Used car market is dead...?

[BigLion]

I often buy and sell performance cars every few months, I'm not a trader just a petrolhead who loves trying all the cars I can!!!

Typically I buy / sell excellent water tight examples, for very keen prices. I don't use the trade otherwise such short ownership would cost too much if factoring dealer spread etc. Typical pricing of the cars I buy are anywhere for £40k upwards.

I've noticed over the last 3 months that it is becoming far harder to even get interest in a car that is very aggressively priced and in superb condition. Also have seen the same other cars that look interesting to buy, constantly advertised for months and months but not selling.

It definitely feels like an economic slowdown and reminds me of my experience during the credit crunch - PCP deals might be keeping new car buying market afloat but I just don't think people have the money now (or maybe willing to spend that money) on the used car market that they once had. Not sure if brexit concerns are playing into this.l

I also suspect the used market has left a lot of traders with cars that now with hindsight have been overpaid for, but traders are unwilling to follow the market pricing down and hence no sales...

Is anyone else experiencing the same?

Edited by BigLion on Friday 5th May 10:36

[lukeharding]

I think you're right, even with classic cars there has been a large slow down (unless at auction). Few people seem to be interested in buying at the moment, even for 'investment' cars it seems.

[kambites]

I think the market for expensive newish second-hand cars sold by private sellers is certainly dead, irrespective of the state of the wider economy. Exceptionally low interest rates and the availability of very cheap finance has got the market into a situation where a new car from a dealer is generally more affordable for most people than buying a used car privately.

The fact the economy as a whole is probably stagnating will obviously compound the effect.

[TSCfree]

BigLion said:

I often buy and sell performance cars every few months, I'm not a trader just a petrolhead who loves trying all the cars I can!!!

Typically I buy / sell excellent water tight examples, for very keen prices. I don't use the trade otherwise such short ownership would cost too much if factoring dealer spread etc. Typical pricing of the cars I buy are anywhere for £40k upwards.

I've noticed over the last 3 months that it is becoming far harder to even get interest in a car that is very aggressively priced and in superb condition. Also have seen the same other cars that look interesting to buy, constantly advertised for months and months but not selling.

It definitely feels like an economic slowdown and reminds me of my experience during the credit crunch - PCP deals might be keeping new car buying market afloat but I just don't think people have the money now (or maybe willing to spend that money) on the used car market that they once had. Not sure if brexit concerns are playing into this.l

I also suspect the used market has left a lot of traders with cars that now with hindsight have been overpaid for, but traders are unwilling to follow the market pricing down and hence no sales...

Is anyone else experiencing the same?

Edited by BigLion on Friday 5th May 10:36

As someone who's been looking for a used car further down the price list for the past 6 weeks I tend to agree. Less than 5 private sales nationally out of 350 sales on autotrader for the exact model i'm after. Same old stock at dealers, no price reductions and no inclination to pay more, given the WBAC prices.

[motco]

TSCfree said:

BigLion said:

I often buy and sell performance cars every few months, I'm not a trader just a petrolhead who loves trying all the cars I can!!!

Typically I buy / sell excellent water tight examples, for very keen prices. I don't use the trade otherwise such short ownership would cost too much if factoring dealer spread etc. Typical pricing of the cars I buy are anywhere for £40k upwards.

I've noticed over the last 3 months that it is becoming far harder to even get interest in a car that is very aggressively priced and in superb condition. Also have seen the same other cars that look interesting to buy, constantly advertised for months and months but not selling.

It definitely feels like an economic slowdown and reminds me of my experience during the credit crunch - PCP deals might be keeping new car buying market afloat but I just don't think people have the money now (or maybe willing to spend that money) on the used car market that they once had. Not sure if brexit concerns are playing into this.l

I also suspect the used market has left a lot of traders with cars that now with hindsight have been overpaid for, but traders are unwilling to follow the market pricing down and hence no sales...

Is anyone else experiencing the same?

Edited by BigLion on Friday 5th May 10:36

As someone who's been looking for a used car further down the price list for the past 6 weeks I tend to agree. Less than 5 private sales nationally out of 350 sales on autotrader for the exact model i'm after. Same old stock at dealers, no price reductions and no inclination to pay more, given the WBAC prices.

But that's contradictory surely? If one member cannot sell used cars because there's no buyers, another can'y buy one because there's no cars! You'd think there would be a glut of unsold cars.

[CS Garth]

New car sales down considerably as announced yesterday and new diesel sales down 24 percent I think. Even allowing for this being month on month against a strong March it is difficult to ignore the mood music which is that the uncertainty caused by Brexit is starting to get very real

[Butter Face]

I would disagree but it's a small sample size really.

New car has gone quiet, used is still going strong IMO.

[motco]

CS Garth said:

New car sales down considerably as announced yesterday and new diesel sales down 24 percent I think. Even allowing for this being month on month against a strong March it is difficult to ignore the mood music which is that the uncertainty caused by Brexit is starting to get very real

That's a bold assumption. Why isn't it a slowdown caused by the new registration surge, or by the uncertainty caused by the general election? Brexit has been known about for a long time.

[trickywoo]

CS Garth said:

New car sales down considerably as announced yesterday and new diesel sales down 24 percent I think. Even allowing for this being month on month against a strong March it is difficult to ignore the mood music which is that the uncertainty caused by Brexit is starting to get very real

What a load of rubbish! The stats you quote are compared with the same time last year when people were rusing through purchases ahead of tax changes.

[C70R]

trickywoo said:

CS Garth said:

New car sales down considerably as announced yesterday and new diesel sales down 24 percent I think. Even allowing for this being month on month against a strong March it is difficult to ignore the mood music which is that the uncertainty caused by Brexit is starting to get very real

What a load of rubbish! The stats you quote are compared with the same time last year when people were rusing through purchases ahead of tax changes.

If in doubt, assume Brexit. How tragic.

[CS Garth]

motco said:

CS Garth said:

New car sales down considerably as announced yesterday and new diesel sales down 24 percent I think. Even allowing for this being month on month against a strong March it is difficult to ignore the mood music which is that the uncertainty caused by Brexit is starting to get very real

That's a bold assumption. Why isn't it a slowdown caused by the new registration surge, or by the uncertainty caused by the general election? Brexit has been known about for a long time.

We are having a general election because of Brexit, no?

[mcflurry]

IMHO the £140 road tax won't help new car sales vs 66 plate repmobiles with £20-£30 a year costs.

(yes I know it's not been road tax since 1832 lol)

[TSCfree]

motco said:

TSCfree said:

BigLion said:

I often buy and sell performance cars every few months, I'm not a trader just a petrolhead who loves trying all the cars I can!!!

Typically I buy / sell excellent water tight examples, for very keen prices. I don't use the trade otherwise such short ownership would cost too much if factoring dealer spread etc. Typical pricing of the cars I buy are anywhere for £40k upwards.

I've noticed over the last 3 months that it is becoming far harder to even get interest in a car that is very aggressively priced and in superb condition. Also have seen the same other cars that look interesting to buy, constantly advertised for months and months but not selling.

It definitely feels like an economic slowdown and reminds me of my experience during the credit crunch - PCP deals might be keeping new car buying market afloat but I just don't think people have the money now (or maybe willing to spend that money) on the used car market that they once had. Not sure if brexit concerns are playing into this.l

I also suspect the used market has left a lot of traders with cars that now with hindsight have been overpaid for, but traders are unwilling to follow the market pricing down and hence no sales...

Is anyone else experiencing the same?

Edited by BigLion on Friday 5th May 10:36

As someone who's been looking for a used car further down the price list for the past 6 weeks I tend to agree. Less than 5 private sales nationally out of 350 sales on autotrader for the exact model i'm after. Same old stock at dealers, no price reductions and no inclination to pay more, given the WBAC prices.

But that's contradictory surely? If one member cannot sell used cars because there's no buyers, another can'y buy one because there's no cars! You'd think there would be a glut of unsold cars.

It indicates to me that both positions have hardened, not that there aren't buyers and sellers and therefore a slowdown would appear to be on the horizon.

[CS Garth]

C70R said:

trickywoo said:

CS Garth said:

New car sales down considerably as announced yesterday and new diesel sales down 24 percent I think. Even allowing for this being month on month against a strong March it is difficult to ignore the mood music which is that the uncertainty caused by Brexit is starting to get very real

What a load of rubbish! The stats you quote are compared with the same time last year when people were rusing through purchases ahead of tax changes.

If in doubt, assume Brexit. How tragic.

I see the head in the sand brigade are alive and well

[seopher]

Having just sold privately (with much effort) I too think it has slowed down.

The world is full of chancers trying to buy vehicles well below the advertised value and people who simply want to lease a brand new car.

There just didn't seem to be a bustling used car market; for dealers I'm sure there is, but privately? Not so much. Unless you're moving a £300 banger I expect everyone now is either going to a dealer or just getting the newest thing they can finance.

No one seems to buy cars for cash anymore.

[clarkey]

I recently sold a 3 year old Golf GTi on the first day I advertised it (on PH). I know it could be an exception, but I had plenty of interest from others too and sold it for the price I wanted.

[Yipper]

The whole UK economy has slowed, ahead of the General Election. People are pausing until they have certainty on the result and which way the Brexit negotiations will be headed.

[CS Garth]

Yipper said:

The whole UK economy has slowed, ahead of the General Election. People are pausing until they have certainty on the result and which way the Brexit negotiations will be headed.

Precisely - growth fell somewhat in the GDP figures last week. Whilst clearly Brexit isn't exclusively responsible anyone who denies it has contributed is deluded.

[Tucker1]

Been sat with cash looking for a bargain for some months now, no rush to jump in as I have a reliable banger for a daily drive for now. I'm only in the £10-£20k category but there is not much out there to buy at a bargain price on the private market, the few private sellers out there seem to want too close to dealer money to tempt me.

[OddCat]

Private sellers need to take the average of the asking prices of, say, five similar cars advertised at dealers then ask 25% less than that average. I think they will find that they then have a much better chance of finding a willing buyer.....