Secondhand car price crash?
Discussion
I've been keeping an eye on S3's too - They are too much money for me to take the plunge, the interior is not exactly bad but shows its age, £28k is mental.
I actually went to view a 2017 S5 this week, and shortly after bottled it. It was £28k and whilst I can afford to buy and run it I, like many, am a bit concerned about where the fuel prices are going and also what affect that will have on thirsty cars.
I currently drive a £10k C220cdi - I own it outright, so it costs me say £150pm on fuel and £35 for insurance and tax.
Splashing out on a (yes , way better) S5 I'll be looking at £300pm on fuel, £80ish insurance and tax, plus the £270 per month loan to finance it.
All well and good, depreciation to be expected and the smiles per gallon count for a lot - but if its value drops a lot more due to the fuel and cost of living crisis it starts to look a bit silly.
Personally, I'm waiting to see how this all plays out and I'm sure a lot of people are going to be thinking the same way, especially when it comes to frivolous purchases.
I actually went to view a 2017 S5 this week, and shortly after bottled it. It was £28k and whilst I can afford to buy and run it I, like many, am a bit concerned about where the fuel prices are going and also what affect that will have on thirsty cars.
I currently drive a £10k C220cdi - I own it outright, so it costs me say £150pm on fuel and £35 for insurance and tax.
Splashing out on a (yes , way better) S5 I'll be looking at £300pm on fuel, £80ish insurance and tax, plus the £270 per month loan to finance it.
All well and good, depreciation to be expected and the smiles per gallon count for a lot - but if its value drops a lot more due to the fuel and cost of living crisis it starts to look a bit silly.
Personally, I'm waiting to see how this all plays out and I'm sure a lot of people are going to be thinking the same way, especially when it comes to frivolous purchases.
Al U said:
And on that topic, I think there are a lot of private listings knocking around at the moment where people are asking the same or very similar money to traders/dealers. Say what you like about traders/dealers but there are obviously benefits to buying through a trader/dealer and I think it's fair that some value is associated to that.
Private sellers putting their cars up at trade retail seems to be on the up on the cars I have seen and is quite wishful thinking I think.
Yes seeing this myself with private sellers, either they bought in high and have buyer remorse or have an expensive loan and trying to get back as much as they can before prices fall, or it's just plain greed and not really needing to sell but just feel in the climate they may just get lucky with someone willing to pay that amount before the market turns. Private sellers putting their cars up at trade retail seems to be on the up on the cars I have seen and is quite wishful thinking I think.
The market is opening up now though, you can see ever wider differences between dealers for similar motors, some just will not budge for now but are starting to stand out as expensive compared to others. Talking more general here, certain in demand / long lead time models do still seem to be holding firm across all dealers.
Theoldguard said:
Yes seeing this myself with private sellers, either they bought in high and have buyer remorse or have an expensive loan and trying to get back as much as they can before prices fall, or it's just plain greed and not really needing to sell but just feel in the climate they may just get lucky with someone willing to pay that amount before the market turns.
The market is opening up now though, you can see ever wider differences between dealers for similar motors, some just will not budge for now but are starting to stand out as expensive compared to others. Talking more general here, certain in demand / long lead time models do still seem to be holding firm across all dealers.
In most cases it will be a loan and them hoping for the best exit price.The market is opening up now though, you can see ever wider differences between dealers for similar motors, some just will not budge for now but are starting to stand out as expensive compared to others. Talking more general here, certain in demand / long lead time models do still seem to be holding firm across all dealers.
Some sellers are in denial about the market now and the value of their car especially with the fuel prices rising.
jimPH said:
Aye, but the criteria is <10k miles, so he's not using it! Unless he's putting miles on and not changing the ad.
You can get an ad until the car sells, think I paid about £80 for mine and was online for 11 months. I was in no rush to sell, owned the car outright and then eventually when the market went a bit more crazy I sold it.
joropug said:
I've been keeping an eye on S3's too - They are too much money for me to take the plunge, the interior is not exactly bad but shows its age, £28k is mental.
I actually went to view a 2017 S5 this week, and shortly after bottled it. It was £28k and whilst I can afford to buy and run it I, like many, am a bit concerned about where the fuel prices are going and also what affect that will have on thirsty cars.
I currently drive a £10k C220cdi - I own it outright, so it costs me say £150pm on fuel and £35 for insurance and tax.
Splashing out on a (yes , way better) S5 I'll be looking at £300pm on fuel, £80ish insurance and tax, plus the £270 per month loan to finance it.
All well and good, depreciation to be expected and the smiles per gallon count for a lot - but if its value drops a lot more due to the fuel and cost of living crisis it starts to look a bit silly.
Personally, I'm waiting to see how this all plays out and I'm sure a lot of people are going to be thinking the same way, especially when it comes to frivolous purchases.
Why don’t you buy one of the S5s with the V6 that are going for £11k then and therefore doing away with the loan? Your only guilt then is the marginal insurance and higher fuel costs which you can easily man maths away.I actually went to view a 2017 S5 this week, and shortly after bottled it. It was £28k and whilst I can afford to buy and run it I, like many, am a bit concerned about where the fuel prices are going and also what affect that will have on thirsty cars.
I currently drive a £10k C220cdi - I own it outright, so it costs me say £150pm on fuel and £35 for insurance and tax.
Splashing out on a (yes , way better) S5 I'll be looking at £300pm on fuel, £80ish insurance and tax, plus the £270 per month loan to finance it.
All well and good, depreciation to be expected and the smiles per gallon count for a lot - but if its value drops a lot more due to the fuel and cost of living crisis it starts to look a bit silly.
Personally, I'm waiting to see how this all plays out and I'm sure a lot of people are going to be thinking the same way, especially when it comes to frivolous purchases.
pb8g09 said:
Why don’t you buy one of the S5s with the V6 that are going for £11k then and therefore doing away with the loan? Your only guilt then is the marginal insurance and higher fuel costs which you can easily man maths away.
Would be the sensible choice wouldn’t it, but I’m in a position where I want to treat myself a bit and the old ones don’t do it for me. joropug said:
pb8g09 said:
Why don’t you buy one of the S5s with the V6 that are going for £11k then and therefore doing away with the loan? Your only guilt then is the marginal insurance and higher fuel costs which you can easily man maths away.
Would be the sensible choice wouldn’t it, but I’m in a position where I want to treat myself a bit and the old ones don’t do it for me. jimPH said:
Aye, but the criteria is <10k miles, so he's not using it! Unless he's putting miles on and not changing the ad.
9700 miles on it last October for MOT. I'd say he hasn't bothered updating it.He mustn't be in much of a rush to sell. Maybe new car on order and a big wait or just unrealistic. Hard to know, given he's private not trade.
From recent experience I have seen no sign of the market slowing down.
I have just recently sold a car through Motorway. Had it up for sale privately for a few weeks with no interest and with it being nothing exciting or interesting (Kia Soul) decided to go with the online selling route. On a side note, I would highly recommend Motorway if thinking of selling. eRasonable price and a seamless process.
Anyway, I have been keeping an eye our for the car coming up for sale with the dealer who bought it to see what they would put it up for.
All they have done is refurbish the alloys and they have advertised it for £700 more then we paid for it 3 years ago with 23k more miles on the clock.
I think what they are asking is crazy money but they obviously see this as the current market value for it.
I have just recently sold a car through Motorway. Had it up for sale privately for a few weeks with no interest and with it being nothing exciting or interesting (Kia Soul) decided to go with the online selling route. On a side note, I would highly recommend Motorway if thinking of selling. eRasonable price and a seamless process.
Anyway, I have been keeping an eye our for the car coming up for sale with the dealer who bought it to see what they would put it up for.
All they have done is refurbish the alloys and they have advertised it for £700 more then we paid for it 3 years ago with 23k more miles on the clock.
I think what they are asking is crazy money but they obviously see this as the current market value for it.
Trailhead said:
That sounds like you’ll stay in the ropey Merc though. Is an older S5 better ? Maybe not ?
Probably, I have been looking to upgrade for a year lol keep talking myself out of it. It’s far from ropey though luckily. Trouble is I fear what I have (a nice looking, C220cdi AMG Sport Plus coupe), which is economical, nice to drive, mint condition inside and out, is in a bit of a sweet spot value wise. I paid £8,800 for it in August 2019 and think I could sell it for £10,000 now - but for what I really want (next generation of infotainment, fast petrol auto, and the hardest criteria of passing the wife test! ) need to spend £25k plus really.
I have spent so long on autotrader the last few months I’m torturing myself, I think I have narrowed it down to:
2017 on E300 or more Coupe - but I want the full digital dash if I do and there is only one under £30k at the moment. Not that quick but I love the interior. I’d have a saloon but petrols seems to be E200 only.
2017 on facelift S3 if the price is right (sub £25k), but must have the quilted leather, upgrade alloys and digital dash.
2017 on S5 , they seem to be well equipped as standard vs the S3 and more modern - what I’m after seems to be £28k + though. I’d have an S4 too but less of them.
With the DSG/S Tronic boxes I don’t want to have a high mileage car ideally as they do attract all sorts, a lot of the cheaper ones seem to have had lots of owners etc.
Not the car in question but we sold a VW Passat 1.6d estate, 2018, 26500 miles through Motorway a few weeks ago, VW dealer purchase. £15800, resale at £18800. It needed a service and will be sold with 2 years warranty so not an extortionate uplift.
As an aside, Motorway is a good rout to sell a car through in my two experiences.
As an aside, Motorway is a good rout to sell a car through in my two experiences.
This thread was stagnant for a couple of months, then all of a sudden, lots of interest, that alone may suggest that there’s a heightened awareness of the market again from the recent events (war and COL), even if for some its just an interest rather than a concern.
Ive been watching the Lambo market for 12 months now, this time last year prices were on the up (marginally) but you would be expected to pay full ticket price, there was constant shifting of cars 150-200k, this year the movement across this bracket is very slow, murcielagos stagnant for 3 months now and Aventadors 1 or 2 a month at best, some dealers leaving sold stock still advertised for 6 - 12 months. Prices havent been dropped though, just wandering how long they’ll hold out tbh..
Ive been watching the Lambo market for 12 months now, this time last year prices were on the up (marginally) but you would be expected to pay full ticket price, there was constant shifting of cars 150-200k, this year the movement across this bracket is very slow, murcielagos stagnant for 3 months now and Aventadors 1 or 2 a month at best, some dealers leaving sold stock still advertised for 6 - 12 months. Prices havent been dropped though, just wandering how long they’ll hold out tbh..
Edited by SirCarsAllot on Friday 10th June 05:52
Al U said:
What is the difference between what you sold it for and what it's up for?
They are selling it for around £2800 more that they bought it for.Given the wheel refurbishment would be around £3-400, just under £2500 profit?
Car still had manufacturers warranty too so not much other outlay for them.
As I said I was happy with the price given as going forward I can see a real slow up in cash buying private sales for cars around the £8-15,000 mark.
s-x-i said:
They are selling it for around £2800 more that they bought it for.
Given the wheel refurbishment would be around £3-400, just under £2500 profit?
Car still had manufacturers warranty too so not much other outlay for them.
As I said I was happy with the price given as going forward I can see a real slow up in cash buying private sales for cars around the £8-15,000 mark.
Sounds to me like you got good use out of it for not a lot of outlay so wouldn't feel negatively about it if I were you.Given the wheel refurbishment would be around £3-400, just under £2500 profit?
Car still had manufacturers warranty too so not much other outlay for them.
As I said I was happy with the price given as going forward I can see a real slow up in cash buying private sales for cars around the £8-15,000 mark.
It might be that the dealer needs the profit on this one to offset some of the bite he might end up taking on some of his other stock.
I sold a Z4 (only a 23i) and an Audi A1 on lowish miles each for £7.5k and £5k respectively in 2019. The dealer resold them within 3 days for £11k and 8k. Made me feel a little sick at my laziness.
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