Will Coronavirus hit used car prices?

[niggtv]

Fezzaman said:

tokyotv said:

So what is going to happen to the £50k + market prices....?

I was going to buy a £70k Porsche just before this all started.....but that plan is on hold.

Will I be able to a GT3 instead for the same money in a couple of months....or will the specialist luxury market be un affected?

You may have put the plan on hold and the 70k may well buy you 'more' such as a GT3 at the depths of this. However, how confident are you that you are comfortable in sinking the money in to a car of that value and that your business/job/cashflow is secure enough to allow that level of discretionary spending whilst covering your ongoing expenses (for x period of time)? Obviously only you know the state of your own financial affairs etc, but prices for such cars will be affected by that loss of confidence/uncertainty of all the individuals that would have otherwise bought a car at 30/50/70/100k whatever price point you want to put on it.

This is a good point - it's easy to say you'll buy a car when it drops to £Xk, but that's based on the comfort you currently feel. For the prices to drop significantly, consumer confidence will be low, and however secure you feel now your mindset/willingness to spend may change to a greater or lesser degree along with everyone else's. It's also hard to predict the bottom - even when a car gets to a level that in today's market sounds like a total bargain, would you actually buy it when you get there and have no certainty that it wont drop by another 20%. It's all easy with hindsight, but often the stories of "I bought for X and it bounced back to Y" were just luck/a gamble.

[tokyotv]

niggtv said:

This is a good point - it's easy to say you'll buy a car when it drops to £Xk, but that's based on the comfort you currently feel. For the prices to drop significantly, consumer confidence will be low, and however secure you feel now your mindset/willingness to spend may change to a greater or lesser degree along with everyone else's. It's also hard to predict the bottom - even when a car gets to a level that in today's market sounds like a total bargain, would you actually buy it when you get there and have no certainty that it wont drop by another 20%. It's all easy with hindsight, but often the stories of "I bought for X and it bounced back to Y" were just luck/a gamble.

Or what about in a rainy cold January 2021 a brand new 992 GT3, with a discount and 0% finance, because the local OPC has a car park full of cancelled orders out the back!

Edited by tokyotv on Tuesday 21st April 19:20

Edited by tokyotv on Tuesday 21st April 19:21

[av185]

tokyotv said:

Or what about a brand new 992 GT3, with a discount and 0% finance, because the local OPC has a car park full of cancelled orders out the back!

Lol.

Only in your dreams.

Car won't be here until later on 2021.

c350 992 GT3s anticipated for the UK and PGB will sell every one at list ££.

Premiums are expected over list for the initial cars circa £210ks but expect a £160k basic list price tag with some spec.

[av185]

tokyotv said:

So what is going to happen to the £50k + market prices....?

..or will the specialist luxury market be un affected?

The best spec desirable limited run stuff will always command the best prices.

Collecting cars auction prices still strong check out the thread.

720S and 600LT to be auctioned soon will test the market for Mclarens but they have always been serious depreciators.

[tokyotv]

av185 said:

The best spec desirable limited run stuff will always command the best prices.

Collecting cars auction prices still strong check out the thread.

720S and 600LT to be auctioned soon will test the market for Mclarens but they have always been serious depreciators.

But will they be no reserve auctions?

If they don’t sell it doesn’t give a market indication.

[Thankyou4calling]

If I were considering buying a McLaren I simply cannot conceivably imagine why I’d buy one now.

[av185]

tokyotv said:

av185 said:

The best spec desirable limited run stuff will always command the best prices.

Collecting cars auction prices still strong check out the thread.

720S and 600LT to be auctioned soon will test the market for Mclarens but they have always been serious depreciators.

But will they be no reserve auctions?

If they don’t sell it doesn’t give a market indication.

Reserve price usually set by the vendor.

[CS Garth]

All this talk of 5k and 10k cars and saying they will hold up is a bit like saying I don’t care about the price of petrol as I only ever put a tenner’s worth in

It’s all about WHAT you get for your 5k, not whether cars will still sell at that price point.

[Baked_bean]

I find it strange how everyone that posts on here talks about how the economy is ruined and lots of people will be offloading cars cheap, due to issues with employment etc. Yet everyone on here seems completely confident in their jobs and financial situation?

Just an observation.

[Earthdweller]

BananaSlug said:

Im more than happy to relieve someone of their GT3 at the right price

Edited by BananaSlug on Tuesday 21st April 18:13

What’s the right price ?

You may feel you have got an epic deal today .. but find in 3 months you paid way too much and in 6 months time you’re crying yourself to sleep

You only jump into a crashing market at the point you feel it’s about to turn

A lot of people will think, That’s dropped £20k this month .. oh hang in what it gonna do next month ?

And so they wait, and watch ., and prices drop further .. so they wait some more

[BananaSlug]

Baked_bean said:

I find it strange how everyone that posts on here talks about how the economy is ruined and lots of people will be offloading cars cheap, due to issues with employment etc. Yet everyone on here seems completely confident in their jobs and financial situation?

Just an observation.

22 million people have filed for unemployment in the US in the last month, that has not happened here yet but how long until the furlough scheme ends and what will happen then?

[Tyre Smoke]

An increasing number of Bentley Continental GTs falling into the £13-15k bracket. Not all chavved up and some tidy looking cars.

[BananaSlug]

Earthdweller said:

What’s the right price ?

You may feel you have got an epic deal today .. but find in 3 months you paid way too much and in 6 months time you’re crying yourself to sleep

You only jump into a crashing market at the point you feel it’s about to turn

A lot of people will think, That’s dropped £20k this month .. oh hang in what it gonna do next month ?

And so they wait, and watch ., and prices drop further .. so they wait some more

Absolutely, I got some AML stock a couple of weeks ago and its dropped even further!

Impossible to say best time to buy, currently I cant really afford one but if it gets within budget I think ill pull the trigger. Not looking for an investment but for fun

Edited by BananaSlug on Tuesday 21st April 20:37

[Tyre Smoke]

Or, you buy the car you intend to keep, at the price you're comfortable with.

[Earthdweller]

Baked_bean said:

I find it strange how everyone that posts on here talks about how the economy is ruined and lots of people will be offloading cars cheap, due to issues with employment etc. Yet everyone on here seems completely confident in their jobs and financial situation?

Just an observation.

I don’t think they are, I think most are hoping it will pass and THEY will be ok

There are a number of people in my extended family that have been furloughed.. none made redundant ... yet

My wife’s brothers all run their own businesses mostly around hardware/construction and civil engineering

Her youngest brother runs a consultancy employing some very skilled and high paid civil engineers .. he has a few months work, assuming the projects aren’t pulled and next to nothing coming in
One of her sisters is a barrister .. they aren’t safe

The other is CFO of a large builder .. they are very touch and go

My wife’s business, a global medtech is starting to furlough loads from the start of May ... now some parts of the business are booming right now, but others have virtually stopped

And next year (if this is over, or even not ) what market will there be for ICU beds and Ventilators

A lot of people are very worried that for them the real crunch will be next year

I’m sure they are not alone

We’ve had “the chat “ we are happy we can survive ok if she loses her job

So my take is at the moment people are just hoping and praying that this will pass .. taxes won’t go up and public spending won’t go down otherwise next year could be equally as bad if not worse

Sorry for the doom

[ghost83]

Baked_bean said:

I find it strange how everyone that posts on here talks about how the economy is ruined and lots of people will be offloading cars cheap, due to issues with employment etc. Yet everyone on here seems completely confident in their jobs and financial situation?

Just an observation.

Our business relies on pubs to be open!

We are not confident whatsoever at Easter we are down 40k (that’s over the school holidays) and pubs are usually busy now all the way through summer! We will be down around 200k if pubs and caravan parks don’t open over summer!

Just to add: for work purposes we are vt our Luton van and we are not replacing 2 cars this year that were up for replacement, they will be done next Year now instead! Got to watch the money now!

Edited by ghost83 on Tuesday 21st April 20:56

[Earthdweller]

ghost83 said:

Our business relies on pubs to be open!

We are not confident whatsoever at Easter we are down 40k (that’s over the school holidays) and pubs are usually busy now all the way through summer! We will be down around 200k if pubs and caravan parks don’t open over summer!

If they keep them shut to the end of the year as some are suggesting what proportion do you think will go to the wall ?

And will your business be viable into next year ?

Appreciate it’s crystal ball stuff but these seem to be questions businesses are asking themselves

Hope it all works out for you

[Earthdweller]

Tyre Smoke said:

Or, you buy the car you intend to keep, at the price you're comfortable with.

Absolutely there will be some people with the ability to do that .. and they may make a killing but I think they’ll be in a buyers market and quite rare

People with large amounts of disposable are generally quite canny and there’ll be other “bargains” out there probably property amongst other things

[Earthdweller]

BananaSlug said:

Absolutely, I got some AML stock a couple of weeks ago and its dropped even further!

Impossible to say best time to buy, currently I cant really afford one but if it gets within budget I think ill pull the trigger. Not looking for an investment but for fun

Edited by BananaSlug on Tuesday 21st April 20:37

Funnily enough I’ve been watching Astons for a while, really fancy a Vantage

[jack_86]

Baked_bean said:

I find it strange how everyone that posts on here talks about how the economy is ruined and lots of people will be offloading cars cheap, due to issues with employment etc. Yet everyone on here seems completely confident in their jobs and financial situation?

Just an observation.

Can’t talk about everyone’s circumstances, but I’ve been very lucky and has actually strengthened my position within the company I work for!