Secondhand car price crash?
Discussion
ha03274 said:
Deep Thought said:
Then they're not applying the method being described.
The car that sticks in my mind particularly had 3 price drops in that period each around £500 so approximately every 8 weeks (not far off your 6 week guide). Good spec and colour, just seems there isn't much interest perhaps due to people not keen to finance/pay a large amount at the moment plus the insurance on it is hefty due to performance.If they're otherwise happy having the car sitting there for whatever reason and arent open to price negotiation then theres not much anyone can do about that. Their business, their rules really.
From the private individuals perspective - which we are - if a dealer isnt selling a car at the price i want to buy it at and wont move on price then i'll look elsewhere. Theres nothing most of us will be looking at that will be in short enough supply to "have" to buy that particular car.
And again - the old adage - better to get £100 off a £40K car than get £4,000 off the same car at a different dealers priced at £44K. So its usually easier to find the right car at the right price in the first instance rather than try and convince a particular dealer of what you believe are the errors of his ways.
Lifes too short and all that.
Thing is in car sales, you never quite know what will sell quickly or slowly.
I remember numerous cars that were either rubbish spec, awful colour or just plain garbage that sold almost instantly at full price.
Highlight was a red Audi Allroad (special order colour but the factory messed up what shade of red it was) with the 2.7TT engine. Awful colour, wrong engine and we sold it the day it arrived for full price.
It was a cancelled order we took a punt on 'cos at the time, we sold more Allroads than any other dealer in the UK.
I remember numerous cars that were either rubbish spec, awful colour or just plain garbage that sold almost instantly at full price.
Highlight was a red Audi Allroad (special order colour but the factory messed up what shade of red it was) with the 2.7TT engine. Awful colour, wrong engine and we sold it the day it arrived for full price.
It was a cancelled order we took a punt on 'cos at the time, we sold more Allroads than any other dealer in the UK.
RayDonovan said:
In the market for a Tesla Model Y and checked some sale prices (dealer) v CAP HPI and the majority are asking under the CAP price.
Most in the £34k/£35k price range.
CAP is hopelessly off on prices of under 3/4 year old EVs in my opinion.Most in the £34k/£35k price range.
They rarely fetch anything like the "book" prices and across a range of vehicles can be purchased at retail at or under the CAP Clean price.
RayDonovan said:
Thing is in car sales, you never quite know what will sell quickly or slowly.
.
Very true. You can have a car in which you have five people fighting over within an hour of advertising it so you sell it and think "goodness I could have sold ten of those in a week" so you get another one in identical colour, spec and price and the 'phone doesn't ring once. .
confused_buyer said:
RayDonovan said:
In the market for a Tesla Model Y and checked some sale prices (dealer) v CAP HPI and the majority are asking under the CAP price.
Most in the £34k/£35k price range.
CAP is hopelessly off on prices of under 3/4 year old EVs in my opinion.Most in the £34k/£35k price range.
They rarely fetch anything like the "book" prices and across a range of vehicles can be purchased at retail at or under the CAP Clean price.
confused_buyer said:
Very true. You can have a car in which you have five people fighting over within an hour of advertising it so you sell it and think "goodness I could have sold ten of those in a week" so you get another one in identical colour, spec and price and the 'phone doesn't ring once.
Unless you're getting the same car in quickly the other 4 prospects have bought elsewhere I would have thought?"Can someone summarise the view of the current market please"
Some cars sell quickly, some don't, used and new prices are higher due to inflation / people not noticing prices going up as they were only interested in the monthly payments, depreciation seems to be returning, EV's are a hard sell once second hand.
There hasn't been a crash.
For mainstream cars, both ICE and EV, normal depreciation has returned which you'd expect now that supply of new cars is back to normal.
ICE performance cars at sensible money are holding firm on price. Many have been or are being discontinued and remain very desirable.
In general used car prices are much higher than they were before the madness.
For mainstream cars, both ICE and EV, normal depreciation has returned which you'd expect now that supply of new cars is back to normal.
ICE performance cars at sensible money are holding firm on price. Many have been or are being discontinued and remain very desirable.
In general used car prices are much higher than they were before the madness.
Current market:
If your in no rush to buy then deals on new & pre reg are becoming more wide spread and likely to continue as markets normalise, deep discounting is returning to offset the price hikes of the past few years, this is more evident with new EVs where targets need to be met at a time where cheaper EVs are starting to enter the market.
Used is more mixed, insurance premiums and higher borrowing costs impact certain models / price brackets more than others, depreciation of 50% over 3 years has returned to many models but against often much higher new retail prices, in nominal terms prices of used are higher but in real terms when you take inflation & wage growth prices on many different makes and models it feels more realistic. AT report that used car prices are circa 15% higher than before the pandemic.
In general it does feel like more normal conditions now where a newly released model impacts the price of the older model and stock inventory more healthy which in turn should open up pricing a bit more..
If your in no rush to buy then deals on new & pre reg are becoming more wide spread and likely to continue as markets normalise, deep discounting is returning to offset the price hikes of the past few years, this is more evident with new EVs where targets need to be met at a time where cheaper EVs are starting to enter the market.
Used is more mixed, insurance premiums and higher borrowing costs impact certain models / price brackets more than others, depreciation of 50% over 3 years has returned to many models but against often much higher new retail prices, in nominal terms prices of used are higher but in real terms when you take inflation & wage growth prices on many different makes and models it feels more realistic. AT report that used car prices are circa 15% higher than before the pandemic.
In general it does feel like more normal conditions now where a newly released model impacts the price of the older model and stock inventory more healthy which in turn should open up pricing a bit more..
Ons figures have current used prices at 111% of 2015 levels.
If you adjust for the over 30% inflation we have had since then, used cars should be about the cheapest they have ever been.
It doesn't feel this way because the cheapest cars are holding up better as well as many more desirable cars.
I think It's the middle of the market that no one pays any attention to where things have got a lot cheaper.
If you adjust for the over 30% inflation we have had since then, used cars should be about the cheapest they have ever been.
It doesn't feel this way because the cheapest cars are holding up better as well as many more desirable cars.
I think It's the middle of the market that no one pays any attention to where things have got a lot cheaper.
taznuv said:
My local Citroen dealer let me test drive a basic used C3 1.2 yesterday, same basically as a C3 You at 14k. Indicated strongly there was no room for any discount at all which I was a bit surprised at.
I noticed that the Stellantis brands (Citroen, Peugeot, DS, Vauxhall) have started playing hardball on discounts. The price is the price, no discounts on new or used. Stellantis is moving to the agency model in the UK (where dealers have no authority to set prices) so I guess this is the stepping stone.The Citroen dealer I spoke to said that the only way to get a meaningful discount on a new car is to order off the Citroen website and take the internet discount. They also said that many dealers are not altogether happy about the agency model. I heard that at least one big Citroen dealer has closed up rather than embrace the model.
Citroen and Vauxhall used to discount their cars to borderline comic levels. I can remember being offered 33% off a new Citroen DS5 - and that was BEFORE starting negotiations
There are some VX models just the polar opposite. 25% off Astra plug in estates.
http://www.autotrader.co.uk/car-details/2024030170...
http://www.autotrader.co.uk/car-details/2023100627...
For example.
http://www.autotrader.co.uk/car-details/2024030170...
http://www.autotrader.co.uk/car-details/2023100627...
For example.
e-honda said:
Ons figures have current used prices at 111% of 2015 levels.
If you adjust for the over 30% inflation we have had since then, used cars should be about the cheapest they have ever been.
It doesn't feel this way because the cheapest cars are holding up better as well as many more desirable cars.
I think It's the middle of the market that no one pays any attention to where things have got a lot cheaper.
I think that 111% figure is way off. I'm seeing 300% or more in some cases.If you adjust for the over 30% inflation we have had since then, used cars should be about the cheapest they have ever been.
It doesn't feel this way because the cheapest cars are holding up better as well as many more desirable cars.
I think It's the middle of the market that no one pays any attention to where things have got a lot cheaper.
Based on my travels yesterday, most dealerships are over flowing with part exchanged clogging up yards and compounds,
It has gone back to pre Covid days
Contract manager at Renault said they are offering under cap clean on part exs unless it’s something they can retail immediately as they simply don’t need old or diesel stock.
Despite the buoyancy in most dealerships and Indis, the Vauxhall dealership was empty which was weird for a Saturday midday.
It’s normally one of the busier sites and difficult to park up the van.
It has gone back to pre Covid days
Contract manager at Renault said they are offering under cap clean on part exs unless it’s something they can retail immediately as they simply don’t need old or diesel stock.
Despite the buoyancy in most dealerships and Indis, the Vauxhall dealership was empty which was weird for a Saturday midday.
It’s normally one of the busier sites and difficult to park up the van.
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