Car prices

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cricketfieldclarets
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Car prices

Post by cricketfieldclarets » Sat Jun 06, 2020 11:35 am

Anyone on here work with or clued up on car prices?

Someone was interested in my car pre lockdown but I didn’t want to sell. They’ve text again today still interested.

On the face of it seems a fair offer. I’m not pushed for selling it and would happily keep it. But as I’m using it less right now and it’s nowhere near as essential at the moment wondering if there may be some real bargains to have in a few months. So may be worth selling it and sitting on the cash for a couple of months. (Not driving for work and not many places we can drive to for leisure at the minute. Gone to quarry bank today as it happens but first place we’ve drove for weeks and weeks.)

Anyone think there may be a huge drop Accross the board when the new reg cars were due out in a couple of months?

Thanks in advance...

Claret Toni
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Re: Car prices

Post by Claret Toni » Sat Jun 06, 2020 12:01 pm

A dealer friend told me that 2nd hand values at the lower end (£2k-£5k) are holding firm and even strengthening as people who previously used public transport now look to their own transport.

New car sales have virtually disappeared and distributors were still held to their orders submitted early in the year - pre-lockdown, so their pounds are full.

I've been thinking of changing mine for a while but have decided to sit tight and watch.

cricketfieldclarets
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Re: Car prices

Post by cricketfieldclarets » Sat Jun 06, 2020 12:12 pm

Claret Toni wrote:
Sat Jun 06, 2020 12:01 pm
A dealer friend told me that 2nd hand values at the lower end (£2k-£5k) are holding firm and even strengthening as people who previously used public transport now look to their own transport.

New car sales have virtually disappeared and distributors were still held to their orders submitted early in the year - pre-lockdown, so their pounds are full.

I've been thinking of changing mine for a while but have decided to sit tight and watch.
Thanks good advice.

I imagine that’s probably true to a degree. Mine holds its value very well and I’m not desperate to sell it. That said if I get a decent price I’d be tempted and maybe get something a bit more practical.

evensteadiereddie
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Re: Car prices

Post by evensteadiereddie » Sat Jun 06, 2020 12:26 pm

I'm looking to change my Renault and have an appointment on Monday at the showroom as I'm interested in another one they have on the forecourt. I'm not that fussed about changing at the moment to be honest but it will be interesting to go and see how generous - or not - the dealership can be on a part ex on a cash deal.
I'm expecting them to be pretty desperate to shift stock but if not and the offer's not brilliant, I'll leave it.
We'll see.
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FactualFrank
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Re: Car prices

Post by FactualFrank » Sat Jun 06, 2020 12:30 pm

I've not driven a car since last May, when my engine decided to blow up. I imagine the demand will be there though now, with people wanting to avoid people/public transport.

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Re: Car prices

Post by Billy Balfour » Sat Jun 06, 2020 12:34 pm

Claret Toni wrote:
Sat Jun 06, 2020 12:01 pm
A dealer friend told me that 2nd hand values at the lower end (£2k-£5k) are holding firm and even strengthening as people who previously used public transport now look to their own transport.
I can see the logic in that at the moment, but I think it will only be a short term boost. A couple of months down the road, no pun intended etc, and lower end prices will drop too.

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Re: Car prices

Post by Billy Balfour » Sat Jun 06, 2020 12:36 pm

I also think another scrappage scheme will be brought in for new cars.

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Re: Car prices

Post by ashtonlongsider » Sat Jun 06, 2020 12:38 pm

From experience it will take the market a while to settle and find it's new level. A lot will depend on how the pandemic evolves and the important impact on employment. The belief is that used car initially should hold their own. However there's a feeling sales of new vehicles will be sluggish, forcing manufacturers to implement incentive schemes to help move stock and get the market moving again. This takes time but in summary I think patience is required.

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Re: Car prices

Post by Billy Balfour » Sat Jun 06, 2020 12:40 pm

I can also see the prices dropping for nearly new cars. Those cars that were 'bought' on PCP deals that people can no longer afford. There should be some bargains for cars that are under three years old. Bad times, though.

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Re: Car prices

Post by Pimlico_Claret » Sat Jun 06, 2020 1:19 pm

evensteadiereddie wrote:
Sat Jun 06, 2020 12:26 pm
I'm looking to change my Renault and have an appointment on Monday at the showroom as I'm interested in another one they have on the forecourt. I'm not that fussed about changing at the moment to be honest but it will be interesting to go and see how generous - or not - the dealership can be on a part ex on a cash deal.
I'm expecting them to be pretty desperate to shift stock but if not and the offer's not brilliant, I'll leave it.
We'll see.
I'm sort of in the used car business, dealers these days not keen on the old cash deals as they make money selling finance.

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Re: Car prices

Post by Billy Balfour » Sat Jun 06, 2020 1:57 pm

It's been like this for years, but it doesn't mean they won't sell to you. Just means there's not as much in it for them. For the next year or two I should think they'll be more than happy with cash customers. We were heading for an economic dip before C-19 hit. Now we're deeply into a recession. In a recession, cash is always king.

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Re: Car prices

Post by tim_noone » Sat Jun 06, 2020 3:03 pm

Someone parted with 15 grand this morning for a 65 plate?? Subaru in what I'd call sh!t blue at the nearby dealership.the wife looked happy...

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Re: Car prices

Post by Clarets4me » Sat Jun 06, 2020 3:22 pm

evensteadiereddie wrote:
Sat Jun 06, 2020 12:26 pm
I'm looking to change my Renault and have an appointment on Monday at the showroom as I'm interested in another one they have on the forecourt. I'm not that fussed about changing at the moment to be honest but it will be interesting to go and see how generous - or not - the dealership can be on a part ex on a cash deal.
I'm expecting them to be pretty desperate to shift stock but if not and the offer's not brilliant, I'll leave it.
We'll see.
If you get a quote from " webuyanycar.com ", duly taking account of dents, scratches etc, and then add around £500/£600, then that is what your Renault would be expected to fetch at auction. WBAC are now owned by British Car Auctions ( BCA marketplace ), so they see what stuff is fetching day to day ....
If you're fully committed to a cash purchase, then the " balance to change " is the only figure that counts. What they quote you as P/X, or the headline price of their car are irrelevant. Armed with a " webuyanycar " valuation, ask them for their best price for cash, leaving out your P/X. There's a really strong demand for cars in the £2,000 - £5,000 range at present, as other posters have indicated.

If you decide to sell privately, " Autotrader " is the best way. Get it a fresh 12 month MOT, give it a good valet, remove any personalisation you may have, ( stickers etc ), tune the radio to Radio 4, Classic FM etc, and get the spare key, paperwork, Service History etc together. You can also get a printout of the MOT history of the car, dates, mileages etc ( proves your Renault hasn't had it's mileage changed ) ..

I hope this is useful, and I'm not " teaching my Granny to suck eggs " ! Good luck !
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Re: Car prices

Post by cricketfieldclarets » Sat Jun 06, 2020 4:55 pm

Pimlico_Claret wrote:
Sat Jun 06, 2020 1:19 pm
I'm sort of in the used car business, dealers these days not keen on the old cash deals as they make money selling finance.
Yep. I offered cash for my car and he offered me a better discount if I got on tick. Opted against the better discount and still managed to get him down.
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Re: Car prices

Post by conyoviejo » Sat Jun 06, 2020 5:00 pm

Most are throwing free face masks in with the deal as well.

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Re: Car prices

Post by evensteadiereddie » Sat Jun 06, 2020 5:13 pm

Clarets4me wrote:
Sat Jun 06, 2020 3:22 pm
If you get a quote from " webuyanycar.com ", duly taking account of dents, scratches etc, and then add around £500/£600, then that is what your Renault would be expected to fetch at auction. WBAC are now owned by British Car Auctions ( BCA marketplace ), so they see what stuff is fetching day to day ....
If you're fully committed to a cash purchase, then the " balance to change " is the only figure that counts. What they quote you as P/X, or the headline price of their car are irrelevant. Armed with a " webuyanycar " valuation, ask them for their best price for cash, leaving out your P/X. There's a really strong demand for cars in the £2,000 - £5,000 range at present, as other posters have indicated.

If you decide to sell privately, " Autotrader " is the best way. Get it a fresh 12 month MOT, give it a good valet, remove any personalisation you may have, ( stickers etc ), tune the radio to Radio 4, Classic FM etc, and get the spare key, paperwork, Service History etc together. You can also get a printout of the MOT history of the car, dates, mileages etc ( proves your Renault hasn't had it's mileage changed ) ..

I hope this is useful, and I'm not " teaching my Granny to suck eggs " ! Good luck !

Good to know, Clarets4me, thanks for that. Any tips on the squeezing of their metaphorical nuts is always useful.

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Re: Car prices

Post by Zlatan » Sat Jun 06, 2020 5:15 pm

cricketfieldclarets wrote:
Sat Jun 06, 2020 4:55 pm
Yep. I offered cash for my car and he offered me a better discount if I got on tick. Opted against the better discount and still managed to get him down.
Bought the goody lady a brand new Citroen C1 about 4 years ago at the dealers “Manufacturers day” where they had big discounts to shift old stock before new plate came out - did the negotiating (including getting £600 trade in for a 53 plate C3 we actually bought for £200 - her first car) and they gave us a price of £8995 for a car “worth” a list price of £10995 but it included their finance deal. We had cash, but didn’t tell them, after saying we wanted to pay cash, they refused - we walked away.

Had a phone call at about 4pm and they accepted our cash offer, managed to get 3 years servicing thrown in too because we had to go back ;)

We got £6000 trade in on that C1 after 3 years - she went for a second hand Fiesta ST3 of the same age and paid £4000 for the privilege - and that’s only lost about £500 value in 12 months.

Cash is king, especially when they’ve got sales figures to meet
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Re: Car prices

Post by evensteadiereddie » Sat Jun 06, 2020 5:19 pm

I'd have thought so, Zlatan, especially now.
Like you, at least I've got the luxury of being able to walk away if I'm not impressed. If they get back to me brilliant, if not I'll hang on until they're really struggling.
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Re: Car prices

Post by claretblue » Sat Jun 06, 2020 6:26 pm

cricketfieldclarets wrote:
Sat Jun 06, 2020 11:35 am
So may be worth selling it and sitting on the cash for a couple of months
put the money in the bank and live off the interest! ;)

:D
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Re: Car prices

Post by Clarets4me » Sat Jun 06, 2020 7:06 pm

evensteadiereddie wrote:
Sat Jun 06, 2020 5:19 pm
I'd have thought so, Zlatan, especially now.
Like you, at least I've got the luxury of being able to walk away if I'm not impressed. If they get back to me brilliant, if not I'll hang on until they're really struggling.
Another decent idea, is to find out through a " Beta Companies House " search when their year end is, and visit in the last week of a quarter. Pendragon, who own Stratstone & Evans Halshaw, have a year end of 31 December. So their quarterly sales targets will be end of March, June & September, amazing what deals can be done if the Dealer Principal is 2/3 sales short of hitting a " Bonus ", especially if a car has been on the forecourt a while ...
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Re: Car prices

Post by cricketfieldclarets » Sat Jun 06, 2020 8:05 pm

Made an offer on one I looked at pre lockdown. Price is still same as 4 months ago and not for moving.

Surely a diesel that’s been sat there doing nothing for over four months at a dealership that’s made no cash isn’t worth the same now...
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Damo
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Re: Car prices

Post by Damo » Sat Jun 06, 2020 8:14 pm

cricketfieldclarets wrote:
Sat Jun 06, 2020 11:35 am
Anyone on here work with or clued up on car prices?

Someone was interested in my car pre lockdown but I didn’t want to sell. They’ve text again today still interested.

On the face of it seems a fair offer. I’m not pushed for selling it and would happily keep it. But as I’m using it less right now and it’s nowhere near as essential at the moment wondering if there may be some real bargains to have in a few months. So may be worth selling it and sitting on the cash for a couple of months. (Not driving for work and not many places we can drive to for leisure at the minute. Gone to quarry bank today as it happens but first place we’ve drove for weeks and weeks.)

Anyone think there may be a huge drop Accross the board when the new reg cars were due out in a couple of months?

Thanks in advance...
I suppose it depends on your budget once this is all over. I'd imagine companies may offer incentives on new vehicles. Or they may slow down production and make people redundant and keep vehicles priced similarly to what they are now. The market already had problems before covid19 appeared.
On the flip side, the economic hit from all of this may force people to keep hold of used cars that they would normally trade in, or buy something second hand to avoid committing to a long term financial agreement in the face of uncertainty in the job market.
Also, I'd imagine quite a few cars will end up getting scrapped once they have to be mot'd come october once the 6 month extension ends, forcing up the prices of second hand vehicles

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Re: Car prices

Post by Sean Dyche's Watch » Sat Jun 06, 2020 8:27 pm

cricketfieldclarets wrote:
Sat Jun 06, 2020 8:05 pm
Made an offer on one I looked at pre lockdown. Price is still same as 4 months ago and not for moving.

Surely a diesel that’s been sat there doing nothing for over four months at a dealership that’s made no cash isn’t worth the same now...
Of course it's not worth the same as it was four months ago, but the dealership wont have been making any profit recently, so they'll try their best to sell cars at pre-lockdown prices.

I think it is far too soon to be thinking there's any bargains to be had. Just wait a couple of months and see what happens.

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Re: Car prices

Post by cricketfieldclarets » Sat Jun 06, 2020 10:16 pm

Sean Dyche's Watch wrote:
Sat Jun 06, 2020 8:27 pm
Of course it's not worth the same as it was four months ago, but the dealership wont have been making any profit recently, so they'll try their best to sell cars at pre-lockdown prices.

I think it is far too soon to be thinking there's any bargains to be had. Just wait a couple of months and see what happens.
Fair point. Its a bit of a catch 22.

Ive been offered a good price for mine that I would probably have to faff about with to get elsewhere.

I'm not desperate to sell it, love the car in fact. Just bought it for a couple of reasons that it wont be needed for now. And could probably do with something a bit more practical / frugal...

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Re: Car prices

Post by tim_noone » Sat Jun 06, 2020 10:22 pm

cricketfieldclarets wrote:
Sat Jun 06, 2020 10:16 pm
Fair point. Its a bit of a catch 22.

Ive been offered a good price for mine that I would probably have to faff about with to get elsewhere.

I'm not desperate to sell it, love the car in fact. Just bought it for a couple of reasons that it wont be needed for now. And could probably do with something a bit more practical / frugal...
Flog it....the other one appears to have gone or been moved.

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Re: Car prices

Post by cricketfieldclarets » Sun Jun 07, 2020 11:58 pm

tim_noone wrote:
Sat Jun 06, 2020 10:22 pm
Flog it....the other one appears to have gone or been moved.
It has. Thats why he is after mine now - he told me as much! :D

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Re: Car prices

Post by evensteadiereddie » Mon Jun 08, 2020 11:28 am

Just been to the Renault showroom locally and the car I was after had gone, so that problem was solved but I did have a look at some similar others . Talking to a mechananic, there's a huge logjam of pre-lockdown new deliveries that they're struggling to process.
The sales lad I met reckons the used market is going very well - for them - at the moment with prices holding but did admit, once the initial reopening rush dies down, there could well be difficulties.
Maybe it's better, as someone advised earlier, to hold off a while and see what happens.

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Re: Car prices

Post by Billy Balfour » Mon Jun 08, 2020 1:32 pm

Yes, wait until autumn. In fact, wait until autumn for any big spend items you intend to buy.

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Re: Car prices

Post by KateR » Mon Jun 08, 2020 2:19 pm

all I know is every car we buy is done so on the last 2 days of the month, usually last day due to the need to meet sales and the last day of a quarter is the best day of all as someone else mentioned as they are more desperate to lock that sale in.

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Re: Car prices

Post by cricketfieldclarets » Mon Jun 08, 2020 5:22 pm

Billy Balfour wrote:
Mon Jun 08, 2020 1:32 pm
Yes, wait until autumn. In fact, wait until autumn for any big spend items you intend to buy.
But selling mine means I can’t wait too long. It’s a bit of a catch 22. Might have a good deal both ways lined up. But could probably sell mine now and hang on a month if needed.

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Re: Car prices

Post by Billy Balfour » Mon Jun 08, 2020 6:16 pm

cricketfieldclarets wrote:
Mon Jun 08, 2020 5:22 pm
But selling mine means I can’t wait too long. It’s a bit of a catch 22. Might have a good deal both ways lined up. But could probably sell mine now and hang on a month if needed.
I'd sell now if I was you. We were heading for a downturn before C-19 and in any case, unless your car is a classic, it will depreciate in value. Mind you, even classic cars see a dip in the short term during a recession.

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Re: Car prices

Post by The Enclosure » Mon Jun 08, 2020 7:41 pm

Sell yours and rent a small runabout for a couple of months until you are ready to buy..A small rental car is not that expensive short term

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Re: Car prices

Post by cricketfieldclarets » Mon Jun 08, 2020 8:02 pm

I don’t need one short term anyway. I’m not in the road with work and can’t exactly go anywhere anyway!

Sold...
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warksclaret
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Re: Car prices

Post by warksclaret » Mon Jun 08, 2020 10:57 pm

You will be in a strong position to haggle on new as manufacturers will be incentivising dealers to get the job back on course, and cash in the car market is KING , particularly now with staff coming off furlough. I have been tracking the used market since February as I am looking to buy a 3-4 year old car. Used cars are selling well, and values are holding their own-in fact looking stronger than earlier in the year
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cricketfieldclarets
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Re: Car prices

Post by cricketfieldclarets » Mon Jun 08, 2020 11:20 pm

warksclaret wrote:
Mon Jun 08, 2020 10:57 pm
You will be in a strong position to haggle on new as manufacturers will be incentivising dealers to get the job back on course, and cash in the car market is KING , particularly now with staff coming off furlough. I have been tracking the used market since February as I am looking to buy a 3-4 year old car. Used cars are selling well, and values are holding their own-in fact looking stronger than earlier in the year
Thanks. The weird thing is when I bought it they were really reluctant to do cash and wanted finance. Not that I would have gone for a lease etc but even more glad now!

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