Talk Morgan Forums Community The Malvern Arms Would you buy a car at the moment i.e. Covid?

I’ve just bought a M3P, about the only car that is in demand. I collect it next week all being well.
I’d planned to sell my existing daily (2016 Jaguar XJ), but I think I’ll now have to hold on to it for a while, it’s value has just halved due to this virus.
To underline the bargain statement, I’d sell it now at £3k less than we-buy-any-car offered 2 weeks go.

Just watched this Chap on u tube who offers would be motor dealers an auction service. Not good news if you need to sell...but great for buying

https://youtu.be/jUMSeuLBfHg

Great for buying..??????

I suspects much depends upon what you might consider buying and for what purpose... As I have typed elsewhere, I am no economist nor do I have a crystal ball, but with Climate change regulations ever changing, the move towards electric cars and the effects of this virus, I suspect NO ONE has any real idea of the REAL value of ANYTHING right at the moment and even less so in day, week, month or a years time, let alone the value of a car you may have little use for and for how long..unless perhaps you are a key worker who needs a car...?

Capital expenditure at this time would seem to be a very risky business, unless you are of the type who likes to gamble or thinks he has great market insight, and likes to gamble.. (-:

Imagine all those cars you ever fancied who`s current owners have some sort of payment plan involved....

I have heard of folk having to agree to all sorts of "deals" relative to their wages, 20% cut till the end of the year, others with 50% cut and the ability to cut their pension payments into the scheme, the company reducing it`s pension pay in to minimums, and so much more... talk of some airports perhaps requiring to shut down.

I suspect car payment defaults may increase and as one who overspent by a very few grand on a major house renovation circa 35 years ago, I can tell you it took me quite some time to clear the decks again, Thus with that in mind there will no doubt be quite a few folk out there who will REALLY struggle just to keep warm dry well fed and pay the bills, even with govt LOANS and freezes on payments for ..err..how long, care to guess..? Seems to me that if and when Covid is defeated, tomorrow, it will take some time to recover in terms of the general economic situation, and toilet paper will once again become freely available... sigh.

If Covid disappears overnight then I may have been typing rubbish...... as usual.. (-:

Any time of confusion over whats going on is going to put folk off bigger ticket items - cars/houses/holidays etc , until we get a clearer picture of what/when /how etc then its best to keep out of the market. As you say there are always gamblers out there and the successful ones are fewer than the losers !

I’ve been toying with changing my tintop, I use wewantanycar.com as a general guide to values. Seen a car at my dealer, they’re asking 31k for it, 12 months old, 10k etc.. wewantanycar ‘s offer was £ 27,450. They offered £16450 for mine, dealer £15800. Got an email from webuyany car yesterday with revised offer for prospective purchase, £17,600 ! Due to ‘downturn in the automotive industry’. Buyer beware but there will be some real bargains out there soon........

I agree it is a risky time to purchase a car but if you are brave people will think you have a fantastic bargain in a few months time when things hopefully cars down.

The only problem is I have a less money than I did a month ago. If the market bounces back strongly in the future, as it usually does, it possibly not the time to spend on something I don’t really need.

A very good point about PCP defaults escalating as people lose jobs, income or their preoccupation with looking more successful than they are. If this results in a lot of cars being handed back or repo'd at less than their underwritten value then some banks (who ultimately finance the specialist lenders) have a another big hit coming.