Will Coronavirus hit used car prices? (Vol 2)
Discussion
Mr Tidy said:
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.
If I do change it won't be going to them!
FFS i hate it when people spell (or pronounce) Tucson wrong and now I’ve just done it. I got a valuation from WBAC for my 2005 E90 BMW 330i last year and by Christmas it was down into 3 figures.
If I do change it won't be going to them!
I’d be much happier if it was a Tuscan though!
Honeywell said:
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 b
h though...
As will the inability to exceed the speed limit.
That is some commute, I bet your delighted with work from home?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 b
h though...As will the inability to exceed the speed limit.
Tomanybikes said:
That is some commute, I bet your delighted with work from home?
WFH? Errr. I am an airline pilot so no, very much no.My wife on the other hand has gone from a 14 mile each way rush hour commute into the County town that took 45 mins each way to working from home 4 days a week with 1 day in the office. Its a real win for her and as she was using my L322 Rangerover TDV8 its a significant saving for me.
Realistically any >300mile range EV would do for me now and at a 40% salary sacrifice discount it looks tempting. All I want on the commute after a long 2000 mile flight is comfort and serenity and automation as an doze off up the motorway after a 13 hour shift. I have got three phase electricity at home. It would also be easy to bypass the meter but thats a different discussion!
Lies, damn lies, and statistics. Maybe the used car market isn't quite as healthy as some believe (Google sent me this for some reason)...
https://cardealermagazine.co.uk/publish/motorpoint...
https://cardealermagazine.co.uk/publish/motorpoint...
BCA have published April's figures and the average auction price has dropped nearly £1k
https://www.bca.co.uk/news/bca--ongoing-external-p...
https://www.bca.co.uk/news/bca--ongoing-external-p...
e-honda said:
BCA have published April's figures and the average auction price has dropped nearly £1k
https://www.bca.co.uk/news/bca--ongoing-external-p...
But still above May 2021s average and c£500 above March 2021s average even with 12months plus mileage added.https://www.bca.co.uk/news/bca--ongoing-external-p...
Quite remarkable.
Average prices still being dragged down by 4x4 and larger SUV falling prices particularly on gas guzzlers and overall demand reducing due to warmer weather.
Many sectors still increasing particularly later even vanilla stock as the above post re Polo accurately confirms.
Sports cars understandably are still very strong.
I knew you say something about it quite remarkable.
I nearly put that in my own post.
As ever I am going to point out for every example you can give that bucks the trend that means those following the trend are doing so even more strongly than the figures show, that is how averages work.
As ever I will point out you were happy to discuss and champion broad market trends when things were going up, but not they are going down everything is suddenly more nuanced.
I nearly put that in my own post.
As ever I am going to point out for every example you can give that bucks the trend that means those following the trend are doing so even more strongly than the figures show, that is how averages work.
As ever I will point out you were happy to discuss and champion broad market trends when things were going up, but not they are going down everything is suddenly more nuanced.
PTF said:
nickfrog said:
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!
We were talking about it today with my son. We night convert "his" 200. He also wants to buy the M2 next year after uni...
:e-honda said:
I knew you say something about it quite remarkable.
I nearly put that in my own post.
As ever I am going to point out for every example you can give that bucks the trend that means those following the trend are doing so even more strongly than the figures show, that is how averages work.
As ever I will point out you were happy to discuss and champion broad market trends when things were going up, but not they are going down everything is suddenly more nuanced.
But that is how the market works in normal times of buoyant demand but the huge price rises we have seen have been across the board due to many previously unheard of exceptional circumstances and have been structural market events.I nearly put that in my own post.
As ever I am going to point out for every example you can give that bucks the trend that means those following the trend are doing so even more strongly than the figures show, that is how averages work.
As ever I will point out you were happy to discuss and champion broad market trends when things were going up, but not they are going down everything is suddenly more nuanced.
It is inevitable the market has now become more nuanced.
The other interesting point is that the BCA report accurately referred to peoples and car buyers 'needs' which will increasingly likely exceed their 'wants' regarding car purchases which is exactly what I was explaining to Earthdweller recently in previous posts.
Honeywell said:
Tomanybikes said:
That is some commute, I bet your delighted with work from home?
WFH? Errr. I am an airline pilot so no, very much no.My wife on the other hand has gone from a 14 mile each way rush hour commute into the County town that took 45 mins each way to working from home 4 days a week with 1 day in the office. Its a real win for her and as she was using my L322 Rangerover TDV8 its a significant saving for me.
Realistically any >300mile range EV would do for me now and at a 40% salary sacrifice discount it looks tempting. All I want on the commute after a long 2000 mile flight is comfort and serenity and automation as an doze off up the motorway after a 13 hour shift. I have got three phase electricity at home. It would also be easy to bypass the meter but thats a different discussion!
WFH could prove difficult.av185 said:
e-honda said:
BCA have published April's figures and the average auction price has dropped nearly £1k
https://www.bca.co.uk/news/bca--ongoing-external-p...
But still above May 2021s average and c£500 above March 2021s average even with 12months plus mileage added.https://www.bca.co.uk/news/bca--ongoing-external-p...
Quite remarkable.
Average prices still being dragged down by 4x4 and larger SUV falling prices particularly on gas guzzlers and overall demand reducing due to warmer weather.
Many sectors still increasing particularly later even vanilla stock as the above post re Polo accurately confirms.
Sports cars understandably are still very strong.
Given the huge price increases last year it’s quite remarkable that it’s now lower than 2017/18!
Over £3,000 less than 2021 Q3 so dealers will soon need to adjust retail or risk holding the VERY hot potatoes.
RUSTILLDOWN said:
Now let’s compare this to 2017/18…
Given the huge price increases last year it’s quite remarkable that it’s now lower than 2017/18!
Over £3,000 less than 2021 Q3 so dealers will soon need to adjust retail or risk holding the VERY hot potatoes.
You've done roughly what I did but I didn't go back so far. Right now we're £1600 below even November '19, when forecourt prices were much cheaper than now - though there's been a clear recent drop in the prices of the 3 Series estates I've been looking at, along with a big increase in volume of cars for sale in the last couple of months. Given the huge price increases last year it’s quite remarkable that it’s now lower than 2017/18!
Over £3,000 less than 2021 Q3 so dealers will soon need to adjust retail or risk holding the VERY hot potatoes.
av185 said:
e-honda said:
BCA have published April's figures and the average auction price has dropped nearly £1k
https://www.bca.co.uk/news/bca--ongoing-external-p...
But still above May 2021s average and c£500 above March 2021s average even with 12months plus mileage added.https://www.bca.co.uk/news/bca--ongoing-external-p...
Quite remarkable.
Average prices still being dragged down by 4x4 and larger SUV falling prices particularly on gas guzzlers and overall demand reducing due to warmer weather.
Many sectors still increasing particularly later even vanilla stock as the above post re Polo accurately confirms.
Sports cars understandably are still very strong.
Asking prices will come down slowly, lots of dealers holding stock now that they overpaid for during the Tulip mania phase so expect them to continue to peddle the ‘high prices are the new normal’ line for a while.
As a buyer, the obvious answer is to hold your nerve and be patient (if you can). Best way to drive prices down is to throttle back demand and for those that don’t absolutely have to change car right now, it’s in your own hands.
As a buyer, the obvious answer is to hold your nerve and be patient (if you can). Best way to drive prices down is to throttle back demand and for those that don’t absolutely have to change car right now, it’s in your own hands.
Milemuncher said:
Asking prices will come down slowly, lots of dealers holding stock now that they overpaid for during the Tulip mania phase so expect them to continue to peddle the ‘high prices are the new normal’ line for a while.
As a buyer, the obvious answer is to hold your nerve and be patient (if you can). Best way to drive prices down is to throttle back demand and for those that don’t absolutely have to change car right now, it’s in your own hands.
Exactly that! As a buyer, the obvious answer is to hold your nerve and be patient (if you can). Best way to drive prices down is to throttle back demand and for those that don’t absolutely have to change car right now, it’s in your own hands.
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