Will Coronavirus hit used car prices? (Vol 2)

Will Coronavirus hit used car prices? (Vol 2)

Author
Discussion

MaxFromage

963 posts

108 months

Thursday 12th May
quotequote all
For what it's worth (as an accountant), I have quite a few very successful business owners as clients. Over the last few weeks/months they have been planning for harder times and house/asset purchases are on hold until 'bargains can be had'. They've done it many times before and see this time as no different. Personally new money buys shiny things, not old. And if things turn out as predicted, the new money may dry up for a while.

yellowbentines

4,842 posts

184 months

Thursday 12th May
quotequote all
av185 said:
Manheim Auctions also reporting green shoots of recovery across certain used car sectors although as expected and previously posted particular heavy fuel sectors increasingly weaker.
You were all about BCA auctions for months until they starting posting downwards trends.

You're just posting what fits your opinion as fact, and ignoring everything else going on around it.

Auto810graphy

922 posts

69 months

Thursday 12th May
quotequote all
The cheque books are definitely open this week, watching online auctions people back to paying CAP clean whilst the past few weeks it seemed to have dropped off by about 5%. CAP figures are not the bible on pricing but so many dealers just seem to use it that way.

I can’t understand if but then again I have been lost in this for two years and I work in vehicle finance.

av185

15,837 posts

104 months

Thursday 12th May
quotequote all
yellowbentines said:
av185 said:
Manheim Auctions also reporting green shoots of recovery across certain used car sectors although as expected and previously posted particular heavy fuel sectors increasingly weaker.
You were all about BCA auctions for months until they starting posting downwards trends.

You're just posting what fits your opinion as fact, and ignoring everything else going on around it.
What you mean like Auto810graphys post confirming prices are now rising again......rolleyes


carparkno1

1,227 posts

135 months

Thursday 12th May
quotequote all
av185 said:
yellowbentines said:
av185 said:
Manheim Auctions also reporting green shoots of recovery across certain used car sectors although as expected and previously posted particular heavy fuel sectors increasingly weaker.
You were all about BCA auctions for months until they starting posting downwards trends.

You're just posting what fits your opinion as fact, and ignoring everything else going on around it.
What you mean like Auto810graphys post confirming prices are now rising again......rolleyes
It literally states in the article you posted "as CAP values continue to fall"...

... Although to be fair it was a part of the article that you didn't include.

av185

15,837 posts

104 months

Thursday 12th May
quotequote all
carparkno1 said:
av185 said:
yellowbentines said:
av185 said:
Manheim Auctions also reporting green shoots of recovery across certain used car sectors although as expected and previously posted particular heavy fuel sectors increasingly weaker.
You were all about BCA auctions for months until they starting posting downwards trends.

You're just posting what fits your opinion as fact, and ignoring everything else going on around it.
What you mean like Auto810graphys post confirming prices are now rising again......rolleyes
It literally states in the article you posted "as CAP values continue to fall"...

... Although to be fair it was a part of the article that you didn't include.
I have posted many times about falling values on certain sectors. Gas guzzlers and higher VED higher cost consumable heavyweight older stuff e.g. pointless particularly large engined petrol saloons are but one obvious example.

To suggest values across the whole used car sector are falling would be as inaccurate as suggesting they are all rising and these points are confirmed by other used car threads if you care to read them.

Try and understand some cars are increasing in value some cars are relatively static and some cars are falling in value.

To suggest that the used car market is one dimensional in terms of value trends is moronic.




av185

15,837 posts

104 months

Thursday 12th May
quotequote all
carparkno1 said:
It literally states in the article you posted "as CAP values continue to fall"...

... Although to be fair it was a part of the article that you didn't include.
The Manheim report which for some reason you have since removed from your post also states 'a big increase in buyers has resulted in a rise in prices.'

Pommy

12,468 posts

193 months

Thursday 12th May
quotequote all
carparkno1 said:
av185 said:
carparkno1 said:
av185 said:
Manheim Auctions also reporting green shoots of recovery across certain used car sectors although as expected and previously posted particular heavy fuel sectors increasingly weaker.
Do you have a link thanks





Bit more to it than that from what I am reading
Industry article in 'finding optimism but ignoring the signs' shocker.

That reads like an article where someone is struggling to find the right words of positivity like when a bird sts on you and you're told it's good luck.

You don't get shoots of recovery when your market has been overheated, comes off a little bit and some areas see a slight jump. That's not a recovery, that's just a temporary resilience to maintain an artificial bubble. Ever seen an investment chart where it booms and bust? They don't go straight up and straight down - they jaggedly go up and jaggedly go down and the article is finding the jagged bits just as it's about to fall off.

It appears everyones going 'ooh, inflation, that means prices go up, brilliant!' conveniently, or stupidly, ignoring the impending interest rate rises that will be used to attempt to temper inflation. And then also conveniently ignoring that everything surrounding said item will cost more to run.

The worst part is that inflated prices of the last few years have been artificially inflated - the situation causing the inflation was not of a normal making and therefore it cannot be maintained in any way and there is absolutely nothing supporting a hill of sand of £90k RS3s and £60k Golf R's.

Theres going to be so many people underwater on car loans they can't afford living in negative equity land.

Number_9

42 posts

64 months

Friday 13th May
quotequote all
A little update on my X3M values with Webuyanycar, starting to shoot back up again.


Fusion777

588 posts

25 months

Friday 13th May
quotequote all
Interesting stats from an Ipsos Mori poll:

https://www.ipsos.com/en-uk/global-perceptions-of-...



Over half of respondents either "Just about getting by" or "Finding it difficult" financially in the UK.

carparkno1

1,227 posts

135 months

Friday 13th May
quotequote all
av185 said:
carparkno1 said:
It literally states in the article you posted "as CAP values continue to fall"...

... Although to be fair it was a part of the article that you didn't include.
The Manheim report which for some reason you have since removed from your post also states 'a big increase in buyers has resulted in a rise in prices.'
I haven't removed anything. I'd also suggest that not posting the whole of an article as you seem to do is more moronic as it shows you clearly have an inherent bias here

carparkno1

1,227 posts

135 months

Friday 13th May
quotequote all
av185 said:
yellowbentines said:
av185 said:
Manheim Auctions also reporting green shoots of recovery across certain used car sectors although as expected and previously posted particular heavy fuel sectors increasingly weaker.
You were all about BCA auctions for months until they starting posting downwards trends.

You're just posting what fits your opinion as fact, and ignoring everything else going on around it.
What you mean like Auto810graphys post confirming prices are now rising again......rolleyes
Literally just above you have said "confirming prices are now rising again" and then your next post says "try to understand some prices are rising some are static some are falling".



Auto810graphy

922 posts

69 months

Friday 13th May
quotequote all
carparkno1 said:
It literally states in the article you posted "as CAP values continue to fall"...

... Although to be fair it was a part of the article that you didn't include.
CAP prices have been dropping the past few months but pre covid most car values nearly always dropped in CAP as they depreciated. My point is that dealers seem to have more confidence and are now buying again this week at current prices, maybe a few have cleared out some stock and just reloading their stocking facilities.

Teebs

2,495 posts

192 months

Friday 13th May
quotequote all
There's alot of confirmation bias going on here
Inflation through the roof, cost of living crisis, every corner of the population being squeezed yet car prices are still rising.

I've said it before, on high-end & hard to source cars I completely get it, but run-of-the-mill stuff, no chance.

It's going to be a bloodbath.

nickfrog

16,764 posts

194 months

Friday 13th May
quotequote all
Teebs said:
It's going to be a bloodbath.
For run of the mill cars, what are you predicting compared to pre Covid values for cars of the same age and mileage then?

-20%? -40%?

And when are you predicting this to happen?


carparkno1

1,227 posts

135 months

Friday 13th May
quotequote all
Auto810graphy said:
carparkno1 said:
It literally states in the article you posted "as CAP values continue to fall"...

... Although to be fair it was a part of the article that you didn't include.
CAP prices have been dropping the past few months but pre covid most car values nearly always dropped in CAP as they depreciated. My point is that dealers seem to have more confidence and are now buying again this week at current prices, maybe a few have cleared out some stock and just reloading their stocking facilities.
Thanks. I wasn't debating your point to be fair, I appreciate boots on the ground views and if things are getting better then that's good for traders so it's an interesting insight! It was more the conflicting views Av was giving.

ghost83

4,874 posts

167 months

Friday 13th May
quotequote all
MaxFromage said:
For what it's worth (as an accountant), I have quite a few very successful business owners as clients. Over the last few weeks/months they have been planning for harder times and house/asset purchases are on hold until 'bargains can be had'. They've done it many times before and see this time as no different. Personally new money buys shiny things, not old. And if things turn out as predicted, the new money may dry up for a while.
One of my friends who is a financial advisor has said exactly the same! We are currently at the start of the fall the nightmare comes this winter! He reckons by September 2023 a lot will have been defaulting on mortgages and repossessions will start, he told me at the minute clear as much off the mortgage as you can! Forget cars buy a flask and forget spending £30 a week at costa stick that on the mortgage! Every little helps


av185

15,837 posts

104 months

Friday 13th May
quotequote all
ghost83 said:
Forget cars buy a flask
Sounds fun.

sat1983

1,224 posts

161 months

Friday 13th May
quotequote all
So much doom and gloom on this thread!

av185

15,837 posts

104 months

Friday 13th May
quotequote all
sat1983 said:
So much doom and gloom on this thread!
Yep but some clearly love to be over pessimistic and wallow in others misfortune.

As ever those who have overstretched themselves and have become highly leveraged with high levels of debt during the good times perhaps in an attempt to impress others are the ones who will find things increasingly hard.

As for anyone stupid enough to spend £30 a week on stty coffee in Costa frankly deserves everything they get.

Twas ever thus.

Edited by av185 on Friday 13th May 11:16