When will used car prices drop?
Discussion
danjp said:
Not sure you need a 911 to avoid public transport.. 
Just sold a 992 cab I bought for 92k end of last year back to the trade, and it is up for 99.5! Bonkers.
Indeed, strange times we live inJust sold a 992 cab I bought for 92k end of last year back to the trade, and it is up for 99.5! Bonkers.
I think people just spending money on nice cars as bugger all to spend it on, I cant go on holiday but I can go for a nice drive around Scotland any day so it makes sense to use some of that holiday money on a nice car. Plus access to cheap loans , free money from Gov in the form of bounce back loans means many people are creating a mini boom in car sales for now
Interestingly my Rolex AD said they had a fantastic 2-3 months after lockdown ended but now they are very quiet and looking to lay off staff. So maybe this is another sign the economy is slowing down after the mini boom it has had.
Hopefully for those looking to buy it will mean prices of car will be more like those at the beginning of the year ...........but whoo knows as 202 has been the strangest and quickest years I have even known
The time of year has to be a major factor.
Back in the long sunny days of spring/early summer, granted, many people may have thought, “what the hell, I’ll buy an interesting car and enjoy it while I can.”
Fuel that with limited stock and cheap money and the market did surprisingly well.
But, now, we’re staring at a lot of uncertainties, plus 6 months of short days and wet and wintry weather - hibernation time for many prestige cars.
So, if I was a buyer now, I wouldn’t be in a hurry to pay premium prices, I’d be waiting for things to cool down in the coming months - there could yet be significant fallout.
And, whilst money may stay cheap, you need consumer confidence, willing buyers, and the feel-good factor to keep this market bouyant.
Watch how quickly stock is moving, or whether asking prices are achieved, to gauge.
Back in the long sunny days of spring/early summer, granted, many people may have thought, “what the hell, I’ll buy an interesting car and enjoy it while I can.”
Fuel that with limited stock and cheap money and the market did surprisingly well.
But, now, we’re staring at a lot of uncertainties, plus 6 months of short days and wet and wintry weather - hibernation time for many prestige cars.
So, if I was a buyer now, I wouldn’t be in a hurry to pay premium prices, I’d be waiting for things to cool down in the coming months - there could yet be significant fallout.
And, whilst money may stay cheap, you need consumer confidence, willing buyers, and the feel-good factor to keep this market bouyant.
Watch how quickly stock is moving, or whether asking prices are achieved, to gauge.
danjp said:
Not sure you need a 911 to avoid public transport..
Just sold a 992 cab I bought for 92k end of last year back to the trade, and it is up for 99.5! Bonkers.
That wasn’t my point I was making a general point about the unexpected buoyancy of the used car market. New consumers are entering it to avoid public transport driving demand and prices up. Just sold a 992 cab I bought for 92k end of last year back to the trade, and it is up for 99.5! Bonkers.
The Porsche / luxury segment is obviously not fuelled by this it is people saving money on untaken holidays, people taking out unnecessarily support grants and loans, wealthy people who have been thinking about it for ages but now have the time, and people like my friend’s brother who have made 8 figure sums out of the Covid situation.
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