Will Coronavirus hit used car prices? (Vol 2)
Discussion
Nice article, but I think we likely at a turning point.
- supply chain issues easing up
- people will have less to spend (cost of living rise)
- interest rates going up also resulting in more expensive car loans
All these sensationalist percentage headlines of car prices are selective statistics, just like the small print at the bottom of tv adverts for skin cream etc.
I.e . "80% of 53 users agreed that head and shoulders was better than using washing up liquid on dandruff."
They stop at 80% or whatever of 53 users because the next 40 people all said it was rubbish and that brings down the percentage .
I.e . "80% of 53 users agreed that head and shoulders was better than using washing up liquid on dandruff."
They stop at 80% or whatever of 53 users because the next 40 people all said it was rubbish and that brings down the percentage .
chickenbarns said:
Did you read the article?It states 'the average price of used cars sold using its Sell My Car service has risen by over £1000 since May 2022 to nearly £15,250, a 9% increase'
It's literally just saying the average price of the cars they sell has risen. This is so vague its actually hard to determine what cars they are referencing and if for instance the cars they are selling more of are now Mercedes and not Dacias the average price of the cars they sell will rise.
It's a nonsense advertorial for the car sales business especially when it includes lines such as 'now is a great time to sell'.
- RAC
Listening to a radio advert yesterday from Volvo U.K.
Main points :
1. Cars in stock
2. Low rate finance
3. Free servicing included
4. Manufacturer deposit contributions of £1k upwards depending on model
Volvo seem to have a decent range of cars which look quite desirable and smart
The question is therefore if demand outstrips supply why are they advertising ( at presumably great cost ) on national radio discounts, low rate finance and immediate delivery etc ?
Or have we actually reached a point where demand isn’t reaching the amount of supply they have ?
Main points :
1. Cars in stock
2. Low rate finance
3. Free servicing included
4. Manufacturer deposit contributions of £1k upwards depending on model
Volvo seem to have a decent range of cars which look quite desirable and smart
The question is therefore if demand outstrips supply why are they advertising ( at presumably great cost ) on national radio discounts, low rate finance and immediate delivery etc ?
Or have we actually reached a point where demand isn’t reaching the amount of supply they have ?
Edited by Earthdweller on Tuesday 27th September 08:23
Earthdweller said:
Listening to a radio advert yesterday from Volvo U.K.
Main points :
1. Cars in stock
2. Low rate finance
3. Free servicing included
4. Manufacturer deposit contributions of £1k upwards depending on model
Volvo seem to have a decent range of cars which look quite desirable and smart
The question is therefore if demand outstrips supply why are they advertising ( at presumably great cost ) on national radio discounts, low rate finance and immediate delivery etc ?
Or have we actually reached a point where demand isn’t reaching the amount of supply they have ?
Volvo have 310 brand new cars available on AT, obviously excluding what is in the pipeline for production/delivery soon.Main points :
1. Cars in stock
2. Low rate finance
3. Free servicing included
4. Manufacturer deposit contributions of £1k upwards depending on model
Volvo seem to have a decent range of cars which look quite desirable and smart
The question is therefore if demand outstrips supply why are they advertising ( at presumably great cost ) on national radio discounts, low rate finance and immediate delivery etc ?
Or have we actually reached a point where demand isn’t reaching the amount of supply they have ?
Edited by Earthdweller on Tuesday 27th September 08:23
sat1983 said:
Half of UK homeowners own their home outright and a fair majority of the rest are on fixed rates.
It’s unlikely the housing market will crash.
Well just been reading on the news over 13 million people rent It’s unlikely the housing market will crash.
From private landlords that’s 1 in 5, those prices will go up intact my sister in laws rent has just gone up,
Will council put the rents up on council houses?
If another 1 in 5 are mortgaged on a fixed rate they won’t be affected YET!
Another 2 in 5 are paid off they’re ok anyway
And another 1 in 5 are on a variable that’s another 13 million
I don’t care what u say if 26 million people are affected that will make a massive difference then those coming off fixed rates will either fix at an increased rate or go onto variable will also be affected
Some on here just seem to keep burying their heads in the sand
Edited by ghost83 on Wednesday 28th September 08:01
ghost83 said:
Well just been reading on the news over 13 million people rent
From private landlords that’s 1 in 5, those prices will go up intact my sister in laws rent has just gone up,
Will council put the rents up on council houses?
If another 1 in 5 are mortgaged on a fixed rate they won’t be affected YET!
Another 2 in 5 are paid off they’re ok anyway
And another 1 in 5 are on a variable that’s another 13 million
I don’t care what u say if 26 million people are affected that will make a massive difference then those coming off fixed rates will either fix at an increased rate or go onto variable will also be affected
Some on here just seem to keep burying their heads in the sand
I’m definitely not saying it won’t be a huge problem! Just stating some of the facts!From private landlords that’s 1 in 5, those prices will go up intact my sister in laws rent has just gone up,
Will council put the rents up on council houses?
If another 1 in 5 are mortgaged on a fixed rate they won’t be affected YET!
Another 2 in 5 are paid off they’re ok anyway
And another 1 in 5 are on a variable that’s another 13 million
I don’t care what u say if 26 million people are affected that will make a massive difference then those coming off fixed rates will either fix at an increased rate or go onto variable will also be affected
Some on here just seem to keep burying their heads in the sand
Edited by ghost83 on Wednesday 28th September 08:01
sat1983 said:
I’m definitely not saying it won’t be a huge problem! Just stating some of the facts!
If 26 million people plus are affected that will be a catastrophic problem not just for cars but housing & businesses and travel!Ok most people that are going away next year will have their holidays paid but 2024 onwards could be a problem
ghost83 said:
sat1983 said:
Half of UK homeowners own their home outright and a fair majority of the rest are on fixed rates.
It’s unlikely the housing market will crash.
Well just been reading on the news over 13 million people rent It’s unlikely the housing market will crash.
From private landlords that’s 1 in 5, those prices will go up intact my sister in laws rent has just gone up,
Will council put the rents up on council houses?
If another 1 in 5 are mortgaged on a fixed rate they won’t be affected YET!
Another 2 in 5 are paid off they’re ok anyway
And another 1 in 5 are on a variable that’s another 13 million
I don’t care what u say if 26 million people are affected that will make a massive difference then those coming off fixed rates will either fix at an increased rate or go onto variable will also be affected
Some on here just seem to keep burying their heads in the sand
Edited by ghost83 on Wednesday 28th September 08:01
It'll be very difficult for so many when their fixed rates end and suddenly their mortgage rate is 2 to 3 times higher than it was when it commenced. Rates that will likely end during their car finance period creating a massive hike in proportional monthly expenses.
The comments regards there's huge demand on new cars with long wait lists seem to overlook that people that may have a new car on order it doesn't mean they'll actually take it when it arrives. Theyre not going to cancel the order and lose deposits until forced to, or they'll take it and try and resell it on for a profit, profit that isn't likely to exist if that car turns up in 2023.
New and used cars aren't their own micro economic island and are inherently affected by the wider economy.
The comments regards there's huge demand on new cars with long wait lists seem to overlook that people that may have a new car on order it doesn't mean they'll actually take it when it arrives. Theyre not going to cancel the order and lose deposits until forced to, or they'll take it and try and resell it on for a profit, profit that isn't likely to exist if that car turns up in 2023.
New and used cars aren't their own micro economic island and are inherently affected by the wider economy.
There is an economic storm coming, it will effect some more than others, this has always been the way of the world, as soon as the tax cuts were announced the BoE were issuing statements about interest rate rises again.
Holidays are £££ at the moment, the car hire prices I've been quoted are
, I only want to rent it, not buy it !, I have seen some offers starting to be advertised, so perhaps demand is falling, there are still people using up deferred covid bookings so that may have helped keep the numbers up, those bookings must be nearly all used up by now.
All any of us can do is 'cut our cloth accordingly', I've personally not changed my car as I can't justify spending £X when the car I have is perfectly usable, I'll wait until next year and see what happens.
Holidays are £££ at the moment, the car hire prices I've been quoted are
, I only want to rent it, not buy it !, I have seen some offers starting to be advertised, so perhaps demand is falling, there are still people using up deferred covid bookings so that may have helped keep the numbers up, those bookings must be nearly all used up by now. All any of us can do is 'cut our cloth accordingly', I've personally not changed my car as I can't justify spending £X when the car I have is perfectly usable, I'll wait until next year and see what happens.
mk1coopers said:
There is an economic storm coming, it will effect some more than others, this has always been the way of the world, as soon as the tax cuts were announced the BoE were issuing statements about interest rate rises again.
Holidays are £££ at the moment, the car hire prices I've been quoted are, I only want to rent it, not buy it !, I have seen some offers starting to be advertised, so perhaps demand is falling, there are still people using up deferred covid bookings so that may have helped keep the numbers up, those bookings must be nearly all used up by now.
All any of us can do is 'cut our cloth accordingly', I've personally not changed my car as I can't justify spending £X when the car I have is perfectly usable, I'll wait until next year and see what happens.
I need to get my car hire sorted for next year and yeah the prices are mental! I’m also not buying any cars atm I‘ve been sinking every last penny into overpaying the mortgage as I knew this was coming, and whilst it’s not happened yet I’m hoping to pick up one hell of a bargain in 2yrs time Holidays are £££ at the moment, the car hire prices I've been quoted are
, I only want to rent it, not buy it !, I have seen some offers starting to be advertised, so perhaps demand is falling, there are still people using up deferred covid bookings so that may have helped keep the numbers up, those bookings must be nearly all used up by now. All any of us can do is 'cut our cloth accordingly', I've personally not changed my car as I can't justify spending £X when the car I have is perfectly usable, I'll wait until next year and see what happens.
ghost83 said:
I need to get my car hire sorted for next year and yeah the prices are mental! I’m also not buying any cars atm I‘ve been sinking every last penny into overpaying the mortgage as I knew this was coming, and whilst it’s not happened yet I’m hoping to pick up one hell of a bargain in 2yrs time
A bargain on a house or a car?Was offered 9k for my stolen Fiesta ST2 today, paid 6.9k just under 2 years ago for it.
Still 50/50 on what to do, whether to stick with my Clio 182 for another 6 months or buy another car in the next couple of months, think I'm leaning towards sticking with the Clio and seeing what the market does, only do about 5k miles a year and only have anyone in the back of it two or three times a year.
Still 50/50 on what to do, whether to stick with my Clio 182 for another 6 months or buy another car in the next couple of months, think I'm leaning towards sticking with the Clio and seeing what the market does, only do about 5k miles a year and only have anyone in the back of it two or three times a year.
Leicester Loyal said:
Was offered 9k for my stolen Fiesta ST2 today, paid 6.9k just under 2 years ago for it.
Still 50/50 on what to do, whether to stick with my Clio 182 for another 6 months or buy another car in the next couple of months, think I'm leaning towards sticking with the Clio and seeing what the market does, only do about 5k miles a year and only have anyone in the back of it two or three times a year.
Right now, I would stick with the Clio. I wouldn’t go to the lengths that some are on here though and wait another 2 years or so to pick up a bargain. Those same people have been waiting since at least March 2020 for that bargain and they’re still driving a crap car, letting life pass them by. Question is, at what point do they buy? They will be perpetually waiting for the bottom of that market and may miss out entirely. Still 50/50 on what to do, whether to stick with my Clio 182 for another 6 months or buy another car in the next couple of months, think I'm leaning towards sticking with the Clio and seeing what the market does, only do about 5k miles a year and only have anyone in the back of it two or three times a year.
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