see changes in prices since March but in my opinion they have stayed higher than I would have expected and hopefully that will continue.
Some cars will drop, some will go up.
flibbage0 said:
If you climb the ladder, pay and benefits are still gold plated compared to most in the private sector.
If you think it's woeful, why do it? Get a job in the private sector. Plenty of heathcare jobs in private hospitals.
It's an argument that works both ways. If NHS T&Cs are so good, then where is the sustained trend of recruitment from the private sector? If you think it's woeful, why do it? Get a job in the private sector. Plenty of heathcare jobs in private hospitals.
A more common trend in my area of the NHS is that the small number who are ex-PS are making an "ethical" choice late in their careers (often having amassed share options, pension flexibility etc that are not available in the public sector). Somewhat similar trends are visible in the private to charity sector movers. They certainly don't come for the discount lease A7s!
On that -1.3% eBay prices study... it's too small a sample to be read across the whole used market.
RUSTILLDOWN said:
The winter will certainly be errrm, interesting.
Cars were expensive beforehand but people will now be even more aware of the cost per mile and many will regret their latest purchase.
Perhaps. I'm still after a bargain weekend motor with a V8 preferably and as such efficiency etc doesn't bother me that much. But the price drops aren't here yet in the used market and I suspect they might be mitigated by other bargain hunters with relatively secure income etc like me supporting the price! I'm getting bored of waiting now and will probably buy something slightly different but still on the weekend usage theme - the longer I wait the more fun I'm missing out on just in order to save a few thou! If we were talking £20k cars potentially dropping to £10k it would be different but that looks very unlikely atm. Agree with consensus amongst some posters that if you're seriously in the market for an XKR (for example) then a few thou on the ticket price is neither here nor there.Cars were expensive beforehand but people will now be even more aware of the cost per mile and many will regret their latest purchase.
HTP99 said:
jammy-git said:
You two are making this thread intolerable. I'm out.
The one making it intolerable is not Deep Thought, however the other one just needs to be ignored and not entertained.Unfortunately most people seem to be able to ignore the irritating fly in the room all of the time. Occasionally i need to take a swat at it.
Will try harder to ignore.
Edited by Deep Thought on Monday 20th July 11:03
Throttlebody said:
Usual ad hominem from the car salesmen and VIs.
The wider car market reality and facts are always worth highlighting.
All sectors are having winners and losers except maybe airlines but the true cost to most industries is still to come because at the moment we are awash with “free money” which is distorting reality! Imo.The wider car market reality and facts are always worth highlighting.
growlerowl said:
RUSTILLDOWN said:
The winter will certainly be errrm, interesting.
Cars were expensive beforehand but people will now be even more aware of the cost per mile and many will regret their latest purchase.
Perhaps. I'm still after a bargain weekend motor with a V8 preferably and as such efficiency etc doesn't bother me that much. But the price drops aren't here yet in the used market and I suspect they might be mitigated by other bargain hunters with relatively secure income etc like me supporting the price! I'm getting bored of waiting now and will probably buy something slightly different but still on the weekend usage theme - the longer I wait the more fun I'm missing out on just in order to save a few thou! If we were talking £20k cars potentially dropping to £10k it would be different but that looks very unlikely atm. Agree with consensus amongst some posters that if you're seriously in the market for an XKR (for example) then a few thou on the ticket price is neither here nor there.Cars were expensive beforehand but people will now be even more aware of the cost per mile and many will regret their latest purchase.
I'm now in a situation where I should buy a car. I sold my 330i, was informed I might be redundant and now I've been told my job is no longer at risk so other people were made redundant instead. I have a couple more weeks of government sponsored holiday then it's back to work, for which I'll need to borrow the other Half's car.
What I can't decide is when to buy and how much to spend. I'd like to spend about £10k on a Skoda Superb now but I'm still of the opinion that prices must crash later this year and depending on how the economy goes more jobs might be at risk and money in the bank gives peace of mind. Buying a cheap banger is probably the sensible plan but not very inspiring.
What I can't decide is when to buy and how much to spend. I'd like to spend about £10k on a Skoda Superb now but I'm still of the opinion that prices must crash later this year and depending on how the economy goes more jobs might be at risk and money in the bank gives peace of mind. Buying a cheap banger is probably the sensible plan but not very inspiring.
growlerowl said:
Perhaps. I'm still after a bargain weekend motor with a V8 preferably and as such efficiency etc doesn't bother me that much. But the price drops aren't here yet in the used market and I suspect they might be mitigated by other bargain hunters with relatively secure income etc like me supporting the price! I'm getting bored of waiting now and will probably buy something slightly different but still on the weekend usage theme - the longer I wait the more fun I'm missing out on just in order to save a few thou! If we were talking £20k cars potentially dropping to £10k it would be different but that looks very unlikely atm. Agree with consensus amongst some posters that if you're seriously in the market for an XKR (for example) then a few thou on the ticket price is neither here nor there.
It's a bit frustrating waiting but I think the bargains will come - I'm in the same boat with cash burning a hole in my pocket. The market at the moment seems to be strengthening if anything and certainly half decent cars are selling well. The collective impact of furlough withdrawal, redundancies, reduced availability of credit, less demand for essential travel, improved supply as mechanisms come back to life will draw prices in.
That said I've been wrong all along so far..
growlerowl said:
RUSTILLDOWN said:
The winter will certainly be errrm, interesting.
Cars were expensive beforehand but people will now be even more aware of the cost per mile and many will regret their latest purchase.
Perhaps. I'm still after a bargain weekend motor with a V8 preferably and as such efficiency etc doesn't bother me that much. But the price drops aren't here yet in the used market and I suspect they might be mitigated by other bargain hunters with relatively secure income etc like me supporting the price! I'm getting bored of waiting now and will probably buy something slightly different but still on the weekend usage theme - the longer I wait the more fun I'm missing out on just in order to save a few thou! If we were talking £20k cars potentially dropping to £10k it would be different but that looks very unlikely atm. Agree with consensus amongst some posters that if you're seriously in the market for an XKR (for example) then a few thou on the ticket price is neither here nor there.Cars were expensive beforehand but people will now be even more aware of the cost per mile and many will regret their latest purchase.
I bailed and bought a Z4C. Got it for £7.5K, more stable end of the market, less drop to suffer if the worst happens.
TurboHatchback said:
I'm now in a situation where I should buy a car. I sold my 330i, was informed I might be redundant and now I've been told my job is no longer at risk so other people were made redundant instead. I have a couple more weeks of government sponsored holiday then it's back to work, for which I'll need to borrow the other Half's car.
What I can't decide is when to buy and how much to spend. I'd like to spend about £10k on a Skoda Superb now but I'm still of the opinion that prices must crash later this year and depending on how the economy goes more jobs might be at risk and money in the bank gives peace of mind. Buying a cheap banger is probably the sensible plan but not very inspiring.
The other issue with the likes of a Superb is - is that likely to become more of a go to car - big, easy run, reliable, comfy if the market profile changes? Also less new cars being sold (inevitable) may keep prices firm(er) in the used market even at the worst levels of unemployment so prices for some models may stay firm or rise?What I can't decide is when to buy and how much to spend. I'd like to spend about £10k on a Skoda Superb now but I'm still of the opinion that prices must crash later this year and depending on how the economy goes more jobs might be at risk and money in the bank gives peace of mind. Buying a cheap banger is probably the sensible plan but not very inspiring.
What would you buy if you were still on the redundancy list? That's the conservative play.
The Superb you could always sell but might take a 2-3K hit in a very short space of time if the worst happened (company changed their minds again)
Only you know your personal financial circumstances and the impact it could have and your attitude the the risk going forward.
The Superb you could always sell but might take a 2-3K hit in a very short space of time if the worst happened (company changed their minds again)
Only you know your personal financial circumstances and the impact it could have and your attitude the the risk going forward.
TurboHatchback said:
I'm now in a situation where I should buy a car. I sold my 330i, was informed I might be redundant and now I've been told my job is no longer at risk so other people were made redundant instead. I have a couple more weeks of government sponsored holiday then it's back to work, for which I'll need to borrow the other Half's car.
What I can't decide is when to buy and how much to spend. I'd like to spend about £10k on a Skoda Superb now but I'm still of the opinion that prices must crash later this year and depending on how the economy goes more jobs might be at risk and money in the bank gives peace of mind. Buying a cheap banger is probably the sensible plan but not very inspiring.
Get a cheap shed for £1K with a years MOT. Sorted. What I can't decide is when to buy and how much to spend. I'd like to spend about £10k on a Skoda Superb now but I'm still of the opinion that prices must crash later this year and depending on how the economy goes more jobs might be at risk and money in the bank gives peace of mind. Buying a cheap banger is probably the sensible plan but not very inspiring.
If its any help here's what my colleagues and clients linked to motor trade are saying about business before the lockdown. This is both new and used cars
Very, very high end - No difference. Still very busy.
Very high end - About the same.
Premium mass market - Steady on new like it was before the lockdown but this has only been achieved by the massive finance deals given out by the manufacturers. Its still good news if you want to pay cash as a lot of companies still have long dated stock they need to get rid of and if you fancy one of those there are deals to be done. With used its simple, if its not nailed down its selling. Especially if its good value in the first place. I know sales staff who have already sold part exchanges that are coming in before they have even arrived.
Mass market - Same as premium
Independent small traders - ridiculously busy, small car especially. Auctions are supposed to be very busy as they can't get enough stock.
Basically people are getting ready for the kids going back to school. No one is going to be prepared to little Dominic or Caitlin go on a train or a bus to go to college because although they won't masks in supermarkets they expect their kids to catch the plague by sitting on a coach for 20 minutes each day so they are investing in cheap small cars. Enjoy the reasonably quiet roads while you can because when the schools do go back expect a LOT more cars on the road. I hear some of the driving schools are doing remarkable business.
Diesels are very bad news, which hasn't changed since before Covid.
So petrol used cars? No one can get any stock and its flying out the door when it does arrive. Anyone running around saying values are going to plummet is wrong, at least until we go into lockdown again because of people behaving like its all gone & everything is going to be fine.
Toad Out
Very, very high end - No difference. Still very busy.
Very high end - About the same.
Premium mass market - Steady on new like it was before the lockdown but this has only been achieved by the massive finance deals given out by the manufacturers. Its still good news if you want to pay cash as a lot of companies still have long dated stock they need to get rid of and if you fancy one of those there are deals to be done. With used its simple, if its not nailed down its selling. Especially if its good value in the first place. I know sales staff who have already sold part exchanges that are coming in before they have even arrived.
Mass market - Same as premium
Independent small traders - ridiculously busy, small car especially. Auctions are supposed to be very busy as they can't get enough stock.
Basically people are getting ready for the kids going back to school. No one is going to be prepared to little Dominic or Caitlin go on a train or a bus to go to college because although they won't masks in supermarkets they expect their kids to catch the plague by sitting on a coach for 20 minutes each day so they are investing in cheap small cars. Enjoy the reasonably quiet roads while you can because when the schools do go back expect a LOT more cars on the road. I hear some of the driving schools are doing remarkable business.
Diesels are very bad news, which hasn't changed since before Covid.
So petrol used cars? No one can get any stock and its flying out the door when it does arrive. Anyone running around saying values are going to plummet is wrong, at least until we go into lockdown again because of people behaving like its all gone & everything is going to be fine.
Toad Out
The Hypno-Toad said:
If its any help here's what my colleagues and clients linked to motor trade are saying about business before the lockdown. This is both new and used cars
Very, very high end - No difference. Still very busy.
Very high end - About the same.
Premium mass market - Steady on new like it was before the lockdown but this has only been achieved by the massive finance deals given out by the manufacturers. Its still good news if you want to pay cash as a lot of companies still have long dated stock they need to get rid of and if you fancy one of those there are deals to be done. With used its simple, if its not nailed down its selling. Especially if its good value in the first place. I know sales staff who have already sold part exchanges that are coming in before they have even arrived.
Mass market - Same as premium
Independent small traders - ridiculously busy, small car especially. Auctions are supposed to be very busy as they can't get enough stock.
Basically people are getting ready for the kids going back to school. No one is going to be prepared to little Dominic or Caitlin go on a train or a bus to go to college because although they won't masks in supermarkets they expect their kids to catch the plague by sitting on a coach for 20 minutes each day so they are investing in cheap small cars. Enjoy the reasonably quiet roads while you can because when the schools do go back expect a LOT more cars on the road. I hear some of the driving schools are doing remarkable business.
Diesels are very bad news, which hasn't changed since before Covid.
So petrol used cars? No one can get any stock and its flying out the door when it does arrive. Anyone running around saying values are going to plummet is wrong, at least until we go into lockdown again because of people behaving like its all gone & everything is going to be fine.
Toad Out
Interesting - and useful - insight. Broadly in line with whats being reiterated on here from dealers. Very, very high end - No difference. Still very busy.
Very high end - About the same.
Premium mass market - Steady on new like it was before the lockdown but this has only been achieved by the massive finance deals given out by the manufacturers. Its still good news if you want to pay cash as a lot of companies still have long dated stock they need to get rid of and if you fancy one of those there are deals to be done. With used its simple, if its not nailed down its selling. Especially if its good value in the first place. I know sales staff who have already sold part exchanges that are coming in before they have even arrived.
Mass market - Same as premium
Independent small traders - ridiculously busy, small car especially. Auctions are supposed to be very busy as they can't get enough stock.
Basically people are getting ready for the kids going back to school. No one is going to be prepared to little Dominic or Caitlin go on a train or a bus to go to college because although they won't masks in supermarkets they expect their kids to catch the plague by sitting on a coach for 20 minutes each day so they are investing in cheap small cars. Enjoy the reasonably quiet roads while you can because when the schools do go back expect a LOT more cars on the road. I hear some of the driving schools are doing remarkable business.
Diesels are very bad news, which hasn't changed since before Covid.
So petrol used cars? No one can get any stock and its flying out the door when it does arrive. Anyone running around saying values are going to plummet is wrong, at least until we go into lockdown again because of people behaving like its all gone & everything is going to be fine.
Toad Out
One thing i would say is you mentioned diesels are very bad news - is that now applying to used cars? For a while there it was new cars only were suffering with the used, diesel market quite bouyant.
I'm still seeing strong trade bidding for retailable diesels, but that could be a local area thing.
The Hypno-Toad said:
If its any help here's what my colleagues and clients linked to motor trade are saying about business before the lockdown. This is both new and used cars
Very, very high end - No difference. Still very busy.
Very high end - About the same.
Premium mass market - Steady on new like it was before the lockdown but this has only been achieved by the massive finance deals given out by the manufacturers. Its still good news if you want to pay cash as a lot of companies still have long dated stock they need to get rid of and if you fancy one of those there are deals to be done. With used its simple, if its not nailed down its selling. Especially if its good value in the first place. I know sales staff who have already sold part exchanges that are coming in before they have even arrived.
Mass market - Same as premium
Independent small traders - ridiculously busy, small car especially. Auctions are supposed to be very busy as they can't get enough stock.
Basically people are getting ready for the kids going back to school. No one is going to be prepared to little Dominic or Caitlin go on a train or a bus to go to college because although they won't masks in supermarkets they expect their kids to catch the plague by sitting on a coach for 20 minutes each day so they are investing in cheap small cars. Enjoy the reasonably quiet roads while you can because when the schools do go back expect a LOT more cars on the road. I hear some of the driving schools are doing remarkable business.
Diesels are very bad news, which hasn't changed since before Covid.
So petrol used cars? No one can get any stock and its flying out the door when it does arrive. Anyone running around saying values are going to plummet is wrong, at least until we go into lockdown again because of people behaving like its all gone & everything is going to be fine.
Toad Out
I suspect they're right, for now. I think the game has many plays to come - what's going to be really interesting is how the different sectors react. My auction house is reporting more supply with light commercials still strong and passenger car steady but not bonkers like a few weeks ago. Of the factors that will have the biggest impact, throttling of credit might be the key one.Very, very high end - No difference. Still very busy.
Very high end - About the same.
Premium mass market - Steady on new like it was before the lockdown but this has only been achieved by the massive finance deals given out by the manufacturers. Its still good news if you want to pay cash as a lot of companies still have long dated stock they need to get rid of and if you fancy one of those there are deals to be done. With used its simple, if its not nailed down its selling. Especially if its good value in the first place. I know sales staff who have already sold part exchanges that are coming in before they have even arrived.
Mass market - Same as premium
Independent small traders - ridiculously busy, small car especially. Auctions are supposed to be very busy as they can't get enough stock.
Basically people are getting ready for the kids going back to school. No one is going to be prepared to little Dominic or Caitlin go on a train or a bus to go to college because although they won't masks in supermarkets they expect their kids to catch the plague by sitting on a coach for 20 minutes each day so they are investing in cheap small cars. Enjoy the reasonably quiet roads while you can because when the schools do go back expect a LOT more cars on the road. I hear some of the driving schools are doing remarkable business.
Diesels are very bad news, which hasn't changed since before Covid.
So petrol used cars? No one can get any stock and its flying out the door when it does arrive. Anyone running around saying values are going to plummet is wrong, at least until we go into lockdown again because of people behaving like its all gone & everything is going to be fine.
Toad Out
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