Will Coronavirus hit used car prices? (Vol 2)

Will Coronavirus hit used car prices? (Vol 2)

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volvos60s60

564 posts

213 months

Monday 27th June 2022
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From what i can see, & this is only in my opinion based on what I'm looking to buy & also the 2 cars I have for sale. it seems like a Mexican stand-off - prices not dropping much, cars not selling much. Something has to give, traders not trading does not offer a future as a career choice.

It seems traders won't drop prices by more than a token amount, but they expect your p/x to have plummeted in value - punters can afford to wait it out by keeping what they've got for a period of time, traders can't do that as they have to move metal to pay the bills

Edited by volvos60s60 on Monday 27th June 15:55

surveyor

17,768 posts

183 months

Monday 27th June 2022
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volvos60s60 said:
From what i can see, & this is only in my opinion based on what I'm looking to buy & also the 2 cars I have for sale. it seems like a Mexican stand-off - prices not dropping much, cars not selling much. Something has to give, traders not trading does not offer much of a future as a career choice.

It seems traders won't drop prices much, but they expect your p/x to have plummeted in value - punters can afford to wait it out by keeping what they've got for a while, traders can't do that as they have to move metal to pay the bills
You remember all that profit made when the dealer's stock went up in value...? The wise man would have expected his stock to fall back, and keep back some of the cash.

Wonder how many did...

Vroomer

1,864 posts

179 months

Monday 27th June 2022
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volvos60s60 said:
It seems traders won't drop prices by more than a token amount, but they expect your p/x to have plummeted in value - punters can afford to wait it out by keeping what they've got for a period of time, traders can't do that as they have to move metal to pay the bills

Edited by volvos60s60 on Monday 27th June 15:55
This what happened during 2008, then there was a huge collapse and dealers would take what they could get.

mrdanbartlett

702 posts

216 months

Monday 27th June 2022
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Saying that a few cars I was keeping tabs on have gone from AT now, so seemed to have sold, the prices were high but maybe fair enough - so I guess thats why. The market doesn't seem 'on its ar5e' as I was hoping though, so its still got some action going on it seems.

Venisonpie

3,231 posts

81 months

Monday 27th June 2022
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Couple of V8 SL's I was tracking have gone, both in the 45-55k price bracket.

MistOnHeads

8 posts

100 months

Monday 27th June 2022
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WBAC have just emailed me to tell me to lock in my valuation as 'Industry car prices are set to fall. This means we are able to offer more for most cars before midnight on Tuesday 28th June.' First time i've seen this though admit I don't read all of there emails. I'd agree with the above, anecdotally, that prices seems fairly stable but sales seem slower (private punter, not in the industry).

lb3nson

809 posts

88 months

Monday 27th June 2022
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mrdanbartlett said:
Saying that a few cars I was keeping tabs on have gone from AT now, so seemed to have sold, the prices were high but maybe fair enough - so I guess thats why. The market doesn't seem 'on its ar5e' as I was hoping though, so its still got some action going on it seems.
Have they sold or if private, are people just going to hold onto them?

Saweep

6,593 posts

185 months

Monday 27th June 2022
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The top end seems to have had a spurt of activity in the last 2 weeks.

mrdanbartlett

702 posts

216 months

Monday 27th June 2022
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lb3nson said:
Have they sold or if private, are people just going to hold onto them?
They were Edition 1 C63S's, oddly all the very similar age/miles colour. One was at a dealer and had been for sale many months, another was private but similar to dealer price - surprised that one went to be honest.

The other was nearby me and was slowly reduced from £42.5k down to 38.5k and that seemed to do the trick.

Maybe some people have a biting point and that has clicked in from the recent market dip, but really I've no idea to be honest. Maybe the cost of living pinch hasn't really hit and people spending 40k dont care about fuel prices. I guess I don't too much, it would just be more annoying and 'out of principal'.

AlexNJ89

2,400 posts

78 months

Monday 27th June 2022
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There was always going to be a period of stagnation before the drip, I think this is it.

I expect it to take until around February next year when the next rise in living costs has bitten people again.

bencollins4

1,091 posts

205 months

Monday 27th June 2022
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AlexNJ89 said:
There was always going to be a period of stagnation before the drip, I think this is it.

I expect it to take until around February next year when the next rise in living costs has bitten people again.
Come on, you’re kidding yourself trying to predict this market. Saying ‘around February’ is fairly absurd in such a unique situation. Have you got a prediction on what day this war will end as well? Best of luck with your prediction but there are plenty of more experienced people who wouldn’t dare call it.

There is a large section of the market who couldn’t care less about recent price increases. Plenty with spare cash and they will want to spend it somewhere rather than waste their life waiting for the right time to buy.




anonymous-user

53 months

Monday 27th June 2022
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One things for sure though, most people have a feeling this cost of living crisis, is here to stay.

Me personally, I don't see petrol prices and utilities coming down anytime soon. War or no war.

Perhaps a lot of people are putting off buying a nice car with this grey cloud lingering above.

The spinner of plates

17,649 posts

199 months

Monday 27th June 2022
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Where’s that car salesman who was always on here talking the market up with takes of never ending car price inflation ?
Be genuinely interesting to hear how things are on the forecourt.

Fast Bug

11,597 posts

160 months

Monday 27th June 2022
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New cars busier than used, although used are struggling to get their stock levels up to where they should be. They should be turning 100 units a month, but they're around 60 odd. They really need to be circa 100 + units in stock to do that and they're struggling to get past 70 odd.

New vans still busy as ever, I'm holding off taking large orders until we have an idea of next year's allocation as we've still got nigh on 400 orders which we know we won't get built this year.

Most part exchanges through auction doing well bar JLR which seem to be a country mile off the pace. We've taken a few hits on those in the past month or so.

Vans through auction fetching silly money still bar crew cab pick ups for some reason. Even the really stty stuff is going for bonkers money

ghost83

5,476 posts

189 months

Tuesday 28th June 2022
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MuddyK said:
One things for sure though, most people have a feeling this cost of living crisis, is here to stay.

Me personally, I don't see petrol prices and utilities coming down anytime soon. War or no war.

Perhaps a lot of people are putting off buying a nice car with this grey cloud lingering above.
It is and clearly people are feeling it hence why there are strikes as they can’t afford, they don’t seem to realise that all makes inflation and interest rates worse!

Come winter when bills go up another 40% and into 2023 as supply is speeding up it will be interesting to watch what happens!

Chamon_Lee

3,779 posts

146 months

Tuesday 28th June 2022
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bencollins4 said:
AlexNJ89 said:
There was always going to be a period of stagnation before the drip, I think this is it.

I expect it to take until around February next year when the next rise in living costs has bitten people again.
Come on, you’re kidding yourself trying to predict this market. Saying ‘around February’ is fairly absurd in such a unique situation. Have you got a prediction on what day this war will end as well? Best of luck with your prediction but there are plenty of more experienced people who wouldn’t dare call it.

There is a large section of the market who couldn’t care less about recent price increases. Plenty with spare cash and they will want to spend it somewhere rather than waste their life waiting for the right time to buy.
Genuinely curious to know who are these so called cash rich people willing to spunk 30% over on cars and houses compared to prices 18 months ago?

Fusion777

2,213 posts

47 months

Tuesday 28th June 2022
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There are always people with a genuine need, plus the impatient, YOLOs/FOMOs etc.

Think a lot of people think whenever there’s a bull market, it’s the “new normal”, and it rarely is. They’ll use all sorts of justification for it- the Ukraine war is the latest, even though there have been wars every decade whether it be Syria, Isis, Iraq, Afghanistan, Serbia, Bosnia, so on and so on.

DavidJJ

192 posts

155 months

Tuesday 28th June 2022
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Chamon_Lee said:
Genuinely curious to know who are these so called cash rich people willing to spunk 30% over on cars and houses compared to prices 18 months ago?
Me I guess. My IS250 was written off at the weekend courtesy of someone pulling out of a sideroad, I've been offered £3.5k (ok-ish taking into account mileage, fairly tatty bodywork, plus gremlins that were going to need around £1k of remediation). It only cost £5.5k in 2017 from a Lexus dealer.

I have around £10k sitting in cash as a rainy day/bork fund which I've built up since buying it, plus the £3.5k then do a bit of man maths and I'm looking at a couple IS350s and then a 218i later. I need to drive to the office on Monday.

Perhaps that's slightly specific but I won't be the only one that has a proper need (i.e. I can't wait for prices to potentially collapse) and has come into plus accumulated some money over the last few years?




bencollins4

1,091 posts

205 months

Tuesday 28th June 2022
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Chamon_Lee said:
bencollins4 said:
AlexNJ89 said:
There was always going to be a period of stagnation before the drip, I think this is it.

I expect it to take until around February next year when the next rise in living costs has bitten people again.
Come on, you’re kidding yourself trying to predict this market. Saying ‘around February’ is fairly absurd in such a unique situation. Have you got a prediction on what day this war will end as well? Best of luck with your prediction but there are plenty of more experienced people who wouldn’t dare call it.

There is a large section of the market who couldn’t care less about recent price increases. Plenty with spare cash and they will want to spend it somewhere rather than waste their life waiting for the right time to buy.
Genuinely curious to know who are these so called cash rich people willing to spunk 30% over on cars and houses compared to prices 18 months ago?
I’m not sure what area of the country you are in and sorry if it’s not what you’re experiencing but there are a lot of businesses and traders doing very nicely at the moment. As a result there are plenty of people prepared to pay the market rate for whatever they want, when they want it.

Venisonpie

3,231 posts

81 months

Tuesday 28th June 2022
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bencollins4 said:
I’m not sure what area of the country you are in and sorry if it’s not what you’re experiencing but there are a lot of businesses and traders doing very nicely at the moment. As a result there are plenty of people prepared to pay the market rate for whatever they want, when they want it.
Exactly.

The media will have us believe everyone is a week away from bankruptcy by digging up carefully selected sample sizes of one household to interview with Daily Mail faces on.

There's a swathe of professionals who will barely notice energy price rises for whom the rewards of their efforts will be sought (and bought).