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This summer, used Volvo prices will go...

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This summer, used Volvo prices will, *compared to last summer as a baseline*, go...

Poll ended at Mon Apr 06, 2020 10:43 am

40%+ up
0
No votes
30% up
2
6%
20% up
3
9%
10% up
2
6%
remain the same
11
32%
10% lower
6
18%
20% lower
7
21%
30% lower
2
6%
40%+ lower
1
3%
 
Total votes: 34

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matthew1
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This summer, used Volvo prices will go...

Post by matthew1 » Fri Mar 27, 2020 10:43 am

This summer, used Volvo prices will, compared to last summer as a baseline, go...
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E Showell

Re: This summer, used Volvo prices will go...

Post by E Showell » Fri Mar 27, 2020 11:47 am

They are likely to fall since a lots of folks will be out of work. Tough to buy a car if you don't have any cash coming in. (I am assuming most used car purchases are for cash -- which may not be the case -- but I can't imagine a used car loan would be particularly easy to get if we experience a massive economic dislocation -- which I am expecting.)
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Re: This summer, used Volvo prices will go...

Post by 93Regina » Fri Mar 27, 2020 11:55 am

E Showell wrote:
Fri Mar 27, 2020 11:47 am
They are likely to fall since a lots of folks will be out of work.
Classic Volvos are not the same as "car lot" Volvos.

When an economy is in recession, this can create more demand for used vehicles, which usually pumps up prices.

Lending practices will factor into this equation, but those "bad credit risk" lenders will be lending $$$ at high interest rates.

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Re: This summer, used Volvo prices will go...

Post by matthew1 » Fri Mar 27, 2020 12:38 pm

We're not talking about classic Volvos. Just normal, everyday used Volvos.
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Georgeandkira

Re: This summer, used Volvo prices will go...

Post by Georgeandkira » Fri Mar 27, 2020 1:03 pm

Please note that I'm guessing.
I said 20% up because I perceive some measure of inflexibility in the Volvo buyers' mindset (as in "gotta hava Volvo).
Volvo will have produced fewer new cars possibly upping the demand for used ones.
While the trade in allowance for any Volvo buyer's car may be inflated, the price of the used Volvo will be similarly inflated.

Generally speaking: Can you imagine how shamelessly all car dealers will now up-sell services or lie or just pad service bills due to drop in demand?

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Re: This summer, used Volvo prices will go...

Post by mrbrian200 » Fri Mar 27, 2020 1:25 pm

Other automakers will be running massive sales, perhaps selling at or near cost hoping to get sales going, factories back up, and people back on payroll. I wouldn't be surprised if federal and state governments roll out incentives (temporarily suspend or lower sales taxes on major purchases such as a new vehicle, federal tax rebates etc). Volvo will most certainly follow suit. They'd be dumb not to.

Edit: In case you don't understand the relationship between new/used sales this will drive used prices down as well as old vehicles get traded in increasing vehicle stock to the used market.

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matthew1
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Re: This summer, used Volvo prices will go...

Post by matthew1 » Fri Mar 27, 2020 2:04 pm

Low interest rates = more new car sales = fewer used car sales.
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Re: This summer, used Volvo prices will go...

Post by smacknab » Fri Mar 27, 2020 2:07 pm

Just gonna ditto mrbrian. Already we're seeing manufacturers offering 0% apr and other incentives on buying new cars. I just saw a Jeep ad that was 0% apr for 84 months and 3 months of deferred payments. I can see how stuff like this, paired with govt incentives will make newer cars more appealing mathematically.

Another thought; sellers could be strapped for cash and more eager to sell quickly, at least for things like second/third/project cars.

All anecdotal, I don't have any hard data on buying/selling habits during a recession.
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Re: This summer, used Volvo prices will go...

Post by CSDentonTX » Fri Mar 27, 2020 4:03 pm

Oops. I answered based on the "all Volvos are worth $500." Now you tell me this is not about classics. But that got me wondering about how Matt defines "classic."
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Re: This summer, used Volvo prices will go...

Post by matthew1 » Fri Mar 27, 2020 4:08 pm

Classics are maybe 1/10th of 1% of the volume of used Volvo sales. There are oceans of XC90, XC70, S70, S60, V70, S80, 850, S40, V40, V50, ...ad nauseum, that trade hands every minute of every day.
Help keep MVS on the web -> click sponsors' links here on MVS when you buy from them.
Also -> Amazon link
. Click that when you go to buy something on Amazon and MVS gets a kickback.

1997 850 T5, MSD ignition coil, Hallman manual boost controller, injectors, R bumper, OMP strut brace [gone]
2004 V70 R [gone]

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