OV9

Nothing seems to have happened yet. I’m sure it would be different if I wanted to trade in something interesting right now, but for buyers, advertised asking prices don’t seem to have budged at all.

How long before it all filters through ?

It might never happen on a large scale, especially if people keep their incomes thanks to the governments furlough scheme. I think the people who will suffer the most financially are in the lower paid jobs and on the whole they don’t tend to run lease cars, they’ll either own the cars outright (budget second hand cash buys etc) or use other modes of transport. For example if I was a £10k-£20k/annum worker in the hospitality and food industry which have been pretty hard hit there’s no way I’d have a lease car in the first place, I’m not saying there aren’t folk who don’t lease but they’re less likely to. I’m only picking on leasing because I think that’s the most fragile part of the car industry where a collapse would most likely start from.

I think furlough payments might be keeping a lot of lease and finance companies afloat.

I hope I’m wrong though, I want cheap cars

Surely we'll have to wait until people are 'allowed' to actually buy/sell cars before we see the real impact? Aren't we essentially on hold?

It’s only been about a month remember! There’s been lots of measures so far - furloughing, mortgage holidays, etc... plus I expect not many are actually selling because of the distancing measures. I expect it’ll really start getting desperate if it’s still locked down after those measures have expired, then people will be offloading cars for whatever they can get as supply outstrips demand.

I suspect something may be in the works regarding lease freezes / HP PCP payment freezes etc

If they were handed back / repossessed the market would be swamped and given how many are backed by the manufacture finance (especially VAG group) implosion ?

I don’t really know about any leasing things but a colleague mentioned how it doesn’t matter as when he is halfway through his lease he can just hand it back anyway.

Wasn’t this option available because the car is worth more than what is remaining with the payments or it is just an option when half the term is over, regardless of value ?

Dave!

That's a PCP Dave

It will take a few months to play out. Right now the market is largely frozen and most people still have cash.

I had a few chancers offering me £5-6k under my asking price when mine was still for sale. On PH loads of vultures are circling who apparently waiting the crazy 2008-a-like price crashes with people offloading metal for cheap.

I'm keeping an eye on the market, I'd still like to shift mine once things open back up so I'll be interested where things are...

Dealers don't seem to be open to sell stuff, so the limited demand is met with similarly limited supply. Autotrader is also keeping all ads up for 6 weeks for free, or something like that, so there's no incentive for sellers to do anything but sit on their hands, particularly if their dealership is closed.

It's an odd hiatus. People with leases ending are being offered extensions, people with new cars on order aren't getting them delivered, presumably car productions lines are stopped too. So the oversupply of new cars leading to discounting, with its knock-on effect on used prices, might not happen.

That seems overly bullish; but I want a cheap(ish) off-roader so I'm keeping an eye on the market. The ads aren't changing yet. If they do, I'll get something newer and lower mileage for the money I want to pay.

The stimulus packages have been everything you could have hoped for and the data says there is a load of cash about, supposedly more cash than ever before.

This is not a traditional financial crisis and there will be some fallout but I'm optimistic that if the current measures are starting to work we'll recover mostly unscathed.

If you're geared to the gills and can't stomach any pressure on income some people will have to sell but I don't think that will be the norm.

https://collectingcars.com/sold

Some interesting cars ‘sold’ there....

Carlos wrote: Fri Apr 17, 2020 7:50 pm The stimulus packages have been everything you could have hoped for and the data says there is a load of cash about, supposedly more cash than ever before.

This is not a traditional financial crisis and there will be some fallout but I'm optimistic that if the current measures are starting to work we'll recover mostly unscathed.

If you're geared to the gills and can't stomach any pressure on income some people will have to sell but I don't think that will be the norm.

With easy access to mortgage holidays, payment holidays - I agree, in the short term if we can get back to some kind of 'normal' in that period we may see a minimal impact. I guess it depends on long everything is on hold for.

Coaster1 wrote: Fri Apr 17, 2020 8:02 pm https://collectingcars.com/sold

Some interesting cars ‘sold’ there....

£10k F40

The car market crash is real. Real I tell you.











Oh

I’ve already seen PCP/HP holidays from a number of car companies. It’ll be a demand lead restart to it all too, manufacturers won’t start building again until they need to because building stock they can’t make money from helps no one.

Jobbo wrote: Fri Apr 17, 2020 7:35 pm It's an odd hiatus. People with leases ending are being offered extensions, people with new cars on order aren't getting them delivered, presumably car productions lines are stopped too.

The only lines not stopped are the ones in China which are re-starting or re-started already. All suppliers in Europe are pretty much stopped production wise too.

Started here, one owner offloading both of these due to business issues:

Clicky one

Clacky two

That R is an awful colour scheme. Fussy stripes, black wheels that hide how pretty those wheels are, etc...

Cheapest Merc 6.3 I've ever seen

Damn, I thought anything '63' was at least 15k-25k

Sold a car, sold a van, bought another van over the last week. Plenty of people throwing low offers but also reasonably serious people out there too.