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Buying during the Covid19 pandemic

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  • 15-03-2020 1:51pm
    #1
    Del2005
    Registered Users Posts: 18,872 ✭✭✭✭


    What's people's opinion on buying now? You'll be outdoors can stay 2m away when viewing and wear gloves for touching surfaces. We haven't been placed in lock down, yet, and as a lot of threads are saying businesses are starting to struggle with no customers. Obviously if we go into lock down then it's a non issue but would people buy now or wait?

    Reason I'm asking is that I've a project planned and the vehicle I'm looking for come up rarely and usually sell fast, a few have just come up for sale.
    Tagged:


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    #2
    Idbatterim
    Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    in terms of the transaction and the risk of contracting the virus , I would have no concerns. parting with thousands on a car right now, different kettle of fish


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    #3
    ShadowHearth
    Registered Users Posts: 22,929 ✭✭✭✭ShadowHearth


    Idbatterim wrote: »
    in terms of the transaction and the risk of contracting the virus , I would have no concerns. parting with thousands on a car right now, different kettle of fish

    Same. I was all about getting new car now, but no way that's happening. Our hotel shut down and I had holiday planned too. Now I don't know if I will even get payed for next two weeks...
    At least I was smart enough to put away money for PCP balloon. I can already fully pay it off, but my PCP ends in June. So I'll wait.
    So yeah, no way I am buying anything now.
    My buddy is good buddies with an independent dealer and he said business just completely stopped. Nothing sold and not even phone calls.


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    #4
    Marcusm
    Registered Users Posts: 10,184 ✭✭✭✭Marcusm


    ShadowHearth wrote: »
    Same. I was all about getting new car now, but no way that's happening. Our hotel shut down and I had holiday planned too. Now I don't know if I will even get payed for next two weeks...
    At least I was smart enough to put away money for PCP balloon. I can already fully pay it off, but my PCP ends in June. So I'll wait.
    So yeah, no way I am buying anything now.
    My buddy is good buddies with an independent dealer and he said business just completely stopped. Nothing sold and not even phone calls.

    I would be surprised if they are not willing to extend the balloon by 6 months as many banks have been encouraged to be flexible. You work in hospitality (chef?) meaning that you are (I’m sorry to say) on the frontline for reduced work for 6 months or more. I would get forebearance from the bank on the balloon as you’ll want to have as much spare cash as possible in case the industry has a lengthy slowdown.


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    #5
    road_high
    Registered Users Posts: 19,386 ✭✭✭✭road_high


    I’d say business has collapsed. Unless you really needed a car then I’d be in no rush. Dealers will be desperate to sell stock in a few months. My own ma was looking but we’ll be hanging on now as her own car is going fine and recent NCT done. Cash will be king


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    #6
    breakfast roll
    Registered Users Posts: 334 ✭✭breakfast roll


    Do you think prices will go down much? I'm on the lookout for a new car but thinking maybe I should wait for a price drop.


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    #7
    Idbatterim
    Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    breakfast roll wrote: »
    Do you think prices will go down much? I'm on the lookout for a new car but thinking maybe I should wait for a price drop.

    oh yeah! people will be cancelling orders etc, they will be desperate to stay open. Will probably come to a point, where they will accept near no profit on the car, just for cash flow...


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    #8
    Whocare
    Registered Users Posts: 1,047 ✭✭✭Whocare


    Is there anyone actually buying a new car /secondhand car(over €5000)in current climate?


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    #9
    Polo_Cluvie
    Registered Users Posts: 435 ✭✭Polo_Cluvie


    I hope to be trading from 2012 passat to 2014 if that counts


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    #10
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    If your job is stable and you are sure of this, then this could be a great time to buy one of the thousands of UK imports currently here at UK cost price plus vrt obviously. Dealers are heavily indebted to finance companies as every car is nearly secured by short term finance which they then clear as car is sold. They will want as much as possible off their books.
    My job is pretty stable as in I will be the last to leave before the directors if we have to close (which is unlikely) as I am Co ordinating the coronavirus business strategy trying to save jobs but no way am I going to rock up in work with a new car now while others are losing their jobs.
    3 weeks ago I was about to pull the trigger on a 2018 msport 530e but not now, its out of my mind now for 6 months or a year. When I turn my attention back to it then I'm expecting to see a massive drop off in values.


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    #11
    whippet
    Registered Users Posts: 7,668 ✭✭✭whippet


    I’m living in hope that BMW will manage to delivery my new motor in the next few weeks !


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    #12
    freddieot
    Registered Users Posts: 925 ✭✭✭freddieot


    Won't there be a bigger demand for cars - who wants to be on a bus when you can self-isolate in your car....


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    #13
    mickdw
    Registered Users Posts: 23,260 ✭✭✭✭mickdw


    freddieot wrote: »
    Won't there be a bigger demand for cars - who wants to be on a bus when you can self-isolate in your car....

    Or at home when there is no work or anywhere to go to.


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    #14
    Eoinbmw
    Registered Users Posts: 1,561 ✭✭✭Eoinbmw


    Im in the market but holding off now and see what the market does im hoping to save a few grand when this settles down a bit!


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    #15
    sportsfan90
    Registered Users Posts: 600 ✭✭✭sportsfan90


    I just starting looking to buy something maybe 3-5 years old from a garage. How do people see the second-hand car market going?

    At first I thought the next month or two would be a great time to buy, with so many people unfortunately losing their jobs and therefore less people looking to upgrade then I might be able to pick up a bargain.

    Then I thought that there might be less of a selection to choose from. When buying a car 3-5 years old, it's likely that the previous owner will upgrading to a new car. But with all that's happening many people will probably stick with what they have until the uncertainty is over and now there will be less of a selection of trade-ins to chose from as a result.

    How do people here reckon it'll play out in the coming weeks, will garages be dropping prices desperate to get some cashflow in, or will the second-hand car industry tank as a result of all this?

    I feel bad hoping to get a bargain as a result of all this but my old Ford has done its time and I need an upgrade.


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    #16
    Idbatterim
    Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    dont buy now, this has only kicked in, you need to wait a few weeks minimum...


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    #17
    landmarkjohn
    Registered Users Posts: 699 ✭✭✭landmarkjohn


    I'm waiting for a "distressed asset" Porsche Cayenne E-Hybrid!


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    #18
    road_high
    Registered Users Posts: 19,386 ✭✭✭✭road_high


    It’s only starting. Don’t rush, a month or two they’ll biting your hand off for cash. Cars a bit like food, they only have a certain shelf life before they start to go off and lose money.
    That’s a terribly Irish disease, feeling sorry for them! I wouldn’t in the slightest, it’s a business transaction involving your money


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    #19
    Marcusm
    Registered Users Posts: 10,184 ✭✭✭✭Marcusm


    landmarkjohn wrote: »
    I'm waiting for a "distressed asset" Porsche Cayenne E-Hybrid!

    Feck off; that’s my plan but I only want a tan or chestnut interior.


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    #20
    landmarkjohn
    Registered Users Posts: 699 ✭✭✭landmarkjohn


    Marcusm wrote: »
    Feck off; that’s my plan but I only want a tan or chestnut interior.

    Ha ha, I think so to, better than black! There was a tan interior at Wilsons auctions few weeks ago, D152... bidding stopped at 26500, €30K with fees and he didn't sell! Don't know what it went for after....


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    #21
    colm_mcm
    Registered Users Posts: 73,382 ✭✭✭✭colm_mcm


    I remember back in the height of the recession in 2012, I got 5 year old Civic for 22% of its new price. People just weren’t buying.
    Prices recovered and even in 2015 they were making more than I paid.

    At least people on PCP have the option to walk away relatively unscathed.


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    #22
    TheBoyConor
    Closed Accounts Posts: 3,292 ✭✭✭TheBoyConor


    whippet wrote: »
    I’m living in hope that BMW will manage to delivery my new motor in the next few weeks !

    You should renege on the deal in the hope that the dealer, hopefully distressed, will come back and offer you a significant discount to take it. You could take a test drive in a luxury car from another nearby dealer and drive it in around his dealership yard a few times just to get the skids under him that you are looking at other cars. You could do well out of this chaotic situation.

    I personally hope that car prices fall off a cliff and the industry as a whole tanks so that I can pick up a cheap car to replace mine if it breaks down. Dealers going out of business might be having fire sale auctions where good value can be had for a buyer.


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    #23
    WacoKid
    Registered Users Posts: 431 ✭✭WacoKid


    Marcusm wrote: »
    Feck off; that’s my plan but I only want a tan or chestnut interior.

    My plan too!

    Can I ask what is the best way to buy Sterling now but hold onto it until the 'right time' to buy is. Does Revolut support exchanging EUR to GBP at current, or lower, rates and the monies can just be left in the Revolut GBP account?

    ..or is it better to open a trading account?


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    #24
    WacoKid
    Registered Users Posts: 431 ✭✭WacoKid


    landmarkjohn wrote: »
    Ha ha, I think so to, better than black! There was a tan interior at Wilsons auctions few weeks ago, D152... bidding stopped at 26500, €30K with fees and he didn't sell! Don't know what it went for after....

    Even with 60k+ miles this is a €45k car?


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    #25
    Idbatterim
    Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    Proves only going one way. Wouldn’t be surprised to see many ditch the expense of a car or go down to a single car household , depending on circumstances obviously...


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    #26
    Large bottle small glass
    Registered Users Posts: 1,718 ✭✭✭Large bottle small glass


    TheBoyConor wrote: »
    You should renege on the deal in the hope that the dealer, hopefully distressed, will come back and offer you a significant discount to take it. You could take a test drive in a luxury car from another nearby dealer and drive it in around his dealership yard a few times just to get the skids under him that you are looking at other cars. You could do well out of this chaotic situation.

    I personally hope that car prices fall off a cliff and the industry as a whole tanks so that I can pick up a cheap car to replace mine if it breaks down. Dealers going out of business might be having fire sale auctions where good value can be had for a buyer.

    I know a main dealer with a few franchises, close to a 100 employees along with contractors.

    If the industry tanks, as you are hoping for, all those jobs and the mortgages, creche fees etc they pay for are under threat.

    The business loans he has might never be fully paid, but someone will pay of course.

    But hey there is an upside you might get a cheap car.

    As and aside, having had a lot of chats with him over the years I wouldn't be a main dealer for love or money. Constant pressure from manufacturer, the high end investment in buildings, training etc, the huge risk with the treat that you could be s1it canned at short notice.


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    #27
    gizabeer
    Registered Users Posts: 471 ✭✭gizabeer


    TheBoyConor wrote: »
    You should renege on the deal in the hope that the dealer, hopefully distressed, will come back and offer you a significant discount to take it. You could take a test drive in a luxury car from another nearby dealer and drive it in around his dealership yard a few times just to get the skids under him that you are looking at other cars. You could do well out of this chaotic situation.

    I personally hope that car prices fall off a cliff and the industry as a whole tanks so that I can pick up a cheap car to replace mine if it breaks down. Dealers going out of business might be having fire sale auctions where good value can be had for a buyer.

    Yeah , great attitude to have .....


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    #28
    StonedRaider
    Registered Users Posts: 446 ✭✭StonedRaider


    landmarkjohn wrote: »
    I'm waiting for a "distressed asset" Porsche Cayenne E-Hybrid!

    I know of a 172 in Galway that might be on the market soon if this situation goes on for 8 weeks or more.
    Only bought about 18 months ago for just over €80k.


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    #29
    mickdw
    Registered Users Posts: 23,260 ✭✭✭✭mickdw


    I imagine cars will remain advertised at their normal prices for the most part but with massive discounts being available if willing to deal.
    A dealer can have all the financial support in the world from manufacturers and from banks but newish used stock sitting on forecourt is only going down in value so would be in their interest t o get rid asap.


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    #30
    Polo_Cluvie
    Registered Users Posts: 435 ✭✭Polo_Cluvie


    Im on the other end of this debate. Im trying to sell my 12 passat. Ive dropped 1200e off my original asking price over the last few weeks. I dont see it selling unless i just accept stupid money which is not going to happen. Its at rock bottom now and I wont drop it another cent. Ive gone and spoke to a few dealers thinking id get a reasonable deal to come up 2-3 yrs but nope. Dealers are not budging for now anyway. Ill probably end up hanging onto it which im happy to do. People offering ridicilous money just piss me off and I add 500e onto my asking to get rid of them. Nobody like a smart ass lol


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    #31
    landmarkjohn
    Registered Users Posts: 699 ✭✭✭landmarkjohn


    Polo_Cluvie wrote: »
    thinking id get a reasonable deal to come up 2-3 yrs but nope. Dealers are not budging for now anyway.

    Dealers don't want your car. It's early days in this thing, who knows what will happen. GLWS.


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