Will Coronavirus hit used car prices?

Will Coronavirus hit used car prices?

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spikeyhead

17,223 posts

196 months

Thursday 19th November 2020
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Fast Bug said:
Deep Thought said:
Definitely seems to have peaked....
Or they won't get it through the auction until late November at best and December is usually a quiet time in the motor trade with dealers buying less stock
The smarter dealers I knew would buy in early December as prices were lowest, knowing that the market would pick up after xmas

jammy-git

29,776 posts

211 months

Thursday 19th November 2020
quotequote all
Deep Thought said:
Fast Bug said:
Deep Thought said:
Definitely seems to have peaked....
Or they won't get it through the auction until late November at best and December is usually a quiet time in the motor trade with dealers buying less stock
Yeah thats the truth of it really. Quiet time anyway.

Will be interesting to see what happens in January.
When would things "normally" start to pick up?

Deep Thought

35,724 posts

196 months

Thursday 19th November 2020
quotequote all
jammy-git said:
Deep Thought said:
Fast Bug said:
Deep Thought said:
Definitely seems to have peaked....
Or they won't get it through the auction until late November at best and December is usually a quiet time in the motor trade with dealers buying less stock
Yeah thats the truth of it really. Quiet time anyway.

Will be interesting to see what happens in January.
When would things "normally" start to pick up?
When i was trading it was normally towards the end of Jan before it got any real momentum but that was used cars and under £7K stuff and would have been a number of years back.

I assume for new car dealers it would be early in the month.

Maybe some of the current dealers / salespeople / traders can comment on recent experience?

bencollins4

1,091 posts

205 months

Thursday 19th November 2020
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I'm not a trader but have repeatedly found some great deals can be done in January, even early February but the market starts to pick up through February and gets a lot busier in the Spring.

Next year however, I'm not sure any of us know! I certainly wouldn't expect the post-lockdown spike seen in June this year.

Fast Bug

11,597 posts

160 months

Thursday 19th November 2020
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I've not been in retail for 15 years or so now, but it was towards the end of Jan that things started to pick up again. This year will be anyones guess though!

Limp Mode

34 posts

120 months

Thursday 19th November 2020
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Things are still selling fairly quick. I've watched a few things disappear from dealers pages quite quick.

Are people really buying second hand cars without even looking at them? No test drive or anything?? Very brave.

anonymous-user

53 months

Thursday 19th November 2020
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Limp Mode said:
Things are still selling fairly quick. I've watched a few things disappear from dealers pages quite quick.

Are people really buying second hand cars without even looking at them? No test drive or anything?? Very brave.
Yes. The internet is flush with people putting a deposit down blind if the price is right and simply hoping for the best. Appears to be plenty of money around for top of the range used cars at the moment.

Distance buying is 'the thing'....I've pulled out of a few deals lately having done due diligence, on a couple of occasions the pics didn't even make AT before they vanished....priced right and it will move quickly.

Limp Mode

34 posts

120 months

Thursday 19th November 2020
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slowpeddler65 said:
Yes. The internet is flush with people putting a deposit down blind if the price is right and simply hoping for the best. Appears to be plenty of money around for top of the range used cars at the moment.

Distance buying is 'the thing'....I've pulled out of a few deals lately having done due diligence, on a couple of occasions the pics didn't even make AT before they vanished....priced right and it will move quickly.
That's probably why I'm not getting anything back when I'm asking about things like service history and cambelts and the likes. If people are just blind buying anything without even looking at it, why bother wasting time with people that want to actually enquire about things.

Deep Thought

35,724 posts

196 months

Friday 20th November 2020
quotequote all
Limp Mode said:
slowpeddler65 said:
Yes. The internet is flush with people putting a deposit down blind if the price is right and simply hoping for the best. Appears to be plenty of money around for top of the range used cars at the moment.

Distance buying is 'the thing'....I've pulled out of a few deals lately having done due diligence, on a couple of occasions the pics didn't even make AT before they vanished....priced right and it will move quickly.
That's probably why I'm not getting anything back when I'm asking about things like service history and cambelts and the likes. If people are just blind buying anything without even looking at it, why bother wasting time with people that want to actually enquire about things.
Theres often significant savings to be had. Car prices of a specific car might vary by a few hundred in a 25 mile radius but that could be a few thousand if you look nationally.

Theres ways of mitigating most of the risk, but its still a leap of faith.

eliot

11,364 posts

253 months

Friday 20th November 2020
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Vroomer said:
Do you mean L322?
nah typo - L405

Deep Thought

35,724 posts

196 months

Sunday 22nd November 2020
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Was thinking there - IF we are on the cusp of the vaccine being made available (seems very likely now), they start to roll it out to those in old peoples homes and the NHS this side of christmas and then on to the general public by age / risk from the new year onwards, we "could" potentially see no demand continuing / increasing again unabated?




spikeyhead

17,223 posts

196 months

Sunday 22nd November 2020
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Those that have discovered that they can work from home will continue to do so, possibly for some days of the week or month, rather than all of them. I can see me being in the office two or three days a week at most.

Those that bought a cheap car to commute into town rather than use the bus or train may well revert to public transport as it's more convenient or cheaper. There'll be a few that have taken to walking or cycling that will use that for a commute, and there'll be far few shop workers in town centres needing to commute.

Any vehicle that can be used for deliveries will continue to be popular.

NelsonM3

1,679 posts

170 months

Tuesday 24th November 2020
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Having spoken to my ex dealer colleagues it looks like the market has turned drastically in the last two weeks. They are now averaging three cars a week between 7 salespeople, that’s new and used cars!

On another note. I’m now in the market for a 2010/2011 320d Efficient Dynamics as I will be doing some serious mileage soon. I was shocked to discover that 10 year old versions with 120,000+ miles are fetching £4000-£5000. Eight years ago I could get the equivalent cars for £1000-£2000 at a push as they were considered at the end of their life!

HTP99

22,443 posts

139 months

Tuesday 24th November 2020
quotequote all
NelsonM3 said:
Having spoken to my ex dealer colleagues it looks like the market has turned drastically in the last two weeks. They are now averaging three cars a week between 7 salespeople, that’s new and used cars!
Not particularly surprising, given showrooms are shut.

Trustmeimadoctor

12,525 posts

154 months

Tuesday 24th November 2020
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Spoke to mercdes Exeter today apparently they have sold over 100 cars this month

Fast Bug

11,597 posts

160 months

Tuesday 24th November 2020
quotequote all
HTP99 said:
Not particularly surprising, given showrooms are shut.
You mean many people want to actually see a used car before they buy it? And here was me thinking bricks and mortar dealerships were soon to be a thing of the past!

HTP99

22,443 posts

139 months

Tuesday 24th November 2020
quotequote all
Fast Bug said:
HTP99 said:
Not particularly surprising, given showrooms are shut.
You mean many people want to actually see a used car before they buy it? And here was me thinking bricks and mortar dealerships were soon to be a thing of the past!


Oh Yeahh, silly me, must be something else then!

The Rotrex Kid

30,191 posts

159 months

Tuesday 24th November 2020
quotequote all
HTP99 said:
Fast Bug said:
HTP99 said:
Not particularly surprising, given showrooms are shut.
You mean many people want to actually see a used car before they buy it? And here was me thinking bricks and mortar dealerships were soon to be a thing of the past!


Oh Yeahh, silly me, must be something else then!
Yeah probably. It’s the market innit.

We’ve done alright, kept the lights on anyway, all hands back on deck from next Wednesday!

Leicesterdave

2,282 posts

179 months

Monday 30th November 2020
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When would be a good time to approach a main dealer to sell my car?

paulguitar

23,104 posts

112 months

Monday 30th November 2020
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Leicesterdave said:
When would be a good time to approach a main dealer to sell my car?
Between about 830AM to 530PM.



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