Coronavirus effect on car prices?

Peter999_2

I bought a new (well second hand) car on Wednesday.   I was going to lease and get £4,500 for my car, but I part exchanged it for £4,650 instead.    I checked webuyanycar.com today and it now says that the price is only guaranteed for 1 day instead of 7 and now they will only offer me £3,400.   Drop of £1,100 in 6 days - about a 25% drop.

Car_54

You’re not comparing like for like. The price offered by WBAC is always going to be much less than retail or trade-in.

marlot

Mercdriver said:

People place orders well in advance.  A month ago many thought we were untouchable.  Two months ago, it was just another Asian based disease.

So true.
24 Jan - Chris Whitty - "We all agree that the risk to the UK public remains low, but there may well be cases in the UK at some stage. We have tried and tested measures in place to respond. The UK is well prepared for these types of incidents, with excellent readiness against infectious diseases."  

HHarry

 I think the premium end of the market will dive.  I returned a faulty car last week and got a full refund.  I think I could get something similar for considerably less in the next months.

motorguy

Used car prices are going down - dealers struggling to shift stock and reluctant to buy more cars in or take trade ins.

WBAC offering a pittance now and they clearly dont want cars.  Evans Halshaw have stopped their online buying service.

I'm watching trade auctions and stuff now struggling to get anywhere near trade price.  

The car market has been driven (ha!) by people "wanting" a change, now it'll only be those who "need" to change cars for whatever reason, so expect a drop of similar scale to when the property market crashed in 2007 / 08

mattyprice4004

Prices are going to go through the floor 

noclaf

I was also planning to change my car in April/May but doesn't seem such a priority now. Whilst there might be cheaper used cars around my p/x may of taken a significant hit so happy to just sit tight and hold out. I will continue driving my shed untill the situation eases somewhat though no idea when that will be....
Someone mentioned that lot of PCP cars would likely go back...what normally happens to these? Will they simply be leased out to another customer or likely sold onto the car supermarkets/smaller dealers? I ask as I am or will be a cash buyer...though not trying to time the market

strawb_shortcake

I'm tempted to go to the local garage this afternoon and see what kind of reductions they'd be offering considering its widely expected a more rigorous lockdown is going to be announced later today? 
As I said before I can wait to buy a car but I will need one in the next month or so depending when I need to go back to work

fred990

Very tempted too. Late low mileage main dealer 535d estate with toys now plummeted in price, might cycle round to see how keen they are to shift it!

Herzlos

The local garage does have a couple of nice cars sitting well above my budget that I'll be keeping a close eye on since if the drop is equal across the board my £5k car is going to be losing value a lot slower than the £15k I fancy so the cost to change will shrink over time. We'll see what happens when the lockdown finishes.