Coronavirus effect on car prices?

darkwarrior

I know this is a small-minded question in these dire times, and I don't mean it in an offensive way but as I was already in the process of looking at cars, it has left me curious. Do people think that the ongoing situation will make it a buyers market or drive prices up?

If it's inappropriate to ask, please delete this post.

born_again

Well given a lot of factories have shut. Unless they have excess stock. Not hard to guess.
Dealer I use and are looking for a new car at the moment. Have said NO test drives due to Covid 19 and the health concerns.

[Deleted User]

It's not inappropriate at all, in fact it's nice to have something else to think about.
I believe prices on WBAC have plummeted. 97% of new cars are on PCP so we will see how many will be returned/repossessed. 
Cars will not be selling so prices will fall but I wouldn't buy a car now unless mine was written off or stolen. People will only buy what they need as food and shelter is priority. 
I would hold off for a few months if you can because I think prices will drop dramatically.

darkwarrior

Thanks guys. Yes it was difficult to judge, because a lack of output of cars might actually make the prices rise through scarcity, but on the flipside they won't be shifting the cars they do have and so might slash prices to get rid.

facade

When we get through this, money is going to be very tight for "ordinary" people for quite a while, I doubt if cars will be very big sellers, and the high end of the second hand market will have to come down. The "banger" end may well go up due to demand for the cheapest cars.

strawb_shortcake

Very timely question for myself, my car died this week and need to replace. We typically go for low end of market, but a look online the prices for the older cars has gone up a fair bit in my opinion. 
What we got 2 years ago was £2k now we are looking at £3-4k for a 10-12 old car with in excess of 100k miles on the clock. 
Brief conversation with a mum on the school run has just bought a Kia Sorrento 13 plate and got £2k knocked off due to the garage shutting up due to the Coronavirus. 
I'm in no immediate rush to buy a car but in two minds to go for another cheaper one or pay a bit extra, either way I'm not paying monthly for one but not sure how deep I want to dig into my savings. 
I find car buying stressful at the best times, so struggling more than ever this time

AdrianC

annabanana82 said:

Very timely question for myself, my car died this week and need to replace. We typically go for low end of market, but a look online the prices for the older cars has gone up a fair bit in my opinion.

That's mostly the aftereffects of the flooding, I think. Anything not actively foetid <£2k was flying off the shelves a month ago, simply because a lot of people were needing to get mobile again.

strawb_shortcake

AdrianC said:

annabanana82 said:

Very timely question for myself, my car died this week and need to replace. We typically go for low end of market, but a look online the prices for the older cars has gone up a fair bit in my opinion.

That's mostly the aftereffects of the flooding, I think. Anything not actively foetid <£2k was flying off the shelves a month ago, simply because a lot of people were needing to get mobile again.

That makes sense, I hadn't considered that. 

Car_54

Many dealerships will go bust, and the liquidators will have a lot of cars to shift.

Those which stay in business will be desparate for cashflow.

strawb_shortcake

Car_54 said:

Many dealerships will go bust, and the liquidators will have a lot of cars to shift.

Those which stay in business will be desparate for cashflow.

Think it's best to hold off rushing into a purchase then

forgotmyname

£3k - £4k for a 10 year old car?  I paid £3k for a 5 year old car late 2018 from a smallish dealer.
Usual checks been trading for a good while and no name/owner changes so worth the 30 mile trip
to go and see the car. That was late 2018, 2 oil changes and 1 battery change later its still good.