Will Coronavirus hit used car prices?

[Anonymous-poster]

Sheepshanks said:

I wouldn't say we've got a wide circle of friends, but we're hearing more and more of people who've lost their jobs.

If everyone is hearing that then it's going to make people very nervous. Even if secure themselves they may not want to be seen to be splashing out if close friends or family are struggling.

I was thinking about this the other day.
I was looking at at a new SUV but with all that is going on and worse still to come it seemed off to be spending on something I didn’t really need when others are losing jobs even if it would make no difference to them what I drive!

[jammy-git]

Deep Thought said:

Sheepshanks said:

Deep Thought said:

Legacywr said:

Spoke to a car dealer friend last night, business had been flying, but, he’s now seeing a real downturn in the market.

Yes seems to have kicked in the last 2 to 3 weeks.

I wouldn't say we've got a wide circle of friends, but we're hearing more and more of people who've lost their jobs.

If everyone is hearing that then it's going to make people very nervous. Even if secure themselves they may not want to be seen to be splashing out if close friends or family are struggling.

Indeed.

Plus i think the lockdowns kicking in have made people realise this isnt all over.

So are we expecting bargains to be had at dealerships soon? A friend of mine is in the market for a little car.

[The Rotrex Kid]

jammy-git said:

Deep Thought said:

Sheepshanks said:

Deep Thought said:

Legacywr said:

Spoke to a car dealer friend last night, business had been flying, but, he’s now seeing a real downturn in the market.

Yes seems to have kicked in the last 2 to 3 weeks.

I wouldn't say we've got a wide circle of friends, but we're hearing more and more of people who've lost their jobs.

If everyone is hearing that then it's going to make people very nervous. Even if secure themselves they may not want to be seen to be splashing out if close friends or family are struggling.

Indeed.

Plus i think the lockdowns kicking in have made people realise this isnt all over.

So are we expecting bargains to be had at dealerships soon? A friend of mine is in the market for a little car.

Most dealers (if they’re smart) are already running stocks down for the (very normal) quiet period that is now about to be upon use Nov/Dec/Jan and into Feb are quiet motor trade months anyway.

It feels like it has got quieter faster because it was so busy for such a long period.

[Fast Bug]

Normally tails off this time of year, I'm still fairly busy though.

Anyone after a new car needs to consider there may be import tariffs in January. So you could potentially be looking at an additional 10% on a new car, that may also firm up pricing of late used stock.

[A.J.M]

I checked back on 2014 discovery 4 HSE luxury models again.
Same seller as previous two times, has cars for sale.
About £1000 more expensive than before for similar mileage examples.

The market hasn’t fallen out of them.

If the market for 3.6 TDV8 L322s could fall I would like it for next spring.

[Deep Thought]

A.J.M said:

I checked back on 2014 discovery 4 HSE luxury models again.
Same seller as previous two times, has cars for sale.
About £1000 more expensive than before for similar mileage examples.

The market hasn’t fallen out of them.

If the market for 3.6 TDV8 L322s could fall I would like it for next spring.

Yet.... but a quiet two or three weeks isnt enough to have dealers knocking £,£££s off their sticker prices.

[loskie]

plus it's peak time for 4x4s coming to winter

[b80]

Anonymous-poster said:

Sheepshanks said:

I wouldn't say we've got a wide circle of friends, but we're hearing more and more of people who've lost their jobs.

If everyone is hearing that then it's going to make people very nervous. Even if secure themselves they may not want to be seen to be splashing out if close friends or family are struggling.

I was thinking about this the other day.
I was looking at at a new SUV but with all that is going on and worse still to come it seemed off to be spending on something I didn’t really need when others are losing jobs even if it would make no difference to them what I drive!

wouldn't worry about it, if you can afford it and want it, just buy it.

[Limp Mode]

biggbn said:

I was wondering what my car was worth, and, online, Arnold Clark valued it £600 more than WBAC. I have no idea what it would have been worth precovid, and I have no intention of selling, but if anyone is looking for a quick sale, it seems dealers are desperate for stock.

WBAC quoted me about £700 higher than AC when I was selling my ST in February/march. The difference is, when I turned up at WBAC they took about £1700 off the quote for invisible damage that he couldn't find again upon me asking to see it.

I went to Arnold Clark the next day and got £100 less than they quoted but still significantly more than WBAC.

I think taking these online valuations at face value is slightly naive

[Deep Thought]

Limp Mode said:

biggbn said:

I was wondering what my car was worth, and, online, Arnold Clark valued it £600 more than WBAC. I have no idea what it would have been worth precovid, and I have no intention of selling, but if anyone is looking for a quick sale, it seems dealers are desperate for stock.

WBAC quoted me about £700 higher than AC when I was selling my ST in February/march. The difference is, when I turned up at WBAC they took about £1700 off the quote for invisible damage that he couldn't find again upon me asking to see it.

I went to Arnold Clark the next day and got £100 less than they quoted but still significantly more than WBAC.

I think taking these online valuations at face value is slightly naive

For the purposes of tracking though, its been interesting to watch the valuations fluctuate - and has been indicative and reflective of what the trade have been feeding back on here.

Yes, WBAC will chip you back significantly, but if they're knocking say £500 off someones car valuation when they turn up now, they'd have been doing the same in June, March or last December anyway. Its what they do.

[Limp Mode]

Deep Thought said:

For the purposes of tracking though, its been interesting to watch the valuations fluctuate - and has been indicative and reflective of what the trade have been feeding back on here.

Yes, WBAC will chip you back significantly, but if they're knocking say £500 off someones car valuation when they turn up now, they'd have been doing the same in June, March or last December anyway. Its what they do.

Yeah I guess. Prior to the sale I also kept getting emails every week from WBAC with higher valuations claiming it had gone up and up until I finally bit. Luckily I wasn't stupid enough to let them rip me off.

I'll take any valuations from WBAC as an estimate within a possible £2000 range in future...

[gizlaroc]

Limp Mode said:

WBAC quoted me about £700 higher than AC when I was selling my ST in February/march. The difference is, when I turned up at WBAC they took about £1700 off the quote for invisible damage that he couldn't find again upon me asking to see it.

I went to Arnold Clark the next day and got £100 less than they quoted but still significantly more than WBAC.

I think taking these online valuations at face value is slightly naive

£1700 off for damage they couldn't show you?

Sorry, don't believe it.


I have sold loads of cars to WBAC and they have always been completely fair. If described properly they pay out properly. If you leave off something that needs prepping before it is retailed they will charge for it. To be expected.

I have sold 3 recently to them that all got more than private sales were fetching.

[growlerowl]

What's the general picture now then price wise? I still fancy a bargain V8

[RUSSELLM]

Anonymous-poster said:

I was looking at at a new SUV but with all that is going on and worse still to come it seemed off to be spending on something I didn’t really need when others are losing jobs even if it would make no difference to them what I drive!

If they were to work for the company you were about to buy the SUV from, it would make a difference to them what you drive.

Difference between a job or not

[Ron99]

Anonymous-poster said:

I was looking at at a new SUV but with all that is going on and worse still to come it seemed off to be spending on something I didn’t really need when others are losing jobs even if it would make no difference to them what I drive!

Modern society is all about conspicuous consumption. Carry on conspicuously consuming just to show the world you've made it in life.

[Deep Thought]

growlerowl said:

What's the general picture now then price wise? I still fancy a bargain V8

The view from the trade posting on here seems to be it has quietened down this last 2-3 weeks but that is probably in line with it coming in to a quiet time anyway.

That is also borne out by WBAC valuations which seem to have started to top out and soften a little.

Probably not been slow enough for long enough for prices to start to drop yet.

Might be deals to be done face to face i guess but no big sticker price drops.

[Fusion777]

I don’t really understand the argument of not buying a car because we’re in/have been in a recession. There are always people without jobs and less well off, but not people take this into account normally when buying a new car. If you own a company and buy a brightly coloured super car whilst laying people off, then it’s understandable some people might be resentful. But generally the “haves” carry on irrespective of what else is going on in society, and they probably should.

[growlerowl]

Deep Thought said:

The view from the trade posting on here seems to be it has quietened down this last 2-3 weeks but that is probably in line with it coming in to a quiet time anyway.

That is also borne out by WBAC valuations which seem to have started to top out and soften a little.

Probably not been slow enough for long enough for prices to start to drop yet.

Might be deals to be done face to face i guess but no big sticker price drops.

Thanks for the info. If anything prices still look higher for V8 Jags now that I look.

[Gman20]

I suspect there will be no V8 bargains, V6 diesels might, if you can find a way to get excited about that.
A lot of the people who buy big engined diesel coupés and saloons will still be employed, be reducing their milage, looking for the V8 model they might have bought had they been doing less miles at the time.

[greenarrow]

so used prices are still up on where they were? I've been holding off changing, but I have noticed some reasonable prices for the 2-3 year old cars I have been looking at. Main dealers don't seem much dearer than smaller independent traders or private sales, on some of these cars