Will Coronavirus hit used car prices? (Vol 2)

Will Coronavirus hit used car prices? (Vol 2)

Author
Discussion

ghost83

5,475 posts

189 months

Monday 16th May 2022
quotequote all
J4CKO said:
Well, I think there are many scenarios but on average people may be holding off.

I could go out and buy pretty much anything I fancied within reasonable criteria, half down and half to finance but having had the utilities bills go up by close to £200, plus a raft of other increases its made me less confident. Still have a decent amount spare each month, no debts and am spending but not keen on taking on a big purchase that I dont need to.

There is another increase to the price cap due with the attendant knock ons, we have two cars that are both in fine fettle and cash in the bank but really not that bothered enough to go buying stuff.

Were considering Mustangs, but fuel has gone up massively and currently the cars themselves are expensive. Might do the you only live once thing and just go for it but at the moment, its not a priority.

I can see us paying £500 to 600 a month for Gas and Electric in 12 months, still, as long as Shell etc are doing well biggrin
Was chatting to my mum last night she has a motability car for her partner so she isn’t bothered about cars (there’s has been extended for the last 2yrs but they’re told that it won’t get extended again) and she has a company car for work

But anyways she told me last night that already she’s saving for the winter months she isn’t doing any unnecessary spending as she can’t afford to

av185

18,433 posts

126 months

Monday 16th May 2022
quotequote all
J4CKO said:
Well, I think there are many scenarios but on average people may be holding off.

I could go out and buy pretty much anything I fancied within reasonable criteria, half down and half to finance but having had the utilities bills go up by close to £200, plus a raft of other increases its made me less confident. Still have a decent amount spare each month, no debts and am spending but not keen on taking on a big purchase that I dont need to.

There is another increase to the price cap due with the attendant knock ons, we have two cars that are both in fine fettle and cash in the bank but really not that bothered enough to go buying stuff.

Were considering Mustangs, but fuel has gone up massively and currently the cars themselves are expensive. Might do the you only live once thing and just go for it but at the moment, its not a priority.

I can see us paying £500 to 600 a month for Gas and Electric in 12 months, still, as long as Shell etc are doing well biggrin
Some of the points you make are exactly why folks are tending to switch from new to used, particularly with the increasingly long lead times and most manufacturers substantially raising prices with more rises imminent. Lightly used in particular have seen some of the biggest price increases lately for this very reason.

Shell stock is a great hedge against rising fuel prices I posted and tipped this a few months back. Decent yield too. biggrin:

Earthdweller

13,431 posts

125 months

Monday 16th May 2022
quotequote all
av185 said:
There are clearly many buying sectors who will not stop buying cars unless war breaks out. The UK is car obsessed and whilst clearly some will be impacted by tightening economic circumstances there are many who broadly aren't and a new/different/upgraded/downgraded/more expensive/less expensive/change of fuel type car is high on their list of priorities as a consumer driven society. Always has been btw.

Folks love changing their cars.

A few obvious examples of those sectors who are more likely to have to buy cars

Companies
Fleets
PCPers stuck on the merrygoround
Service sector
Private sector buyers.

I could go on but you get the picture.

And this excludes those who just want to buy cars.

Please bear in mind the car market where you are in Accrington (even though you claim it is an up and coming Manchester suburb lol) does not necessarilly represent the broader UK typical car market.


Edited by av185 on Monday 16th May 11:03
Just for your info none of my three homes are in Accrington and I’ve never lived in Accrington and I’m not really sure what your petty obsession with Accrington actually is and why you reference it every time you reply to a post I make

I’ve never claimed it’s an up and coming Manchester suburb

Just bizarre, as is a grown man ( I assume you are ) using 14 year old girls text speak from the 90’s

bizarre




J4CKO

41,284 posts

199 months

Monday 16th May 2022
quotequote all
av185 said:
J4CKO said:
Well, I think there are many scenarios but on average people may be holding off.

I could go out and buy pretty much anything I fancied within reasonable criteria, half down and half to finance but having had the utilities bills go up by close to £200, plus a raft of other increases its made me less confident. Still have a decent amount spare each month, no debts and am spending but not keen on taking on a big purchase that I dont need to.

There is another increase to the price cap due with the attendant knock ons, we have two cars that are both in fine fettle and cash in the bank but really not that bothered enough to go buying stuff.

Were considering Mustangs, but fuel has gone up massively and currently the cars themselves are expensive. Might do the you only live once thing and just go for it but at the moment, its not a priority.

I can see us paying £500 to 600 a month for Gas and Electric in 12 months, still, as long as Shell etc are doing well biggrin
Some of the points you make are exactly why folks are tending to switch from new to used, particularly with the increasingly long lead times and most manufacturers substantially raising prices with more rises imminent. Lightly used in particular have seen some of the biggest price increases lately for this very reason.

Shell stock is a great hedge against rising fuel prices I posted and tipped this a few months back. Decent yield too. biggrin:
Or just not bothering if your car is ok ?

There are so many factors though, even the "fk it, might get nuked" one, so may as well crack on biggrin


ghost83

5,475 posts

189 months

Monday 16th May 2022
quotequote all
J4CKO said:
Or just not bothering if your car is ok ?

There are so many factors though, even the "fk it, might get nuked" one, so may as well crack on biggrin
Av seems to just obsess with the used market, even though the used market is quite small compared to everything else, like I said pcp they will replace for new motability will be either extended or replaced with new and fleet cars will be replaced with new, the used market is actually far smaller

J4CKO

41,284 posts

199 months

Monday 16th May 2022
quotequote all
ghost83 said:
J4CKO said:
Or just not bothering if your car is ok ?

There are so many factors though, even the "fk it, might get nuked" one, so may as well crack on biggrin
Av seems to just obsess with the used market, even though the used market is quite small compared to everything else, like I said pcp they will replace for new motability will be either extended or replaced with new and fleet cars will be replaced with new, the used market is actually far smaller
I think a lot of folk are opting out of company car schemes, taking the allowance instead and providing their own car, maybe dropping down to one.

But, there is always movement for whatever reason. We could quite cheerfully manage with 1, well would be two as the youngest still lives with us and he has his own car but am sure could make it work if I needed to.


lb3nson

809 posts

88 months

Monday 16th May 2022
quotequote all
Using the dubious We Buy Any Car-ometer our Tuscon has dropped 5k in value in the last 3 months.
That’s a third of it’s value, so a pretty big swing.
This may offer no insight to the actual market, or it might.

av185

18,433 posts

126 months

Monday 16th May 2022
quotequote all
Earthdweller said:
my three homes
Classic PH.

av185

18,433 posts

126 months

Monday 16th May 2022
quotequote all
ghost83 said:
Av seems to just obsess with the used market
Says the man who constantly posts on all used car threads.

Just checked the name of this thread.

Oh yes its about used cars and their prices.

Adrian250

166 posts

127 months

Monday 16th May 2022
quotequote all
FWIW the value of my M2 has gone up £1k in a week to £29950. Depending what offers I get from elsewhere its going there this week

nickfrog

20,871 posts

216 months

Monday 16th May 2022
quotequote all
Adrian250 said:
FWIW the value of my M2 has gone up £1k in a week to £29950. Depending what offers I get from elsewhere its going there this week
Same. But I am keeping mine for now. Unless I can find a decent track Clio 200!

av185

18,433 posts

126 months

Monday 16th May 2022
quotequote all
Earthdweller said:
Just for your info none of my three homes are in Accrington and I’ve never lived in Accrington and I’m not really sure what your petty obsession with Accrington actually is and why you reference it every time you reply to a post I make

I’ve never claimed it’s an up and coming Manchester suburb
When discussing the cost of housing on this thread a few months back and what areas were good value and within a 'stones throw' from Manchester for some reason you posted about Accrington being an up and coming commutable suburb of Manchester when in fact it is a depressingly run down former milltown in East Lancashire which is well in excess of an hours commute from Manchester centre.

ghost83

5,475 posts

189 months

Monday 16th May 2022
quotequote all
av185 said:
Says the man who constantly posts on all used car threads.

Just checked the name of this thread.

Oh yes its about used cars and their prices.
And let’s be honest none of us know where the market will be in 6 months we are all just summising

e-honda

8,828 posts

145 months

Monday 16th May 2022
quotequote all
av185 said:
When discussing the cost of housing on this thread a few months back and what areas were good value and within a 'stones throw' from Manchester for some reason you posted about Accrington being an up and coming commutable suburb of Manchester when in fact it is a depressingly run down former milltown in East Lancashire which is well in excess of an hours commute from Manchester centre.
I think you have the wrong person on the wrong thread and have misunderstood that an accrington brick terrace house is not necessarily in Accrington.

South tdf

1,518 posts

194 months

Monday 16th May 2022
quotequote all
J4CKO said:
I think a lot of folk are opting out of company car schemes, taking the allowance instead and providing their own car, maybe dropping down to one.

But, there is always movement for whatever reason. We could quite cheerfully manage with 1, well would be two as the youngest still lives with us and he has his own car but am sure could make it work if I needed to.
My personal experience is different, we can have £750 a month car allowance, after the tax man has taken off his lump that is less than £400 to buy, tax and insure a car so it’s much easier for me to have an EV Polestar and pay a couple of hundred pounds a year in company car tax.

Pretty much everyone I know who are entitled via their employer are going for electric cars as either company cars or salary sacrifice.

jonwm

2,504 posts

113 months

Monday 16th May 2022
quotequote all
South tdf said:
J4CKO said:
I think a lot of folk are opting out of company car schemes, taking the allowance instead and providing their own car, maybe dropping down to one.

But, there is always movement for whatever reason. We could quite cheerfully manage with 1, well would be two as the youngest still lives with us and he has his own car but am sure could make it work if I needed to.
My personal experience is different, we can have £750 a month car allowance, after the tax man has taken off his lump that is less than £400 to buy, tax and insure a car so it’s much easier for me to have an EV Polestar and pay a couple of hundred pounds a year in company car tax.

Pretty much everyone I know who are entitled via their employer are going for electric cars as either company cars or salary sacrifice.
I was offered £7200 a year to opt out of our manufacturers scheme. A few years ago I would have jumped at it but looked last week and it goes hardly anywhere nowadays. I'll stick with what I've got for now.

northandy

3,495 posts

220 months

Monday 16th May 2022
quotequote all
lb3nson said:
Using the dubious We Buy Any Car-ometer our Tuscon has dropped 5k in value in the last 3 months.
That’s a third of it’s value, so a pretty big swing.
This may offer no insight to the actual market, or it might.
On the other had my 2021 macan gts has gone up £3k from feb (although it had dropped from nov to feb by that same amount lol)

Snappy89

356 posts

127 months

Monday 16th May 2022
quotequote all
lb3nson said:
Using the dubious We Buy Any Car-ometer our Tuscon has dropped 5k in value in the last 3 months.
That’s a third of it’s value, so a pretty big swing.
This may offer no insight to the actual market, or it might.
Interesting. Ours has been fairly stagnant in it's value using that method.

Mr Tidy

22,065 posts

126 months

Tuesday 17th May 2022
quotequote all
lb3nson said:
Using the dubious We Buy Any Car-ometer our Tuscon has dropped 5k in value in the last 3 months.
That’s a third of it’s value, so a pretty big swing.
This may offer no insight to the actual market, or it might.
What is your car though, a TVR Tuscan or a Hyundai Tucson? That may have quite a bearing on price moves!

I got a valuation from WBAC for my 2005 E90 BMW 330i last year and by Christmas it was down into 3 figures. eek

If I do change it won't be going to them!



Honeywell

1,368 posts

97 months

Tuesday 17th May 2022
quotequote all
My Shell shares have gone up nicely from £10 18 months ago. The dividend pays for all my electric, central heating and diesel. Cushty.

The values of 8 year old Toyota GT86's with reasonable mileage appear to have totally flatlined from the start of Covid to now.

WFH is a large permanent change to the car market and my company is offering salary sacrifice on EV cars and the take up is massive when you read the annual Reports of Shell and BP you will find that these engineering giants are going to roll out thousands of new charging points a month in this country in a few years time and they'll all be fast chargers. All EV's have satnav that will know where all chargers are and if they're in use and be constantly updated via 5G. An algorithm will look at your journey, the charge network, your battery level and just knit it all together.

Once we have fast chargers everywhere and no queues and an automated Costa coffee hut with a toilet out the back it's really not going to be much of an issue doing long journeys in EV's. The AA will offer a mobile Charging breakdown recovery service just like they do for running out of petrol. I was sceptical on EV's (I have a 184 miles daily commute and live very rurally) but the sheer scale of what the big energy firms intend to do is going to crack the nut. The road pricing will be a bh though...

As will the inability to exceed the speed limit.