Auction Report: Manheim Colchester Prestige Sale 11 Nov 08
Discussion
jofanon said:
What does provisional bid mean?
Didn't meet the reserve but was close enough to it to warrant a deposit being taken. The vendor is then asked if they'll accept the below reserve bid. The prospective buyer may also increase their bid if they wish.It can also mean that no reserve was placed and the vendor had requested to be called with the highest bid in order to consder it.
Edited by V8mate on Friday 14th November 09:54
I might be missing something but very few of these cars seem to be 'cheap'.
You could probably get that price for a 05 DB9 at a dealer right now and have all the normal dealer luxuries included.
I think that just like punters in the stock market people are trying to catch the proverbial falling knife. There is a lot more to come off these prestige cars, a hell of a lot more.
Next year the 06's will be being handed back by the chaps who have leased them all. Many more were sold in 06 than 05 and the o5 prices will do another big dump when the 06's start to appear.
I honestly feel that fair value for an 05 DB9 to be about 30K and that is where we'll see them next year.
We've never seen so many prestige wagons all bought on debt before and new buyers are going to be slow to appear. Financing costs are not coming down, supply of product is only going to increase through 2009 and everyone is going to be really feeling the pinch next year as well.
I would put a lot of money on the fact that what we are seeing now that is keeping prices artificially high is a very short lived burst of buyers who have hankered after one of these cars for a while and is firstly still able to get a fairish price for their existing car and/or is still reasonably cash rich.
If financing costs reduce strongly in the New Year then this may change my view but once we are into the New Year and heading towards April the 6th I expect the increase in supply of these cars to far outweigh any easing in finance costs.
For me personally, I sold my 'nice' cars last September and have been waiting since then. I expect to pick up a 2007 DB9 for comfortably sub £50k next year.
You could probably get that price for a 05 DB9 at a dealer right now and have all the normal dealer luxuries included.
I think that just like punters in the stock market people are trying to catch the proverbial falling knife. There is a lot more to come off these prestige cars, a hell of a lot more.
Next year the 06's will be being handed back by the chaps who have leased them all. Many more were sold in 06 than 05 and the o5 prices will do another big dump when the 06's start to appear.
I honestly feel that fair value for an 05 DB9 to be about 30K and that is where we'll see them next year.
We've never seen so many prestige wagons all bought on debt before and new buyers are going to be slow to appear. Financing costs are not coming down, supply of product is only going to increase through 2009 and everyone is going to be really feeling the pinch next year as well.
I would put a lot of money on the fact that what we are seeing now that is keeping prices artificially high is a very short lived burst of buyers who have hankered after one of these cars for a while and is firstly still able to get a fairish price for their existing car and/or is still reasonably cash rich.
If financing costs reduce strongly in the New Year then this may change my view but once we are into the New Year and heading towards April the 6th I expect the increase in supply of these cars to far outweigh any easing in finance costs.
For me personally, I sold my 'nice' cars last September and have been waiting since then. I expect to pick up a 2007 DB9 for comfortably sub £50k next year.
Looking forward, I can see in a couple of years time yet another flood of these types of vehicles on to the market.
Think about it: I can now buy a 6.0 V12 Merc CL for about £10k - but bear in mind it will likely have £100k equivalent running costs. I think a lot of people may take the plunge, then begin to s
t bricks when servicing time comes around and/or something goes wrong.
Definite case of buyer beware in the future...
Think about it: I can now buy a 6.0 V12 Merc CL for about £10k - but bear in mind it will likely have £100k equivalent running costs. I think a lot of people may take the plunge, then begin to s
t bricks when servicing time comes around and/or something goes wrong.Definite case of buyer beware in the future...
V8mate said:
jofanon said:
What does provisional bid mean?
Didn't meet the reserve but was close enough to it to warrant a deposit being taken. The vendor is then asked if they'll accept the below reserve bid. The prospective buyer may also increase their bid if they wish.It can also mean that no reserve was placed and the vendor had requested to be called with the highest bid in order to consder it.
Horse_Apple said:
I might be missing something but very few of these cars seem to be 'cheap'.
You could probably get that price for a 05 DB9 at a dealer right now and have all the normal dealer luxuries included.
I think that just like punters in the stock market people are trying to catch the proverbial falling knife. There is a lot more to come off these prestige cars, a hell of a lot more.
Next year the 06's will be being handed back by the chaps who have leased them all. Many more were sold in 06 than 05 and the o5 prices will do another big dump when the 06's start to appear.
I honestly feel that fair value for an 05 DB9 to be about 30K and that is where we'll see them next year.
We've never seen so many prestige wagons all bought on debt before and new buyers are going to be slow to appear. Financing costs are not coming down, supply of product is only going to increase through 2009 and everyone is going to be really feeling the pinch next year as well.
I would put a lot of money on the fact that what we are seeing now that is keeping prices artificially high is a very short lived burst of buyers who have hankered after one of these cars for a while and is firstly still able to get a fairish price for their existing car and/or is still reasonably cash rich.
If financing costs reduce strongly in the New Year then this may change my view but once we are into the New Year and heading towards April the 6th I expect the increase in supply of these cars to far outweigh any easing in finance costs.
For me personally, I sold my 'nice' cars last September and have been waiting since then. I expect to pick up a 2007 DB9 for comfortably sub £50k next year.
I think you are bang on there!You could probably get that price for a 05 DB9 at a dealer right now and have all the normal dealer luxuries included.
I think that just like punters in the stock market people are trying to catch the proverbial falling knife. There is a lot more to come off these prestige cars, a hell of a lot more.
Next year the 06's will be being handed back by the chaps who have leased them all. Many more were sold in 06 than 05 and the o5 prices will do another big dump when the 06's start to appear.
I honestly feel that fair value for an 05 DB9 to be about 30K and that is where we'll see them next year.
We've never seen so many prestige wagons all bought on debt before and new buyers are going to be slow to appear. Financing costs are not coming down, supply of product is only going to increase through 2009 and everyone is going to be really feeling the pinch next year as well.
I would put a lot of money on the fact that what we are seeing now that is keeping prices artificially high is a very short lived burst of buyers who have hankered after one of these cars for a while and is firstly still able to get a fairish price for their existing car and/or is still reasonably cash rich.
If financing costs reduce strongly in the New Year then this may change my view but once we are into the New Year and heading towards April the 6th I expect the increase in supply of these cars to far outweigh any easing in finance costs.
For me personally, I sold my 'nice' cars last September and have been waiting since then. I expect to pick up a 2007 DB9 for comfortably sub £50k next year.
sleep envy said:
V8mate said:
I've put a note in my diary for a week before the next prestige sale; I'll post a reminder then and if anyone's interested we can have a Pistonheads huddle round a few strong teas 
sticking my marker down for this Thanks for the report V8, very much appreciated although I can see the trip in February might be somewhat costly
Perhaps I should leave my wallet at home.I hate to think what my 2002 S2000 is worth now (no, I really dont want to know, thank you!)
texasjohn said:
I hate to think what my 2002 S2000 is worth now (no, I really dont want to know, thank you!)
Go on. Of course you do!One went through on Thursday...
http://www.pistonheads.com/gassing/topic.asp?h=0&a...
RichyBoy said:
When is the next prestige auction, how do I sign up for it?
Have already posted this info twice in this thread.RichyBoy said:
What sort of information do they give you about the cars (hpi, service history etc)?
Your buyer's premium incudes an insurance indemnity against it failing an HPI report. Plenty of cars will 'appear' on an HPI showing as finance owing on auction day (as they were leased cars), but will clear within a few days.*Kosta* said:
Do Manheim have these Prestige auctions at any of their other sites?
No idea. But I did notice in today's Telegraph an advert for a Prestige Sale at BCA's Nottingham site on 20th November. 300+ vehicles incluing 250 BMWs (including a high mileage (81k) 56 plate M5, which may well fetch an interesting price!)V8mate said:
No idea. But I did notice in today's Telegraph an advert for a Prestige Sale at BCA's Nottingham site on 20th November. 300+ vehicles incluing 250 BMWs (including a high mileage (81k) 56 plate M5, which may well fetch an interesting price!)
That's 20k on petrol alone in two years.
Olf said:
V8mate said:
No idea. But I did notice in today's Telegraph an advert for a Prestige Sale at BCA's Nottingham site on 20th November. 300+ vehicles incluing 250 BMWs (including a high mileage (81k) 56 plate M5, which may well fetch an interesting price!)
That's 20k on petrol alone in two years.Any PHers likely to be attending?
Olf said:
V8mate said:
No idea. But I did notice in today's Telegraph an advert for a Prestige Sale at BCA's Nottingham site on 20th November. 300+ vehicles incluing 250 BMWs (including a high mileage (81k) 56 plate M5, which may well fetch an interesting price!)
That's 20k on petrol alone in two years.Chum of mine with extensive experience of both Bentleys and Lexii swears that emotive Britishness aside (organ stops, book matched veneer etc) the Lexus is the nicer place to be and better built to boot.
I went on a short trip in an LS600 recently and that was nothing short of astonishing.
I went on a short trip in an LS600 recently and that was nothing short of astonishing.
V8mate said:
Olf said:
V8mate said:
No idea. But I did notice in today's Telegraph an advert for a Prestige Sale at BCA's Nottingham site on 20th November. 300+ vehicles incluing 250 BMWs (including a high mileage (81k) 56 plate M5, which may well fetch an interesting price!)
That's 20k on petrol alone in two years.Any PHers likely to be attending?
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