Has the arse really fallen out of the used car market?!
Discussion
I've just had a stupid quote for my Y reg Manual 530i Sport against an 8 month old Golf GTi.
Now I understand how the trade works, and wasn't expecting miracles - the car is immaculate, low miles, FBMWSH, but the salesman (who is one of the better ones I've dealt with) tells me all the traders they have contacted just are not that interested and so are throwing crazy low offers in.
Is it just about finding the right trader or will I have to sell it privately? I mean the economy is pretty good for a big engined car and this used to be a desirable car!
Now I understand how the trade works, and wasn't expecting miracles - the car is immaculate, low miles, FBMWSH, but the salesman (who is one of the better ones I've dealt with) tells me all the traders they have contacted just are not that interested and so are throwing crazy low offers in.
Is it just about finding the right trader or will I have to sell it privately? I mean the economy is pretty good for a big engined car and this used to be a desirable car!
I think the problem is with the engine size. I bet you would get a better p/x on a similar age small engined diesel or petrol. It seems to be these types of cars that are fetching a premium at the moment over bigger sized and engined cars. Unlikely a dealer would offer a good price on a car it will find hard trying to flog to todays market.
The trade is just hunkering down for the storm to come and therefore any stock that doesn't fit current selling trends is not desirable to them. Plus it is a good excuse to offer even less on trade in and blame the economy.
Selling private can be tricky at the moment. A mate has a 325 Sport Touring for sale 2004 and hasn't had any serious calls in months.
The last time I traded a car in I told the salesman I was only interested in the price difference not the actual trade in value. So make the whole package attractive rather than just focus on £x for your car etc. Things like Waranty, Extras, Free Servicing etc.....
Selling private can be tricky at the moment. A mate has a 325 Sport Touring for sale 2004 and hasn't had any serious calls in months.
The last time I traded a car in I told the salesman I was only interested in the price difference not the actual trade in value. So make the whole package attractive rather than just focus on £x for your car etc. Things like Waranty, Extras, Free Servicing etc.....
the market is certainly slower at the moment in general terms, so a lot of the trade buyers are being very careful when buying stock that could potentially spend a lot of time on their forecourt.
Ask a few other dealers for a price and then you will have a gauge as to where the price of your car stands.
The other side of the coin means that there are a lot of good deals out there if you look around, especially if you are looking for 'heavy metal'.
Ask a few other dealers for a price and then you will have a gauge as to where the price of your car stands.
The other side of the coin means that there are a lot of good deals out there if you look around, especially if you are looking for 'heavy metal'.
Emeye said:
I've just had a stupid quote for my Y reg Manual 530i Sport against an 8 month old Golf GTi.
Now I understand how the trade works, and wasn't expecting miracles - the car is immaculate, low miles, FBMWSH, but the salesman (who is one of the better ones I've dealt with) tells me all the traders they have contacted just are not that interested and so are throwing crazy low offers in.
Is it just about finding the right trader or will I have to sell it privately? I mean the economy is pretty good for a big engined car and this used to be a desirable car!
Not many people are going to want to pay £470 a year to tax that one come October. If your car is over 225g/km and newer than 1st March 2001, then the bottom has fallen out of the value of your car. Fact. Now I understand how the trade works, and wasn't expecting miracles - the car is immaculate, low miles, FBMWSH, but the salesman (who is one of the better ones I've dealt with) tells me all the traders they have contacted just are not that interested and so are throwing crazy low offers in.
Is it just about finding the right trader or will I have to sell it privately? I mean the economy is pretty good for a big engined car and this used to be a desirable car!
There's a petition about this at the top of this page.
The 530 is a very nice car, but with petrol prices and impending financial doom its not a car in high market demand, so they will shaft you on price more than normal.
Its gutting and were all in the same boat, my car is economical s
tbox and that is still loosing money faster than expected.
Look on the bright side at least you get away with the old VED duty and so your car will probably be worth more than a 51 plate if you were to sell private??
All the best keep us informed...
Its gutting and were all in the same boat, my car is economical s
tbox and that is still loosing money faster than expected.Look on the bright side at least you get away with the old VED duty and so your car will probably be worth more than a 51 plate if you were to sell private??
All the best keep us informed...
Sam87 said:
The 530 is a very nice car, but with petrol prices and impending financial doom its not a car in high market demand, so they will shaft you on price more than normal.
Its gutting and were all in the same boat, my car is economical stbox and that is still loosing money faster than expected.
Look on the bright side at least you get away with the old VED duty and so your car will probably be worth more than a 51 plate if you were to sell private??
All the best keep us informed...
Wrong. It is for cars registered after 1/3/2001 - that's all Y reg motors Its gutting and were all in the same boat, my car is economical s
tbox and that is still loosing money faster than expected.Look on the bright side at least you get away with the old VED duty and so your car will probably be worth more than a 51 plate if you were to sell private??
All the best keep us informed...
I think for cars registered between 2001-2007 in any of the new tax bands which raise the tax significantly, it will do. Incidentally, I think what this could do is rejuvenate the values of some pre-2001 cars if people are looking for something with a slightly bigger engine and a bit more oomph. There are some cars that miss out on Band G by a few months in some cases, the difference in annual tax between that car and a slightly newer model being nearly £200 a year. Put two apparently similar cars side by side and it could be the older one that retains its value better.
Plug550 said:
Sam87 said:
The 530 is a very nice car, but with petrol prices and impending financial doom its not a car in high market demand, so they will shaft you on price more than normal.
Its gutting and were all in the same boat, my car is economical stbox and that is still loosing money faster than expected.
Look on the bright side at least you get away with the old VED duty and so your car will probably be worth more than a 51 plate if you were to sell private??
All the best keep us informed...
Wrong. It is for cars registered after 1/3/2001 - that's all Y reg motors Its gutting and were all in the same boat, my car is economical s
tbox and that is still loosing money faster than expected.Look on the bright side at least you get away with the old VED duty and so your car will probably be worth more than a 51 plate if you were to sell private??
All the best keep us informed...
I only bought the car in Feb, just before petrol prices went stupid and the new tax bands were introduced.
I don't think the new bandings come in until next April, so I should be able to buy a years tax next Feb using the current bandings. Is this correct?
There is nothing wrong with the car, just I'm now in the position I can afford a Golf GTi which I wasn't at the time, and it was perfect for all the time I spent on the motorway. Other problem is my missus won't drive it cos it's too big.
Oh well, thanks Gordon, not only has your credit crunch cost me my job, now I've got my trousers around my ankles you might as well give me the ass-raping of my life!
Everything, absolutely everything is taking a battering.
Anything with an engine larger than 2 litres in is complete freefall.
The only thing that is holding price and at least turning stock is small diesels and LPG cars.
I am utterly convinced that an early petrol L322 Range Rover, this time next year, will be able to be driven away for around £6-7K.
Anything with an engine larger than 2 litres in is complete freefall.
The only thing that is holding price and at least turning stock is small diesels and LPG cars.
I am utterly convinced that an early petrol L322 Range Rover, this time next year, will be able to be driven away for around £6-7K.
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