Will Coronavirus hit used car prices?
Discussion
av185 said:
This is the main problem with the big two UK auction groups.
There is little consistency in grade appraisals even at the same auction centres.
We constantly purchase grade 3 stock which is often in better condition than grade 1.
The grading is only as good as the person interpreting the guidelines, like you I've seen some real oddities (I sell via auction rather than buy). Most of my stock is grade 4/5 as it's been well used but I've seen some of it at 2 and 3 which clearly helps my residuals but isn't necessarily representative. There is little consistency in grade appraisals even at the same auction centres.
We constantly purchase grade 3 stock which is often in better condition than grade 1.
Bought a BMW Z4 mid June, at the time before we managed to get this one, i had contacted about 5 and they had all sold within days of going on Autotrader. The one we bought had been up for 2 days.
On the other hand we are trying to sell an Astra, it needs a smart repair on the bumper but its priced a good £1k under to reflect the damage. No interest apart from about 5 phone calls from the usual dealers wanting a bargain. Maybe its just the fun cars are selling. People furloughed or working from home, also with you being able to avoid your MOT, maybe things are not shifting at the 4k end of the market.
On the other hand we are trying to sell an Astra, it needs a smart repair on the bumper but its priced a good £1k under to reflect the damage. No interest apart from about 5 phone calls from the usual dealers wanting a bargain. Maybe its just the fun cars are selling. People furloughed or working from home, also with you being able to avoid your MOT, maybe things are not shifting at the 4k end of the market.
kambites said:
Throttlebody said:
Shortage of used cars?
Autotrader has 410,000 used cars for sale. Just one used car selling platform.
That's a bit meaningless without knowing how many there were for sale this time last year. Autotrader has 410,000 used cars for sale. Just one used car selling platform.
Ron99 said:
kambites said:
Throttlebody said:
Shortage of used cars?
Autotrader has 410,000 used cars for sale. Just one used car selling platform.
That's a bit meaningless without knowing how many there were for sale this time last year. Autotrader has 410,000 used cars for sale. Just one used car selling platform.
Quick question for the dealers in here.
I've seen many times cars listed online for less than their screen price, I presume for search engine reasons. But yesterday saw (a very boring and ordinary car) outside a dealer with the screen price of £6990. Checked online and it's listed at £1000 more making it look a good deal on the forecourt but around the average online.
Is this a new normal thing?
I've seen many times cars listed online for less than their screen price, I presume for search engine reasons. But yesterday saw (a very boring and ordinary car) outside a dealer with the screen price of £6990. Checked online and it's listed at £1000 more making it look a good deal on the forecourt but around the average online.
Is this a new normal thing?
Salmonofdoubt said:
Quick question for the dealers in here.
I've seen many times cars listed online for less than their screen price, I presume for search engine reasons. But yesterday saw (a very boring and ordinary car) outside a dealer with the screen price of £6990. Checked online and it's listed at £1000 more making it look a good deal on the forecourt but around the average online.
Is this a new normal thing?
Shouldn't think so. Probably been reduced online (couple of mouse clicks), but not changed in the screen (someone has to get off their arse!)I've seen many times cars listed online for less than their screen price, I presume for search engine reasons. But yesterday saw (a very boring and ordinary car) outside a dealer with the screen price of £6990. Checked online and it's listed at £1000 more making it look a good deal on the forecourt but around the average online.
Is this a new normal thing?
Salmonofdoubt said:
Quick question for the dealers in here.
I've seen many times cars listed online for less than their screen price, I presume for search engine reasons. But yesterday saw (a very boring and ordinary car) outside a dealer with the screen price of £6990. Checked online and it's listed at £1000 more making it look a good deal on the forecourt but around the average online.
Is this a new normal thing?
Could have forgotten to change the price in the screen, that's the only thing I can think of.I've seen many times cars listed online for less than their screen price, I presume for search engine reasons. But yesterday saw (a very boring and ordinary car) outside a dealer with the screen price of £6990. Checked online and it's listed at £1000 more making it look a good deal on the forecourt but around the average online.
Is this a new normal thing?
How does the online price compare to similar advertised cars out there?
ChunkyloverSV said:
Bought a BMW Z4 mid June, at the time before we managed to get this one, i had contacted about 5 and they had all sold within days of going on Autotrader. The one we bought had been up for 2 days.
On the other hand we are trying to sell an Astra, it needs a smart repair on the bumper but its priced a good £1k under to reflect the damage. No interest apart from about 5 phone calls from the usual dealers wanting a bargain. Maybe its just the fun cars are selling. People furloughed or working from home, also with you being able to avoid your MOT, maybe things are not shifting at the 4k end of the market.
Out of interest we are having to pay around 15% more compared to last October 2019 for 1 owner 20k miles fsh 3 year old ex lease 5 door Astras e.g. Sri/Elite both diesel and petrol.On the other hand we are trying to sell an Astra, it needs a smart repair on the bumper but its priced a good £1k under to reflect the damage. No interest apart from about 5 phone calls from the usual dealers wanting a bargain. Maybe its just the fun cars are selling. People furloughed or working from home, also with you being able to avoid your MOT, maybe things are not shifting at the 4k end of the market.
This reflects the reduced volumes of quality fleet stock from Vauxhall due to a reduced supply of both used and new cars.
Salmonofdoubt said:
HTP99 said:
Could have forgotten to change the price in the screen, that's the only thing I can think of.
How does the online price compare to similar advertised cars out there?
The online price is about the average, the screen price makes it look like a good deal. How does the online price compare to similar advertised cars out there?
And before anyone comes on her and says "well they have to sell it at the lower price, I know, my rights..... ", they don't!
Throttlebody said:
Talking about sitting at home and with the joys of post CV19 developing e-commerce, here’s something for the BMW fanboys -
BMW UK has launched its digital car locator that gives customers real-time access to new stock across its entire dealer network.
It comes as the group says online car reservations soared by 130 per cent in May on April’s figure, with the trend continuing into June. Hello DT.
BMW Group UK, said: ‘In what is clearly going to be a challenging year for automotive retail, it is more important than ever that we provide customers with the right tools to research their next vehicle from home’
Get full access to uber machines while sitting on your bog in your M+S slippers.
Surest any BMW fanboy worth their sat would be rocking ///M branded slippers.... BMW UK has launched its digital car locator that gives customers real-time access to new stock across its entire dealer network.
It comes as the group says online car reservations soared by 130 per cent in May on April’s figure, with the trend continuing into June. Hello DT.
BMW Group UK, said: ‘In what is clearly going to be a challenging year for automotive retail, it is more important than ever that we provide customers with the right tools to research their next vehicle from home’
Get full access to uber machines while sitting on your bog in your M+S slippers.
Deep Thought said:
What are people seeing out there in terms of demand and price moment? Think of people out there actively looking for a car right now and those in the trade?
No real hard evidence, but there are a distinct lack of M2’s and M3’s sub £30k on the AUC site now.- Is there still high demand?
- Is the supply of used cars improving? Trade ins, auctions opening up, etc
- Are prices still as firm as they were or is there now some leeway in prices?
- Any signs of that changing?
Just as things were opening up there were quite a few M2’s and about 6 around £28k with a DCT gearbox that I saved. Five sold really quickly, one went up in price and sold. There were a handful of early M3’s too.
Looked again last night and there were two M2’s (one listed as coming soon) and one rather ropey looking M3. All searched nationally. Even the E9x M3’s seemed expensive.
On a survey of one, it would seem the value of my car through WBAC has improved in the last 4 months.
Pre COVID in 1st week of March it was at £17,750.
Same mileage, and 4 months later - 1st July it was £18,395 and just checked it today £19,445
I'm genuinely surprised, I thought the backside would have fallen out of the market for a 4 year old S5 sportback with a 3.0 V6 engine.
I was initially looking to change to a used RS3 saloon, which also seem to be attracting top dollar, over and above pre Covid.
But I'm not looking to change now, I;ve done less than 300 miles in the car in 4 months, (i was doing 1k per month) and not looking like I'll be back in the office till next year now.
Pre COVID in 1st week of March it was at £17,750.
Same mileage, and 4 months later - 1st July it was £18,395 and just checked it today £19,445
I'm genuinely surprised, I thought the backside would have fallen out of the market for a 4 year old S5 sportback with a 3.0 V6 engine.
I was initially looking to change to a used RS3 saloon, which also seem to be attracting top dollar, over and above pre Covid.
But I'm not looking to change now, I;ve done less than 300 miles in the car in 4 months, (i was doing 1k per month) and not looking like I'll be back in the office till next year now.
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