With the stock market in a downard spiral, and people out of work, thinking it may be a buyer's market here soon if not already due to COVID-19.
Anyone see a trend yet? May be too early.
Anyone see a trend yet? May be too early.
NE1 seeing a softening of used car prices lately?
- Thread starter teahead
- Start date
Too early, but check back in 2 months. If the market stays off 25-30%, then yes there will be some bargains to be had. Collector cars, second homes and collectibles like wine will all move lower with the stock market. Happened in 2001 and 2008 after those big sell offs, so I suspect the same this time around.
Check the results of BaT auctions occasionally. A good indicator will be if there. is an increase of "bid to" instead of "sold for". The relationship looks about par right now. It is logical that collector cars will be tougher to sell as potential buyers see their "fun money" pile get smaller.
well in the summary of yesterday's auctions (17 march) - 19 bid ... compared to 36 sold. a higher percentage than normal. one day isn't a trend though 65.45% sold
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Agreed, too early to tell. I think we’ll know more in a month. Most of the cars coming up for listing have been in the the BAT pipeline for weeks. Sellers and bidders will likely slow their pace as the COVID-19 crisis lengthens.
Perfect timing for this discussion. I've been trying to get our M3 on BAT for a while. Initially, they denied it because it is an automatic. I think part of it too was that they just had one up for auction that was very similar but not nearly as nice as ours. Finally, after a bunch of back and forth, they excepted it but only at 'no reserve'. Now they want me to move forward but I'm really hesitant. A lot has changed since they brought up putting it as 'no reserve'. I need to get back to them but I have no idea of how much they have in their pipeline and when it would go up for auction. They just have too many people wanting to list cars, so it's not like I can dictate anything to them.
What do you guys think?
What do you guys think?
I've listed 3 cars on BaT and sold 2.
BaT's payday is if the car sells. They only get $100 for listing a car, but 5% from the buyer. Therefore, they will only take cars at a reserve that is fairly certain to guarantee a sale, OR at no reserve. They are not going to take a car at a reserve it would have sold for a couple of weeks/months ago if the market starts falling. Since selling a collector car is usually an optional activity, BaTs number of offerings may also start decreasing.
If selling the M3 is optional for you, I'd hold off. You might have to wait a year or so for the collector car market to get going again.
I agree w Dick. Until things shake out, it’s generally not a time to sell something in a pure auction unless you have to sell or you just don’t care, otherwise it’s a time to buy or sell where you can set a reserve.
I don't want to be a purveyor of doom, but right now, I would not consider "no reserve". You might get lucky and get what you want... but I sort of doubt that folks are going to take their $2K-$4.5K bailout money and put it into a car. I predict that folks with wads of pent-up disposable cash are going to sit it out for a while, and I think it might be a pretty good while, then if there is anything left, they will mop up. I am one of those who will tuck my tail. I really hate to say that..., but 08 is still fairly fresh in my mind. It may have just been a practice round. When the going gets rough, the weird turn pro. I'm not saying to go out and read Stephen Kings' The Stand, but it left quite an impression on me thirty-odd years ago...
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The auctions seem a little soft on what we consider "builder" cars. Still early though...
Dang + Dave appear to be on point ... its not the time to sell, especially with no reserve.
today's BaT update (3.18) - 37 sold / 16 bid to (69.8% sold) ... so 4% higher ... similar
so i looked back to the beginning of march - 39 sold / 12 bid to - (76.5% sold)
20 feb - 33 sold / 14 bid to (70.2% sold)
11 feb - 30 sold / 15 bid to (67% sold)
so my take on it ... it hasn't greatly impacted the number ... the question is what is it doing to price?
so i looked back to the beginning of march - 39 sold / 12 bid to - (76.5% sold)
20 feb - 33 sold / 14 bid to (70.2% sold)
11 feb - 30 sold / 15 bid to (67% sold)
so my take on it ... it hasn't greatly impacted the number ... the question is what is it doing to price?
today's update (3/20) - 31 sold / 19 bid to (62% sold) ... a little less than normal
3/21 update - 38 sold / 19 bid to (back to 67% sold)
3/24 update - 32 sold / 12 bid to (almost 73% sold)
3/25 update - 28 sold / 18 bid to (down to 60.8% sold)
3/26 update - 31 sold / 20 bid to (down to 60.1% sold) ... 2 day consecutive low numbers
3/27 update - 36 sold / 14 bid to (back up to 72% sold) ...
3/21 update - 38 sold / 19 bid to (back to 67% sold)
3/24 update - 32 sold / 12 bid to (almost 73% sold)
3/25 update - 28 sold / 18 bid to (down to 60.8% sold)
3/26 update - 31 sold / 20 bid to (down to 60.1% sold) ... 2 day consecutive low numbers
3/27 update - 36 sold / 14 bid to (back up to 72% sold) ...
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In a couple months you’ll be able to buy a used DD BMW for a really good price. I might upgrade my diesel X5. In 2009, 2 year old BMW erc’s Coming off two year leases were going for under 1/2 original sticker.
well yesterday was the best day on BaT in quite a while - 38 sold / 9 bid to (almost 80.9% sold) ... that being said, Terry's carb CSL didn't get there, a Ferrari 575 and a Porsche 911 GT3 didn't make it either. no car sold for more than 50k ... 3 of them just below that - an austin healey 3000 mk3, a low mileage 911 and a boxster spyder.
another good day on BaT - 36 cars sold / 8 bid to - 81.81% sold
that's only 2 cars that crossed over 50k without making it (both maserati). 4 cars crossed 50k, a ferrari 355, a mercedes 290 sl, an aston martin db9 and an audi r8 ... a 2001 porsche 911 turbo sold for 50k
that's only 2 cars that crossed over 50k without making it (both maserati). 4 cars crossed 50k, a ferrari 355, a mercedes 290 sl, an aston martin db9 and an audi r8 ... a 2001 porsche 911 turbo sold for 50k
I have a feeling, most people impacted work in the service industry at the moment, and aren't in the market for toy classic cars anyways.
However, if/when this lingers for a long time, the stock market will stagnate and other industries will start shedding employees.
I.e. still too soon, but give it 2-3 more months.
However, if/when this lingers for a long time, the stock market will stagnate and other industries will start shedding employees.
I.e. still too soon, but give it 2-3 more months.
A Polaris 2002 just went for $47,500. Looked good to me but not $47k good.
it was a tii ... but had a replacement engine
4/2 update - 37 sold / 14 bid to - (72.5% sold) a normal day ... 7 cars sold above 50k / 3 cars bid to above 45k
4/3 update - 32 sold / 19 bid to - (62.75% sold)
4/2 update - 37 sold / 14 bid to - (72.5% sold) a normal day ... 7 cars sold above 50k / 3 cars bid to above 45k
4/3 update - 32 sold / 19 bid to - (62.75% sold)
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