OV9

So how much worse is the car deprecation collapse going to be?

WBAC are about 25% down on previous levels and all the big guys refusing to offer on anything.

Any bargains spotted?

WBAC now -50% normal prices from last night

My mate offered me his 991.2 manual GT3 (4K club sport and mint) and a black face immaculate black face Daytona last week for 145k, I was at 130

I should go back and offer him £28k. CASH

Foz wrote: Sun Mar 22, 2020 11:48 am So how much worse is the car deprecation collapse going to be?

WBAC are about 25% down on previous levels and all the big guys refusing to offer on anything.

Any bargains spotted?

WBAC isn’t really representative of the market. The problem is, they (BCA) don’t know if they can run auctions or if anyone will turn up if they do so they don’t want the stock, hence the low prices.

In 2008 I bought a vx220 for £6k. A friend bought one for slightly less and another friend bought a series 2 Elise for around £7k. The prices really did crash in a spectacular way back then.

It wasn't really a crash though was it? They were just the realistic selling prices of 8+ year old cars which were about £25k new.

It's only that interest rates have been so low for so long since that prices for anything interesting started going a bit mad.

This time round, depending how long it lasts, I think there will be a lot of ex lease stuff suddenly hitting the market as people fail to make payments. Then I think it will start to hit the slightly extravagant or luxurious cars which people will struggle to justify in tough times, things like r8s, newer m3s, 997 / 991 911s. Stuff which hasn't yet become sought after or collectable.

I think the older rarer stuff will hang in a bit longer as long as people don't start getting desperate for cash. With rates being slashed again keeping material assets still makes sense. At the moment.

And yes, the wbac thing is a bit of an anomaly, but it's been known for a while that a lot of garages base their trade in offers on wbac valuations. If people are suddenly getting offered a lot less for their trade in they're going to be less likely to want to swap it for something else.

Spotted a couple of e92 m3s under £10k already this week....

In 2008/09, a 2006 Z4 MCoupe was £18k; same price was a 2006 (new shape) Jag XK. Prices did go right down even for recent, desirable stuff; I remember because those were two cars I was tempted by.

I remember V8 Vantages being <£30k back in 2008...

Wasn’t that when you could pick up a Carrera GT and XJ220 for sub £150k?
Don’t know if prices will recover as much this time round, with the way the climate is going.

Matty wrote: Sun Mar 22, 2020 4:59 pm I remember V8 Vantages being <£30k back in 2008...

And they still are. Twelve under £25k on Autotrader right now, one <£20k !

But I gather it’s no longer 3-4 years old

Mito Man wrote: Sun Mar 22, 2020 5:01 pm Wasn’t that when you could pick up a Carrera GT and XJ220 for sub £150k?
Don’t know if prices will recover as much this time round, with the way the climate is going.

I nearly when half’s with a mate at one that was £200k

Reckon it's going to be carnage. Property too.

Broccers wrote: Sun Mar 22, 2020 9:36 pm Reckon it's going to be carnage. Property too.

I imagine people are holding their breath with property transactions - but there isn’t the contraction of the lending market as happened in 2008, and property prices didn’t really go down much back then anyway.

Anecdotally, existing deals aren’t falling through.

Jobbo wrote: Sun Mar 22, 2020 10:41 pm

Broccers wrote: Sun Mar 22, 2020 9:36 pm Reckon it's going to be carnage. Property too.

I imagine people are holding their breath with property transactions - but there isn’t the contraction of the lending market as happened in 2008, and property prices didn’t really go down much back then anyway.

Anecdotally, existing deals aren’t falling through.

I know you like to be right and I hope I'm wrong.

I’m not trying to be right, just provide a bit of balance.

Mito Man wrote: Sun Mar 22, 2020 5:50 pm But I gather it’s no longer 3-4 years old

My point was rather that they didn’t have an absurd upwards over-correction like many others did.

Jobbo wrote: Sun Mar 22, 2020 10:41 pm

Broccers wrote: Sun Mar 22, 2020 9:36 pm Reckon it's going to be carnage. Property too.

I imagine people are holding their breath with property transactions - but there isn’t the contraction of the lending market as happened in 2008, and property prices didn’t really go down much back then anyway.

Anecdotally, existing deals aren’t falling through.

My house deals supposed to going through on the 14th April. Selling, I am holding fire on buying anything else in the meantime.

https://collectingcars.com/sold

Some interesting stuff there, and crazy prices tbh

Best looking modern v12 Ferrari for a mere 47 peanuts.

I’ve noticed dealers sticking to their guns but they’ll eventually have to come down close to auction prices. And then I shall pick up my £5000 SLS.