Will Coronavirus hit used car prices? (Vol 2)

[av185]

You keeping it DT or are you tempted to sell out?

[Deep Thought]

av185 said:

You keeping it DT or are you tempted to sell out?

Personally.... i'm quite tempted. BUT, its our joint main car which we split the costs of 50/50 and my wife is adamant we should keep it.

Plan has been to keep it for 10 years (and if we keep it that long we'll just continue to run it) and a cut and run doesnt fit with that.

[matt21]

Definitely keep it. What would you replace it with? That will hold its value well long term anyway. Here are mine, and I’ve done a graph too lol

July 2019 M140i bought new, 6500 miles . Paid £29k, now £27k
2019 520d bought with 0 miles in Jan 20. Now 14k. Paid £28k, now £26k
2017 M6 bough Dec 18 with 11k, sold last week with 20k. Paid £44.5k sold for £40k.

WBAC actually are offering £41k but knocked me down £1k for barely noticeable stone chips so I sold directly to a BMW main dealer. They now have a near 4 year old car up for more than I paid for it at 1 year old!

[Court_S]

Deep Thought said:

Our 2019 M140i has just broken £25K on WBAC! Amazing for a car we gave £28,200 new in Mar 2019.

21-Nov-19 £20,500
20-Mar-20 £12,270
10-Apr-20 Declined to offer
10-May-20 Declined to offer
08-Jun-20 £18,000
22-Jun-20 £19,000
14-Jul-20 £19,500
29-Jul-20 £21,000
2-Aug-20 £21,500
19-Aug-20 £21,680
4-Sep-20 £23,000
14-Sep-20 £23,000
30-Sep-20 £22,000
7-Oct-20 £21,570
23-Oct-20 £21,710
5-Nov-20 Declined to offer
19-Nov-20 £20,790
15-Dec-20 £21,340
18-Jan-21 £20,210
24-Feb-21 £20,410
06-Mar-21 £19,445
18-Apr-21 £21,405
08-May-21 £23,240
18-May-21 £23,700
27-May-21 £24,500
01-Jun-21 £24,710
19-Jun-21 £25,210

That’s nucking futs!

Sounds like I sold mine too soon! I wonder when this will start to reverse.

[Matt..]

I need a new car, but at this rate it's perhaps cheaper to long term rent a car for a few months to await a slight correction. Crazy times.

[Trevor555]

Matt.. said:

I need a new car, but at this rate it's perhaps cheaper to long term rent a car for a few months to await a slight correction. Crazy times.

If you mean "brand new" then there are some deals about.

A recent poster just got £2,500 off a £16,000 new Fabia.

I just got £3,800 off a 30k motor for my missus.

[Deep Thought]

Court_S said:

That’s nucking futs!

Sounds like I sold mine too soon! I wonder when this will start to reverse.

Its absolutely crazy. Maybe this is the "new normal" now for prices?

[Matt..]

Trevor555 said:

If you mean "brand new" then there are some deals about.

Used. Actually also looking at a M140i, so the posts above are very interesting.

[Deep Thought]

matt21 said:

Definitely keep it. What would you replace it with? That will hold its value well long term anyway. Here are mine, and I’ve done a graph too lol

July 2019 M140i bought new, 6500 miles . Paid £29k, now £27k
2019 520d bought with 0 miles in Jan 20. Now 14k. Paid £28k, now £26k
2017 M6 bough Dec 18 with 11k, sold last week with 20k. Paid £44.5k sold for £40k.

WBAC actually are offering £41k but knocked me down £1k for barely noticeable stone chips so I sold directly to a BMW main dealer. They now have a near 4 year old car up for more than I paid for it at 1 year old!

Indeed. Everything else in that price range is up roughly £5K anyway, so there would be no "advantage" in changing to another used car. New cars - M135i is now a 4 banger which would put me off. Could go the way Court_S went with an older 130i but as my wife points out - my 630i and Z4C do need a bit of ongoing maintenance which is fine when we're both WFH but would be problematic if my wife was using it as her commuting car again and i was on client site (used to be away 4 days a week minimum pre-COVID).

So yes, i think shes right. We need to have a five door as our main car so an M140i is pretty optimum for that.

[Trevor555]

Matt.. said:

Trevor555 said:

If you mean "brand new" then there are some deals about.

Used. Actually also looking at a M140i, so the posts above are very interesting.

Yes, very interesting.

Especially the bit where they offered £12,000 back in Feb 2020

I wonder how many people panicked and accepted low ball offers?

There's quite a few experts on here, and they can't predict when things will change. I do a bit of work for a few local dealers and they also have no idea if, and when, it'll change.


Strange times.

[Matt..]

Long term (2 month+) car rental is from £15/day using Avis, so actually an interesting option when looking at the inflated used market right now. However, it could take 6 months to reduce, which makes renting less appealing, no one knows.

Not the best time to need a car though that's for sure!

[Trevor555]

Matt.. said:

Long term (2 month+) car rental is from £15/day using Avis, so actually an interesting option when looking at the inflated used market right now. However, it could take 6 months to reduce, which makes renting less appealing, no one knows.

Not the best time to need a car though that's for sure!

Worth thinking about friends, and family, that might have a car they're not using?

Offer to insure it, maybe service it when you've finished with it?

Could be cheaper than renting for 6 months.

Just an idea.

[Deep Thought]

Matt.. said:

Long term (2 month+) car rental is from £15/day using Avis, so actually an interesting option when looking at the inflated used market right now. However, it could take 6 months to reduce, which makes renting less appealing, no one knows.

Not the best time to need a car though that's for sure!

IF it reduces at all, in any meaningful timeframe.

For example, back in Feb 20 if you're £25K in your pocket you could have had a choice of half a dozen M2s with sensible miles on them for sale across the country. Maybe you'd have needed to spend £26K+ to get a real nice one. Now they're starting at £30K with Approved Used cars starting at £32K.

I cant forsee any sudden drop in values. I think it will be an easing of values over time.

I think the best bet now for low risk is down the market. Get something older thats not going to be as affected and then sit it out.

[Anonymous-poster]

New is the way to go at the moment IF you can get one!
The M135i at 2.9% with £4K discount seems good value compared to secondhand imo.

[akadk]

New car supply won’t come back til 2022, and probably not in enough volume to bring used car prices back down until Q2 onwards (April)

[Fast Bug]

Anonymous-poster said:

New is the way to go at the moment IF you can get one!
The M135i at 2.9% with £4K discount seems good value compared to secondhand imo.

Which seems awful value compared to the usual new BMW deals pre supply issues

[jimPH]

Fast Bug said:

Anonymous-poster said:

New is the way to go at the moment IF you can get one!
The M135i at 2.9% with £4K discount seems good value compared to secondhand imo.

Which seems awful value compared to the usual new BMW deals pre supply issues

I was looking at buying one since last year and the only discount was a £4650 dealer contribution, that's it. That was fully loaded too. Its been like that for ages.

BMW haven't been impacted as badly as other marques by the chip shortage, an order for an M135i in April would have been Aug delivery.

[Deep Thought]

jimPH said:

Fast Bug said:

Anonymous-poster said:

New is the way to go at the moment IF you can get one!
The M135i at 2.9% with £4K discount seems good value compared to secondhand imo.

Which seems awful value compared to the usual new BMW deals pre supply issues

I was looking at buying one since last year and the only discount was a £4650 dealer contribution, that's it. That was fully loaded too. Its been like that for ages.

BMW haven't been impacted as badly as other marques by the chip shortage, an order for an M135i in April would have been Aug delivery.

I think BMW are trying to / suceeding with not having to discount the M135i as much as they did the M140i.

The 1 series must be selling pretty well for them. That 10-12% discount seems to be across the range, according to www.broadspeed.com prices anyway.

Edited by Deep Thought on Sunday 20th June 18:37

[Court_S]

Deep Thought said:

Its absolutely crazy. Maybe this is the "new normal" now for prices?

Possibly, but I hope it. This could be the U.K. falling in line with European prices which seem loads higher.

Maybe the big change will come when the big fleets start changing their cars again.

[Court_S]

jimPH said:

I was looking at buying one since last year and the only discount was a £4650 dealer contribution, that's it. That was fully loaded too. Its been like that for ages.

BMW haven't been impacted as badly as other marques by the chip shortage, an order for an M135i in April would have been Aug delivery.

I think it’s starting to bite them a bit. According to people trying to order them on BabyBMW they haven’t been able to select certain options because of the chip shortages.