Secondhand car price crash?

[Indecision]

Deep Thought said:

Did you get the reg? You could plug it in to WBAC and it'll give you the headline figure at least.

It was some combination of letters to make MUMMY - I thought it was M11 MMY but that comes back unknown on the DVLA. Hopefully someone on here with more time can find it

[Deep Thought]

Indecision said:

It was some combination of letters to make MUMMY - I thought it was M11 MMY but that comes back unknown on the DVLA. Hopefully someone on here with more time can find it

I tried M11MMY there on WBAC and it said - Valuation cannot be provided.

Might be it.

[Deep Thought]

There was some discussion (mainly by me) about M2 Comp insurance quotes pushing down the prices

Just had this pop up in my FB feed from a guy in one of the M2 groups..

2 years ago I paid £600 to insure my M2 at 26 years old.
Today I was getting quotes to insure an M2C…
Same address with 10 years NCB, no points.
Adrian Flux - Wouldn’t insure me as I was under 30.
A-Plan - £4800 with £1k excess.
Pace Ward - Refused insurance as not enough mods?!
Aviva - £3800 with a £1k excess.

[Indecision]

Deep Thought said:

I tried M11MMY there on WBAC and it said - Valuation cannot be provided.

Might be it.

You’re right - tried the plate in a few car check sites and it comes back as a 2022 Cullinan.

Tried a random 22 plate Cullinan from Autotrader - valuation was £196k, against prices £265k-£360k retail. Ouch!

[AlexNJ89]

Does anyone here know if Manheim auctions are open to the public to show up and buy cars?

I know BCA is traders only but can't see anything about Manheim

[va1o]

Deep Thought said:

There was some discussion (mainly by me) about M2 Comp insurance quotes pushing down the prices

Just had this pop up in my FB feed from a guy in one of the M2 groups..

2 years ago I paid £600 to insure my M2 at 26 years old.
Today I was getting quotes to insure an M2C…
Same address with 10 years NCB, no points.
Adrian Flux - Wouldn’t insure me as I was under 30.
A-Plan - £4800 with £1k excess.
Pace Ward - Refused insurance as not enough mods?!
Aviva - £3800 with a £1k excess.

Is this on the G87? Those prices look ridiculous

[nickfrog]

I think the underwriters just don't want that risk, probably age led. Seems a little arbitrary when you're at the receiving end. Super frustrating as people will have chosen and budgeted for a car in good faith and based on acceptable premiums.

[Deep Thought]

va1o said:

Deep Thought said:

There was some discussion (mainly by me) about M2 Comp insurance quotes pushing down the prices

Just had this pop up in my FB feed from a guy in one of the M2 groups..

2 years ago I paid £600 to insure my M2 at 26 years old.
Today I was getting quotes to insure an M2C…
Same address with 10 years NCB, no points.
Adrian Flux - Wouldn’t insure me as I was under 30.
A-Plan - £4800 with £1k excess.
Pace Ward - Refused insurance as not enough mods?!
Aviva - £3800 with a £1k excess.

Is this on the G87? Those prices look ridiculous

F87 M2 Comp

[Seasonal Hero]

Bloody hell

[Deep Thought]

nickfrog said:

I think the underwriters just don't want that risk, probably age led. Seems a little arbitrary when you're at the receiving end. Super frustrating as people will have chosen and budgeted for a car in good faith and based on acceptable premiums.

Agreed. Thats a serious jump. As much as i love my OG if i was getting £3-4K quotes for insurance it would be gone.

Edited by Deep Thought on Monday 18th March 22:13

[Deep Thought]

Indecision said:

You’re right - tried the plate in a few car check sites and it comes back as a 2022 Cullinan.

Tried a random 22 plate Cullinan from Autotrader - valuation was £196k, against prices £265k-£360k retail. Ouch!

Someone has taken a painful drop. Seems odd they couldnt find a dealer to buy it. That said I'd imagine dealers were looking a sale or return type basis.

[Deep Thought]

Auto810graphy said:

They were pre registered with delivery mileage by Mercedes late 2023, most likely to hit an EV registration target or just clear the decks of old stock.

There were some PCP bargains around as some funders are slow to reduce their Residual Values in line with market trends. When these cars were being offered in the trade by another dealer group they were closer to £45k (they would have put a £750 admin fee across each) so I can only assume Arnold Clark got a further volume discount.

Fast Bug said:

Under agency model the only way Arnie got a bigger discount would be if he registered them through his rental fleet. For demos everyone will get the same support regardless of how many they take

Useful insight.

Thanks both.

[av185]

AlexNJ89 said:

Does anyone here know if Manheim auctions are open to the public to show up and buy cars?

I know BCA is traders only but can't see anything about Manheim

Both are trade only. To get an account you need to have a trade insurance policy and in the case of Manheim at least some motor trade history and connections to trade premises.

Manheim is open for physical sales and online whereas BCA is still online only although they are having random and occasional physical sales such as the Edinburgh sale on the 20th March.

[ChrisH72]

Some observations whilst browsing AT today.

I usually search for small, modern hot hatches like the i20N, Fiesta ST3, Mini JCW. Prices are still very strong for these cars with 3 year old examples still around £20k. The Hyundai refuses to lose money, silly when you can seemingly buy a new one for £25k.

Today I thought I'd have a look at more mainstream superminis and was quite surprised. Fiestas, Clios, Ibiza etc. mostly with 1.0 turbos are down to £11-12k at 3 years old and 30k miles. Still sounds pricey but that's about 50% of there new price now. This seems reasonable to me and back to the kind of depreciation we used to see. I'd guess it's the same with most mainstream cars?

So maybe the hotter ICE cars are enjoying popularity in a 'last of their kind' sort of way? There really are no attractive deals being offered on these cars whereas cheaper lease deals and discounts are readily available on the more normal models.

[Truckosaurus]

ChrisH72 said:

...So maybe the hotter ICE cars are enjoying popularity in a 'last of their kind' sort of way? ...

I think that is certainly the case, plus a number of manufacturers aren't making hot hatches currently (eg. Peugeot, Vauxhall) so the few decent hot hatches are holding their value.

[Deep Thought]

Truckosaurus said:

ChrisH72 said:

...So maybe the hotter ICE cars are enjoying popularity in a 'last of their kind' sort of way? ...

I think that is certainly the case, plus a number of manufacturers aren't making hot hatches currently (eg. Peugeot, Vauxhall) so the few decent hot hatches are holding their value.

Ford now too....

[nickfrog]

Not so sure about the JCW. It has taken a bigger hit than I thought over the past year. Not so much AUC but indies and private.

[ChrisH72]

nickfrog said:

Not so sure about the JCW. It has taken a bigger hit than I thought over the past year. Not so much AUC but indies and private.

3 year old JCW with reasonable mileage start at about £21k. But I guess they are now at least £35k brand new so not too bad.

I think the other issue with looking at 3 year old cars is the Covid years. Not an awful lot of 2021 cars around really.

[blue al]

ChrisH72 said:

nickfrog said:

Not so sure about the JCW. It has taken a bigger hit than I thought over the past year. Not so much AUC but indies and private.

3 year old JCW with reasonable mileage start at about £21k. But I guess they are now at least £35k brand new so not too bad.

I think the other issue with looking at 3 year old cars is the Covid years. Not an awful lot of 2021 cars around really.

Also quite a few Jcw are poverty Spec, no heated windscreen, etc over the covid years

[ACCYSTAN]

Anyone after a new or pre reg current shape MG3, dealership staff told me today they will be going cheap when the new MG3 hybrid lands early summer.