Used cars not selling?

[Sa Calobra]

Howard- said:

I'm trying to sell my girlfriend's 2007 Toyota Auris at the moment. It's in excellent condition inside out, full Toyota service history, 81k miles, the highest spec trim level. It's up for around £2.5k and has been advertised since Saturday. Not one single bit of interest so far. Do I just need to be patient? Is the only reason cars like this don't sell because they're priced too high?

What engine is in it?

[Howard-]

Sa Calobra said:

What engine is in it?

1.6 VVTi petrol

[Riknos]

My issue with the used car market is there seems to be weird price ranges that don't seem to add up.

For example, I can buy a 2003-2004 ish Passat for £600-800? I can also buy a 2006-2008 one for £3k. Why would you spend 3 times the value for a car that is only 2 years newer? That doesn't add up to me. I think this is why certain cars like the MX-5 in question just wouldn't sell.

[CitySlicker]

In my very recent experience there’s little liquidity in the upper end of the market. It will take some time for the knock on effect to happen but all of the “investment grade” cars which are not genuinely very special are going to get hammered.

[Wilmslowboy]

CitySlicker said:

In my very recent experience there’s little liquidity in the upper end of the market. It will take some time for the knock on effect to happen but all of the “investment grade” cars which are not genuinely very special are going to get hammered.

I sold my Mclaren within a few days, once I dropped the advertised price by 3.5% (it was already cheap) , the dealer that bought it (who chipped me a few more %) then sold it for £10k more, for no prep and a car that already had full warranty cover.

The lesson is - its all about the price ....and if its a private sale... it's all about the price and even more about the price.

[slipstream 1985]

[redacted]

[Howard-]

Riknos said:

My issue with the used car market is there seems to be weird price ranges that don't seem to add up.

For example, I can buy a 2003-2004 ish Passat for £600-800? I can also buy a 2006-2008 one for £3k. Why would you spend 3 times the value for a car that is only 2 years newer? That doesn't add up to me. I think this is why certain cars like the MX-5 in question just wouldn't sell.

Likely because the 2006-08 model is a generation newer?

[CitySlicker]

Wilmslowboy said:

CitySlicker said:

In my very recent experience there’s little liquidity in the upper end of the market. It will take some time for the knock on effect to happen but all of the “investment grade” cars which are not genuinely very special are going to get hammered.

I sold my Mclaren within a few days, once I dropped the advertised price by 3.5% (it was already cheap) , the dealer that bought it (who chipped me a few more %) then sold it for £10k more, for no prep and a car that already had full warranty cover.

The lesson is - its all about the price ....and if its a private sale... it's all about the price and even more about the price.

Absolutely and now when I buy my next car I will be using the tactic and push for a similar reduction from asking. Many buyers are already doing this and as it continues it impacts values more. If lending tightens or cost of capital increases this will act as a catalyst and it’ll feel like ‘08-‘09 again.

[iloveteacakes]

The other problem of today's market is the buyers!

Just because you have seen a price on Whatcar or Autotrader valuation or WBAC for that matter, does not mean the car that is for sale has to be that price. It is a GUIDE PRICE!!!!

The companies who claim to know the valuation of cars are not selling them themselves (unless your WBAC in which case you low ball everyone so you can punt it at auction). If you were to honestly take on the advice from the guides then just about every car for sale online is above book and beyond the valuation figure.

The other issue is most people know what a car is worth. The amount of private sales that appear now (which is less on some sites as it used to be which is another reason good stock is hard to get) shows people who don't deal with cars on a day-to-day basis yet they are able to just about price the car exactly or too high thus leaving no chance of getting a deal for a genuine buyer or for a dealer to make a profit.

If M3's, Passats or whatever car it may be are being advertised for £6k and the 'guides' are saying £3k poor, £3500 average or £4k good and £4500 trade then why are there none being sold like that! Yet, buyers think that is what they should be. Crazy trying to tell someone this, they just don't get it.

I think a recession is needed sadly.

Paying £4 mill for a F50, £300k for a GT3, £80k for a CSL M3 or £30k for a Supra TT is just plain bonkers and completely unsustainable.

Some cars are worth the money, but not all of them and not at this kind of price range.

[CSLM3CSL]

longblackcoat said:

Howard- said:

I'm trying to sell my girlfriend's 2007 Toyota Auris at the moment. It's in excellent condition inside out, full Toyota service history, 81k miles, the highest spec trim level. It's up for around £2.5k and has been advertised since Saturday. Not one single bit of interest so far. Do I just need to be patient? Is the only reason cars like this don't sell because they're priced too high?

Not necessarily too high, more that the pool of people who want an 11-year-old Auris is pretty limited. I suspect if you find the right person, the price won't be the issue, but condition will.

The other issue is that as it's a (relatively) cheap old Toyota, people aren't going to travel 250 miles to see it. So you're restricted to a that small pool of people who want an 11-y-o Auris and who live within (probably) 25 miles. Great if you're in London/Manchester etc, not so good if you're in North Wales.

I kind of agree with the person who says price is the only factor as while I would happily buy this car if that was all my budget would dictate, it's nobody's dream car so the buyer is comparing it to what he can buy elsewhere at a similar price point. Even if your dream car was an Auris you would probably prefer one a few years newer and lower mileage if you could afford it within your budget. If the seller does live on a remote location they may have to reduce the price to compensate for this.

[OddCat]

I have an absolutely mint 2012 XK 5.0 Portfolio. Thinking of changing because my 1,000 mile a month commute is not only expensive in petrol but it is also a shame to pile such miles on the car.

I was recently offered £20,600 px by a main dealer who hadn't seen it. The deal didn't happen because their car, which I had agreed to buy on the basis of an assurance that it too was lovely, was a dog (that was a wasted 280 mile round trip but that's another story).

WBAC is a comedy £18,700. Similar cars retail for £23,995. Local sports car dealer offering to sell for me and aim to return to me £21,000.

I cannot face trying to sell privately. Too many idiots out there.

Bottom line - it is a minefield this pricing malarkey.....

[Wilmslowboy]

Used car values up 5.1% year on year, based on 5 million transactions.

I think the slump in new car sales, means the trade is back into used cars big time, driving up demand for good, nearly new stock, particularly supermini petrol cars.


https://publish.manheim.com/en/services/consulting...

[MC Bodge]

Wilmslowboy said:

Used car values up 5.1% year on year, based on 5 million transactions.

I think the slump in new car sales, means the trade is back into used cars big time, driving up demand for good, nearly new stock, particularly supermini petrol cars.


https://publish.manheim.com/en/services/consulting...

"The strange summer price appreciation in used cars is partly a function of a strong economy at its peak, with mounting affordability challenges for the consumer that favor growth in used vehicle sales at the expense of new. These conditions have supported strong used vehicle prices for over a year."
A strange turn of phrase: "strong economy"? It may be a low peak, but strong is a bit, er, strong.

It goes on to describe potential future tariffs putting up the price of new cars. Just one example of the wholly uneccessary potential disruption that leaving the EU may cause us.

Edited by MC Bodge on Wednesday 22 August 09:27

[Rovinghawk]

OddCat said:

WBAC is a comedy £18,700. Similar cars retail for £23,995.

Presumably the retailed cars come with a guarantee but you won't be providing the same guarantee to WBAC?

[Sa Calobra]

What depresses me - in the 18months-2yrs time there'll be scrappage schemes for cars upto seven years old. Just to get the car industry going again.

At the same time they'll be banging on about wastage, landfill, eco and waste taxes.

You can't make it up when it comes to politicians. They are simply a frightening breed.

[Vimes]

MC Bodge said:

I've been looking at used, large family estate cars.

The asking prices for the usual suspects seem surprisingly high for medium and lower powered ones. Given the number of new cars out there, I'd expected supply to be huge. Maybe SUVS are more common now?

5-15 years ago used cars 1-3 years old could be bought quite cheaply and prices didn't appear to rise much over that period.

I do wonder if typical buyers at dealers are becoming blind to total cost and only seeing a monthly payment.

+1

I’ve added a few cars that I like the look of to my autotrader short list but think are currently over priced. Looking back at the list now and most of them are still sitting on the forecourt many weeks later.

Someone willing to finance them for £x per month will probably buy them eventually but the asking price for the age/mileage on most of them needs to drop 25%+ before I’ll pick up the phone.

[Sa Calobra]

Monthlies is where it is at.

When I've advertised privately the ones who rang talked about other examples for sale at dealers. Often when probed they'll say slightly older and no idea on their service history.

History doesn't count it's cost to them that does.
I can't offer a walk in, keys, walk out and all finance is done for them. The same lot will go to wbac 'as their time is precious'.

[swisstoni]

This thread is painting a confusing picture. For me anyway.

[Maldini35]

Sa Calobra said:

What depresses me - in the 18months-2yrs time there'll be scrappage schemes for cars upto seven years old. Just to get the car industry going again.

At the same time they'll be banging on about wastage, landfill, eco and waste taxes.

You can't make it up when it comes to politicians. They are simply a frightening breed.

[longblackcoat]

MC Bodge said:

I've been looking at used, large family estate cars.

The asking prices for the usual suspects seem surprisingly high for medium and lower powered ones. Given the number of new cars out there, I'd expected supply to be huge. Maybe SUVS are more common now?

5-15 years ago used cars 1-3 years old could be bought quite cheaply and prices didn't appear to rise much over that period.

I do wonder if typical buyers at dealers are becoming blind to total cost and only seeing a monthly payment.

I was looking at a really high spec 5 year old E350CDI estate recently that was around 20% of its original price with FMBSH. High on miles at 120k-ish and good-but-not-great condition (a few stone chips, some minor kerbing, needs a service soon and some tyres - total to fix maybe £1000), but exactly the sort of thing I'd buy and run for three or four years, then sell for £5-6k.

I love depreciation.