Fear of an Impending Car-Price Collapse Grips Auto Industry

[Top_Fuel]

I'm not in the market for a new car. However...if I see crazy incentives coming, I will take a look at what's out there. How do you think I ended up in a Mirage in the first place?

If you are thinking about a new (or used) car purchase right now, I would sit back and wait to see what happens. Sounds like it could be a buyer's market for anything with wheels...

The auto industry -- already fretting lengthy factory shutdowns and depressed new-vehicle demand -- is starting to sound the alarm about a potential used-car price collapse that could have far-reaching consequences for manufacturers, lenders and rental companies.

Used-vehicle auctions are for now virtually paralyzed, much like the rest of the economy. The grave concern market watchers have is that vehicles already are starting to pile up at places where buyers and sellers make and take bids on cars and trucks -- and that this imbalance will last for months.

Link to full story here

[dspace9]

Yea eh could be some deals to be had. Especially on the used car front, if there's a glut of cars just sitting still on used car lots.

Maybe not the time to be buying a car... I think it's important to save a buck, but...

[MetroMPG]

Auto prices across the board have fallen 10% in recent weeks, according to Manheim, which is owned by Cox Automotive. Used-car sales in March fell 64%.

https://www.bloomberg.com/news/artic...ge-in-classics

I wonder what's happening to Mirage prices? Within 1000 km of me, no supercheap ones have appeared in the last month or so.

I may throw an ad up for mine just to test the waters, now that it's all tidied up. Ask a silly price.

The sales departments at car dealerships in Ontario are closed, so if someone needs a car, the private market is the only option right now.

[Subcompact Culture]

Ugh. I was thinking of selling a couple of my cars to cull the herd. I just wonder if it'd be a futile attempt. I guess I won't know until I put them on the market.

[dspace9]

Ugh. I was thinking of selling a couple of my cars to cull the herd. I just wonder if it'd be a futile attempt. I guess I won't know until I put them on the market.

Still got that Delica? That is some vehicle. I don't have any savings right at hand as much now, but I would almost say in brighter days I would be interested in making the trip for that vehicle. But I don't want to say that because I don't have the money and have some essential stuff to fix at home before working on getting a second car.

What a trip home back to Canada that would be. Might be a money maker on Instagram if you capitalize on it.

[Mark]

Yea eh could be some deals to be had. Especially on the used car front, if there's a glut of cars just sitting still on used car lots.

Maybe not the time to be buying a car... I think it's important to save a buck, but...

They could be selling vehicles at an all time ridiculously low price. That doesn't change the fact that I don't need one.

[Subcompact Culture]

Still got that Delica? That is some vehicle. I don't have any savings right at hand as much now, but I would almost say in brighter days I would be interested in making the trip for that vehicle. But I don't want to say that because I don't have the money and have some essential stuff to fix at home before working on getting a second car.

What a trip home back to Canada that would be. Might be a money maker on Instagram if you capitalize on it.

I do, and that was one I was considering selling.

[dspace9]

Is it left hand drive? Like steering wheel on the left, like in most American cars?*

Super cool, I bet it gets a lot of attention I wish I had more certainty with my job, and the extra money. I got neither.lol. Looking more positive though, who knows what a year will bring though!

If you need need to sell, I hope you find a local buyer soon. Cheers from Canada

*I see it's not from your photo gallery, they are all from Japan I think. Pretty cool but I am nervous about the steering. Maybe you get used to it. I have driven lots of forklift trucks in years past.

[MetroMPG]

Copied my post (see above) over from the Cheap Mirage thread...

Sounds like it could be a buyer's market for anything with wheels

Theory: It may be a buyer's market for dealership cars and a seller's market for private sales... depending on where you live.

I'm going to test the market with my Mirage, now that it's finally all spiffed up.

One reason it may be a private seller's market: In Ontario, car dealership sales departments are currently closed, so if someone wants/needs a car, the private market is the only option for the moment. The question is: are there enough people who want/need cars right now to matter?

I have a saved search for private sales in my area (<$5k, manual trans ) that I look at almost daily, and the number of private sales listed right now is higher than normal. That suggests my theory may be bunk!

Only one way to find out.

[Subcompact Culture]

Is it left hand drive? Like steering wheel on the left, like in most American cars?*

Super cool, I bet it gets a lot of attention I wish I had more certainty with my job, and the extra money. I got neither.lol. Looking more positive though, who knows what a year will bring though!

If you need need to sell, I hope you find a local buyer soon. Cheers from Canada

*I see it's not from your photo gallery, they are all from Japan I think. Pretty cool but I am nervous about the steering. Maybe you get used to it. I have driven lots of forklift trucks in years past.

No, it's right-hand drive.