When will used car prices drop?
Discussion
Andyoz said:
youngsyr said:
Don't leave it to long if you're going to apply - some banks are taking months to process the applications. You wouldn't want to risk missing the deadline because of the bank.
That's interesting, our local ones here seem to be doing it within days according to my accountant. I think that's part of the problem...seven questions and in she comes a few days later !! 
footsoldier said:
I’d bet that anyone who has a real turnover and pays back the loan (maybe just anyone who pays back the loan), will be fine - it won’t matter what they’ve used the money for. (And at 2.5% it’s profitable business for the government, even with first year subsidy).
Worth remembering that they don’t need all the resources in-house to chase down. They may well sell the loans or part of them, at a risk adjusted price, and a third party will then pursue collection and enforcement with glee...
In the end, there will be some out and out fraudsters who will get away with it, including leaving a trial of patsy directors, and also quite a lot of people who thought they wouldn’t have to pay back, but will get a nasty surprise.
Agree. HMRC will chase these down over time, as they have down over disguised remuneration schemes recently, dating back to 2010. Worth remembering that they don’t need all the resources in-house to chase down. They may well sell the loans or part of them, at a risk adjusted price, and a third party will then pursue collection and enforcement with glee...
In the end, there will be some out and out fraudsters who will get away with it, including leaving a trial of patsy directors, and also quite a lot of people who thought they wouldn’t have to pay back, but will get a nasty surprise.
This will apply to Grants and BBL's.
Ray won't see it coming, but then Ray 'nevvaaa gaaambles responsibly'.
anonymous said:
[redacted]
I was looking for a Type-R after my Megane went back to have some fun with until the dust settled. In March 2016/17 sub 25K miles car were advertised between 18-21K same cars today 20-23.5K. I like others thought they would drop but they didnt. Also dealers are reluctant to do deals because they dont need to so the actual gap between price in March and the price today is bigger than the screen price as deals were more likely in March and the quality of the stock in some cases isnt as good as it was 4 months ago. Earlier in the thread i said i think it will be end of this yr to first/qtr 2021 before the dust settles and we see if there's any genuine big drops in used (premium) car prices. I still hold the view that we will see across the board some Covid damage in the car market, but I wouldn't be lying if i said i was surprised at the stuff selling atm though. If we go deep into recession, which IMO I think we will, then it's inevitable a large proportion of high value cars will temporarily tank.
Good to read optimism on here but hard to balance with my experience. I was at meetings yesterday where two local big employers are planning over 600 redundancies - and we live in a sparsely populated area which will be hit very hard.
And my local pub has just announced it is shutting its doors for good
And my local pub has just announced it is shutting its doors for good
Discombobulate said:
Good to read optimism on here but hard to balance with my experience. I was at meetings yesterday where two local big employers are planning over 600 redundancies - and we live in a sparsely populated area which will be hit very hard.
And my local pub has just announced it is shutting its doors for good
I have also been quite surprised at how buoyant the car market has remained as very few of the business people I speak with seem to be doing anywhere near as well as they used to.And my local pub has just announced it is shutting its doors for good
Could it be that a lot of businessmen,especially if reaching a particular age have decided enough is enough.?
The COVID situation has triggered early retirement,and a nice car was always something they promised themselves.
Just a thought.
Paul
paul0843 said:
I have also been quite surprised at how buoyant the car market has remained as very few of the business people I speak with seem to be doing anywhere near as well as they used to.
Could it be that a lot of businessmen,especially if reaching a particular age have decided enough is enough.?
The COVID situation has triggered early retirement,and a nice car was always something they promised themselves.
Just a thought.
Paul
Yes. I've taken early retirement. Well encouraged to by IR35 and the lack of work. Could it be that a lot of businessmen,especially if reaching a particular age have decided enough is enough.?
The COVID situation has triggered early retirement,and a nice car was always something they promised themselves.
Just a thought.
Paul
Yes again, I've brought a car recently and another on the way, spending some of my retirement as life's too short!
I think the reason the market has not corrected is the amount of extra cash people have right now.
As has been mentioned, once the safety nets are removed, more jobs are lost, deferred mortgage & credit card payments resume and the inevitable taxe increases etc there will be a fall in prices.
As has been mentioned, once the safety nets are removed, more jobs are lost, deferred mortgage & credit card payments resume and the inevitable taxe increases etc there will be a fall in prices.
My friend is a sole trading motor trader and he deals with very run of the mill cars, all mainly £3k-£9k type things from Honda, Toyota, FOrd. He has said he has had a large number of key workers buying cars from him for commuting as they don't want to use public transport for their own sake and that of the patients too. He said it is very hard to get stock. This would hold prices up for a bit but can't go on indefinetly and at some point some of the people with extra / uneccesary / now unaffordable / luxury cars will be looking to sell & that will release the price hold.
DeuceDeuce said:
I think the reason the market has not corrected is the amount of extra cash people have right now.
As has been mentioned, once the safety nets are removed, more jobs are lost, deferred mortgage & credit card payments resume and the inevitable taxe increases etc there will be a fall in prices.
Agreed with the thinking here: At the moment we are in the eye of the economic tornado. Quiet and safe, apparently. This will apply to the housing bubble too. As has been mentioned, once the safety nets are removed, more jobs are lost, deferred mortgage & credit card payments resume and the inevitable taxe increases etc there will be a fall in prices.
stuckmojo said:
DeuceDeuce said:
Agreed with the thinking here: At the moment we are in the eye of the economic tornado. Quiet and safe, apparently. This will apply to the housing bubble too. I'm sure if I'd asked you 1 year ago what would happen if a global pandemic took hold forcing everyone to stay indoors for 3 months, you would never have predicted that the government would pay 9 million people's wages, pour money into businesses and dish out payment holidays like they're going out of fashion.
Yet, you're confident that you can predict what the next 6-12 months will hold?
Reminds me of the "When will house prices crash" thread that has been running for the best part of a decade with so many posters being convinced a crash is forever just around the corner... and is yet to see a crash in house prices.
youngsyr said:
I'm confused as to why people are so sure we're in the quiet before the storm?
I'm sure if I'd asked you 1 year ago what would happen if a global pandemic took hold forcing everyone to stay indoors for 3 months, you would never have predicted that the government would pay 9 million people's wages, pour money into businesses and dish out payment holidays like they're going out of fashion.
Yet, you're confident that you can predict what the next 6-12 months will hold?
Reminds me of the "When will house prices crash" thread that has been running for the best part of a decade with so many posters being convinced a crash is forever just around the corner... and is yet to see a crash in house prices.
Indeed. Truth is no one can really predict what will happen with the economy. I'm sure if I'd asked you 1 year ago what would happen if a global pandemic took hold forcing everyone to stay indoors for 3 months, you would never have predicted that the government would pay 9 million people's wages, pour money into businesses and dish out payment holidays like they're going out of fashion.
Yet, you're confident that you can predict what the next 6-12 months will hold?
Reminds me of the "When will house prices crash" thread that has been running for the best part of a decade with so many posters being convinced a crash is forever just around the corner... and is yet to see a crash in house prices.
MannyLon said:
youngsyr said:
I'm confused as to why people are so sure we're in the quiet before the storm?
I'm sure if I'd asked you 1 year ago what would happen if a global pandemic took hold forcing everyone to stay indoors for 3 months, you would never have predicted that the government would pay 9 million people's wages, pour money into businesses and dish out payment holidays like they're going out of fashion.
Yet, you're confident that you can predict what the next 6-12 months will hold?
Reminds me of the "When will house prices crash" thread that has been running for the best part of a decade with so many posters being convinced a crash is forever just around the corner... and is yet to see a crash in house prices.
Indeed. Truth is no one can really predict what will happen with the economy. I'm sure if I'd asked you 1 year ago what would happen if a global pandemic took hold forcing everyone to stay indoors for 3 months, you would never have predicted that the government would pay 9 million people's wages, pour money into businesses and dish out payment holidays like they're going out of fashion.
Yet, you're confident that you can predict what the next 6-12 months will hold?
Reminds me of the "When will house prices crash" thread that has been running for the best part of a decade with so many posters being convinced a crash is forever just around the corner... and is yet to see a crash in house prices.
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