Has the arse really fallen out of the used car market?!

[gary11]

Emeye said:

sniff petrol said:

What did they offer you then?

Well, ~£3k!!!

In addition to your woes the 5 series are a bit old hat now been hard work for the last 18mths,the only ones worth taking in are diesel IMO.

[gary11]

Emeye said:

f1stoxfan said:

Emeye said:

f1stoxfan said:

Emeye said:

sleep envy said:

Emeye said:

sleep envy said:

TBH they're only at £4kish in the classifieds and he has to make a living

I've had a look - and cars similar to mine are advertised anywhere between £6.5k upwards.

Doesn't mean they are selling though....

what's your spec?

530i Sport. Silver. Alcantara. Manual. Rain sensor. (think this is the only option as Sport spec is high). 73k miles. Immaculate. FBMWSH. Inspection 2 was the last service done.

£3000 is bang on the money in this present climate

How much money do traders expect to make on a car. Looking at autotrader, they would be wanting atleast £3k profit.

I would advertise that car at £4495 with a view to get £4000 for it

I'd advise everyone to go out and buy one then, because the E39 530i Sport has turned into the bargain of the century. It really is a great car, it's so solid and is like a new car still, so if I can't sell it for a decent price I will keep it until it falls to bits. I get an average of 30mpg and next year the tax will only be £210 cos it's due in Feb.

Looks like my habit of changing cars all the time has just come to a depressing halt.

THE WORRY IS 3K NOW WHAT WILL YOU GET THIS TIME NEXT YEAR!
Hopefully the press and news GB ect will stop spouting doom,get kicked out scrap new RFL and we can all pull our trusers back up and carry on.

Edited by Emeye on Saturday 19th July 15:32

Edited by gary11 on Sunday 20th July 08:22

[B'stard Child]

phlap said:

I guess the only good news is for buyers. Its a great time to lay your hands on a big engined barge if you dont give a stuff about Gordon and his ongoing gang rape of motorists.

Not sure about the giving a stuff bit - I don't like paying any more tax or duty than I have too - but I understand your perspective

Just a couple of years back I needed a new daily to replace my aging and rusting Senator 24v - criteria was seats 5 in comfort, V8 and around 4 litres - I looked at big mercs, A8's, Lexus 430's XJR's and 740's. Plenty of choice in all models

I bought a 1999 740 with 90K for 5 bags of sand - I could have bought newer for similar money but the VED changes were already in the pipeline (not well publisised but the writing was on the wall) so played it safe with a '99 - it'll do 30 mpg on a run and 20 round town - it's comfortable and loaded with toys - great mile muncher - the original purchase price was 10x that so I like depreciation

I'm not planning on selling it for a long long time

[internet-carlot]

There are a few factors:

The car market has been on its ass for years, when times were good people were more accepting (although not happy) that their part exchange had done their brains, but with the rise in the cost of living people have started to feel the pinch more.

The manufacturers have overloaded the 'cash cow' UK market for too long and unfortunately they are addicted to the volume drug and can't get off it.

Finance companies are more discerning about who they are taking on. The rates I have seen bandied about to take borderline cases on are shocking.

Its crazy to think we will have a 2000 car with more miles worth more than a 2001 or even 2002! A previous correspondant noted that £200 increase is not a lot. What you have to bear in mind is the percentage increase against the value of the car. What makes me laugh is that knocker Brown is urging employers to keep pay in line with inflation and then goes and kick the average motorist in the jubblies with a massive VED increase.

I accept the need to enforce climate change policy but surely not retrospective.

The car trade can be its own worse enemy by self perpetuating problems but it always finds its level eventually.

[POORCARDEALER]

Problem cars will be the likes of say a 03/53 Omega worth £1500 ish, nobody is going to buy that car and pay £400+ roadtax, so whats the Omega worth come next year?

[sleep envy]

on the up side there will be lots of track tools ready for next summer

[OllieBirmingham]

What I find amusing about the new VED rates is that people get themselves right at it over the £35 pa tax bracket and will pay thousands to get themselves in a car that is in it, over one that costs an extra £85 pa.
For every punter battening down the hatches and watching the pennies there is one who is prepared to spend thousands getting a car similar to what they already have that will do an extra 10mpg, or cost £20 less a year to tax. The media hype is working both ways.....

[Chainguy]

OllieBirmingham said:

What I find amusing about the new VED rates is that people get themselves right at it over the £35 pa tax bracket and will pay thousands to get themselves in a car that is in it, over one that costs an extra £85 pa.
For every punter battening down the hatches and watching the pennies there is one who is prepared to spend thousands getting a car similar to what they already have that will do an extra 10mpg, or cost £20 less a year to tax. The media hype is working both ways.....

Err, no. Forecourts full of non selling cars would suggest that it is far from that indeed. There is no ratio of 1:1 rich punter/poor punter. The money has dried up, end of story.

Of course, as most cars were getting bought on the chucky anyways, you could argue the money hasn't dried up, because it wasn't there in the first place to dry up. It was a debt binge. Because hey, we're all worth it after all.

[Jaguar steve]

Jaguar steve said:

Dunk76 said:

Witchfinder said:

The problem is that a used car is only worth what people are willing to pay for it. I reckon my lovely ST220 is worth next to nothing now, so I'm going to just have to keep it.

Which is the conclusion I drew a while back with the B3.

Anything a little unusual and of the fuller cyclinder capacity? It'll be peanuts then.

As DeR mentioned, I have a theory that the actual value of anything like this is nil. Nobody will buy my B3, therefore it is worthless.

It's supposed value is somewhere between £7,000 and £9,000, depending on a variety of things, but in reality?

Nah.

Still, not an issue, as the flipside of the plummeting market is that I can supplement the old crate with something equally irrelevant.

Such as an E65 745i, maybe an X5, or a W12 Phaeton, or an E55 AMG, or whatever...

£400 VED is a nonsense anyway, and the public at large working themselves into a state about it is almost hysterical.

I mean, the £200 increase is the same as;

a) two tanks of petrol, or roughly 400 miles of motoring

or

b) One 255/35/ZR18 Michelin Pilot Sport tyre

or

c) two decent meals out with the Wife

All very true, but £200 is a lot if you havn't got it, and you can't afford to swap your barge for somthing cheaper 'cos it's worth fk all.

And another thing. That's £200 every year. Suppose you keep the affected car for another 5 years then that's a £1000 extra you'll have to find - or put another way about £1400 more you'll have to earn before tax and NI. And what do you get in return for all that extra effort and expense?

[OllieBirmingham]

Chainguy said:

OllieBirmingham said:

What I find amusing about the new VED rates is that people get themselves right at it over the £35 pa tax bracket and will pay thousands to get themselves in a car that is in it, over one that costs an extra £85 pa.
For every punter battening down the hatches and watching the pennies there is one who is prepared to spend thousands getting a car similar to what they already have that will do an extra 10mpg, or cost £20 less a year to tax. The media hype is working both ways.....

Err, no. Forecourts full of non selling cars would suggest that it is far from that indeed. There is no ratio of 1:1 rich punter/poor punter. The money has dried up, end of story.

Of course, as most cars were getting bought on the chucky anyways, you could argue the money hasn't dried up, because it wasn't there in the first place to dry up. It was a debt binge. Because hey, we're all worth it after all.

Well I'm still selling a few, so that would suggest that 'some' people are still buying. Not selling as many as before but still selling. A lot of old people seem unconcerned/unaware of this massive 'credit crunch' and are still buying. As I said, I'm still seeing people who are prepared to pay huge money to swap their golf 1.6 for a golf tdi because they will get slightly improved mpg for the 5k miles per annum they do.;)

[Emeye]

After years of having whatever they want whenever they want it - even if it's beyond their means thanks to easy credit - the general stupid public are now realising how stupid they have been, but are completely over-reacting, because they are not smart enough to think for themselves.

The most frustrating part is that for those of us that have been sensible and not bought a house with a 100%< mortgage, and haven't gone out and bought a Porsche Cayenne or X5 to impress the neighbours with their ability to get credit; we are now having to take a financial hit for their selfishness and ignorance.

The crazy thing is, even though I was made redundant a few weeks ago, I took things easy during the boom and I can now weather the storm and I'm probably in a much more financially stable position than MR and MRS "Debt up to their eyeballs but at least our friends were impressed whist it lasted".

I have no sympathy for these people.

At least the worst thing for me is that I will have to keep my car for sometime or take a few grand-hit!

[Chainguy]

OllieBirmingham said:

Chainguy said:

OllieBirmingham said:

What I find amusing about the new VED rates is that people get themselves right at it over the £35 pa tax bracket and will pay thousands to get themselves in a car that is in it, over one that costs an extra £85 pa.
For every punter battening down the hatches and watching the pennies there is one who is prepared to spend thousands getting a car similar to what they already have that will do an extra 10mpg, or cost £20 less a year to tax. The media hype is working both ways.....

Err, no. Forecourts full of non selling cars would suggest that it is far from that indeed. There is no ratio of 1:1 rich punter/poor punter. The money has dried up, end of story.

Of course, as most cars were getting bought on the chucky anyways, you could argue the money hasn't dried up, because it wasn't there in the first place to dry up. It was a debt binge. Because hey, we're all worth it after all.

Well I'm still selling a few, so that would suggest that 'some' people are still buying. Not selling as many as before but still selling. A lot of old people seem unconcerned/unaware of this massive 'credit crunch' and are still buying. As I said, I'm still seeing people who are prepared to pay huge money to swap their golf 1.6 for a golf tdi because they will get slightly improved mpg for the 5k miles per annum they do.;)

Crazy isn't it? Like the chap I knew who paid £5k more for an X5 derv than he could have got a same year, slightly higher spec, 4.4i model for. This is a chap who does 12k PA at the absolute maximum, and chops his car in every two.

Logic like that, you can't win.

[sniff petrol]

Chainguy said:

OllieBirmingham said:

I'm still seeing people who are prepared to pay huge money to swap their golf 1.6 for a golf tdi because they will get slightly improved mpg for the 5k miles per annum they do.;)

Crazy isn't it? Like the chap I knew who paid £5k more for an X5 derv than he could have got a same year, slightly higher spec, 4.4i model for. This is a chap who does 12k PA at the absolute maximum, and chops his car in every two.

Logic like that, you can't win.

Suppose it makes more sense on the X5 than the Golf - difference of 30mpg over 20mpg and should retain a bi more value when it comes to sell. Also do the 3.0d X5's manage to dip below band G for VED purposes?

[AndrewW-G]

Dunk76 said:

sniff petrol said:

Dunk76 said:

£400 VED is a nonsense anyway, and the public at large working themselves into a state about it is almost hysterical.

I mean, the £200 increase is the same as;

a) two tanks of petrol, or roughly 400 miles of motoring

or

b) One 255/35/ZR18 Michelin Pilot Sport tyre

or

c) two decent meals out with the Wife

That's how the Government want you to think about it, that it's nothing much, not enough to make you change your habits and just pay up.

Yeah, but it isn't much is it?

Thanks for such a kind offer, I'm sure everybody on PH who's going to have to fork out another £200 in tax that's going to be spent on everybody and everywhere other than the UK, will appreciate your offer to pay the extra £200 for them

Thanks again we all appreciate your generosity

[otolith]

jsc15 said:

RX8's are an odd one. If they had a "normal" engine I think the secondhand market would embrace them a bit more, a la 350Z, but they seem to have a stigma hanging over them due to MPG, engine quirks, and oil change regularity

It's a shame really as I was this )( close to getting one when they came out, but clearly I dodged a bullet on the depreciation

Residuals were very strong to begin with, the main problem was subsequent oversupply; Mazda got greedy and flooded the market. Fuel economy is crap, but then the real world figures for the 350Z, Focus ST and rally reps are in the same ballpark.

With a normal engine, there would be no point to them; if you're going to buy a 3-series coupe, why would you want one made by Mazda?

[gary11]

Chainguy said:

OllieBirmingham said:

Chainguy said:

OllieBirmingham said:

What I find amusing about the new VED rates is that people get themselves right at it over the £35 pa tax bracket and will pay thousands to get themselves in a car that is in it, over one that costs an extra £85 pa.
For every punter battening down the hatches and watching the pennies there is one who is prepared to spend thousands getting a car similar to what they already have that will do an extra 10mpg, or cost £20 less a year to tax. The media hype is working both ways.....

Err, no. Forecourts full of non selling cars would suggest that it is far from that indeed. There is no ratio of 1:1 rich punter/poor punter. The money has dried up, end of story.

Of course, as most cars were getting bought on the chucky anyways, you could argue the money hasn't dried up, because it wasn't there in the first place to dry up. It was a debt binge. Because hey, we're all worth it after all.

Well I'm still selling a few, so that would suggest that 'some' people are still buying. Not selling as many as before but still selling. A lot of old people seem unconcerned/unaware of this massive 'credit crunch' and are still buying. As I said, I'm still seeing people who are prepared to pay huge money to swap their golf 1.6 for a golf tdi because they will get slightly improved mpg for the 5k miles per annum they do.;)

Crazy isn't it? Like the chap I knew who paid £5k more for an X5 derv than he could have got a same year, slightly higher spec, 4.4i model for. This is a chap who does 12k PA at the absolute maximum, and chops his car in every two.

Logic like that, you can't win.

very true Ive just brought the missuse a 4.4 jag engined R/R sport for 5k less than an oil burner every extra std and had it gassed weve done 180 miles neither gauge has moved yet (wouldve put 40-50 quid by now)

[swamp]

Will my Mk5 Golf GTI hold its value?

35mpg and just inside the new VED band J (£270)

[sleep envy]

swamp said:

Will my Mk5 Golf GTI hold its value?

35mpg and just inside the new VED band J (£270)

no, golf are dropping much like everything else (to varying degrees though)

[swamp]

sleep envy said:

swamp said:

Will my Mk5 Golf GTI hold its value?

35mpg and just inside the new VED band J (£270)

no, golf are dropping much like everything else (to varying degrees though)

Oh well it could have been worse, I nearly bought an R32

[velocemitch]

I've been caught out big style with the collapsing market. LAte last year I took the decision to take a company car instead of running my own 156 GTA on an allowance. I could see the costs rising and decided the allowance just wasn't enough anymore. It took a few months for the company to get their act together, then a few months for BMW to build my new 1 coupe. In the mean time the sky fell in on the large engined car market and I'm stuck with a 'spare' 3.2 V6 GTA highest VED band there is!!.
I'm just not sure how much I can justify dropping the price, a few months ago it seemed 9k was a reasonable amount, now I bet the trade would only offer me half that and private buyers have run and hidden.