Will Coronavirus hit used car prices?

Will Coronavirus hit used car prices?

Author
Discussion

r1monkey

53 posts

166 months

Sunday 24th May
quotequote all
dave_s13 said:
Well I've had my BMW E93 for sale before the lockdown and it wasn't getting much interest.
Put the price up £500 and it sold yesterday? For pretty much what I paid for it 16months ago.... granted I had to spend a few quid on the damn thing over that time.

Anyway, bought a nissan leaf today, hopefully getting delivered next week, and it was/is a bargain.

I seem to have have sold high and bought low, which has never, ever happened to me before.

Weird times.
Great another electric car trundling along the road at 20mph . This site is called "pistonheads." Not "i have no interest in driving whatsoever."

jammy-git

25,099 posts

167 months

Sunday 24th May
quotequote all
Butter Face said:
Pretty much on the money for a private seller IMO.

This might be a bit cheeky, but could I ask you to look up the value for this car please: https://www.carandclassic.co.uk/car/C1213258

dave_s13

12,437 posts

224 months

Sunday 24th May
quotequote all
r1monkey said:
dave_s13 said:
Well I've had my BMW E93 for sale before the lockdown and it wasn't getting much interest.
Put the price up £500 and it sold yesterday? For pretty much what I paid for it 16months ago.... granted I had to spend a few quid on the damn thing over that time.

Anyway, bought a nissan leaf today, hopefully getting delivered next week, and it was/is a bargain.

I seem to have have sold high and bought low, which has never, ever happened to me before.

Weird times.
Great another electric car trundling along the road at 20mph . This site is called "pistonheads." Not "i have no interest in driving whatsoever."
Other car still has a 3.5litre V6 petrol though.

Still very interested in cars, just my needs have changed to fit my life/budget at the moment.

g3org3y

15,164 posts

146 months

Sunday 24th May
quotequote all
dave_s13 said:
Well I've had my BMW E93 for sale before the lockdown and it wasn't getting much interest.
Put the price up £500 and it sold yesterday? For pretty much what I paid for it 16months ago.... granted I had to spend a few quid on the damn thing over that time.
Weather probably helps given it's a convertible tbh.

Butter Face

20,994 posts

115 months

Monday 25th May
quotequote all
jammy-git said:
This might be a bit cheeky, but could I ask you to look up the value for this car please: https://www.carandclassic.co.uk/car/C1213258
Way over book but not unusual for that type of car IMO


Butter Face

20,994 posts

115 months

Monday 25th May
quotequote all
ging84 said:
Butter Face said:
Pretty much on the money for a private seller IMO.

Is that now taking into account covid or have cap values yet to have any adjustment due to the crisis yet?
Read: https://www.am-online.com/opinion/2020/04/06/nothi...

Camelot1971

1,873 posts

121 months

Monday 25th May
quotequote all
jamoor said:
You should try driving a car with autonomous capabilities.


I’m fairly sure my car can drive and concentrate much better than I can on a 2 hour journey on a motorway.

It can measure the exact distance from the car in front rather than a guess like I do, I believe it can also see in very heavy fog and I think even see the car ahead of the one in front.
My Volvo V90 has semi - autonomous driving, where it can steer, brake, accelerate etc on it's own. It's st. Tesla's are no where near perfect either, in fact all current systems are "ok" for cruising along a motorway but that's it.

It will only ever work properly if every other car is fully autonomous too, and that is multiple decades away.

BTW, if you can't concentrate for 2 hours on a motorway, please hand your licence in - you are a menace on the roads.

Throttlebody

677 posts

9 months

Monday 25th May
quotequote all
Butter Face said:
Optimistic article from 6 April. Things have moved on.

r1monkey

53 posts

166 months

Monday 25th May
quotequote all
dave_s13 said:
Other car still has a 3.5litre V6 petrol though.

Still very interested in cars, just my needs have changed to fit my life/budget at the moment.
You have redeemed yourself with the V6 .Welcome back . You could always just put an Uber sign on your leaf to pretend that it is used for work.

Mr Whippy

22,553 posts

196 months

Monday 25th May
quotequote all
Coronavirus will hit used car prices up in the long run.

SARScov2 ~ bailouts/QE/stimulus ~ currency devaluation ~ inflation

New cars will go up, be even cheaper to own on zirp equivalent (manufacturer subsidised by them getting even more debt at nirp)
The quality will also drop to keep margins higher.


Just look at 2008/9 to see what happened.
Prices bottomed in ~ Nov/Dec08/Jan 09... right as markets bottomed from 07 crisis.
Since then the used car market buoyancy represents the underlying inflation, combined in the higher end market with the malinvestment easy/cheap credit or money seeking yield (investment) generates.

So to sum up.

It’ll crash, then recover even more stupidly than last time.

People will probably just not sell, except for those who have to, who’ll get a haircut.

The spinner of plates

14,267 posts

155 months

Monday 25th May
quotequote all
Camelot1971 said:
jamoor said:
You should try driving a car with autonomous capabilities.


I’m fairly sure my car can drive and concentrate much better than I can on a 2 hour journey on a motorway.

It can measure the exact distance from the car in front rather than a guess like I do, I believe it can also see in very heavy fog and I think even see the car ahead of the one in front.
My Volvo V90 has semi - autonomous driving, where it can steer, brake, accelerate etc on it's own. It's st. Tesla's are no where near perfect either, in fact all current systems are "ok" for cruising along a motorway but that's it.

It will only ever work properly if every other car is fully autonomous too, and that is multiple decades away.

BTW, if you can't concentrate for 2 hours on a motorway, please hand your licence in - you are a menace on the roads.
Totally agree on all points.

AndrewNR

91 posts

77 months

Monday 25th May
quotequote all
ging84 said:
Came across this beast browsing autotrader

https://www.autotrader.co.uk/classified/advert/202...

a 2006 bently continental for £15k

I'm not really too clued in on Bentley values so could be well wrong, but my initial reaction was must be a fix upper, but advert does not suggest it is.
seems way to cheap, 3 months ago I would have assumed scam but is this where thing are now?
Nearly 15 years old, looks quite dated (in and out) and by modern standards, considering it has a 6.0L engine it isn't particularly fast; seems reasonable to me. phone

Deep Thought

26,722 posts

152 months

Monday 25th May
quotequote all
Mr Whippy said:
Coronavirus will hit used car prices up in the long run.

SARScov2 ~ bailouts/QE/stimulus ~ currency devaluation ~ inflation

New cars will go up, be even cheaper to own on zirp equivalent (manufacturer subsidised by them getting even more debt at nirp)
The quality will also drop to keep margins higher.


Just look at 2008/9 to see what happened.
Prices bottomed in ~ Nov/Dec08/Jan 09... right as markets bottomed from 07 crisis.
Since then the used car market buoyancy represents the underlying inflation, combined in the higher end market with the malinvestment easy/cheap credit or money seeking yield (investment) generates.

So to sum up.

It’ll crash, then recover even more stupidly than last time.

People will probably just not sell, except for those who have to, who’ll get a haircut.
yes

People who want / need to downsize will chop their cars in and get something more appropriate - which generates movement in the car market anyway.

Buying habits might change, but people will still have buying habits.

Deep Thought

26,722 posts

152 months

Monday 25th May
quotequote all
AndrewNR said:
ging84 said:
Came across this beast browsing autotrader

https://www.autotrader.co.uk/classified/advert/202...

a 2006 bently continental for £15k

I'm not really too clued in on Bentley values so could be well wrong, but my initial reaction was must be a fix upper, but advert does not suggest it is.
seems way to cheap, 3 months ago I would have assumed scam but is this where thing are now?
Nearly 15 years old, looks quite dated (in and out) and by modern standards, considering it has a 6.0L engine it isn't particularly fast; seems reasonable to me. phone
If all 2006 ones with similar miles were that price, yes, i'd take your point.

But this one is significantly cheaper than other 2006 variants of the same car, even ones with higher miles.


Thankyou4calling

8,127 posts

128 months

Monday 25th May
quotequote all
I’d say that Bentley looks fantastic inside and out.

Many would think it a year or two old with a PP and at least a £100k car.

As to it being not particularly fast!

Blimey. Unless your Lewis H 200 Mph and 0-60 in less than 5 seconds is fast.

Edited by Thankyou4calling on Monday 25th May 11:04

Shnozz

21,784 posts

226 months

Monday 25th May
quotequote all
Thankyou4calling said:
I’d say that Bentley looks fantastic inside and out.

Many would think it a year or two old with a PP and at least a £100k car.

As to it being not particularly fast!

Blimey. Unless your Lewis H Mph and 0-60 in less than 5 seconds is fast.
Especially fast when you’re driving something akin to a small house. And in similar comfort to a small house.

Vroomer

Original Poster:

1,486 posts

135 months

Monday 25th May
quotequote all
Autotrader update today:

490k trade sales, a DECREASE of 20k on typical lockdown days
35k private sale, an INCREASE of 5k on typical lockdown days

Struggling to interpret that...

jamoor

12,051 posts

170 months

Monday 25th May
quotequote all
Vroomer said:
Autotrader update today:

490k trade sales, a DECREASE of 20k on typical lockdown days
35k private sale, an INCREASE of 5k on typical lockdown days

Struggling to interpret that...
Traders going broke and private sellers desperate for cash

niggtv

110 posts

50 months

Monday 25th May
quotequote all
jamoor said:
Vroomer said:
Autotrader update today:

490k trade sales, a DECREASE of 20k on typical lockdown days
35k private sale, an INCREASE of 5k on typical lockdown days

Struggling to interpret that...
Traders going broke and private sellers desperate for cash
Odd interpretation; how do you know the private sellers are desperate for the cash?!

There have been very few private sales due to the restrictions on movement, but as this starts to be relaxed it makes sense that private sales increase again - even if fairly low levels still.

Re traders, not sure how long the AT freebie offer lasts, but this may be part of it. Sales still seem to be completing, so perhaps traders are running down their stock a bit.

jammy-git

25,099 posts

167 months

Monday 25th May
quotequote all
Or traders are temporarily closed but people still need/want to buy cars.