Car prices

Emmser

Am I crazy to be looking at buying a new car now? I had intended to trade this summer and for my 14 BMW X 1 I'm getting 12000, looking at moving to an 18 evoque at almost 33k. Will the price of an evoque be dropping do you imagine? I know if I knock 25% off each car, it's still almost 5k less I'd pay over 5 years.

jimmycrackcorm

I wouldn't expect higher level prices like the 33 evoque to drop very much because the seller will take too much of a loss.
Put it like this - would you sell you own 12k 14 BMW for 25% less?

addaword

The price of something depends on supply and demand.

A lot of people have lost jobs and businesses.

Emmser

jimmycrackcorm wrote: »

I wouldn't expect higher level prices like the 33 evoque to drop very much because the seller will take too much of a loss.
Put it like this - would you sell you own 12k 14 BMW for 25% less?

I would take 25% less on my car if I were getting 25% less on the evoque too, greater savings but I get your point, people won't get rid of an evoque with a massive loss, they'd rather keep it.

addaword

Emmser wrote: »

people won't get rid of an evoque with a massive loss, they'd rather keep it.

In my humble opinion, people said the same in 2007 about property. People will not sell at a loss. There will be a soft landing etc.

Emmser

addaword wrote: »

In my humble opinion, people said the same in 2007 about property. People will not sell at a loss. There will be a soft landing etc.

Any idea what happened to car sales then? Circa 2007?

addaword

Emmser wrote: »

Any idea what happened to car sales then? Circa 2007?

Prices dropped. Volume dropped after the boom too.

Emmser

addaword wrote: »

Prices dropped. Volume dropped after the boom too.

If volume dropped you would have imagined prices might not have dropped that much. Will read up on it now thank you.

addaword

I think big enginned petrol cars dropped the most in 2008, as thousands of drivers were persuaded to buy diesel cars by the Fianna Fáil-Green Party coalition when they changed the VRT.
I know more than a few builders and tradesmen who sold their cars and emigrated then too.

KB22

Emmser wrote: »

I would take 25% less on my car if I were getting 25% less on the evoque too, greater savings but I get your point, people won't get rid of an evoque with a massive loss, they'd rather keep it.

Hi Emmser, I have not kept up to date with the Evoque, they are called the "ejoke" on a lot of UK sites. Might be worth your while looking it up before commiting yourself! This is from a Range Rover owner!

Gerry T

Your logic is sound, dealers will happily clear 2and hand stock in exchange for cash, so I would expect large discounts. But as you say the 12k offer for your car will drop, but I would expect that to fall by a smaller %. Your not in the position of having cars sitting on a lot and capital tied up.

Idbatterim

Of course they will drop, that 33k car now, probably wouldnt even get 25k next year ....

James Bond Junior

My sister in law has an X1. My mother in law an Evoque. The Evoque is a horrible car to drive, cramped, massively unreliable 2 turbos so far and its only 3 years old and generally cheaply built. The X1 isn't as "posh" but a better car.

Harry Palmr

https://www.rte.ie/news/ireland/2020/0430/1135762-car-sales-decline/

Car sales in Ireland have collapsed, falling by almost 96% in April.

The latest figures, which are to be published tomorrow, show that just over 280 cars were sold in April.

Most motor sales outlets closed in March after new Covid-19 restrictions were implemented by the Government.

Sales figures for March were also way down, by almost 64%.

There's going to be so much metal to be shifted as people lose jobs for a while or end up home working and maybe deciding to sell one car if they have two/three in the family. Prices are going to be very soft for the next few years, which might be good news for those who have money/income and know how to be cheeky!

ewj1978

With people losing Jobs etc, there'll be a glut of PCP cars returned to the market. I'm expecting prices to to take a fair hammering in the 2nd hand market.

Casati

People may be keen to avoid public transport in future - could lead to more demand for cars for those left working, but a lot of people are going to be hurting. Recon it will take a while for the market to move unlike 2008 when 2007 and older cars were devalued by thousands due to the tax change

For the OP I’d ask if they consider the new X1?