Used car prices post lock down

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Those who have taken payment holidays are identifiable via credit reports.
Interesting... will it affect someone’s rating adversely if they’ve taken a mortgage holiday? I know quite a few who have taken it “because they can” but have been unaffected financially by the lockdown..
 
When I was searching for my E63 last July, I spent 3 months going through Autotrader ads and others and viewing a couple or so cars before finding one I was happy with.
I notice a few of those cars from last July are still up for sale 10 months later and at the same price. The interest on £30k cars can't be cheap yet prices aren't being reduced and the cars are almost a year older. I'd say car sales have been stagnating a lot longer than the present lockdown.
 
Interesting... will it affect someone’s rating adversely if they’ve taken a mortgage holiday? I know quite a few who have taken it “because they can” but have been unaffected financially by the lockdown..
Not necessarily adversely, most credit reports show the amount paid each month, £0 will be a sure sign that a holiday has been used.

Lenders are also asking whether holidays have been taken and basing their decisions on the information given.

The score that the agencies give is a bit irrelevant as the lenders apply their own score which is based on more information such as income.
 
I'd say car sales have been stagnating a lot longer than the present lockdown.

Got agree with this , the garage round the corner seem to be playing chess with their cars , just moving the same ones around the forecourt for months. One of the other local garages are still showing car pics with snow on the ground.

The prices of ML`s / X5`s have not budged in months , possibly why certain cars have not budged off the forecourt in months.

K
 
I've had my current car for 10 years, the longest I've kept any car, I suspect there will be some bargains in the not too distant future, the dilema though is petrol, electric, diesel, hybrid whatever. As it's likely to be the last car I shall ever buy I need to make the right choice as I suspect in another 10 years I may not be driving, if I'm even still here.
 
Not necessarily adversely, most credit reports show the amount paid each month, £0 will be a sure sign that a holiday has been used.

Lenders are also asking whether holidays have been taken and basing their decisions on the information given.

The score that the agencies give is a bit irrelevant as the lenders apply their own score which is based on more information such as income.

I read that on resuming payments they rise by £200/month.
 
I read that on resuming payments they rise by £200/month.
There are too many variables to put a monthly amount on it because it depends on the size of your loan, remaining term etc.

Think of it this way, the 3 repayments that you miss will be added to your remaining loan and you will repay them over the remaining term, you will pay interest on these 3 payments over the rest of your mortgage term.

It's not free money.
 
I’ve got two cars up for sale at the moment.

My CLS63 is a bit of a one off, but priced it knowing that CV-19 will have slowed down people buying cars, it’s had some interest with offers of part exchanges, but happy to sit and wait.

My Lexus RX300 I thought I’d priced competitively, but when checking others for sale it’s very well priced at the lower end. In the couple of days it’s been up for sale it’s had quite a bit of interest albeit some speculative, but have received a few low offers already and a potential viewing.

I think time will tell how the buying market pans out, but can only think that on normal everyday cars that prices will drop as there will be less demand. I’m happy with this as I’ll be on the lookout for a classic Mercedes so May get a bargain!
 
There are too many variables to put a monthly amount on it because it depends on the size of your loan, remaining term etc.

Think of it this way, the 3 repayments that you miss will be added to your remaining loan and you will repay them over the remaining term, you will pay interest on these 3 payments over the rest of your mortgage term.

It's not free money.

I didn't read the article - just saw the strapline but can possibly find it for you if of interest.

My thought (what little thought I gave the topic) was it merely extended the payments in time (deferment) but seems otherwise.
 
Yes but that's why you are still driving a 1999 W140 :)
Sorry, couldn't help it, was the first thing that came to my mind. ;)

For the record I completely agree, too many people just think about signing on the dotted line now.

Glad the kids have their sensible hats on now and avoid debt.
No problem- it is my choice - I could have a new car on the drive and be in debt - I don’t want that ; while I don’t have the cash for a new Benz , I could buy a cheaper new car outright, but again I choose not to as I don’t see that as a good use of my money , not when it will be worth less the minute I drove away .
 
No problem- it is my choice - I could have a new car on the drive and be in debt - I don’t want that ; while I don’t have the cash for a new Benz , I could buy a cheaper new car outright, but again I choose not to as I don’t see that as a good use of my money , not when it will be worth less the minute I drove away .

Completely agree, that's what I was saying in my first post as well as pulling your leg. ;)
Apologies if you thought I was being serious and you've taken this the wrong way.
 
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Renting (PCP, HP etc) manages the cash flow but if you can’t make the payments, you lose your transport which you need to earn the income to pay for renting the car.

Buying for cash, or via an unsecured “bank” loan, separates that tie and gives you the freedom to change your vehicle whenever you want or need to.

I guess it a positive that we have such flexibility.
 
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The world is changing, and perceptions of finance are changing too, or should I say have changed.

What some people see as a paying back a loan for something they can’t afford, is seen by others as paying to use something over the period they use it.

What some people see as paying more than they need to in interest payments, is seen by others as being similar to the increase in list price over the term.

I’m sure there are plenty of other ways people see finance agreements differently. Neither approach is right and neither is wrong, they’re just different.

The reality is though that our future is one where we pay for things each time we use them, and not up front. This will change things dramatically in the automotive sector.

People who are younger and those with relatively greater incomes are more likely to adapt to those changes quickly than those who are older or lower incomes (that doesn’t mean poor).

That’s not absolute, there are many, many exceptions in both directions, and there always will be, however the trend towards consumption based costs (or monthlies) will continue.

Car manufacturers have been talking about their business being about mobility, and not about making cars, selling cars, or even financing cars for several years now.

What does that mean?

I’m sure it will evolve but paying to use a shared vehicle when you need it (like Boris’s Bikes) and paying for complimentary services and technology is where it will be at.
The one example of this where I have been forced into the subscription model is with software : Adobe are the guilty parties since , taking Photoshop as an example , the earlier versions I bought outright years ago don’t support the Camera RAW files out of my newer cameras , and the latest versions are only available in their Creative Cloud package which is a monthly subscription service .

There is a flipside in that Adobe software, which was always expensive, and was the industry standard , had become the most heavily pirated software on the planet , and by having low priced entry packages , they removed much of the incentive for people to steal their products , or for software pirates to make money out of it .
 
Completely agree, that's what I was saying in my first post as well as pulling your leg. ;)
Apologies if you thought I was being serious and you've taken this the wrong way.
Oh no , I got the humour 😊
 
No problem- it is my choice - I could have a new car on the drive and be in debt - I don’t want that ; while I don’t have the cash for a new Benz , I could buy a cheaper new car outright, but again I choose not to as I don’t see that as a good use of my money , not when it will be worth less the minute I drove away .
But what new car would be as nice as a w140?

I am having real trouble thinking of one.
 
But what new car would be as nice as a w140?

I am having real trouble thinking of one.
That is the other reason I drive the cars I do : I actually LIKE the cars better ; I prefer the interiors : wood , leather , nice materials , no chrome , plastics , no steering wheel buttons , mushroom leather , not black .
My choice , I appreciate others like different
 
Putting to one side the nostalgia, every new model of S-Class has moved the game on; go and drive a W222 S500 back to back with the W140 S500 and tell me which one is “nicer”.
Maybe you are right. For someone who is not in the slightest bit interested in in-car "tech" however and just wants to drive and enjoy a high quality car would there be a difference.
 

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