Secondhand car price crash?
Discussion
Louis Balfour said:
DSLiverpool said:
I’ve just bought a Jeep Grand Cherokee for cheap family motoring - the £600 tax kills the price. However I did buy the Hemi 5.7 :-)
Does this replace the Bentayga?I bought a C'eed GT Line for £9k a few weeks ago... checked Motorway on the day just out of interest and they would have bought it off me for £8.4k which was reasonable I thought. Checked again a week later (no real reason, just out of interest) and it was down to £8.2k and just checked again and now it's £7,8k! So it's losing around £300 p/w at the moment! Hope that doesn't keep going at that rate lol.
As others have said, dealers can charge what they want but I think the days of a profit margin model might be numbered. As you know it’s hard to find a new car with options and toys. For a while you couldn’t even specify a new BMW with head up display let alone reverse camera. This meant some who would have bought new were forced to look at used. It seems that dealers get a second round of profits on options because of this and some people will pay for the car they want. My theory is though that as semi-conductors and wiring harnesses gradually become available, things will change. Used cars might then just come down in price as there is no pent up demand left.
I think demand is going to drop due to fuel prices - I’ve noticed a lot fewer cars on the road in the last couple of weeks - that has to mean that a lot of people can get away without a car / or having one per family rather than 2 or more ?
I’m thinking of getting rid of one of mine to save on insurance/ tax / parking etc etc - inflation, increasing fuel prices etc are going make a lot of people reconsider having a car if they don’t need one - cheaper to get a taxi once or twice a week to get your shopping
I’m thinking of getting rid of one of mine to save on insurance/ tax / parking etc etc - inflation, increasing fuel prices etc are going make a lot of people reconsider having a car if they don’t need one - cheaper to get a taxi once or twice a week to get your shopping
Anecdotal input for the thread, I've been roughly keeping an eye (not planning on selling just yet) on the value of my car - well-specced and well-looked-after 2013 M135i, using Cazoo as the benchmark. Here's how it's been going...
13/10/2021 @44k miles - £14,375
14/01/2022 @45k miles - £11,625
23/02/2022 @45k miles - £11,950
14/03/2022 @45k miles - £12,125
31/03/2022 @46k miles - £11,200
13/10/2021 @44k miles - £14,375
14/01/2022 @45k miles - £11,625
23/02/2022 @45k miles - £11,950
14/03/2022 @45k miles - £12,125
31/03/2022 @46k miles - £11,200
mholt1995 said:
Anecdotal input for the thread, I've been roughly keeping an eye (not planning on selling just yet) on the value of my car - well-specced and well-looked-after 2013 M135i, using Cazoo as the benchmark. Here's how it's been going...
13/10/2021 @44k miles - £14,375
14/01/2022 @45k miles - £11,625
23/02/2022 @45k miles - £11,950
14/03/2022 @45k miles - £12,125
31/03/2022 @46k miles - £11,200
I suspect the Jan date is based on further age related depreciation from the October date, and the February and Mid March dates are set to reel you back in, and the end of March date means they have given up on you, or realise you are just playing and not serious.13/10/2021 @44k miles - £14,375
14/01/2022 @45k miles - £11,625
23/02/2022 @45k miles - £11,950
14/03/2022 @45k miles - £12,125
31/03/2022 @46k miles - £11,200
Pica-Pica said:
I suspect the Jan date is based on further age related depreciation from the October date, and the February and Mid March dates are set to reel you back in, and the end of March date means they have given up on you, or realise you are just playing and not serious.
Maybe, but I think its more likely to be based on market demand. My ID3 went up from Jan to March by c. £2k. I had been checking the prices every 2 weeks.The prices seem to be reflective of the current fuel situation coupled with other cost of living type headlines.
My end of lease 3008 I could have purchased from Peugeot for £18600 last April, after a 3mth extension they wanted £21000 in the July, so it went back. Checked WBAC out of curiosity and it went up as high as £23500, before falling back from November onwards, its now as of today £16555.
On the other hand the wife's EV has gone back up and almost what we paid for it last July, but it now has an addtional 10k miles added.
Whilst supply issues have had an impact on used prices there were also a number of other factors driving up prices in the used market (home delivery services during lockdowns, fun second car whilst unable to holiday, a larger car / suv for a UK holiday, not wanting to use public transport during covid) many of these have now subsided, so my feeling is that prices are going to correct themselves due to an overshoot but with added downward pressures of rising fuel prices and general squeeze on incomes. Smart money it seems is buying solar, battery and an EV, so may see ICE vehicles being sold to fund these projects.
I think the penny as also dropped for many that inflation and rising fuel costs are not a short term blip and could be with us for a while.
My end of lease 3008 I could have purchased from Peugeot for £18600 last April, after a 3mth extension they wanted £21000 in the July, so it went back. Checked WBAC out of curiosity and it went up as high as £23500, before falling back from November onwards, its now as of today £16555.
On the other hand the wife's EV has gone back up and almost what we paid for it last July, but it now has an addtional 10k miles added.
Whilst supply issues have had an impact on used prices there were also a number of other factors driving up prices in the used market (home delivery services during lockdowns, fun second car whilst unable to holiday, a larger car / suv for a UK holiday, not wanting to use public transport during covid) many of these have now subsided, so my feeling is that prices are going to correct themselves due to an overshoot but with added downward pressures of rising fuel prices and general squeeze on incomes. Smart money it seems is buying solar, battery and an EV, so may see ICE vehicles being sold to fund these projects.
I think the penny as also dropped for many that inflation and rising fuel costs are not a short term blip and could be with us for a while.
Edited by Theoldguard on Friday 1st April 23:45
These energy price increases are something that the vast majority of the population are sitting up and taking notice of. They are going to directly impact people's disposable income in a way that for the foreseeable people just won't be able to do much about.
Unless all the car dealers are happy to sit on their stock for a year I just don't see prices being sustainable at the level they are, new car supply issues or not.
Unless all the car dealers are happy to sit on their stock for a year I just don't see prices being sustainable at the level they are, new car supply issues or not.
swanseaboydan said:
I know quite a few people who splashed out on top end cars during lockdown citing the ‘you only live once’ justification. This has had to have an impact on driving up prices too.
This 100%, wife's cousin and her hubby bought a transporter T6 and X3, mainly funded from Self employed grants and still being able to work. (builder and beauty therapist).These people are also less bothered by the cost of living rise, they have both just put prices up to cover it, people are still building and having nails, hair and crap done.
jonwm said:
This 100%, wife's cousin and her hubby bought a transporter T6 and X3, mainly funded from Self employed grants and still being able to work. (builder and beauty therapist).
These people are also less bothered by the cost of living rise, they have both just put prices up to cover it, people are still building and having nails, hair and crap done.
It depends on the clients, we have not yet seen the real impact of these rising prices and some have not yet fully filtered through, next winter will be brutal for many millions if there is no Gov't intervention. For lots of people it will be a case of eating or heating, for others it may just mean cutting back on non essentials or finding cheaper options for their nails / hair / building work etc. These people are also less bothered by the cost of living rise, they have both just put prices up to cover it, people are still building and having nails, hair and crap done.
There is realistically as we are seeing with used car prices a limit that the majority of people are prepared to pay before they say its too expensive and not value for money, for someone self employed you either lose customers or drop your prices, we are not quite there yet due to employment being pretty solid in the face of rising prices but if people's jobs and income start to be threatened then we will see that changing.
Money is also getting more expensive to borrow and will likely only increase to fend off inflation, most people will borrow money for building work.
Builders are at the front of all this, when everything is good they do really well especially when house prices are rising, borrowing is cheap and when people feel good and have spare cash. We are now it seems entering a period where much of this is being threatened, it does not happen over night but work tends to slowly dry up as little new work comes in or people just focus on essential work rather than nice to haves, and competition for the work hots up.
Reality is very few escape the impact of rising prices, directly or indirectly.
darreni said:
I've been looking for a G30(2017 on) 5 series touring for a few months. The prices are softening & there are far more on the market now.
The 2020 LCI versions at main dealers have also been coming down fast with plenty of stock.
I'm about to buy one so they will probably tank in a few weeks!The 2020 LCI versions at main dealers have also been coming down fast with plenty of stock.
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