State of the used car market
Discussion
Still plenty of dealers who don't want to do a deal and who price their cars at £daft
Surely a small profit is preferable to bugger all and having stock sat there for months and depreciating
The worst ones are based in the South of the country. I offered a fair price for a nearly new, minimal mileage car 3 months ago. No part ex involved. I was told no chance so bought another car pretty much identical to that one for £3k less elsewhere.
That car is still for sale with no price reduction.
Surely a small profit is preferable to bugger all and having stock sat there for months and depreciating
The worst ones are based in the South of the country. I offered a fair price for a nearly new, minimal mileage car 3 months ago. No part ex involved. I was told no chance so bought another car pretty much identical to that one for £3k less elsewhere.
That car is still for sale with no price reduction.
Ozzie Osmond said:
There's no doubt loads of people are cutting back on spending. Workshops are feeling the squeeze as well.
The workshop part is true. Since the end of october its been quiet the big jobs nobody can afford so we see a lack of big engine jobs where people can't afford them. Service has been a lack of last year we were seeing atleast 6-7 service a week this year been lucky to get 4 a week. Most of our work seems to come from passing trade when there is a fault with the vehicle. We have seen a lack of mot aswel down to 3-4 a day when we normaly get 6-8 a day but mot work is constant so that is keeping us busy.It normaly gets busier for use running up to december due to the colder weather having a effect on charging systems and water systems but this year warm weather we have not had the same faults.
Mayby when it does get colder we will get busier.
My company refurbishes alloys, most of our work is on second hand cars.
I've just done our invoicing for November , turned into not only our best ever november, but our 3rd best month in 9 yrs of trading.
Read into that what you want, either the dealers are selling loads, or not and are needing to make sure every car on the forecourt is spot on and tidy.
Or a mix of both
I've just done our invoicing for November , turned into not only our best ever november, but our 3rd best month in 9 yrs of trading.
Read into that what you want, either the dealers are selling loads, or not and are needing to make sure every car on the forecourt is spot on and tidy.
Or a mix of both
POORCARDEALER said:
One thing we are finding is many buyers do not have the money to buy a car. They are borrowing off relations, cashing in ISAS and the like.
Bizarre thing to say, if somebody has an ISA they can cash in they very obviously *do* have the money to buy a car. I mean where else are people going to keep £6k in spare cash if not in an ISA, in a box under the bed?Sifly said:
Theres always a demand for cheap cars, but with them usually comes hassel and grief with people expecting an immaculate 12 year old car for £600!
We do seem to have bonkers low pricing on used cars in the UK though - colleagues from mainland Europe are amazed at our prices.One of our guys bought an S80 in the middle of the year with a 160Km on it (try selling a 100K mile car here) and was thrilled to have got it for €11K. We found similar cars in Autotrader for £4-5K.
Perhaps it's the economic situation, but I think new cars are starting to "feel" very expensive again.
Fox- said:
Bizarre thing to say, if somebody has an ISA they can cash in they very obviously *do* have the money to buy a car. I mean where else are people going to keep £6k in spare cash if not in an ISA, in a box under the bed?
It's considered to be a last resort to cash an ISA as you can't put the money back again until next year so the tax free allowance (for the year when the money was first put in) has been lost for ever.Deva Link said:
low pricing on used cars in the UK though - colleagues from mainland Europe are amazed at our prices.
I've always thought it must be good old British snobbishness and trying to look better off then the neighbours. The money some people spend changing relatively ordinary cars every couple of years never ceases to amaze me. Deva Link said:
I think new cars are starting to "feel" very expensive again.
Yes, list prices have IMO risen sharply over the last few years especially on the higher range stuff. Seems to me that a "flash" car used to be £50k but has jumped to £70k. And the £125k sports car now costs £180k.Fox- said:
POORCARDEALER said:
One thing we are finding is many buyers do not have the money to buy a car. They are borrowing off relations, cashing in ISAS and the like.
Bizarre thing to say, if somebody has an ISA they can cash in they very obviously *do* have the money to buy a car. I mean where else are people going to keep £6k in spare cash if not in an ISA, in a box under the bed?
last year was not so bad as we had the vat increase but this December is difficult sitting on a handful of deals not making much money new cars has fallen but we have not failed to reach target in the last 6 years and should hit it again this quarter but its been an uphill struggle used cars well anything 4x4 is selling fast and you £4995 vehicles but still sitting on 90day stock with no margin left.
The recession will end and I can enjoy deals after deals again I hope
The recession will end and I can enjoy deals after deals again I hope
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