12 GT4's for sale on PistonHeads and growing
Discussion
RacerMike said:
Wasn’t it the last financial crisis that drove the prices of all the cars up though? Not to say it will, and I certainly don’t care as I’ll be driving mine, but as with all these things, trying to buy at the ‘right’ time is just as much a gamble as buying to earn money via flipping.
Car prices went up mostly because interest rates were so low that people looked to park their money elsewhere....combined with prices that had been in the doldrums for a while and we had a bubble.This time interest rates were already very low, there are an awful lot more cars around and I would say the immediate impact on the economy this time has been brutal.
Cheib said:
Car prices went up mostly because interest rates were so low that people looked to park their money elsewhere....combined with prices that had been in the doldrums for a while and we had a bubble.
This time interest rates were already very low, there are an awful lot more cars around and I would say the immediate impact on the economy this time has been brutal.
Partly true but then rates are even lower now. You have a valid point though in that the impact of this scenario is looking more severe than the financial crisis as its pretty much unknown and we've not been here before so dealing with it and fully understanding the full impact is hard to predict. This time interest rates were already very low, there are an awful lot more cars around and I would say the immediate impact on the economy this time has been brutal.
However, there is already a big government stimulus being put into place, banks wont fold and whilst cars may not be worth what owners have paid it just means that most will keep them and not sell.
The impact is more for the car dealers that need to move stock to make a profit and release cash which will have an effect on car values.
Just my 2p of course
If you are old enough to remember the classic car bubble of the late 80’s and crash of early 90’s people watched the value of their Porsche and Ferrari go up and up so they borrowed more and more money ( high interest rates in those days) and when the crash came values went down a min of 40% and up to 60% for some models. Many a bankruptcy followed History could well repeat itself
cc3 said:
If you are old enough to remember the classic car bubble of the late 80’s and crash of early 90’s people watched the value of their Porsche and Ferrari go up and up so they borrowed more and more money ( high interest rates in those days) and when the crash came values went down a min of 40% and up to 60% for some models. Many a bankruptcy followed History could well repeat itself
That's sealed it then , i'm keeping mine forever!cc3 said:
If you are old enough to remember the classic car bubble of the late 80’s and crash of early 90’s people watched the value of their Porsche and Ferrari go up and up so they borrowed more and more money ( high interest rates in those days) and when the crash came values went down a min of 40% and up to 60% for some models. Many a bankruptcy followed History could well repeat itself
Yep bottom line is if you suddenly need cash you can’t just sit on a depreciating asset - cars are going to be much cheaper going forward for a while .RacerMike said:
All that confirms is that they’re trying to take advantage of people in a s
t situation!
what it confirms is that is the real value of your car if you have lost your job and need to get out of the finance or need the cash. That’s what thousands of people will shortly need to do t situation! cc3 said:
Put your reg in webuyanycar then you will see how serious things are !!
A neighbour had a quote from them 2 weeks ago on his wife's car £21500The next day from another similar site that puts the car out to many other buyers he got offered and took £22500
Yesterday We Buy Any Cars sent him a revised offer £13000
That is actual facts on what can happen in just the beginning of a global financial meltdown
Stay Safe
WBAC are taking the piss, however they are in many cases the buyer of last resort for used cars.
Their valuations are used by many car dealers (large and small) to test PX values. The fact they have chopped 25% off most valuions (between mid Feb and mid March) doesn't mean that all cars in all cases are now worth 75% of the value they were 4 weeks ago, but it dose signal a significant shift. If I was selling today I would be taking any genuine bid (no matter how painfully low) seriously.
I was speaking with a director of a large group, that includes many prestigious brands, their quarterly used car value write downs are likely to average close to 30%. (Jan to March)
None of this matters if you don't need to sell, there might even be a bounce up in values latter in the year. However if you do need to sell, there are a lot less buyers, and potentially more sellers today, and rule 1 of demand and supply suggests this results in lower values.
In late 2008 I bought a 2 owner, high mile 993 4S manual couple for £17k - think about that for a moment.
anonymous said:
[redacted]
daro911 said:
cc3 said:
Put your reg in webuyanycar then you will see how serious things are !!
A neighbour had a quote from them 2 weeks ago on his wife's car £21500The next day from another similar site that puts the car out to many other buyers he got offered and took £22500
Yesterday We Buy Any Cars sent him a revised offer £13000
That is actual facts on what can happen in just the beginning of a global financial meltdown
Stay Safe
I wouldn’t sell any assets now if you can possibly help it (realise some people will unfortunately not have a choice)
Sun is shining today - going for a drive to get away from Covid 19 !
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