Will Corona effect the Supercar Market
Discussion
Cheib said:
OFORBES said:
I also called the two different dealers who I bought both my RR's from and they're not buying in any stock at all.
You really can't blame them in the current environment. Obviously, I will just be keeping my RRS for the time being!
SVJBalboni said:
Drl22 said:
Please stop watching the mainstream media all day! Christ
These people are half the problem. Creating mass hysteria and wanting complete and utter chaos. The fear of the unknown is the more dangerous than the virus itself. It's really pathetic.OFORBES said:
Ok, so not a super car, but I have been selling off some of my cars over recent months as I was working toward an expansion of our business into the US.
Even with the Coronavirus I was taking a positive attitude and still actively pushing forwards with my plans, selling assets to free up funds that I would require for the personal relocation etc.
I got a WBAC valuation on the 18th February for my 66 plate RRS Autobiography Dynamic in a highly desirable specification and colour combination with 33k on the clock.
They offered me £34,165 - It gave me an idea of value, and as my business plans are a little way off (and with the increasing developments of the CV) I didn't do anything with the valuation.
Thought I would check to see what it is today? £24,790.
So nearly £10k in a month.
Retail pricing seem stable online, I, like many other PH'ers I am sure, spend half their time looking at cars online and haven't seen any significant drop, but I guess they are playing everything super safe and just waiting to see what happens in the coming weeks.
I also called the two different dealers who I bought both my RR's from and they're not buying in any stock at all.
I am an optimist, and I am hoping that, things will improve slowly if we follow suit with how China are (appear to be) recovering.
There's been a fuel station with a Londis shop inside on the A10 at Waterbeach been selling 99p hand sanitiser for £5.99 and like WBAC when this is all over people should remember these type of firms for the shysters they were in times of trouble.Even with the Coronavirus I was taking a positive attitude and still actively pushing forwards with my plans, selling assets to free up funds that I would require for the personal relocation etc.
I got a WBAC valuation on the 18th February for my 66 plate RRS Autobiography Dynamic in a highly desirable specification and colour combination with 33k on the clock.
They offered me £34,165 - It gave me an idea of value, and as my business plans are a little way off (and with the increasing developments of the CV) I didn't do anything with the valuation.
Thought I would check to see what it is today? £24,790.
So nearly £10k in a month.
Retail pricing seem stable online, I, like many other PH'ers I am sure, spend half their time looking at cars online and haven't seen any significant drop, but I guess they are playing everything super safe and just waiting to see what happens in the coming weeks.
I also called the two different dealers who I bought both my RR's from and they're not buying in any stock at all.
I am an optimist, and I am hoping that, things will improve slowly if we follow suit with how China are (appear to be) recovering.
r o n n i e said:
....
People need to stop thinking covid-19 is no different to the seasonal flu. I have business partners whose hometown is Wuhan and they have been warning me Covid-19 is seriously contagious since before CNY.
...
Don't agree fully there. Contagious certainly, but not lethal to most people.People need to stop thinking covid-19 is no different to the seasonal flu. I have business partners whose hometown is Wuhan and they have been warning me Covid-19 is seriously contagious since before CNY.
...
80% of people will have mild symptoms when they get Covid19, and some will be asymptomatic - that means for most people it, it will be like flu or less severe. Unfortunately it has the potential to kill some of the other 20%. Some of whom would have died in the annual 'normal' flu round which kills half a million people a year.
The government's strategy should be to protect/shield the vulnerable and let the rest carry on working. It makes no sense to bring the economy to its knees. I don't see lockdown being lifted until there is a cure or a means of doing instantaneous testing.
So, with current strategy on Corona Virus, the supercar market is flattened...
OFORBES said:
I got a WBAC valuation on the 18th February for my 66 plate RRS Autobiography Dynamic in a highly desirable specification and colour combination with 33k on the clock.
They offered me £34,165 - It gave me an idea of value, and as my business plans are a little way off (and with the increasing developments of the CV) I didn't do anything with the valuation.
Thought I would check to see what it is today? £24,790.
So nearly £10k in a month.
I dont think WBAC can be used as scale to measure the damage to the car market. Clearly there will be significant changes to the car market, predominantly the higher end. They offered me £34,165 - It gave me an idea of value, and as my business plans are a little way off (and with the increasing developments of the CV) I didn't do anything with the valuation.
Thought I would check to see what it is today? £24,790.
So nearly £10k in a month.
But WBAC as a business will be setting their prices to a level that works with their short terms plans on how they deal with COVID-19. i.e footfall will be down, thus staffing levels will be reduced, thus do they want to buy a load of cars - unless of course its for a significant discount on a previous offer.
Interesting times.
Larry5.2 said:
Don't agree fully there. Contagious certainly, but not lethal to most people.
80% of people will have mild symptoms when they get Covid19, and some will be asymptomatic - that means for most people it, it will be like flu or less severe. Unfortunately it has the potential to kill some of the other 20%. Some of whom would have died in the annual 'normal' flu round which kills half a million people a year.
The government's strategy should be to protect/shield the vulnerable and let the rest carry on working. It makes no sense to bring the economy to its knees. I don't see lockdown being lifted until there is a cure or a means of doing instantaneous testing.
So, with current strategy on Corona Virus, the supercar market is flattened...
don't disagree...…,....I think you need a test to prove you've had it....THEN you can go out and be pretty sure you are ok...80% of people will have mild symptoms when they get Covid19, and some will be asymptomatic - that means for most people it, it will be like flu or less severe. Unfortunately it has the potential to kill some of the other 20%. Some of whom would have died in the annual 'normal' flu round which kills half a million people a year.
The government's strategy should be to protect/shield the vulnerable and let the rest carry on working. It makes no sense to bring the economy to its knees. I don't see lockdown being lifted until there is a cure or a means of doing instantaneous testing.
So, with current strategy on Corona Virus, the supercar market is flattened...
either way the market is going to take a bath. I think the name of the game is wealth preservation......and buying another Ferrari might not on the list..
Central to this whole question for me is actually being able to use and enjoy these cars. 20 years ago I did thousands of miles in my 355 on wonderful empty roads all over Europe.
The reality of owning that car today is far more likely to be having it in the garage to admire rather than being able to use it in a similar way. It's a very different world now and at some point the level of commitment required passes and you choose a newish Porsche or Bentley for convenience.
The reality of owning that car today is far more likely to be having it in the garage to admire rather than being able to use it in a similar way. It's a very different world now and at some point the level of commitment required passes and you choose a newish Porsche or Bentley for convenience.
Larry5.2 said:
r o n n i e said:
....
People need to stop thinking covid-19 is no different to the seasonal flu. I have business partners whose hometown is Wuhan and they have been warning me Covid-19 is seriously contagious since before CNY.
...
Don't agree fully there. Contagious certainly, but not lethal to most people.People need to stop thinking covid-19 is no different to the seasonal flu. I have business partners whose hometown is Wuhan and they have been warning me Covid-19 is seriously contagious since before CNY.
...
80% of people will have mild symptoms when they get Covid19, and some will be asymptomatic - that means for most people it, it will be like flu or less severe...
I just look at Italy right now, Spain next week, speak with people actually dealing with this in the frontline and my opinion is covid-19 is not like seasonal flu.
Anyway back to topic, expensive non-essential products like supercars will take a massive hit, especially as we were already on a downward pricing curve.
Even more reason to just enjoy and drive them.
cgt2 said:
Central to this whole question for me is actually being able to use and enjoy these cars. 20 years ago I did thousands of miles in my 355 on wonderful empty roads all over Europe.
The reality of owning that car today is far more likely to be having it in the garage to admire rather than being able to use it in a similar way. It's a very different world now and at some point the level of commitment required passes and you choose a newish Porsche or Bentley for convenience.
Spot on but i thought it was just me getting older (39) and grumpy!The reality of owning that car today is far more likely to be having it in the garage to admire rather than being able to use it in a similar way. It's a very different world now and at some point the level of commitment required passes and you choose a newish Porsche or Bentley for convenience.
Last few days have been great, roads still have traffic but quiet enough to start enjoying the cars again, I've been taking one out every day and loving it. Really given me a refreshed enjoyment, bit scared i might get lynched soon though if things get really bad and people start getting more crazy.
Before it was really depressing me and i wanted to sell all my good cars as they just seemed pointless as i just wasn't using them mainly because like you say it was no loner for actually driving but sit-in in the garage as a showpiece to show how big league i was, which i never really cared about.
Too many of them and now generally owned by people i don't want to be associated with hasn't helped either, hopefully something good may come out of this if it takes out some of the market.
topjay said:
Too many of them and now generally owned by people i don't want to be associated with hasn't helped either, hopefully something good may come out of this if it takes out some of the market.
Spot on too. In the days when Ferraris and Lambos had dogleg boxes and heavy steering it was a conscious commitment to own one, The poser element was minor and people who bought were generally hardcore car people. You only have to visit a dealer or manufacturer event these days to see it's a different scene entirely.cgt2 said:
Central to this whole question for me is actually being able to use and enjoy these cars. 20 years ago I did thousands of miles in my 355 on wonderful empty roads all over Europe.
The reality of owning that car today is far more likely to be having it in the garage to admire rather than being able to use it in a similar way. It's a very different world now and at some point the level of commitment required passes and you choose a newish Porsche or Bentley for convenience.
Perfect post The reality of owning that car today is far more likely to be having it in the garage to admire rather than being able to use it in a similar way. It's a very different world now and at some point the level of commitment required passes and you choose a newish Porsche or Bentley for convenience.
SVJBalboni said:
Drl22 said:
Please stop watching the mainstream media all day! Christ
These people are half the problem. Creating mass hysteria and wanting complete and utter chaos. The fear of the unknown is the more dangerous than the virus itself. It's really pathetic.If anyone thinks their £135k Ferrari 458 will be worth anything like that in a few months, they've got their head in the sand.
This is going to be (already is) the quickest and deepest recession we have ever known.
Unchartered territory.
MrVert said:
SVJBalboni said:
Drl22 said:
Please stop watching the mainstream media all day! Christ
These people are half the problem. Creating mass hysteria and wanting complete and utter chaos. The fear of the unknown is the more dangerous than the virus itself. It's really pathetic.If anyone thinks their £135k Ferrari 458 will be worth anything like that in a few months, they've got their head in the sand.
This is going to be (already is) the quickest and deepest recession we have ever known.
Unchartered territory.
458 not the best example. Ferrari stopping and restricting production will to a degree prop up prices for the best cars of which there aren't many around. Meanwhile prices of vanilla Porsche and Ferrari will be hit. Mclaren will tank further due to usual oversupply and usual gripes.
As usual only the over debted morons having to get out quickly due to panic will take a bath residually.
No different to 2008 and for those out of the market, prices will rebound quicker than they fell as those who panic sold last time and tried to buy back later soon found out to their considerable cost.
topjay said:
Spot on but i thought it was just me getting older (39) and grumpy!
Last few days have been great, roads still have traffic but quiet enough to start enjoying the cars again, I've been taking one out every day and loving it. Really given me a refreshed enjoyment, bit scared i might get lynched soon though if things get really bad and people start getting more crazy.
Before it was really depressing me and i wanted to sell all my good cars as they just seemed pointless as i just wasn't using them mainly because like you say it was no loner for actually driving but sit-in in the garage as a showpiece to show how big league i was, which i never really cared about.
Too many of them and now generally owned by people i don't want to be associated with hasn't helped either, hopefully something good may come out of this if it takes out some of the market.
I'll be taking my V12 out to stretch its legs tomorrow. Hopefully everyone else will satay at home and keep the roads clear. Can't wait to enjoy the car Last few days have been great, roads still have traffic but quiet enough to start enjoying the cars again, I've been taking one out every day and loving it. Really given me a refreshed enjoyment, bit scared i might get lynched soon though if things get really bad and people start getting more crazy.
Before it was really depressing me and i wanted to sell all my good cars as they just seemed pointless as i just wasn't using them mainly because like you say it was no loner for actually driving but sit-in in the garage as a showpiece to show how big league i was, which i never really cared about.
Too many of them and now generally owned by people i don't want to be associated with hasn't helped either, hopefully something good may come out of this if it takes out some of the market.
G
r o n n i e said:
Already is.
I’m actually shocked at some of the responses on here.
Either in denial or completely naive or in their deluded bubble.
The long term economic repercussions of the global effects of Covid-19 will make the 2008 financial crisis seem like a slight cold in comparison..The 1987 recession started with 15% base rate,the 2008 started with 5.75% and this 2020 pandemic starts with 0.75%..There are no weapons in the Treasury cabinet so i see mass insolvencies and 20 years to recover if at all..This is the big reset in terms of how humans will carry out every day activities for years to come IMO.I’m actually shocked at some of the responses on here.
Either in denial or completely naive or in their deluded bubble.
The point is that the global economy was already at a virtual standstill and fresh out of ideas..Couple this with a massive £2,000,000,000,000 UK National government before this depression has even started doesn't bode well for the next generation..
some massive divergences of perspectives on here.
I am not on social media; I do read the news. I also have a wife who works on the front line and is managing a systemic response to Covid-19; I'm doing minor parts on the end of a phone for a health trust.
To put some things into perspective, today I've joined an ethics panel that will convene as and when, 24/7, to help decide how we prioritise cases, should we need to. I hope we don't meet - but the first meeting is scheduled for Friday.
Given that the economy is going to essentially stop for at least two months, and probably until we have a widespread, effective vaccine (12 months? assuming that it mutates slower than usual flu, and that we can be effective against it), then most people are going to have nothing, zero, zilch, coming in for a long while. A roof over their heads and food on the table will be a priority. Everything else will be subservient to that. (Thanks goodness we're not like the US- the only places with long queues at the weekend were the gun stores.....)
Decent cars are an asset, but are illiquid in such times, and those that need to sell will have no choice. So prices will drop for those that have to let them go. There will be a few people looking to buy, but very few, and they will want a bargain. Personally, I see prices dropping about ⅓. It may not be for long (12-24 months) but there will be many forced sales in that time.
It's a desperate situation - it's far worse than 9/11, and far worse than the banking crisis - that was essentially all about funny money - this is about people's everyday lives stopping.
I am surprised so many people think it's like a bad dose of flu.....
I am not on social media; I do read the news. I also have a wife who works on the front line and is managing a systemic response to Covid-19; I'm doing minor parts on the end of a phone for a health trust.
To put some things into perspective, today I've joined an ethics panel that will convene as and when, 24/7, to help decide how we prioritise cases, should we need to. I hope we don't meet - but the first meeting is scheduled for Friday.
Given that the economy is going to essentially stop for at least two months, and probably until we have a widespread, effective vaccine (12 months? assuming that it mutates slower than usual flu, and that we can be effective against it), then most people are going to have nothing, zero, zilch, coming in for a long while. A roof over their heads and food on the table will be a priority. Everything else will be subservient to that. (Thanks goodness we're not like the US- the only places with long queues at the weekend were the gun stores.....)
Decent cars are an asset, but are illiquid in such times, and those that need to sell will have no choice. So prices will drop for those that have to let them go. There will be a few people looking to buy, but very few, and they will want a bargain. Personally, I see prices dropping about ⅓. It may not be for long (12-24 months) but there will be many forced sales in that time.
It's a desperate situation - it's far worse than 9/11, and far worse than the banking crisis - that was essentially all about funny money - this is about people's everyday lives stopping.
I am surprised so many people think it's like a bad dose of flu.....
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