Where are all the cheap COVID cars?

[jstanovic]

At the start of all this COVID fiasco everyone kept telling me “there’s gonna be some bargains soon” regarding classic cars. People were gonna have no money so they had to sell their cars they pay the bills. Well I’ve seen bugger all on Carsales, gumtree and marketplace. Lots of cars for sale but the prices are not cheap at all, well not the good ones anyway.

Anyone seen any cheap cars?
Anyone got a bargain due to COVID-19?

[b0son]

It's only been a few weeks, wait til later in the year when there have been mass layoffs after the jobkeeper money runs out.

[kypez]

Originally Posted by b0son

It's only been a few weeks, wait til later in the year when there have been mass layoffs after the jobkeeper money runs out.

The high end cars are coming down. One that I had my eyes on dropped $40k in the last couple of weeks.

As b0son said, give it more time and if things don't recover, it's going to look quite messy.

[Rob 351]

I’m always looking at cars particularly old Fords, and I and many people I know can’t believe how many higher priced cars have sold in the last month. Cars that have been sitting for months have now moved. Have a look at Australian Muscle cars, Muscle car warehouse etc and look at how many of those cars sell every week. Crazy.
There was an original 6 cylinder ESP XE now fitted with a 351 for 57k on Ford Muscle cars earlier this week, admittedly a tidy car, apparently sold in less than 24 hours.
Will be interesting to see later in the year when the predicted economic downturn occurs.

[roKWiz]

Been able to buy quite a few bargains already, tools, truck parts, solar stuff, bicycle bits, etc.
Good classic cars will be next as others have said already.

[The Yeti]

I don’t know about cars but I’ve been doing alright with local parts for my project, not fire sale crazy but noticed people have been clearing out their unused performance and spare parts for extra cash, this has meant more competition and lower price for these

The thing is with isolation general waste spending has been down so even though some have lost Hours, work and jobs, they havnt been able to spend it as much either so the clash the have is going further

[XR Martin]

Boats, jet skis, bikes are the first to go.
A gizillion people have deferred their mortgages and also pulled out $10k of super.
So stupid people probably have more money to play with at the moment.

Give it time.

[roKWiz]

Originally Posted by XR Martin

Boats, jet skis, bikes are the first to go.
A gizillion people have deferred their mortgages and also pulled out $10k of super.
So stupid people probably have more money to play with at the moment.

Give it time.

Working up in the Hunter Valley, I remember back at the start of the GFC, when all the mining companies slowed significantly.
Muswellbrook, Singleton, down to Newcastle was were all this was happening. Lots of borrowed money but most of the cars, trucks, boats, jet skis etc had to much money owing on them.

[anobserver]

Have been watching used Ford prices closely for nigh on two years and the sellers arent there yet. Went and looked at a tired rtv yesterday, overpriced and lots of promising mechanical failure points. No thanks.

Mind you, i look at used cars. Those in employment looking at new cars say much the same that the deals arent out there yet. Look at vfacts for last mo nth, down 50%. Thats got to have implications somewhere down the track. Maybe more brands will close shop? I dont know.

[FG50T]

Most people with weekend 'toy' cars are in a better position to hold on to them. The financed car market has been hit heavily though. Maserati Granturismo's, Aston Martin Vantages, BMW M2's are ones I've been watching and there's been a few huge bargains (if you could call them that) come by.

[FairmontGS]

People who own classic Australian muscle generally don't need the money so much that they are prepared to discount them.

[kypez]

Originally Posted by FG50T

Most people with weekend 'toy' cars are in a better position to hold on to them. The financed car market has been hit heavily though. Maserati Granturismo's, Aston Martin Vantages, BMW M2's are ones I've been watching and there's been a few huge bargains (if you could call them that) come by.

This.

Think people will finally understand that if you have finance against your car, you don't really own it...

[Rallye Sport]

People seem to be palming off their lower value, small items first. I've picked up a few high end and collectable watches so far for well under replacement value.
As previously stated give it a few months until the stimulus runs out and the cold truth that people may not have a job to go back too sinks in and we may see a few cars coming up.

Those of us in the position to buy need to do it respectfully though, imagine being in that position yourself only to have the bargain hunters come out to further knock you down and rub salt into the wounds.

[kypez]

Originally Posted by Rallye Sport

Those of us in the position to buy need to do it respectfully though, imagine being in that position yourself only to have the bargain hunters come out to further knock you down and rub salt into the wounds.

True to a degree in that some people were only happy to inflate pricing to make a buck themselves.

Goes both ways...

[guzzis3]

I think it's worse than that. I've had a ton of stuff on gumtree etc and have been swamped by inquiries. More than I've ever experienced. I've lost a lot of what looked like certain sales due to the lockdown, but I've moved some stuff also.

The impression I get everywhere is the economy is a experiencing massive 2 speeds now. Some businesses are closed and people out of work and NO money. The remaining businesses seem to be doing really well. It's like there is just as much spending but it's being redirected, focused on what's still available..we went into the valley last week twice to get takeaway from our fav restaurants. Obviously they had no eat in but the takeaway was flat out. Maybe some waiters were gone but the kitchen was flat out.

Also I had a quick look at engineering jobs and there seems to be just as much as always.

The media are IMO completely untrustworthy and I think a lot of the commentary they are offering is BS.

Having said all that I reckon teh june sales this year will be more aggressive than usual, apart from toyota who seem to be invulnerable.

[Rallye Sport]

Originally Posted by kypez

True to a degree in that some people were only happy to inflate pricing to make a buck themselves.

Goes both ways...

Absolutely in regards to the classic car world. I look at cars similar to the ones in my life and theres no way I can see that kind of value in an old Escort or Cortina even though I know first hand what it costs to build one, you just can't ask for your money back plus some. These folk will take a fall or just have to be happy with what they've committed too.

For me I'm looking at maybe ticking off some bucket list cars that I feel are probably at the bottom of their price cycle and then could go a little lower in a fire sale situation, used but tidy B series GT's, Typhoons, Force 8's etc Possibly an Evo Lancer or a Wrx'odore as a new track day car.

If a good deal was to come up I'd assess it and grab it for what it is, sort of a Hawk rather than a Vulture approach.

[4bbl]

I reakon Harley’s have been as cheap as I have ever seen, I bought an old softail, the old guy selling said he took a hit on his super and the bike was surplus to his needs so it had to go!

[Sprintey]

Not surprised to hear all that about the cars, have noticed sales of houses in our street (coastal, regional) go pretty quickly, pricing hasn't seem to have fallen.

Priced out some new Subys and they seemed to be priced as if onroads were free, not much of a drop in price. That's the drop so far given a pandemic (which has yet to hit Aus as hard as other countries) and given a 50% retrace in the new vehicle market. Hmmm.

That ESP at 57K wow...

[Franco Cozzo]

I just put in a real low-ball offer on a VS Statesman in another state - let's see how this goes, I don't even need another car

[hayseed]

Just wait until early in the new Financial year..When all the Rent/Mortgage Holidays, Job keeper/Seeker programs finish Up, & a heap of Temporarily Shuttered Business Don't Re-Open......

Cash will be King.!!

[Swordie]

I have been watching car auctions. There have been more pass ins. It depends what you after. New cars sales are down so I'm guessing there will be deals to be had, your would need talk to the dealership direct to find out just how much.

[CyberWasp]

I saw there is estimated to be over 400 thousand home loans on the 6 month payment hold at the moment.
Something has to give at some point with house and car prices as debt can't be deferred indefinitely without a decent paying job.

[BA-XT]

Quick question.

When people say they have found people selling items like watches, car parts, and sort of the toys that need to be moved on for $$$ are people looking mainly on gumtree / Facebook market place?

I've noticed a lot of older popular 4x4 aren't moving at all. Nice 4.2 GU Patrols have been on carsales for months.

[Rallye Sport]

Gumtree here, haven't used marketplace but I'm assuming theres as many numpties. You learn to pick them, cars and other items alike.
I've been hunting watches, you need to be careful the fakes/ replicas are pretty good nowadays right down to boxes and warranty cards.
Every so often a gem will come up. Paid $200 for this a week or so ago...

[nstg8a]

I’ve been looking for a potential cheap new daily or a bike as a weekender for a coupe of months now.
Things I’ve had on my saved list have been selling pretty quickly, a lot i look at has been selling within a week or two really.

As pointed out, the super withdrawal has left a few with money to burn, plus if you’re still working there’s a lot less to spend your money on, so it’s easier to save and buy that toy you’ve been contemplating.

Certainly haven’t been the flood of bargains I predicted.

[simon varley]

my neighbour is a self employed fabricator/welder and was worried that work would dry up, but turns out he's never been busier. People always have money for toys.

[Itsme]

Originally Posted by simon varley

my neighbour is a self employed fabricator/welder and was worried that work would dry up, but turns out he's never been busier. People always have money for toys.

Tell that to someone who is in the hospitality industry laid off, not everyone is lucky.

[Sprintey]

Originally Posted by Franco Cozzo

I just put in a real low-ball offer on a VS Statesman in another state - let's see how this goes, I don't even need another car

Did that VS Statesman happen to have L67 3.8 supercharged six by any chance?

If successful you can do the swap over at the border, like North Korea and South Korea do.

[Sprintey]

Originally Posted by CyberWasp

I saw there is estimated to be over 400 thousand home loans on the 6 month payment hold at the moment.
Something has to give at some point with house and car prices as debt can't be deferred indefinitely without a decent paying job.

there's gotta be some deus ex machina that they pull out of the hat, this thing should have crashed 3 times over by now but it never does, 400k defaulting loans would sink the banks, creative bailout time approaches

[deesun]

I chatted with a bloke who had a car for sale but he took it off the market because too many lowball offers. It was on for a good price I thought and believed it would sell easily at that. Then I saw it still in his possession and that's when I asked him. Luckily for him he could afford to keep it.