Selling a Car is a nightmare right now

[Deleted User]

PCP was a bubble just waiting to be burst. 

HHarry

photome said

Could it go the other way?

When the market opens there could be a glut of buyers pushing prices up

I’d be surprised as well.  My daughter works for British Car Auctions and when they closed up on the 24th they had thousands of cars in stock waiting to be sold.  And they’ll be thousands more lease cars coming to an end during the lockdown period.
If you want something around 3 years old and you’ve got cash, there’s going to be some cheap cars out there.

mark55man

Having a car sitting around for months isn't great for it - make sure you start it up now and again to move the liquids and the tyres - and make sure it doesn't get damp or you will get mould.  the weather will be your friend in a month or two, but now is still dangerous.  if its a diesel be careful idling for too long or you could clog the filters - probably better to get a trickle charger  in that case

photome

The_Rainmaker said:

photome said:

Could it go the other way?

When the market opens there could be a glut of buyers pushing prices up

I very much doubt it, there will no doubt be a lot of repossessions, surplus stock of end of lease cars that have not made it to the market etc.

Unemployment will probably be high, folk will be cash strapped. 

you are probably right

The_Rainmaker

photome said:

The_Rainmaker said:

photome said:

Could it go the other way?

When the market opens there could be a glut of buyers pushing prices up

I very much doubt it, there will no doubt be a lot of repossessions, surplus stock of end of lease cars that have not made it to the market etc.

Unemployment will probably be high, folk will be cash strapped. 

you are probably right

Interestingly after I wrote that last night I had a quick look for articles on the subject not much available just yet but I had a wry smile on my face; the industry is trying to talk their book and persuade people that prices won't crash.

One thought I had is a lot of manufacturers do not carry the stockst they did in 2008-10 so it may not be as bad as then.  Also natural buyers of new cars may be attracted to the good value ex PCP/Lease cars.

My other thought was that if people try and get too cute trying to find the bottom they may be sorely disappointed.

My advice is do some research now so you know what the current market is and then watch the market like a hawk and be ready to pounce.

silverwhistle

We've seen elsewhere on these boards the fact that lease companies haven't been collecting cars at the end of their terms, and for that reason alone there will be a spike in volumes and availability. It's then a question can the industry physically and financially ration those cars back to market without reducing prices too much? So yes, watch the market and perhaps go in with a low offer and a quick deal (no part-exchange etc.). Personally my 10 year old hatchback pootles on happily, although I'd like an EV for my next car, and they seems to be a different kettle of fish and even more difficult to call on prices and availability.

marlot

silverwhistle said:

We've seen elsewhere on these boards the fact that lease companies haven't been collecting cars at the end of their terms, and for that reason alone there will be a spike in volumes and availability....

This is true.  However, many people with a lease or PCP car, will be wanting a new one.  And the factories are currently closed.  So there will be a glut of 3-4 year old cars, and a shortage of new and nearly-new.
Strange times.  Probably a good time to buy a 3-year old car.  Less good to buy new.

Herzlos

marlot said:

silverwhistle said:

We've seen elsewhere on these boards the fact that lease companies haven't been collecting cars at the end of their terms, and for that reason alone there will be a spike in volumes and availability....

This is true.  However, many people with a lease or PCP car, will be wanting a new one.  And the factories are currently closed.  So there will be a glut of 3-4 year old cars, and a shortage of new and nearly-new.
Strange times.  Probably a good time to buy a 3-year old car.  Less good to buy new.

But then a lot of people ending PCPs will have already ordered a new car in time for the change (because order times vary). So those purchases are likely already accounted for.

With a financial squeeze people will likely buy older or keep them longer, so demand for new cars usually drops.

The_Rainmaker

I spent a bit of time on Copart today and prices are still remaining stubbornly high (I'm in the market for a Fiesta sized car for my daughter).  The likes of the Polo and Fiesta were as said quite high but for some of the lesser marques there may be bargains appearing.  Of course with lockdown, supply at Copart may dry up both from lack of delivery to their facilities (?) and less accidents.  Anyway I now have a rough idea of the market as we stand today.