This summer, used Volvo prices will go...

[smacknab]

This is an interesting question though because we're not really looking a typical recession

[abscate]

Mom shut down a group of whiners about how choices were limited at the supermarket today.

In her best Queens english....

“Just like in 1941, except each night bombers came and dropped bombs on us and we put the incendiaries out with sand, like we were taught in school”

Pins were dropped.

[matthew1]

I just can't see prices staying the same. Nobody will have money. There will be evictions and mortgage defaults/foreclosures left and right. Unemployment in the US will hit highs we haven't seen for almost 100 years.

Many sellers, few buyers.

[abscate]

I just can't see prices staying the same. Nobody will have money. There will be evictions and mortgage defaults/foreclosures left and right. Unemployment in the US will hit highs we haven't seen for almost 100 years.

Many sellers, few buyers.

I don’t think there will be as many evictions due to interventions. Bankers are going to get their nuts trimmed along the rest of us, because we are all in tight on this

Prices will collapse to basic transport type pricing. Running car, $500- $1000.

[volvolugnut]

Prices will collapse to basic transport type pricing. Running car, $500- $1000.

That would be a very bad outcome. What time period do you think before this happens? What would unemployment be for this to occur?

volvolugnut

[matthew1]

Bump/two more days on this poll. I limited it because allowing it to run for years/whatever would distort its nature (time-dependent). It's meant to be a snapshot of what we predict.

To me, you can/should substitute "Volvo" with "any brand" for this purpose. All brands' used models will rise or fall together in this economic event.

[Cees Klumper]

I think demand will be lower as people can't afford to buy, and supply will be greater as people need to sell off whatever they can convert to cash that is non-essential (like a second or even third family car, if you only need one as people are out of work. One car is enough to do groceries). On top of that, some people will be desparate so good deals can be had. All pushing prices down.

[matthew1]

I haven't driven in a week.

[smacknab]

I haven't driven in a week.

We've loaned out our second car to a family member who needs transportation as an essential worker who works 3rd shift. We didn't need it and she's covering the insurance so its actually helping us out too.

[E Showell]

I just spoke with my auto insurer this morning to revise my premium based on reduced usage. Not a huge saving, but hey, every little bit helps.