[Tengocity]

https://www.bbc.co.uk/news/uk-englan...shire-56104281

The pictures in this article are quite eye catching, but I was interested to rad that the used car market is in a slump. From discussions on here, and my observations on used car availability and prices I got the impression that there was a shortage of cars around, and prices were fairly strong at the moment.

Pictures in this article of Rockingham rammed full of cars suggest otherwise!

My old company 330e departed in October, and has been parked up at BCA near Bicester pretty much ever since, and hasn't moved in ages.

I guess the car makers needed to do this to avoid car prices going through the floor.

[isleaiw1]

Originally Posted by Tengocity

https://www.bbc.co.uk/news/uk-englan...shire-56104281

The pictures in this article are quite eye catching, but I was interested to rad that the used car market is in a slump. From discussions on here, and my observations on used car availability and prices I got the impression that there was a shortage of cars around, and prices were fairly strong at the moment.

Pictures in this article of Rockingham rammed full of cars suggest otherwise!

My old company 330e departed in October, and has been parked up at BCA near Bicester pretty much ever since, and hasn't moved in ages.

I guess the car makers needed to do this to avoid car prices going through the floor.

I'd say that the car hire companies and big fleets have been taking back stock and not pushing through auctions for fear of flooding the market by the looks of that, and that they are probably currently buying fewer as less demand and so will balance flow to market over next 12 months as supply drops from lower purchases now.

What a waste of Rockingham, used to love going there when a friend was Finance Director....

[pmgreenwood]

Not surprised.

On many of the car forums, individuals are reporting selling cars or delaying buying as no use for them during the lockdown.

Of the new listings of car types/specs I get notifications of from Autotrader, the number of cars I get notice of is running about twice the level of 18 months ago.

Also, reports here of members getting trade-in offers less than WBAC indicating the new car supplying dealer really does not want to add the trade-in to their existing stock or take the auction risk on it.

[aquazi]

I vt’d my old 435d in Sept - it still hasnt been taxed or insured!

But looking at used Audi prices at the moment i would say they are rather strong at the moment - maybe come late summer when the new plate is out prices will start to drop?

[Goneinsixtyseconds]

It was similar in the first lockdown. Trade in prices plummeted for a while, but the advertised used prices stayed strong.

Then when lockdown ended and people started buying again, trade in prices jumped up straight away as stock levels were pretty low.

Presumably dealers didn’t want to add to stocks, even if they were low, when things weren’t moving. But as soon as they were they needed to replenish quickly.

The story doesn’t really have much to give a wider picture, cars could be being returned, but dealers not buying now. It could all change again like last time when it opens up. Rockingham could be filling up, and places like it, but dealer forecourts could still be empty.

Last year after lockdown dealers that I went to said that second hand sales were down due to lack of stock, not demand. Which is why prices remained high when we were out of lockdown.

[isleaiw1]

Well the WBAC value for my M5 is higher than it was when I sold it last July (leaving mileage and everything else the same) and now is about what the dealer group gave me for it.

Hardly suggests a slump, and maybe that decent stock is hard to get hold of....

[HighlandPete]

Originally Posted by Goneinsixtyseconds

The story doesn’t really have much to give a wider picture, cars could be being returned, but dealers not buying now. It could all change again like last time when it opens up. Rockingham could be filling up, and places like it, but dealer forecourts could still be empty.

Last year after lockdown dealers that I went to said that second hand sales were down due to lack of stock, not demand. Which is why prices remained high when we were out of lockdown.

Does make you wonder what the real picture is. Is it a case of decent stock is short, but still plenty of average models about, but not moving?

I do suspect there is a lot of rethinking of what folks really want in the months ahead, particularly if jobs and money become more limited. Will the market return to 'normal' in the short term?

[HighlandPete]

Originally Posted by isleaiw1

Well the WBAC value for my M5 is higher than it was when I sold it last July (leaving mileage and everything else the same) and now is about what the dealer group gave me for it.

Hardly suggests a slump, and maybe that decent stock is hard to get hold of....

That's my thinking. There is nothing much out there I'd replace my car with at the moment, very limited choice nationwide. But loads of boring stuff I'd not even look at.

[Goneinsixtyseconds]

Originally Posted by HighlandPete

Does make you wonder what the real picture is. Is it a case of decent stock is short, but still plenty of average models about, but not moving?

I do suspect there is a lot of rethinking of what folks really want in the months ahead, particularly if jobs and money become more limited. Will the market return to 'normal' in the short term?

My own view is purely speculation. But centres taking in lease cars, or at end of PCP, VT’d cars are still receiving plenty in lockdown, maybe more than normal. Wouldn’t take long to fill places like Rockingham. But dealers don’t want to outlay cash on stock until they have more cash coming in. Plenty of profitable businesses go under because they don’t manage cash flow properly, it could just be that, temporary cash flow caution.

[MY340i]

lots of the end of lease boggo standard stuff is sitting about - but this is usually the case.

The good spec used cars don't hang around long

[Watsey]

Probably a big PR message here from the dealers as well : "the one approved used car that we sell this month will be priced strongly".

Neither of our cars are really being used; the roads are very quiet; huge numbers people are in the same situation - they don't need their cars like they used to. I expect there are tens of thousands of individuals and families reaching the end of their PCP etc and realising that they don't need their only / second / third car.

[MashinBenzin]

Plenty of trucks in those pictures and, more pertinently what appear to be a load of delivery vans - the latter are certainly in demand.

My own feeling is that the used market will do just fine once the lockdowns are over, the lack of supply from 2020/2021 registrations will have a positive ripple down impact, protecting values.

[Panchoa]

Originally Posted by Tengocity

My old company 330e departed in October, and has been parked up at BCA near Bicester pretty much ever since, and hasn't moved in ages.

I guess the car makers needed to do this to avoid car prices going through the floor.

Yep same story for the 430d I traded in back in start of December - car hasn’t moved from Newhaven and hasn’t been taxed either. Looks like they are struggling to shift cars although I am suprised it hasn’t popped up on AT as it’s a reasonably popular car I would have though with quite a high spec! Surely trying to put it on AT is better than it sat in an industrail park somewhere???

[sahajesh]

I think I'll leave my 340i on my Connected Drive account and see where it goes/how long it stays there.

Once it's moved on, I'll delete if of course.

[TouringPleb]

I was at the former RAF Alconbury a couple of weeks ago for a training course.

Also used to store cars, some used, some Ford and BMW but predominantly thousands of new VAG products stored. If you want a Passat that's where they all are and every type of Audi including a row of 30-40 A7s.

Also saw a new Ford Mustang, the electric one, running about. I thought it looked good.

[225]

I looked into this the other day when I was bored. Used prices are still about 8.5% higher than in Nov 2019 so when you are looking at a 45k approved used bmw that is a few K.
There is definitely a stand off now with dealers not dropping prices and waiting for pent up demand.

Hopefully the odd lease deals coming now are a sign we may be able to get something in a couple of months that looks like a deal.
I have had to use head over heart again with the current m340 touring lease deals, opening up will be slow and just no need for 2 cars at the moment.

[DougMcL]

I sold my 330e to a BMW/Mini dealer in Janurary for more than I had paid for it in November, when I decided to go fully electric in January. I am not really sure how this worked as there were plenty of cars in BMW dealers retailing for similar money.

[KRS_SN]

dealers holding on to stock knowing they'll get more when the market picks up which it will.

[isleaiw1]

Originally Posted by B58_f32

Its an industry that shouldn't have closed. Viewings can be done outside minimal contact with anyone. Appointment based systems could have been done for this and teams calls in order to negotiate.
People are buying New cars online so a contactless used car market could have been done.
House viewings are still allowed and that is more risky then viewing a used car in the open outdoors.
The evidence does suggest indoors is where the imported virus loves to infect.
SO many parts of the economy could have been kept open and still minimise the imported virus risk.

It isn’t closed. They are still selling used cars. But fewer as it’s harder, slower, and customers are nervous about the process.

[G50]

Originally Posted by isleaiw1

It isn’t closed. They are still selling used cars. But fewer as it’s harder, slower, and customers are nervous about the process.

Exactly. I've just bought an approved used and other than not seeing the car in person til I collected it, it was a great process. You have a 14 day cooling off period too, so if you get the car and it's not as you expected, you hand it back.

[dazzapb]

Looks like thousands of grandland X's - best place
for them
In all seriousness I recall seeing these sort of pictures prior to COVID - makes sense to use a disused track, I know there is a huge airfield in beds they use too. Not sure there is much of a story here. For the UK market this is just a drop in ocean

[Panchoa]

Originally Posted by G50

Exactly. I've just bought an approved used and other than not seeing the car in person til I collected it, it was a great process. You have a 14 day cooling off period too, so if you get the car and it's not as you expected, you hand it back.

The process for buying my S5 was the same - didn’t see it until it was delivered and had a few stone chips which weren’t shown on the video or described in chats I had with the dealer. Now to be fair they weren’t anything in excess of what you’d expect for a used car with 35k miles but the dealer agreed to me getting them sorted at their cost.

I’m sure not all dealers will be the same - probably wouldn’t buy in this way from an independent dealer but have no issues buying from a main dealer given you can just return / get you’re money back if you’re not happy.