Used car prices post lock down

[Cyclone1]

Looking at the number of cars in the classifieds that have Sold in the last week or so, I’d say the market is active again.....

 

[219]

Exactly : I have an SL with a broken gearbox ; I love the car but am not looking forward to the job , despite having access to a 'free' gearbox out of a W124 320CE a friend is disposing of . It will cost only my time and hard work to fix . On the other hand , if R129 prices drop sufficiently , I might be inclined to just buy another car rather than fix mine , which would then just become a parts car .

Time will tell .

Well , the SL is now gone - I decided that with two house sales and a subsequent house purchase still to do , and no knowledge at this time what storage I will then have , I gave the SL away last weekend .

I decided that a non running car , which has already sat since last September , was not something I needed right now ; it had become a liability rather than an asset . Recognising that it was worth very little , I offered it to my friend who will fix it himself using the gearbox from his rusted out 320CE .

There will be other cars , plenty of them around , but not before I get settled in a new place .

 

[m80]

We sold Mrs Me's Gr Cherokee a couple of weeks ago.
I advertised Sunday at what I thought was too high a price fora 17 year old 94k miles motor. A chap transferred close to asking price across accounts, car unseen, Tuesday night and collected Wednesday. Over 600 views and 50 watchers (eBay classified).

While looking for replacement motors I'm seeing cars of, what I consider to be high prices, selling. Anything at an attractively lower price is snapped up fast.
Thursday a Gr Voyager came up, I went after it and wanted to view, a problem with the Auto Trader messaging system and another had taken it by Saturday afternoon.

Dealers are telling me they can't buy cars fast enough to sell, and they are low on stock.

This Covid has potential to be much more serious in the future. The economy can't be propped up indefinitely, especially if our Chancellor throws our money around as freely as he does. I now wonder if there is advantage in waiting till things settle down, or worse.

 

[mbzclk]

Cheap run around car prices are extremely strong. I would go as far as saying that prices are higher / or for the same price you are getting lesser cars (higher miles, more ropey etc)
Cars are not hanging around long, as per above, most are paid for at asking price and picked up and sold within 24hrs of advert. If the car is a good one I've seen a few go within a few hours of being listed.

I guess it's the fact that people are not using public transport in the same way and there are people that have decided to let go of their lease / expensive cars and downsize and release some cash from say a 10k Golf / BMW or something.

I've seen similar on PH being said esp. at the run around price bracket.

 

[Deleted member 6183]

We buy any car have just increased the value of the Mrs' SLK by £2k

 

[glojo]

I guess we might need advice because folks are talking about buying a 'fun car' with nice, competitive prices, but what about the insurance for the second car? For us this is definitely NOT going down.

We have two vehicles and we use an insurer that combines them both on one policy, the price to me is extortionate. My wife is the sole driver and she can only drive one car at a time. If the buyer were to buy any type of AMG, would their premiums go up through the proverbial roof?

 

[Deleted member 149005]

Depending on the result of the current high court case for business interruption loses due to Covid, we will all be facing significant increases in all insurance premiums..more so if the stock market takes another dive.

 

[Deleted member 149005]

Two cars on one policy is very rare...Most “multi car” policies are actually individual polices, with with their on NCB accrued discounts.

The exception is motor industry “trade cover” policies

 

[Will]

I noticed a reasonable drop in premium come renewal time this year. My insurer also gave me a £50 rebate earlier this year too due to the reduced usage resulting from COVID.

Many second vehicles can be insured on competitive terms if you meet certain criteria - eg limited mileage, garaged, not used for business or commuting etc.

It’s the VED that gets me more than insurance - flat rate regardless of how much a vehicle is driven or where it is parked!

 

[Bobby Dazzler]

I guess we might need advice because folks are talking about buying a 'fun car' with nice, competitive prices, but what about the insurance for the second car? For us this is definitely NOT going down.

We have two vehicles and we use an insurer that combines them both on one policy, the price to me is extortionate. My wife is the sole driver and she can only drive one car at a time. If the buyer were to buy any type of AMG, would their premiums go up through the proverbial roof?

AMGs aren't necessarily that much more expensive to insure than other cars, as long as there's nothing high risk about personal circumstances then they can be surprisingly affordable to insure.

I forget the specifics now but what follows is accurate to within a few pounds. This year I insured an 63 AMG as an extra car for 9 months for around £115, and apparently I received a £25 rebate (I never checked if I received it). In the same period my Smart ForFour was something like £290 for 12 months, less another £25 rebate.

The premium for that AMG actually went up this year to £185 - this time it's for 12 months instead of 9 months - which I believe is still more than reasonable, so I didn't even try to negotiate or shop around. The AMG is a Group 50. The Smart is a Group 2! I suspect a higher risk post code, driving or claim history, or age would increase that significantly.