Examples of Covid Car Price Inflation

Share some examples you've seen of inflation in the car market thanks to covid! I'm keen to hear - especially sales price not just list price. I'm not in the market for a new or used car right now but I keep my eye on things…

My best example is low kms Suzuki Jimnys up for sale for nearly $50k. Hilux money!

Comments

  •  

    Just wondering, if someone has a car insured for 'market value' and the car is written off what would that mean considering the current surge in prices?

    • +1 vote

      Asking for a friend, mate? ;)

      •  

        Wonder what op did?

        Legitimately curious, it's a little unprecedented that average non collector cars go up in value.

    •  

      then they would buy it back for the market price which now happens to be double old market price when you had it insured so youd be making a profit writing off your car…

  •  

    I always thought the current situation would bring the price down if anything!

    •  

      It did during first 3 months during the initial panic. After that it did the opposite as once peoples future holidays were cancelled and the handouts/super started happening.

  • +2 votes

    Renault Megane TCE1.2 Sedan - Not the best car or brand but purchased as it was a cheapie to get to and from work in 2018
    Dealer listed for $15,000. Couldnt move it for over 4 months. Got it for $10,500.

    Used for 1 year + in garage for 6 months and last year expecting it to sell for $7-8k.
    As I put almost 40k Kms on it.

    Listed it for 12k expecting to be bargained down, sold it for 12k in Sep 2020 within 2 days

  •  

    Maybe I can sell my BF for a small profit… nah I'm kidding myself.

  •  

    Got a $6k offer for my 2000 Camry. To be fair, the guy will be buying a bullet proof V6 partner for life.

    •  

      Also have a 2000 Camry but 4cyl with 190k on odo.. just curious if you have already replaced your original struts?

      •  

        Surely at 20 years old and nearly 200k, they're well past their use by date?

        •  

          mine were still ok at the 18 yo mark, but have just had them done recently

  • +5 votes

    Wonder why the OP got banned.

    •  

      Weird. Seemed like a friendly chap.

  • +1 vote

    i30 sr or n line, used at close to new car prices. $25-30K range for a 3-4 year old i30 sr premium. I really need a car now too which sucks.

    •  

      Spot on I just bought a My18 SR premium,, I’d been watching them for a year,, prices have jumped at least $3k

      •  

        Nice one! congrats on the car. Curious to know, how much did you end up paying for it?

    •  

      Yep. I bought a 2018 SR at just over 15 months old in July 2019 with 17000kms for $22500 (from a dealer). Pretty sure I could sell it now and make a decent profit which is insane.

      I'm trying to buy a small hatchback for my daughter's first car, and the market is infuriating. 2018 Hyundai Accent Sports being advertised for between $17k and $19k. These things were $17490 drive away brand new!

  •  

    Accord Euro's are all up a few thousand

  •  

    Nothing much to add but I actually need to buy a car now and I'm pissed bout the inflation for sure

  • +1 vote

    I was looking at a R35 Nissan GTR (2008-onwards) and start of 2020 it was around 60-70k we could import something decent.
    Now it's around the 80-90k. Locals sold here start at around 95k and rise.
    Still looking.

  • +2 votes

    DisabledUser220804? What happened?

  •  

    Used cars used to go at or near Redbook private sale prices, now they all well over. Sellers must be well pleased until they go to find a replacement.

  • +1 vote

    I wonder if the Westpac kid is sitting on a fleet of bimmers and calling ozbargain a bunch of fools.

  •  

    My WRX STI - bought in June last year. Selling now for 4k+ and getting lots of enquiries…………
    Old Corollas going for 2-3k more
    Car that i want (Kia Stinger) jumped up by 7k
    fkn covid man

  • +1 vote

    Honda S2000…. right at the beginning of covid ones with ~ 120,000km we’re going for 25k on car sales. Now ones close to 200,000km are going for 35-40k..

    • +2 votes

      I have always wanted an S2000. But I just cant justify the price now. We all knew they were going to go up eventually. I just thought I had a couple more years before they exploded. I would happily pay 25-30k for a good example.

      But now they are in ND2 Miata and 987.2 Cayman/Boxster territory. And those cars are better, especially if you can only own 1 car.

      •  

        Owner of an ND. S2000 is in a different league.

  •  

    My agreed value insurance figure (2008 Corolla) went UP from 6200 to 7100 on the renewal notice with no change in premium.

    •  

      Haha, yeah, I had a similar situation. I actually had to manually up the agreed value on my wife's car, as I noticed its second hand value today is more than a year ago.

  •  

    Jimmy's are a stupid Instagram trend. More of a social statement than anything else.

    Covid related car inflation? I bought my 2016 WRX Premium 2 1/2 years ago for $27k. They're back well over 30K today

  •  

    Used Toyota 86s seem to have increased in price by about 5k.

  •  

    Another point of discussion, when do people think we will see prices come back down? And will they correct gradually or quickly?
    AFAIK there is still a lot of delay time in new vehicle stock which will be helping the used car market but what else will cause prices to come back to "normal" values?

    I can't see the value in something like a V8 Commodore that have rocketed due to covid and production being stopped. I would rather get a brand new wagon from the likes of Skoda than pay $60k for a 4 year old Commodore with the only thing going for it being the V8. No idea how long people will keep paying those kinds of prices for a "piece of history".

    •  

      Aside from a piece of history, the character of a v8 can be attractive.

      Until international travel starts up again, I think the used price inflation will remain or continue to increase.

      •  

        The Spanish flu went on for app 3 yrs. Let's assume this COVID business will come to an end after 2.5 years. Production will need to catch up. So 3 years from the beginning. So, prob another 2 years before things return to normal.

        Suspect current covid tax is partially contributed by drop in AUD.

        Wonder if pricing will spike further.

  •  

    just for sh!ts and giggles I looked up the price for my current car (2002 Honda Integra DC5 base model), and OMG some people on carsales are asking the same price as what I had paid for mine almost 10 years ago, often with more mileage………..

    someone even asking $40k for a DC2 Type-R………..

  • +2 votes

    enjoy the effect of letting people spend their super and jobkeeper money on cars

  •  

    A colleague of mine bought an Evo 7 pre covid for $13k (admittedly a good price at the time from someone who needed the money). The enjoy self destructed on the weekend but it's presently worth $25k with the ruined engine. He's having it fixed to likely flip for around $40k. Mental.

  •  

    Car prices have actually risen by another 4% recently.Car prices are not expected to go down in the near future.

  •  

    Does anyone legitimately know why this is happening?

    • +1 vote

      The comments above are enough:

      People have excess disposal income from not travelling, or commuting and spending in the CBD, so they are spending it on cars, boats, trailers, etc

      US import laws have changed for popular JDM cars.

      Most new car prices are rising.

  •  

    So sad - I've been looking at Mazda 3's and 6's for around 12 months.

    Budget was around $10k now need to fork out about $15k or more for what I want (under 100,000km is the main point)

    Unless I just buy the most horrible cheap thing I can to get around in… but the plan was to get a car that will last a while.

    •  

      My mate works at Mazda, his dealership is selling 40 cars a week which apparently is huge numbers.

      •  

        Every time I enquire - the car sells within 4 days. This has been happening since Christmas at least.

        Mazda dealer I contacted close to Christmas sold 3 Mazda 3's in 5 days.

        When I managed to get to some dealerships most of the stock I was keen on was already sold awaiting collection!! fml

        I don't have a car so it is hard for me to get to most dealers due to their locations, so trying to buy one quickly is a huge struggle.

    • +1 vote

      It's funny - at the start of the pandemic, they were worried that this would be like the GFC, with car prices dropping like crazy. I do not think anyone anticipated the reality we are in now.

  •  

    office mate of mine just put a deposit for a VTi-L AWD CR-V for $42,000 a month ago, Gold coast dealer says to expect the car in a couple more weeks, salesperson convinced her to go new instead of used