Secondhand car price crash? (Vol. 2)
Discussion
irish boy said:
Deep Thought said:
griffter said:
Deep Thought said:
This happened to pop up in one of my searches....
2007 X5 4.8i SE with what looks like a very high spec.
https://www.autotrader.co.uk/car-details/202405059...
On the face of it, quite a nice thing to have about but.... £735 tax per year!
Surely these - and many cars like it - will be priced off the road fairly soon?
As nice as one of these might be with a v8 thats quite a chunk of money per year to hand out, even before it turns a wheel?
I'd imagine that tax rate will continue to go up too.
My diesel van costs the same. It just incentivises me to use it more to get my moneys worth. 2007 X5 4.8i SE with what looks like a very high spec.
https://www.autotrader.co.uk/car-details/202405059...
On the face of it, quite a nice thing to have about but.... £735 tax per year!
Surely these - and many cars like it - will be priced off the road fairly soon?
As nice as one of these might be with a v8 thats quite a chunk of money per year to hand out, even before it turns a wheel?
I'd imagine that tax rate will continue to go up too.
Big tax older petrol cars though must be going to become close to worthless or a thing of the past entirely.
Interesting
I was delivering to a few of the independents who sell cars under £6k
They where all saying the market has slowed down so far this month, no where near the same level of interest,
Are we seeing a cooling down of the bottom end of the market?
Is it inevitable as new supply has returned?
One garage I dropped off at which has about 40 cars of which around 10 are Cat N and Cat S which they have repaired , they said they haven’t had a sniff on the damage repairable despite dropping the prices.
They reckon copart prices are dropping.
I was delivering to a few of the independents who sell cars under £6k
They where all saying the market has slowed down so far this month, no where near the same level of interest,
Are we seeing a cooling down of the bottom end of the market?
Is it inevitable as new supply has returned?
One garage I dropped off at which has about 40 cars of which around 10 are Cat N and Cat S which they have repaired , they said they haven’t had a sniff on the damage repairable despite dropping the prices.
They reckon copart prices are dropping.
teddosan said:
r3g said:
Well to be fair it's not like the internet isn't awash with videos of EVs self-combusting and then torching everything in the immediate vicinity. You would have to be high on the EV Kool-Aid juice to deny that 
. The extorionate insurance premiums are at least going to be partly because of that imho, with another part being the battery replacement cost if damaged, like someone mentioned above. I don't think any of this is a secret or news to anyone.
The internet might be 'awash' with videos of EVs self-combusting, but it's also awash with people claiming the earth is flat, or that chemtrails are a thing. The facts actually point to EVs being way less likely to catch fire.. The extorionate insurance premiums are at least going to be partly because of that imho, with another part being the battery replacement cost if damaged, like someone mentioned above. I don't think any of this is a secret or news to anyone.Edited by r3g on Monday 6th May 13:40
https://www.fleetnews.co.uk/news/tusker-fleet-data...
There is also the element of age of cars. Is that analysis in the article like for like, as in, for cars 10 years old or less, how many fires per 100,000? I would also imagine that as a combustion car gets older and more prone to faults, its also more likely to have a fire? In which case, the stats in the article all point in favour of EV's, but its not a like for like comparison. To do it correctly, it would need to be both like for like, as well as some method to include severity.
I would rather have 10 paper cuts than 5 broken limbs, this being a prime example of the importance of weighing severity as well as the absolute numbers.
Deep Thought said:
This happened to pop up in one of my searches....
2007 X5 4.8i SE with what looks like a very high spec.
https://www.autotrader.co.uk/car-details/202405059...
On the face of it, quite a nice thing to have about but.... £735 tax per year!
Surely these - and many cars like it - will be priced off the road fairly soon?
As nice as one of these might be with a v8 thats quite a chunk of money per year to hand out, even before it turns a wheel?
I'd imagine that tax rate will continue to go up too.
More people would be willing to pay over £700 a year to tax an x5 than there will be to tax a chrysler pt cruiser.2007 X5 4.8i SE with what looks like a very high spec.
https://www.autotrader.co.uk/car-details/202405059...
On the face of it, quite a nice thing to have about but.... £735 tax per year!
Surely these - and many cars like it - will be priced off the road fairly soon?
As nice as one of these might be with a v8 thats quite a chunk of money per year to hand out, even before it turns a wheel?
I'd imagine that tax rate will continue to go up too.
Sub 2k car with £710 a year is seriously painful.
https://www.autotrader.co.uk/car-details/202401115...
More evidence today, 3 independents who operate at the budget end saying it’s been a slow month for sales.
One of them has stopped buying as he thinks prices will start falling throughout the summer at the lower end
He reckons anything not in close to retail condition is already suffering at mainheim auction based on the sales he has attended in the past 2 weeks
One of them has stopped buying as he thinks prices will start falling throughout the summer at the lower end
He reckons anything not in close to retail condition is already suffering at mainheim auction based on the sales he has attended in the past 2 weeks
blue_haddock said:
More people would be willing to pay over £700 a year to tax an x5 than there will be to tax a chrysler pt cruiser.
Sub 2k car with £710 a year is seriously painful.
https://www.autotrader.co.uk/car-details/202401115...
Bloody hell that's nuts for a mere 2.4!Sub 2k car with £710 a year is seriously painful.
https://www.autotrader.co.uk/car-details/202401115...
Deep Thought said:
blue_haddock said:
More people would be willing to pay over £700 a year to tax an x5 than there will be to tax a chrysler pt cruiser.
Sub 2k car with £710 a year is seriously painful.
https://www.autotrader.co.uk/car-details/202401115...
Bloody hell that's nuts for a mere 2.4!Sub 2k car with £710 a year is seriously painful.
https://www.autotrader.co.uk/car-details/202401115...
http://www.autotrader.co.uk/car-details/2024050794...
Might take a while to shift...
ChrisH72 said:
So if people are no longer buying bangers, does that mean they're buying more expensive cars instead? I'm sure I read somewhere that used car prices have started going up again.
I don't think so. Only anecdata, but we buy and sell some customer cars and we've got a few in now which aren't shifting despite being extremely well prepped and loads of repair work done on them to give the buyer peace of mind and are priced well too. Usually the stuff we put out for sale is bought the same day or even before it goes outside, just through word of mouth and reputation but there's been a noticeable increase in requests for "have you got anything cheaper?" (these are already at the £1000-1500 price point generally) and requests to pay in instalments (WTF!).We're getting the impression from the above that a lot of people are REALLY struggling financially and don't really care about cosmetic condition so long as it's cheap and has 12 months ticket on it.
On the MOT side of things, servicing on the older cars seems to be a thing of the past these day (no money to do it?). The amount we see coming in now with bald tyres, broken suspension bits, knackered exhausts failing the emissions, lights out all over the place, knackered wiper blades and non-working washers are now common place. Could just be laziness but the baulking at the price and "I'll have a think about it" when we've priced up the work to get their car through its MOT suggests it's a lack of finances issue.
soupdragon1 said:
The devil is in the detail though. For example, 2 people injured - 1 has a paper cut, the other has a broken leg. Both counted as 1 injury but one is clearly more severe. Are EV fires less likely but more severe? I would think so if I was having a guess.
There is also the element of age of cars. Is that analysis in the article like for like, as in, for cars 10 years old or less, how many fires per 100,000? I would also imagine that as a combustion car gets older and more prone to faults, its also more likely to have a fire? In which case, the stats in the article all point in favour of EV's, but its not a like for like comparison. To do it correctly, it would need to be both like for like, as well as some method to include severity.
I would rather have 10 paper cuts than 5 broken limbs, this being a prime example of the importance of weighing severity as well as the absolute numbers.
All fair challenges. but you're 'imagining' quite a bit to get to your conclusion. I'd definitely be interested in looking at other research that analyses these points, which might as you say, come to a different conclusion. But as it stands, the available research shows that ICE cars are more likely to catch fire than EVs. My guess is there will be more research into this as EVs become more and more prevalent...There is also the element of age of cars. Is that analysis in the article like for like, as in, for cars 10 years old or less, how many fires per 100,000? I would also imagine that as a combustion car gets older and more prone to faults, its also more likely to have a fire? In which case, the stats in the article all point in favour of EV's, but its not a like for like comparison. To do it correctly, it would need to be both like for like, as well as some method to include severity.
I would rather have 10 paper cuts than 5 broken limbs, this being a prime example of the importance of weighing severity as well as the absolute numbers.
Hub said:
I'll raise you a Chevrolet Tacuma 2.0 - 120bhp, 11.7 seconds to 60, ugly as hell and £710 to tax
http://www.autotrader.co.uk/car-details/2024050794...
Might take a while to shift...
Wow yes I'd forgotten about those. I remember sometimes retailing those "back in the day". Tax was crazy high then but not mental like it is now.http://www.autotrader.co.uk/car-details/2024050794...
Might take a while to shift...
They were a hard sell even then. I quite liked them to drive. They were as cheap as chips then too.
Would be a horror to sell now given the tax to purchase price ratio.
r3g said:
I don't think so. Only anecdata, but we buy and sell some customer cars and we've got a few in now which aren't shifting despite being extremely well prepped and loads of repair work done on them to give the buyer peace of mind and are priced well too. Usually the stuff we put out for sale is bought the same day or even before it goes outside, just through word of mouth and reputation but there's been a noticeable increase in requests for "have you got anything cheaper?" (these are already at the £1000-1500 price point generally) and requests to pay in instalments (WTF!).
We're getting the impression from the above that a lot of people are REALLY struggling financially and don't really care about cosmetic condition so long as it's cheap and has 12 months ticket on it.
On the MOT side of things, servicing on the older cars seems to be a thing of the past these day (no money to do it?). The amount we see coming in now with bald tyres, broken suspension bits, knackered exhausts failing the emissions, lights out all over the place, knackered wiper blades and non-working washers are now common place. Could just be laziness but the baulking at the price and "I'll have a think about it" when we've priced up the work to get their car through its MOT suggests it's a lack of finances issue.
A mate of mine sells stuff at that end of the market and he's tortured with "yes I'll buy it, I'll give you £100 now and pay you £100 a week" err... no.We're getting the impression from the above that a lot of people are REALLY struggling financially and don't really care about cosmetic condition so long as it's cheap and has 12 months ticket on it.
On the MOT side of things, servicing on the older cars seems to be a thing of the past these day (no money to do it?). The amount we see coming in now with bald tyres, broken suspension bits, knackered exhausts failing the emissions, lights out all over the place, knackered wiper blades and non-working washers are now common place. Could just be laziness but the baulking at the price and "I'll have a think about it" when we've priced up the work to get their car through its MOT suggests it's a lack of finances issue.
And people buying at that end of the market really don't have money for repairs...
r3g said:
ChrisH72 said:
So if people are no longer buying bangers, does that mean they're buying more expensive cars instead? I'm sure I read somewhere that used car prices have started going up again.
I don't think so. Only anecdata, but we buy and sell some customer cars and we've got a few in now which aren't shifting despite being extremely well prepped and loads of repair work done on them to give the buyer peace of mind and are priced well too. Usually the stuff we put out for sale is bought the same day or even before it goes outside, just through word of mouth and reputation but there's been a noticeable increase in requests for "have you got anything cheaper?" (these are already at the £1000-1500 price point generally) and requests to pay in instalments (WTF!).We're getting the impression from the above that a lot of people are REALLY struggling financially and don't really care about cosmetic condition so long as it's cheap and has 12 months ticket on it.
On the MOT side of things, servicing on the older cars seems to be a thing of the past these day (no money to do it?). The amount we see coming in now with bald tyres, broken suspension bits, knackered exhausts failing the emissions, lights out all over the place, knackered wiper blades and non-working washers are now common place. Could just be laziness but the baulking at the price and "I'll have a think about it" when we've priced up the work to get their car through its MOT suggests it's a lack of finances issue.
Deep Thought said:
A mate of mine sells stuff at that end of the market and he's tortured with "yes I'll buy it, I'll give you £100 now and pay you £100 a week" err... no.
And people buying at that end of the market really don't have money for repairs...
And people buying at that end of the market really don't have money for repairs...
Yes we are getting it quite frequently now. Just last friday had a guy wanting a Festa Zetec we've got up for a grand and wanted to pay in instalments We wouldn't have done it regardless, but just to play the same silly game I told him 500 today and then 3 payments of 250, and we'd hold the car for him here until he's made his final payment. It was all light-hearted as he was the son of one of our regulars, but he genuinely couldn't see any issues in his kind offer of paying £200 now, taking the car away, and then making another 4 payments of £200 at later dates 
. Apparently me adding £250 interest and keeping hold of the car was me scamming people 
Unsurprisingly no response was forthcoming when I made the bold suggestion to get a grand loan from his bank and then you'll have all the money to drive it away today and the bank loan would be at a much lower interest rate too.We have to keep going outside and checking that the sign above the door does still say "XYZ MOT Centre" and not "XYZ Financial Services".
What do you think of this https://www.msn.com/en-gb/cars/news/motorists-warn... article which might put a hold on the slide in 2nd hand car prices, if you cant get new petrol cars.
Perhaps a bit of propaganda to get people to commit to buying sooner rather than later given the person quoted is a dealer, but those manufacturers with more than 22% electric can release the taps on their petrol car supply and\or maintain their margins.
Perhaps a bit of propaganda to get people to commit to buying sooner rather than later given the person quoted is a dealer, but those manufacturers with more than 22% electric can release the taps on their petrol car supply and\or maintain their margins.
thepeoplespal said:
What do you think of this https://www.msn.com/en-gb/cars/news/motorists-warn... article which might put a hold on the slide in 2nd hand car prices, if you cant get new petrol cars.
Perhaps a bit of propaganda to get people to commit to buying sooner rather than later given the person quoted is a dealer, but those manufacturers with more than 22% electric can release the taps on their petrol car supply and\or maintain their margins.
ICE residuals soon to be rock solid. Def avoid EVs as a private purchase…Perhaps a bit of propaganda to get people to commit to buying sooner rather than later given the person quoted is a dealer, but those manufacturers with more than 22% electric can release the taps on their petrol car supply and\or maintain their margins.
thepeoplespal said:
What do you think of this https://www.msn.com/en-gb/cars/news/motorists-warn... article which might put a hold on the slide in 2nd hand car prices, if you cant get new petrol cars.
Perhaps a bit of propaganda to get people to commit to buying sooner rather than later given the person quoted is a dealer, but those manufacturers with more than 22% electric can release the taps on their petrol car supply and\or maintain their margins.
I've been saying that for several years now on this thread and it's predeccessors. Perhaps a bit of propaganda to get people to commit to buying sooner rather than later given the person quoted is a dealer, but those manufacturers with more than 22% electric can release the taps on their petrol car supply and\or maintain their margins.
What's being forced upon the new car market is not, down the line what the used car market wants. When diesel went out of favour in New cars, used diesel prices went up. More recently, Ford stopped making the Fiesta, used prices of them have went up.
The used car market has not warmed so much to hybrids and definitely not to EVs, hence the poor resale prices on EVs.
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