Second hand car prices

[sproutdreamer]

In the current and future fin ancial climate it may be expected that car values will plummet - any early sign of that or informed opinions on this , perhaps people in the car trade?

[flash22]

I think it will hit the luxury market first people with £500-1000 a month payments it will be the first thing to go, people handing back lease and company cars will flood the market too

on the other hand older smaller cars will rise in value as repositions climb due to non-payment and people living beyond their means

[mrfixer]

I have involvement in the motor trade. Sales are closed but repairs still open.

Leasing and PCP is an unexploded bomb. It will go off as we emerge from this crisis. Many of those who squeezed into a lease a year or two back will not be able to keep up with payments. Expect a glut of 1-3 year old ex-lease 'prestige' cars on the nations' forecourts.

Anything cheap to run up to £3k will sell well!

[sproutdreamer]

It is sad to be taking advantage of people forced to sell/return cars due to financial chaos but I might now find a Business Edition  Avensis I can afford, though very few petrol automatics about as most are diesel or 1.6. I would really like autonomous braking and the better headlights of the top models.

[ziauris]

5 hours ago, mrfixer said:

I have involvement in the motor trade. Sales are closed but repairs still open.

Leasing and PCP is an unexploded bomb. It will go off as we emerge from this crisis. Many of those who squeezed into a lease a year or two back will not be able to keep up with payments. Expect a glut of 1-3 year old ex-lease 'prestige' cars on the nations' forecourts.

Anything cheap to run up to £3k will sell well!

What is strange is I've noticed the forecourt prices of cars have gone up. I bought my auris in 2012, it was just under 5 years old with 40k miles and it cost £5.5k from a toyota dealer. I have been looking at replacements but civics 5 years old are priced at £10k at honda dealers and an auris 3 .5 years old is priced just over £9k.

Paying £10k for a 5 year old civic car is nuts .................and it looks like dealers are price fixing to claw back money from us guys that they lost when people handed back their diesel leased cars when it turned out VW lied/committed fraud with their fake figures. No wonder they are called stealerships.

[mrfixer]

18 hours ago, ziauris said:

What is strange is I've noticed the forecourt prices of cars have gone up. I bought my auris in 2012, it was just under 5 years old with 40k miles and it cost £5.5k from a toyota dealer. I have been looking at replacements but civics 5 years old are priced at £10k at honda dealers and an auris 3 .5 years old is priced just over £9k.

New car prices have risen substantially since the Brexit referendum due to the sharp fall in the value of the pound. Imported cars and car parts (used to build cars in the UK) increased by about 25% on ex-factory prices. Coupled with Brexit uncertainty this reduced new car sales. Fewer new car sales means fewer part-ex cars.  During last autumn/winter good used stock was very difficult to find. Auction prices were close to retail!  Couple of times I came away from auctions empty handed. Franchise dealers were hanging on to stock they would normally send through acution.  Used prices have been very high.

Once we are through the virus crisis the economy is going to be very weak with probably an even weaker pound.  I would expect a glut of used prestige vehicles and a shortage of clean bread and butter cars.

[snowBALLs]

What this means for most of us in the working class category, as always suffer the most, is a deep long recession worst than year 2008. 

This generation which I am in suffered greatly already, and will continued to suffer in the aftermath of this virus 😞

As always the rich will breeze through this. 

[TonyHSD]

1 hour ago, snowBALLs said:

What this means for most of us in the working class category, as always suffer the most, is a deep long recession worst than year 2008. 

This generation which I am in suffered greatly already, and will continued to suffer in the aftermath of this virus 😞

As always the rich will breeze through this. 

Has always been like that, but hey everyone who stay alive after all those bad times is lucky and should be thankful. Some time in the future the things will stabilise and so the car market, for now everything is F up.