What's going to happen to the car market?
- Thread starter bazaarboy
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Soldato
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That's odd, as before lockdown I asked four different places for a value and each one was around £18.5k. I just sold it today actually for £19.5k.
Just phoned up and said do you want it else I'll sell it elsewhere, and they said bring it in.
That said, like you, I wanted to get rid of it quickly in case things did indeed go south.
Associate
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Interesting, that's half what I was expecting, maybe we'll see a used market that is really mixed, the higher end seeing a large drop and the workhorse sector seeing a rise?
This could indeed happen, I am watching GT3 values closely, if they drop another 10-15k I will be very tempted to get one, there are definitely some bargains to be had on certain types of cars and at certain values.
Underboss
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nows the time to buy a supercar, before just "anyone" buying them and not looking after them, at the moment i would say they are in good nick
Caporegime
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if there is no vaccine there is no bottom for prices.
also not just anyone is going to be buying a supercar. that is a ridiculous statement. people are losing jobs. they will be spending money on financial security not supercars.
nobody who couldn't afford one before will be buying one any time soon
In 2008, there was a severe lack of liquidity so the banks did not have the money to lend people. In 2020, the banks have lots of liquidity and money to lend but it's less likely people will want to take it. End result may be the same, I personally have no idea and no ability to even guess, but the underlying situation is very different to 2008.
Associate
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How do we even track the prices changes without searching AT everyday. Are there any tools where you can spot trends in prices changes?
I think if you save or favourite cars on AT then it tracks price movements.
I am just watching GT3 values, when I got my 458 a 991.1 GT3 bottom was 105-110k and a 991.2 GT3 manual was 150k and the 991.1 GT3 RS was 160k. As I am considering one of those three to add to the collection I have been watching them and the asking prices are now 85-90k, 125k and 140k so they have come down a little, but my 458 which was 150k a similar spec model is now 135-140k so they have all moved and I do not really think we are seeing the effect of COVID19 yet in advertised prices.
My plan is to move on a 991.1 GT3 around 75k or a 991.2 GT3 manual around 110k as I'd be happy to get into one for that much and feel my risk/depreciation over a couple of years would be minimal. So am just going to watch over next few months, if problems still persist with COVID19 well into Winter then we will see prices fall for the usual Winter reduction in prices but at same a further fall due to COVID19, what I have noticed is no cars have gone up in price for Summer like they would normally do so in this category and have held their Winter price levels or dropped a little further.
My other option is to trade the 458 in against a Speciale but I feel I would prefer and get more enjoyment from owning a 458 and GT3 alongside each other, as Speciale's are insanely mileage sensitive and thus I'd hit a Speciale value massively as I'd easily add 5000 miles per annum with ease but the Speciale prices are really falling, LHD examples are now nearly 200k and RHD's are list at 250k upwards, if the latter hit 200k then they would become tempting as once this is all over the Speciale would no doubt bounce back in value, but I love my 458 and don't want to part with it and well a GT3 was always my dream so to own both seems like a great idea, man maths.
Hertz filed for bankruptcy already, was in the news yesterday!
Yes, especially as its not really clear when air travel will 'take off' again. Hertz US already filing for bankruptcy, don't see why the same won't happen here unless things change soon... Must be a fair amount of business travel which would use rental cars not taking place at the moment and unlikely to restart any time soon too (e.g at my company if someone's driving long distance on company business then they have the option of using a rental car rather than their own, but obviously that's not happening at the moment).
Ryan Air are promoting 1st July with new flying guidelines, nothing about seating arrangements though.
Soldato
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I'd keep well away from flying and airports full stop at this moment in time.
Soldato
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My Ryanair flight to Portugal took off today, realised no cancellation so thankfully moved it to next August.
i imagine it’s near to empty though, and they need to be pretty much full to maintain their business model so were pushing the fact it had HEPA filters and cabin crew wearing masks...
still need people who have accomodation at the other side of these phantom flights to even suggest car hire might recover. Not sure Ryanair tended to have a high number of destination car hires anyway, most are half cut at breakfast in Weatherspoons pre holiday.
i imagine it’s near to empty though, and they need to be pretty much full to maintain their business model so were pushing the fact it had HEPA filters and cabin crew wearing masks...
still need people who have accomodation at the other side of these phantom flights to even suggest car hire might recover. Not sure Ryanair tended to have a high number of destination car hires anyway, most are half cut at breakfast in Weatherspoons pre holiday.
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True shall be avoiding any flying this year.
Caporegime
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Turo will kill off car rental companies in the future. If covid doesn't already.
Associate
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On rental cars, it'll be interesting to see what happens. I have a sense that weirdly rental companies will be fine, albeit with a older than usual stock pile. The age of the car has never been a big concern for me when renting more the condition and milage - they will need to MASSIVELY increase the amount spent on cleaning though, but for corporate customers that'll just be accepted. For the tourism side that might be destroyed but the corporate side (which I understand makes up the vast majority of their business for the likes of enterprise / hertz) it might be business as usual with excess cleaning.
News today that McLaren are to lose 1200 of their 4000 workforce (of which 3/4 are automotive).
And you've probably seen that Dr Andy Palmer has left Aston Martin, after a shocking share price since the (premature) IPO last year.
Hopefully these two great brands will come through this strong and fitter for the long term.
And you've probably seen that Dr Andy Palmer has left Aston Martin, after a shocking share price since the (premature) IPO last year.
Hopefully these two great brands will come through this strong and fitter for the long term.