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Corona and Car Prices

107K views 1K replies 88 participants last post by  2006m5 
#1 ·
Has anyone been following lambo prices. I expect with the stock market crash and hysteria spreading that used lambo prices will start falling . Everyone please post examples of low or dropping prices so we can follow the trend. I am planning on buying another car but think now we may see drastically lower prices in a few months. (As long as my business does not take a huge hit)What are everyones thoughts ? Lee
 
#3 ·
I bought a Huracan Evo Spyder today and truely got an "end of the world deal on it". I bought a new Ferrari during the previous financial crash built to spec on the same basis (got about 15% off that) but the prices do bounce as soon as things settle. But the deal I got on my new car today was just to good to pass up, even with the economic uncertainty, the fact I could be dead in the next few months etc etc. I just thought even if I can throw it in a garage for a few months until this madness is over, providing I can stay alive I could probably sell it for another £20-30,000K. But It's exactly the car I wanted and was worth taking the chance on, and timing wise there would be no way I would ever be able to get it cheaper.
 
#6 ·
BTW, Scottsdale Lambo has a $25K discount on 2 new loaded EVO coupes.
 
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#8 ·
EVO AWD's aren't moving at all. The car is a flop and there's deals in every market even before the pandemic, in NA Lambo finance is offering aggressive lease deals.

A lot of people are waiting for a massive crash in the super car market, I don't see it happening unless this virus drags on for months which I doubt it will. Remember China is back up and running, only 5 cases were reported yesterday and all the temp hospitals they built are coming down. Locally the feds have $1.5tr they're prepared to dump into the markets, you have record low rates and you have pent up demand once there's a vaccine and things start to return to normal.

You'll find deals especially with smaller dealers who need to push inventory out but I don't think the deals will be near the deals that were out there during the 2008 crash.
 
#9 ·
Can you share the name or location of dealer you got it from?
 
#13 ·
Curious to see what happens as well.

My company has requested anyone who can work from home to do so. The event our latest project was for has been cancelled. Wife's company is suspending several events and operations and taking drastic measures. Wife was at a training event at a huge downtown hotel that went from 100% booked to 8% booked in days. I know several people who have lost work as a result of events and projects getting cancelled.

WA and OR have "banned" gatherings of more than 250 people.

NBA shut down. NHL shut down. Disneyland closed for 2 weeks. Local schools are off for 2 months. Daycares have closed. Concerts cancelled. Flights cancelled....

I don't know how long this will go on, or what the final impact will be, but it is an economic poop storm in my neck of the woods.

My gut feeling is that prices will be really low for a month or two. I think the measures being taken across the globe are going to hit the economy pretty hard. Lots of theories about how this plays out, but short term, I am guessing a big dip. Beyond that, who knows?
 
#14 ·
i think prices will dip slightly not sure how long this will last but things like this need to last a fairly long time for it to have impacts on exotic car markets etc etc.
What I do think is that you will see a bunch of cars be put up for sale by their owners as a result in the next few weeks or months
 
#15 ·
Personally some of these owners are taking some financial hits but I don’t think many of them will have to dump cars.

Dealers on the other hand are losing buyers. Each car they hold is costing them money.

If new Evo’s are 25k off. Mclaren selling with 60-90k off sticker.

Deals will be out there for those who are liquid and are in businesses that are t being affected by this downturn.
 
#17 ·
I’m sure going to ask my dealer to give me a break on the price of my new car, can’t hurt even though they don’t give discounts on special orders. It might be time for me to look to another dealer out of state.
 
#19 ·
This is a very interesting topic. Some like JR think great deals are coming. Some like Ants think we will see a slight dip (maybe). I still got people from around the world in the Lamborghini Facebook group still talking about buying cars right now, even though we all discussed the potential market drop. So many different perspectives....
 
#21 · (Edited)
A lot of "IF"s involved. If this thing winds down and we get back to normal in a few months, then it is probably smart to snatch up some good deals now. If this goes on for months, and some of the worst case scenarios play out, values will probably tank.

Got my feet up and a bowl of popcorn in my lap. Nothing to do but watch it play out. I ain't buying nothing but TP and canned food for now.
 
#22 ·
One thing is for certain. A lot of leverage traders were wiped out, and not by choice. Margin call is real and if you can't pay, you can't play. A lot of these guys are also luxury brand owners and you better believe they will be selling their cars, again without choice.
 
#30 ·
Fortunately I'm navigating the stock market really well with this downturn. Long option puts on travel stocks that were bought Mid-Feb are hitting the jackpot. I'm looking for a Performante Spyder or 600LT Spider. I think the Perf's will be going for low 200's by late summer and 600LT's sub 200.

China was on quarantine for 7 weeks (til last week) and they’re slowly getting back to work but retail is extremely slow... it should last longer here due to the relaxed quarantine which will prolong the curve. Be ready for that scenario
 
#31 ·
What could happen in the near future because of this scare is that dealers aren’t going to be moving any cars new or used, so anyone in the market might be able to score a car for a lot cheaper because dealers will be hungry for any sale they can make.

It’s all very hard to tell at this point.
 
#32 ·
Speaking to a few dealers and they seem to be holding out hope this is short lived and they can ride it out. No doubt they'll be more willing to make a deal and give a discount but some guy on IG said he was going around asking dealers with Aventador's for sale for a 50% discount. He probably the type of guy who stacked up on 2 years worth of toilet paper.
 
#34 ·
Thanks for all the replies. I have been at the beach sheltering by drinking beer and watching thongs from at least 6 feet away. My son exclaimed yesterday CORONA HAS GONE AIRBORNE! I looked up just in time to see a Corona parasail go flying by.
On a more serious note, I came home 3 days early after watching the fear mongers on the TV for 4 days. The market has dropped almost 30 percent. That will badly hurt a lot of people and break others. I think it is a dead certainty that prices will drop as owners needing liquidity will dump their cars for cash. The reaction to the virus is causing way more economic damage than the virus itself. We can thank the media and local governments for that. There will certainly be a drop for at least several months as the number of cases climbs drastically. (Due to the large numbers of tests coming available) It is not that more are sick, just more tests to verify. Since the news is having the highest ratings since 911 don't expect any relief till people tire of this and lots of people get sick and get over it. In the meantime, I expect a 16K dow or lower and car prices dropping till things stabilize. With the election in play , that could take quite a while. Lee
 
#35 ·
I agree Lee. The used car market especially should have some great buys, not so sure about special order new cars.
 
#36 ·
My wife and I are one the front lines in Silicon Valley. Despite the media coverage it's not overhyped. We're just beginning to see the first wave of patients and the hospital is already buckling. ICU beds are filling fast and supplies are low. The doctors and nurses have to re-wear masks which puts them at extreme risk. The personal respirator batteries all died. Can't order any more. Many patients are under 65. We have a few under 30. A 20 year old was put on a heart-bypass machine. People ignoring shelter in place are just going to prolong this into the summer and fall. I'm dumbfounded by how people are still thinking "it's just the flue, bro." Look at Seattle. That's the template for the rest of the country still walking around like nothing is happening. NYC's hospitals will be overwhelmed.

My colleague was one of the lead MD virologists for the H1N1 pandemic. The statistics on COVID show this to be much deadlier particularly for anyone with chronic disease. And 60% of Americans have at least 1 chronic disease and 40% have 2 or more. The death toll for this first pre vaccine wave will be staggering without a coordinated local-national response. I hope I'm wrong but the rate people are ignoring the severity of the situation they are simply adding to uncertainty. It's better to be overprepared.

The economy was primed to collapse. We've been running on fumes for years. Low interest rates and stock buybacks artificially inflated the markets. All time highs across every asset class. The coronavirus was the pin the popped this bubble. It could have been anything - bank failure, war. And of course Russian-Saudi oil war is a not so covert assault on the USD and is adding fuel to the fire. China and Russia have been buying up gold for years to push the US out of its pre-eminent position. This is much like the 1929 style crash. The economy looked very similar. The Fed has promised to pump trillions into the economy and yet the markets are falling. Not because of the coronavirus. Our supply chains were stretched thin and brittle. Manufacturing has been outsourced. How about this: 90% of our pharmaceuticals can't be made without China. Debt has powered the last 11 years of this bull run. Every hedge fund is over leveraged. At some point the chickens come home to roost.

I'm hoping for a V shaped recovery. Sharp down, sharp up. But realistically am planning for a long haul. This might be one of those U shaped markets moving sideways for years. I know it's probably not PC to say this as many are losing their jobs and will lose their homes too but for those with cash this will be once in a 100 years opportunity. Again I'd prefer to be wrong on this but my gut and the numbers say otherwise.

Be safe. Take care of your loved ones.
 
#38 ·
Wise words that I wish I didn’t wake up to this morning. Here in Hawaii thousands are still coming in daily and Waikiki beach looks like spring break. Seems crazy to me. For now I’m staying away. Be safe as you can everyone.
 
#40 ·
Welp lucky for me, I am in the scrap metal recycling business. And we have been booming lately. Scrap metal in a way (knock on wood) has been a recession proof business during hard times and we actually do very well or better in down economic times because people need extra cash and bring scrap. Its funny because lately, I've been having people that don't normally scrap at all, bring in material in hellcats, escalades, 7 series BMWs just to name a few that wouldn't even think about bringing scrap metal in to the low life, dirty scrap yards. But they need extra money so they are doing anything they can for a few extra bucks. With this extra business lately, I went and purchased a brand new 2020 Raptor, and am signing the papers on a Mclaren 720 as well. Incase you guys were wondering what kind of deals I got on those two vehicles right now and what dealers were willing to do. I got the Raptor with a $76k sticker for $71k, and got the 720 which is a 2018 with a $346k sticker and 10,000 miles for $222k and a set of OEM Mclaren carbon mirrors thrown into the deal to sweeten it up. I hope the economy gets better for everyone I really do, I like to see friends and family doing good. But ive been blessed with a business that can thrive even in the bad times so I sure am grateful for that!
 
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