4 ms·

I'm on the other end of this. I've been monitoring Craigslist the past couple weeks to see if people start trying to dump vehicles. Sort of terrible, but also

I'm on the other end of this. I've been monitoring Craigslist the past couple weeks to see if people start trying to dump vehicles. Sort of terrible, but also I've been hearing that we're in a vehicle financing bubble for several years now.

arkanciscan 7y ago
I'm on yet another end; trying to get all my old bicycles listed on CL while everyone is avoiding mass transit.
- inpdx 7y ago
  That's brilliant.
- Scoundreller 7y ago
  And put parts on Ebay. People will prefer mail-order rather than a retail store. I've sold a few things that I've been trying to sell for over a year. E.g. inkjet printer cartridges. I guess a lot of people suddenly can't print at work anymore!
dbcurtis 7y ago
That's a good idea. I suspect you are a little early, I don't think the forced selling is happening too much yet, but it is good to be watching the trends so that you are first in line when that day comes.
bestnameever 7y ago
Have you seen any movement?
- war1025 7y ago
  Not yet. As others have commented, it's probably too early still.
  - icelancer 7y ago
    Yeah. REITs and similar things will start their collapse after people miss payments on May 1st and some section of them continue on through June/July.
toomuchtodo 7y ago
You will find the best deals in 3-6 months; that's about how long it's going to take for delinquencies to turn into repos or distressed sales. Make sure to have cash in hand or financing lined up, and that you're taking possession of title immediately (or in a way that you're not going to be left hung out to dry due to the repo process, if the sale is distressed). A branch of the institution that is the lienholder on the title is the ideal place to complete the transaction.
- Spooky23 7y ago
  My guess is you’ll see loan programs for auto and houses. A car price collapse will be devastating to jobs.
  - toomuchtodo 7y ago
    Programs will arrive, but they will be woefully inadequate, defaults will occur regardless. Agree with the outcome.
    - zachshefska 7y ago
      A lot of manufacturers have already put programs into place that are eerily similar to what they did during the Great Recession: https://yourautoadvocate.com/guides/coronavirus-car-deals/ https://yourautoadvocate.com/guides/coronavirus-car-deals/
perl4ever 7y ago
I think people have unrealistic hopes for discounts. Partly because I've been window shopping auctions and partly for theoretical reasons. Just because car sales are down doesn't mean the people who aren't buying cars now are going to change their mind because of a slightly lower price. So I doubt it's in the interest of a savvy seller to change their asking price much. If you're selling mundane utilitarian cars, then lowering your price isn't going to increase the number of essential workers who just got their car totaled and need to buy now. And if you're selling sporty toys to people who are financially unaffected by current events, maybe you could increase sales a little with discounts, but maybe they are by definition buying anyway, so why bother?
- war1025 7y ago
  I don't actually need a different car. Mostly just checking to see if it actually happens.
nradov 7y ago
People can't dump vehicles when they're underwater on a loan. Those get repossessed, not sold on Craigslist.
- war1025 7y ago
  The advantages of being wrong on the internet :) That of course makes perfect sense now that I take a minute to think about it.

arkanciscan 7y ago

I'm on yet another end; trying to get all my old bicycles listed on CL while everyone is avoiding mass transit.

inpdx 7y ago
That's brilliant.
Scoundreller 7y ago
And put parts on Ebay. People will prefer mail-order rather than a retail store. I've sold a few things that I've been trying to sell for over a year. E.g. inkjet printer cartridges. I guess a lot of people suddenly can't print at work anymore!

dbcurtis 7y ago

That's a good idea. I suspect you are a little early, I don't think the forced selling is happening too much yet, but it is good to be watching the trends so that you are first in line when that day comes.

bestnameever 7y ago

Have you seen any movement?

war1025 7y ago
Not yet. As others have commented, it's probably too early still.
- icelancer 7y ago
  Yeah. REITs and similar things will start their collapse after people miss payments on May 1st and some section of them continue on through June/July.

toomuchtodo 7y ago

You will find the best deals in 3-6 months; that's about how long it's going to take for delinquencies to turn into repos or distressed sales. Make sure to have cash in hand or financing lined up, and that you're taking possession of title immediately (or in a way that you're not going to be left hung out to dry due to the repo process, if the sale is distressed). A branch of the institution that is the lienholder on the title is the ideal place to complete the transaction.

Spooky23 7y ago
My guess is you’ll see loan programs for auto and houses. A car price collapse will be devastating to jobs.
- toomuchtodo 7y ago
  Programs will arrive, but they will be woefully inadequate, defaults will occur regardless. Agree with the outcome.
  - zachshefska 7y ago
    A lot of manufacturers have already put programs into place that are eerily similar to what they did during the Great Recession: https://yourautoadvocate.com/guides/coronavirus-car-deals/ https://yourautoadvocate.com/guides/coronavirus-car-deals/

perl4ever 7y ago

I think people have unrealistic hopes for discounts. Partly because I've been window shopping auctions and partly for theoretical reasons. Just because car sales are down doesn't mean the people who aren't buying cars now are going to change their mind because of a slightly lower price. So I doubt it's in the interest of a savvy seller to change their asking price much. If you're selling mundane utilitarian cars, then lowering your price isn't going to increase the number of essential workers who just got their car totaled and need to buy now. And if you're selling sporty toys to people who are financially unaffected by current events, maybe you could increase sales a little with discounts, but maybe they are by definition buying anyway, so why bother?

war1025 7y ago
I don't actually need a different car. Mostly just checking to see if it actually happens.

nradov 7y ago

People can't dump vehicles when they're underwater on a loan. Those get repossessed, not sold on Craigslist.

war1025 7y ago
The advantages of being wrong on the internet :) That of course makes perfect sense now that I take a minute to think about it.