Is now a bad time to be buying a car?

[Oh Behave]

Last weekend I put down a deposit on a used car and a lot has changed in a week with the current Covid -19 situation. Its not a particularly expensive car (circa 17k) but is quite a rare spec. I plan on keeping the car for a good while. It was on sale for 4 months prior to me putting an offer on it....

I was just wondering if people think cars will hold their prices over the coming months or its worth holding out to see what happens? Be interested to get your views!

[Toyoda]

We'll all be dead soon enough. Get on with your life and enjoy the car.

[GreatGranny]

Just buy the bloody thing :-)

[Jamescrs]

If it's a rare spec and something you particularly want you plan on keeping then just buy it, if your's keeping it long term depreciation shouldn't be a big issue.

You could wait and maybe the price would drop, maybe not or maybe someone else will buy it and you lose it completely.

Maybe the dealership goes bust because of a projected global recession and the car disappears into the receivership never to be seen again, no one knows.

If you like it then buy it and get on with your life.

[TameRacingDriver]

As soon as I've moved house to somewhere with more parking, hopefully this week, I'll be in the market. As said, YOLO!

[strath44]

Are you paying cash or financing?

[ZX10R NIN]

Nope just buy it.

[Bumblebee7]

Don't want to sound like the boring sense of reason but unless you are in a very comfortable financial situation I would personally hold off for now until the situation improves. Are you able to back out of the deal without losing money?

[treeroy]

I would think almost certainly that car prices will drop. So yes a good time to buy a car. However if you've already put a deposit down on a agreed price for the car then you are too late !

[Dave Hedgehog]

treeroy said:

I would think almost certainly that car prices will drop. So yes a good time to buy a car. However if you've already put a deposit down on a agreed price for the car then you are too late !

in financial crisis situations most people bunker down and stop spending so car prices will dive for those that have to sell so there will be bargains out there

my feelings are that now is not the time to take on additional debt

[JiggyJaggy]

The market pricing will hardly change in a few weeks. all manufacturer's will be closing temporarily so used prices will stiffen.

[Oh Behave]

I have put a very small refundable holding deposit on the car. I can afford it but part of me thinks my money is better in my bank given the impending financial crisis. Here’s to getting old and sensible, I never thought I’d say that!

[davek_964]

Oh Behave said:

I have put a very small refundable holding deposit on the car. I can afford it but part of me thinks my money is better in my bank given the impending financial crisis. Here’s to getting old and sensible, I never thought I’d say that!

The irony being, this is exactly the kind of thinking that contributes to the financial crisis. Businesses don't survive if people stop spending money with them.

[BUG4LIFE]

If you've got the money and you think your job is secure, I'd say buy it!

Might not be the best time to sell a car though...as I want to do soon

[Pica-Pica]

davek_964 said:

Oh Behave said:

I have put a very small refundable holding deposit on the car. I can afford it but part of me thinks my money is better in my bank given the impending financial crisis. Here’s to getting old and sensible, I never thought I’d say that!

The irony being, this is exactly the kind of thinking that contributes to the financial crisis. Businesses don't survive if people stop spending money with them.

The added irony is that the ‘money-go-round’ is a house of cards. Those flexible enough to adapt to this week’s needs will survive.