Will Coronavirus hit used car prices?

Will Coronavirus hit used car prices?

Author
Discussion

Welshbeef

42,325 posts

157 months

Thursday 29th October
quotequote all
Hippea said:
Speaking to a few friends in the trade, sales have fallen off a cliff in the past few weeks. They have described like a flick of a switch, they couldn’t keep up with demand over the summer and now they can’t give stock away.
Value of mine has dropped £3k since moving into Oct.

Welshbeef

42,325 posts

157 months

Thursday 29th October
quotequote all
Wilmslowboy said:
There is £40 quid of diesel in the tank ????


I was going to put 4 brand new winters tyres on....but best not now.
Haha dealers give you zero for fuel in the tank so when parting mine I only ever fill up to 1/3rd and then when the day comes it’s on fumes

Conversely the car I end up buying has fumes too net net it works out.

b80

158 posts

55 months

Thursday 29th October
quotequote all
growlerowl said:
What's the general picture now then price wise? I still fancy a bargain V8
can't speak for other manufacturers but I've been monitoring Lexus ISF's and their prices have rocketed since lockdown.

Vroomer

Original Poster:

1,511 posts

139 months

Thursday 29th October
quotequote all
b80 said:
can't speak for other manufacturers but I've been monitoring Lexus ISF's and their prices have rocketed since lockdown.
Looking at the posts above, that may be about to change...

HB2K

80 posts

65 months

Thursday 29th October
quotequote all
Just agreed to sell my Civic for £500 (i.e 5%) less than was worth 2 weeks ago. WBAC et al all dropped their offers by about that much. Not a good time to sell if you could avoid (which I couldn't as I put a deposit down on the replacement already!).

ghost83

4,090 posts

149 months

Thursday 29th October
quotequote all
Don’t forget we are still riding furlough and bounce back money until all that ends and ppl go out of work nothing will happen as such! Originally we would have seen mass unemployment at the end of October but Now the job retention scheme starts on 1st November it will be may that things go awry! Plus if we go into another lockdown that will make everything twice as bad!

I’m personally sitting tight on money atm

Lord Marylebone

11,414 posts

139 months

Thursday 29th October
quotequote all
ghost83 said:
Don’t forget we are still riding furlough and bounce back money until all that ends and ppl go out of work nothing will happen as such! Originally we would have seen mass unemployment at the end of October but Now the job retention scheme starts on 1st November it will be may that things go awry! Plus if we go into another lockdown that will make everything twice as bad!

I’m personally sitting tight on money atm
Furlough, bounce back loans, and also the fact that many people took the view to simply rush out, spend their money, and buy themselves a new car as suddenly it dawned on them that 'life is too short' and things can change.

I personally don't think any of this will end well.

Hub

5,123 posts

157 months

Thursday 29th October
quotequote all
Were it not for Covid I would have changed my car this year (having had it over 5 years now) but the two factors that have stopped me are -

a) I'm working from home (almost) full time and combined with the lockdown period it means that it has spent most of the year on my drive not moving (about 2000 miles since March, possibly less)
b) I usually save up and buy with cash, so I'm keeping hold of the savings at the moment to see what happens with my job, the economy, car prices etc

I wish I had need of a new car, I wish I needed to do more driving... but I don't at the moment frown
A newer car depreciating on the drive isn't necessary, the one I've got still works fine.

av185

12,405 posts

86 months

Thursday 29th October
quotequote all
BCA and Mannheim auction prices still strong on mainstream stuff just slightly under Cap Clean.

This reflects the market far better than the usual anectdotal claptrap 'a mate of a mate heard a dealer saying prices have recently fallen off a cliff' lol.

Fusion777

132 posts

7 months

Thursday 29th October
quotequote all
I don’t think anyone’s said prices have dropped off a cliff. They’ve said that dealers have reported being less busy.

The Rotrex Kid

22,246 posts

119 months

Thursday 29th October
quotequote all
av185 said:
BCA and Mannheim auction prices still strong on mainstream stuff just slightly under Cap Clean.

This reflects the market far better than the usual anectdotal claptrap 'a mate of a mate heard a dealer saying prices have recently fallen off a cliff' lol.
Get out of here with your rational fact based evidence hehe

And as I’ve said before, it’s November next week, it always gets a bit quieter in winter, nobody should be shocked at that.

Fusion777

132 posts

7 months

Thursday 29th October
quotequote all
The Rotrex Kid said:
And as I’ve said before, it’s November next week, it always gets a bit quieter in winter, nobody should be shocked at that.
But is it quieter than usual for the time of year? Only people in the trade and figures can answer that.

The Rotrex Kid

22,246 posts

119 months

Thursday 29th October
quotequote all
Fusion777 said:
The Rotrex Kid said:
And as I’ve said before, it’s November next week, it always gets a bit quieter in winter, nobody should be shocked at that.
But is it quieter than usual for the time of year? Only people in the trade and figures can answer that.
We (as a group) have sold exactly the same Humber of cars this October as last. If that helps!

gizlaroc

15,549 posts

183 months

Thursday 29th October
quotequote all
Surely this depends where you are in the country as well?

If you are in an area with no restrictions, working normally and life feeling pretty normal then I bet the dealers are trading pretty normally, if you are in an are which is in near lockdown, with many still working from home or not actually working at all then those dealers are probably doing far less than normal.

I would imaging buying a car from Liverpool or Wales right now might get you a better deal than buying one from Norfolk.

Legacywr

8,536 posts

147 months

Thursday 29th October
quotequote all
b80 said:
growlerowl said:
What's the general picture now then price wise? I still fancy a bargain V8
can't speak for other manufacturers but I've been monitoring Lexus ISF's and their prices have rocketed since lockdown.
I’m thinking of entering the V8 market too...

RUSTILLDOWN

60 posts

27 months

Thursday 29th October
quotequote all
Legacywr said:
I’m thinking of entering the V8 market too...
Got your eye on anything in particular?

One consideration I have is a brand that doesn’t require annual servicing. For obvious reasons.

Mr Tidy

12,632 posts

86 months

Thursday 29th October
quotequote all
The Rotrex Kid said:
We (as a group) have sold exactly the same Humber of cars this October as last. If that helps!
Maybe going back to your Rootes. laugh

Vroomer

Original Poster:

1,511 posts

139 months

Friday 30th October
quotequote all
The Rotrex Kid said:
We (as a group) have sold exactly the same Humber of cars this October as last. If that helps!
Amazing!! I thought they'd stopped manufacturing Humbers decades ago!!

TeaVR

1,017 posts

186 months

Friday 30th October
quotequote all
b80 said:
can't speak for other manufacturers but I've been monitoring Lexus ISF's and their prices have rocketed since lockdown.
Very difficult to judge with something like an F car. Tiny market and advertised prices don't necessarily indicate true value.

Do love the IS-F, but getting a bit long in the tooth now and starting to show reliability issues.

Fast Bug

8,868 posts

120 months

Friday 30th October
quotequote all
The Rotrex Kid said:
Fusion777 said:
The Rotrex Kid said:
And as I’ve said before, it’s November next week, it always gets a bit quieter in winter, nobody should be shocked at that.
But is it quieter than usual for the time of year? Only people in the trade and figures can answer that.
We (as a group) have sold exactly the same Humber of cars this October as last. If that helps!
Last October I sold 56 vans and delivered 104, this month I sold 77 vans and delivered 91. The main difference this year is that I've had to put more factory orders in as there's a lack of stock around due to the slack in build this year