What's going to happen to the car market?

Prices seem consistently high to me too. To the point where some cars I was looking at before all of this are now slightly out of my budget...
 
Yeah, i was looking to change mine in August when my PCP was up. But ended up paying the balance off so i know i actually own it. Was looking at the new version of mine and its more expensive, so they can go swivel.
A lot of deals are marketing cons (as usual in the car sales trade). But if they dont start properly reducing prices to reflect the current times then dealerships will close down.
I'll now wait till mid 2021 when more hybrid/electric cars are on the market anyway and then see how the land lies so to speak.
 
djbenjo said:
I decided flipping a car or two would be something to help as something to give me some focus, a few quid and after a bit of thought I came up with the following conclusion;

There are already a large number out of work, and with government support for business fading out, more job losses to come. This meaning many people losing company cars or being unable to keep up with car payments also ending up without a car. Living in an area with mostly low income people will be looking for something as cheap as possible to get them around.

Obviously low profits at this end of the market, but is it a good idea to buy two or three cars to target this type of situation, I'm talking £500 or sub? I just feel like there is already demand and its going to be increasing.

Or have I got this totally wrong?
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A mate of mine has been doing this recently, buying sub £400 sheds at a local auction advertising them straight away @ £995 and happily letting them go for £800, he’s doubling his money, the punter thinks he’s knocked him down by nearly £200 and bar his time at the auction he’s doing nothing else to the cars.

I’m tempted to give his method a try myself...
 
Much like the housing market, the government have been throwing money in (from the top) and it's skewed everything. Bounce back loans and business grants are behind the dearth of supercars/sports cars on sale at the moment. There were 30 odd 4c's for sale at the start of lockdown, typically 5-8 now. Similar figures for everything else, McLaren / Rarri / Porsche etc.
 
What people ask and what a car is worth are two different numbers.

I’m running an ageing Volvo. At the start of the policy book price was 3500-4100~ adjusting for condition. Two weeks ago a driver backed into it smashing the near side light and scuffed the bumper. My insurance wrote the car off for a sub £1k repair. Clearly the book price is now way off.
 
jigger said:
What people ask and what a car is worth are two different numbers.

I’m running an ageing Volvo. At the start of the policy book price was 3500-4100~ adjusting for condition. Two weeks ago a driver backed into it smashing the near side light and scuffed the bumper. My insurance wrote the car off for a sub £1k repair. Clearly the book price is now way off.
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With older cars the market can be very strange, more condition and clique based.
 
Mr Oblong said:
With older cars the market can be very strange, more condition and clique based.
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In the space of just over 10 months it’s insurance book price must have roughly halved for them to consider it a total loss with such minor damage. That is a pretty extreme swing in value.
 
jigger said:
What people ask and what a car is worth are two different numbers.

I’m running an ageing Volvo. At the start of the policy book price was 3500-4100~ adjusting for condition. Two weeks ago a driver backed into it smashing the near side light and scuffed the bumper. My insurance wrote the car off for a sub £1k repair. Clearly the book price is now way off.
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I hope you bought it back off them and did a DIY repair....
 
jigger said:
In the space of just over 10 months it’s insurance book price must have roughly halved for them to consider it a total loss with such minor damage. That is a pretty extreme swing in value.
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True, I wouldn't expect that.

Are we definitely talking book value, not an owner's estimate? Insurance companies seem to let you put in any insured value when quoting but it counts for little in the event of a claim.
 
Mr Oblong said:
With older cars the market can be very strange, more condition and clique based.
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Brand plays a major role on long term values. Most normal cars depreciate to zero over about a 20 year period, supercars tend to depreciate for 10 years. Hold value for the next 5-10 and then start going back up.
 
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