Will Coronavirus hit used car prices?
Discussion
Will be interesting to see how this next lockdown affects things - I very much doubt we will see the 'pent up demand' that was experienced at the end of the last lockdown, which had already started slowing down (in fact I doubt we will come out of national restrictions on the 2nd, but that's a different topic...).
Whilst I'm sure those that qualify will appreciate the furlough extension, Christmas will be looming and I can't see used cars being forefront in peoples minds unless it's an absolutely necessary spend. I think people will overwhelmingly take a view of 'make do' and see how things pan out in the Spring. I'm certainly resigned to keeping our (thankfully small) stock in to next year...
Whilst I'm sure those that qualify will appreciate the furlough extension, Christmas will be looming and I can't see used cars being forefront in peoples minds unless it's an absolutely necessary spend. I think people will overwhelmingly take a view of 'make do' and see how things pan out in the Spring. I'm certainly resigned to keeping our (thankfully small) stock in to next year...
If we stay in lockdown until early next year there could be one of two benefits to the government.
1) Any pent up demand helps to soften the blow of Brexit.
2) Any clusterf
k of a Brexit shaped slump in the economy in January can be partially/entirely be blamed on the pandemic and "people not doing enough to slow the spread of the virus ".
It also gives Gove more ammo to push BoJo out of a job in the Spring to give the party a clear break in leadership to try and fix/continue with Brexit.
1) Any pent up demand helps to soften the blow of Brexit.
2) Any clusterf
k of a Brexit shaped slump in the economy in January can be partially/entirely be blamed on the pandemic and "people not doing enough to slow the spread of the virus ".It also gives Gove more ammo to push BoJo out of a job in the Spring to give the party a clear break in leadership to try and fix/continue with Brexit.
WBAC stopped quoting prices pretty quickly after the first lockdown but they are still giving prices at the moment...maybe that's a weekend lag.
Showrooms and auctions have to close.
From gov.uk
To reduce social contact, the Government has ordered certain businesses and venues to close. These include:
all non-essential retail, including, but not limited to clothing and electronics stores, vehicle showrooms, travel agents, betting shops, auction houses, tailors, car washes, tobacco and vape shops.
Showrooms and auctions have to close.
From gov.uk
To reduce social contact, the Government has ordered certain businesses and venues to close. These include:
all non-essential retail, including, but not limited to clothing and electronics stores, vehicle showrooms, travel agents, betting shops, auction houses, tailors, car washes, tobacco and vape shops.
Edited by Vroomer on Monday 2nd November 00:44
https://www.bbc.co.uk/news/uk-scotland-edinburgh-e...
Hitachi finance refusing to give car loans to people in hospitality sector.
Hitachi finance refusing to give car loans to people in hospitality sector.
Evans Halshaw have nipped £1200 off the COVID trade in price of my 2016 MINI Cooper SD in a week, and (surprisingly) that's £600 less than WBAC.
I always thought EH would offer a better price than WBAC?!
ETA: Was looking to sell within the next week but may just sit on it 'til lockdown lifts!
I always thought EH would offer a better price than WBAC?!
ETA: Was looking to sell within the next week but may just sit on it 'til lockdown lifts!
Edited by drophead on Tuesday 3rd November 22:40
I imagine the curve will follow the previous lock down. Fall off a cliff initially, low activity, then reduced supply as the market reopens and prices rise. Those who have cash but couldn't spend it will be chomping at the bit.
Furlough keeps people in jobs, tier 2 and 3 made them likely to be redundant.
Furlough keeps people in jobs, tier 2 and 3 made them likely to be redundant.
Bemmer said:
Getting reports today that showrooms,service departments and motor factoring businesses are staying open. ? BCA is definitely continuing with the online Auctions and delivery service.
Service departments are mostly staying open.Showrooms HAVE to close, but the guidance says you can still sell online and do ‘click and collect’ so that is what most will be doing.
a friend just got a company car and needed shot of her own ('15 focus diesel). My advice was to go through WBAC, phone top top 2/3 offers and try for a deal to get rid. She didn't take my advice, got offers and went off in a huff. She's tried to sell privately for 6 weeks to get an extra £500 over those offers and has now sold the car to a dealer for nearly a grand less than she wanted private, £400 less than she was offered by a buyer on motorway.co.uk
Everyone she spoke to said they were offering well below book as there was no value at auction and people simply aren't buying buying cars right now, especially not diesels. Apparently they all agreed that before covid they would have paid what she wanted for the car so shes lost pretty much £1000 becasue of covid.
Everyone she spoke to said they were offering well below book as there was no value at auction and people simply aren't buying buying cars right now, especially not diesels. Apparently they all agreed that before covid they would have paid what she wanted for the car so shes lost pretty much £1000 becasue of covid.
andburg said:
a friend just got a company car and needed shot of her own ('15 focus diesel). My advice was to go through WBAC, phone top top 2/3 offers and try for a deal to get rid. She didn't take my advice, got offers and went off in a huff. She's tried to sell privately for 6 weeks to get an extra £500 over those offers and has now sold the car to a dealer for nearly a grand less than she wanted private, £400 less than she was offered by a buyer on motorway.co.uk
Everyone she spoke to said they were offering well below book as there was no value at auction and people simply aren't buying buying cars right now, especially not diesels. Apparently they all agreed that before covid they would have paid what she wanted for the car so shes lost pretty much £1000 becasue of covid.
Or because of greed and thinking she knew best Everyone she spoke to said they were offering well below book as there was no value at auction and people simply aren't buying buying cars right now, especially not diesels. Apparently they all agreed that before covid they would have paid what she wanted for the car so shes lost pretty much £1000 becasue of covid.
CS Garth said:
Or because of greed and thinking she knew best
yeah, not sure its thinking she knew best but possibly hoping I was wrong.i believe she was offered something like £200 less than she was willing to accept bottom line initially.
Amazing how 6 weeks later the bottom line she was willing to accept is so much lower
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