Secondhand car price crash?

Secondhand car price crash?

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cheesejunkie

2,325 posts

16 months

Sunday 19th March 2023
quotequote all
RayDonovan said:
My Dad worked for 45 years, always promised to retire and buy a classic Mini. Never retired, dropped dead last year at 65 and his Wife purchased a classic Mini with her inheritance hehe.
I was joking with a friend recently. A lot of people seem to be dying young these days. No you’re just getting fking old and noticing more.

I have a few bucket list cars but at the same time I’d never overstretch myself for the sake of a car. I don’t intend to wait until retirement age, mortgage gone in 5 or so months will be an infection point though. You shouldn’t wish your life away but that monthly makes car payments look like pocket change.

Fusion777

2,211 posts

47 months

Sunday 19th March 2023
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nickfrog said:
CS' serious problems started years ago. I am surprised you didn't mention them earlier. wink
Didn't want to spoil the used car salesman punter optimism wink

Niponeoff

2,073 posts

26 months

Sunday 19th March 2023
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Fckitdriveon said:
RayDonovan said:
Fckitdriveon said:
Deep Thought said:
ChrisH72 said:
I find it interesting that people can't buy these overpriced cars quickly enough. The cars I look at dipped a little in February but have now gone up even more than they were before. They seem to be selling too.

For the time being I'm afraid I am out. Now considering just keeping my perfectly good car a bit longer. With my low mileage it would probably do another 10 years if necessary.
Which is fine, but then you're 10 years older, and you've done without something for 10 years.... to save, what?

Granted, i cant recall what you're looking to buy, but unless its £50K-£100K and likely to crash over that time, how much are we really talking about "saving" over that time?
At what point does it become life is too short ?
Assuming you’re fairly stable financially and just cautious about what will be, sitting on the fence just gets you splinters.
Although I thoroughly appreciate its different for everyone and some may entirely disagree with the above.
My Dad worked for 45 years, always promised to retire and buy a classic Mini. Never retired, dropped dead last year at 65 and his Wife purchased a classic Mini with her inheritance hehe.
I m Sorry that your story classically highlights my point .

For some , they will never purchase , it ll always be ‘what if tomorrow’ …..whilst I can’t speak for someone else’s situation , I don’t wanna live my life like that.
That's going to be my dad. He's sitting on a right pile and has a pension income well into 6 figures. Has always said he wants a Morgan.

I keep telling him to buy it. He's 74 and still consulting on a few jobs, why he wants to keep all that money I've no idea. I would love to see him in his dream car though.

Fckitdriveon

1,036 posts

89 months

Sunday 19th March 2023
quotequote all
Niponeoff said:
Fckitdriveon said:
RayDonovan said:
Fckitdriveon said:
Deep Thought said:
ChrisH72 said:
I find it interesting that people can't buy these overpriced cars quickly enough. The cars I look at dipped a little in February but have now gone up even more than they were before. They seem to be selling too.

For the time being I'm afraid I am out. Now considering just keeping my perfectly good car a bit longer. With my low mileage it would probably do another 10 years if necessary.
Which is fine, but then you're 10 years older, and you've done without something for 10 years.... to save, what?

Granted, i cant recall what you're looking to buy, but unless its £50K-£100K and likely to crash over that time, how much are we really talking about "saving" over that time?
At what point does it become life is too short ?
Assuming you’re fairly stable financially and just cautious about what will be, sitting on the fence just gets you splinters.
Although I thoroughly appreciate its different for everyone and some may entirely disagree with the above.
My Dad worked for 45 years, always promised to retire and buy a classic Mini. Never retired, dropped dead last year at 65 and his Wife purchased a classic Mini with her inheritance hehe.
I m Sorry that your story classically highlights my point .

For some , they will never purchase , it ll always be ‘what if tomorrow’ …..whilst I can’t speak for someone else’s situation , I don’t wanna live my life like that.
That's going to be my dad. He's sitting on a right pile and has a pension income well into 6 figures. Has always said he wants a Morgan.

I keep telling him to buy it. He's 74 and still consulting on a few jobs, why he wants to keep all that money I've no idea. I would love to see him in his dream car though.
Is it a generational thing?

nickfrog

20,871 posts

216 months

Sunday 19th March 2023
quotequote all
Fusion777 said:
Didn't want to spoil the used car salesman punter optimism wink
Not sure if that's aimed at me but realism has worked out quite nicely for me so far. In fact I reckon excessive frugality is even worse than excessive profligacy. It makes people really bitter.

RayDonovan

4,260 posts

214 months

Sunday 19th March 2023
quotequote all
Fckitdriveon said:
RayDonovan said:
Fckitdriveon said:
Deep Thought said:
ChrisH72 said:
I find it interesting that people can't buy these overpriced cars quickly enough. The cars I look at dipped a little in February but have now gone up even more than they were before. They seem to be selling too.

For the time being I'm afraid I am out. Now considering just keeping my perfectly good car a bit longer. With my low mileage it would probably do another 10 years if necessary.
Which is fine, but then you're 10 years older, and you've done without something for 10 years.... to save, what?

Granted, i cant recall what you're looking to buy, but unless its £50K-£100K and likely to crash over that time, how much are we really talking about "saving" over that time?
At what point does it become life is too short ?
Assuming you’re fairly stable financially and just cautious about what will be, sitting on the fence just gets you splinters.
Although I thoroughly appreciate its different for everyone and some may entirely disagree with the above.
My Dad worked for 45 years, always promised to retire and buy a classic Mini. Never retired, dropped dead last year at 65 and his Wife purchased a classic Mini with her inheritance hehe.
I m Sorry that your story classically highlights my point .

For some , they will never purchase , it ll always be ‘what if tomorrow’ …..whilst I can’t speak for someone else’s situation , I don’t wanna live my life like that.
Yes, sad but does highlight the point. He was also massively into Golf - played 3 times a week, 52w of the year, trips abroad, lads weekend trips etc. Farted about with an electric trolley that used to work 50% of the time, clubs that were too long for him etc.
We'd pretty much booked to spend some serious money on new equipment and he died ironically on the fking Golf Course.

ChrisH72

2,120 posts

51 months

Sunday 19th March 2023
quotequote all
Problem with buying sports cars in retirement is you're no longer able to get in and out of them.

For me it's not just the money. I can afford to pay today's inflated prices but there doesn't seem to be much out there that inspires me to go and spend it. I've changed cars every 3 years just because, and it's never cost that much to do so. Now the cost to change is quite a lot more it makes me question if its worth it. Certainly for cars I look at a 30% increase since before covid is very Conservative. In some cases its closer to 100%. In 2020 I bought my 2017 ST3 from a Ford dealer for 9k. The 2020 cars I'm now looking at start at 18k. That's a lot to pay for a small upgrade. Not saying I won't do it, but I'm searching quite hard for a suitable car which is worth 10k more than mine and struggling to come up with much. If I had driveway space for a toy that would work but unfortunately where I live it's difficult.

AlexNJ89

2,400 posts

78 months

Sunday 19th March 2023
quotequote all
I do think it’s a generational thing, my dad is the same.

I think it’s because they’ve lived through some horrendously difficult times such as the 70s and therefore are more conscious of what can happen and how having cash makes those times much easier.

I also think that’s why older people drive significantly slower in the rain, they’re used to 1970s cars which became a death trap when it rained.

ChrisH72

2,120 posts

51 months

Sunday 19th March 2023
quotequote all
AlexNJ89 said:
I also think that’s why older people drive significantly slower in the rain, they’re used to 1970s cars which became a death trap when it rained.
Hmmm I think it has more to do with poorer sight, slower reactions and decreased confidence really. Plus not being in so much hurry to get anywhere!

My dad is 81 now and has always loved cars. He's loaded but he drives a C3 Picasso because its tall, comfortable and fits in his garage. I doubt he'll ever change it.

Fusion777

2,211 posts

47 months

Sunday 19th March 2023
quotequote all
AlexNJ89 said:
I do think it’s a generational thing, my dad is the same.

I think it’s because they’ve lived through some horrendously difficult times such as the 70s and therefore are more conscious of what can happen and how having cash makes those times much easier.
My Dad too. One theory I heard recently was because that generation were often raised by those who lived through/saw the effects of the depression, so they've had it drilled into them to strive for stability and security rather than taking risks. Many more people had jobs for life when they entered the workplace, unions negotiated/demanded pay increases for their members rather than it falling to the individual, and so on.

Now we're at the almost complete opposite of the spectrum with all forms of credit normalised and encouraged, and the shift to a rental/service model for items.

cheesejunkie

2,325 posts

16 months

Sunday 19th March 2023
quotequote all
AlexNJ89 said:
I do think it’s a generational thing, my dad is the same.

I think it’s because they’ve lived through some horrendously difficult times such as the 70s and therefore are more conscious of what can happen and how having cash makes those times much easier.

I also think that’s why older people drive significantly slower in the rain, they’re used to 1970s cars which became a death trap when it rained.
Wife and I both have memories of rust. Rust so bad you could look through the floor and see the road. We were children but both had parents who have driven some proper death traps with three kids fighting in the back.

Cars have moved on thankfully smile.

My da has driven some proper bangers, dangerous cars. I love the man but his attitude to all the mod cons doesn’t extend beyond my mother wanting a high up view smile.

ChrisH72

2,120 posts

51 months

Sunday 19th March 2023
quotequote all
http://www.autotrader.co.uk/car-details/2023031853...

A great example of how hard dealers are trying to sell their cars!

av185

18,432 posts

126 months

Sunday 19th March 2023
quotequote all
nickfrog said:
Not sure if that's aimed at me but realism has worked out quite nicely for me so far. In fact I reckon excessive frugality is even worse than excessive profligacy. It makes people really bitter.
Agree Nick but as with many things in life a balance is key.

plenty

4,655 posts

185 months

Sunday 19th March 2023
quotequote all
Fckitdriveon said:
Is it a generational thing?
Quite possibly, but not in the way that you're referring to. As you get older, owning things becomes less interesting. I'm some way off pension age but I'm more than happy with my cars each worth four figures, and have no desire to replace them with cars worth five or six figures.

Fckitdriveon

1,036 posts

89 months

Sunday 19th March 2023
quotequote all
plenty said:
Fckitdriveon said:
Is it a generational thing?
Quite possibly, but not in the way that you're referring to. As you get older, owning things becomes less interesting. I'm some way off pension age but I'm more than happy with my cars each worth four figures, and have no desire to replace them with cars worth five or six figures.
Good point- what’s important changes as you get older , you fear higher car insurance pricing less than you fear the cold : )

Edited by Fckitdriveon on Sunday 19th March 10:03

Fckitdriveon

1,036 posts

89 months

Sunday 19th March 2023
quotequote all
said:
I was abit baffled by the first sentence but realised it was probably me being thick !

ChocolateFrog

24,847 posts

172 months

Sunday 19th March 2023
quotequote all
My dad's just too tight.

He's only treated himself once as far as I'm aware and that was a well used XJ40.

Currently has 4 Mitsubishi Delicas (well 2 literally went a couple of weeks back).

Approaching 70 so I don't think he'll buy anything he really wants now.

They're not all like that though, my brothers inlaws have just bought a F430, similar age.

LivLL

10,771 posts

196 months

Sunday 19th March 2023
quotequote all
ChrisH72 said:
http://www.autotrader.co.uk/car-details/2023031853...

A great example of how hard dealers are trying to sell their cars!
""Vehicle just arrived - Awaiting Vehicle Prep. More details and photos to follow shortly.""


ChrisH72

2,120 posts

51 months

Sunday 19th March 2023
quotequote all
LivLL said:
ChrisH72 said:
http://www.autotrader.co.uk/car-details/2023031853...

A great example of how hard dealers are trying to sell their cars!
""Vehicle just arrived - Awaiting Vehicle Prep. More details and photos to follow shortly.""
10 minute job to wash it

The Rotrex Kid

30,191 posts

159 months

Sunday 19th March 2023
quotequote all
ChrisH72 said:
LivLL said:
ChrisH72 said:
http://www.autotrader.co.uk/car-details/2023031853...

A great example of how hard dealers are trying to sell their cars!
""Vehicle just arrived - Awaiting Vehicle Prep. More details and photos to follow shortly.""
10 minute job to wash it
A conversation I have with my salespeople at least once a week. It doesn’t even need a 10 minute wash, it needs a 2 min cold jetwash running over it. Photo it wet, it’ll still look better than that dogst picture.

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