Dealers asking FAR higher than guide prices
Discussion
Hi there,
I'm looking to buy a second hand car (a 2015 Mazda MX5 2.0, ND shape)
There are LOADS or these for sale. Most are not selling. Far more supply than demand.
We Buy Any Car for such cars current valuation £9,500 on 8th Nov 2021. (Their figure was £13,300 as recent as 20th October 2021, so a big recent drop).
Parkers Guide say valuation £12,990 to £13,775 on 8th Nov 2021.
All dealers are asking £15,000 to £17,000!!
My guess is that they have bought stock too high and are stuck with it.
I would like to buy soon but only at market value.
Am I wasting my time making offers at sat £13,775?
Any ideas how long it will take dealers to wise up and correct their asking prices?
Many thanks!
I'm looking to buy a second hand car (a 2015 Mazda MX5 2.0, ND shape)
There are LOADS or these for sale. Most are not selling. Far more supply than demand.
We Buy Any Car for such cars current valuation £9,500 on 8th Nov 2021. (Their figure was £13,300 as recent as 20th October 2021, so a big recent drop).
Parkers Guide say valuation £12,990 to £13,775 on 8th Nov 2021.
All dealers are asking £15,000 to £17,000!!
My guess is that they have bought stock too high and are stuck with it.
I would like to buy soon but only at market value.
Am I wasting my time making offers at sat £13,775?
Any ideas how long it will take dealers to wise up and correct their asking prices?
Many thanks!
Vroom2 said:
Hi there,
I'm looking to buy a second hand car (a 2015 Mazda MX5 2.0, ND shape)
There are LOADS or these for sale. Most are not selling. Far more supply than demand.
We Buy Any Car for such cars current valuation £9,500 on 8th Nov 2021. (Their figure was £13,300 as recent as 20th October 2021, so a big recent drop).
Parkers Guide say valuation £12,990 to £13,775 on 8th Nov 2021.
All dealers are asking £15,000 to £17,000!!
My guess is that they have bought stock too high and are stuck with it.
I would like to buy soon but only at market value.
Am I wasting my time making offers at sat £13,775?
Any ideas how long it will take dealers to wise up and correct their asking prices?
Many thanks!
Its called making a profitI'm looking to buy a second hand car (a 2015 Mazda MX5 2.0, ND shape)
There are LOADS or these for sale. Most are not selling. Far more supply than demand.
We Buy Any Car for such cars current valuation £9,500 on 8th Nov 2021. (Their figure was £13,300 as recent as 20th October 2021, so a big recent drop).
Parkers Guide say valuation £12,990 to £13,775 on 8th Nov 2021.
All dealers are asking £15,000 to £17,000!!
My guess is that they have bought stock too high and are stuck with it.
I would like to buy soon but only at market value.
Am I wasting my time making offers at sat £13,775?
Any ideas how long it will take dealers to wise up and correct their asking prices?
Many thanks!
you maybe in for a long wait sorry to say, Used car prices are here to stay for a lot longer.
Could always put a cheeky offer in but unlikely to be accepted or leave your details with a garage and say if you want to drop the price ring me....., we at my garage have not discounted a used car now for about 6 months due to the current prices.
Just a bit of advice Parkers guide dont buy or sell cars so what they reckon something is worth is as much use as t*ts on a fish
Good luck with the search
Vroom2 said:
Hi there,
I'm looking to buy a second hand car (a 2015 Mazda MX5 2.0, ND shape)
There are LOADS or these for sale. Most are not selling. Far more supply than demand.
We Buy Any Car for such cars current valuation £9,500 on 8th Nov 2021. (Their figure was £13,300 as recent as 20th October 2021, so a big recent drop).
Parkers Guide say valuation £12,990 to £13,775 on 8th Nov 2021.
All dealers are asking £15,000 to £17,000!!
My guess is that they have bought stock too high and are stuck with it.
I would like to buy soon but only at market value.
Am I wasting my time making offers at sat £13,775?
Any ideas how long it will take dealers to wise up and correct their asking prices?
Many thanks!
By definition "market value" is the price you need to pay when you go to the market (ie the dealerships). It's their job to sell cars, they will know far better than you or I what the "market" value is. Also it's not in their interests to have cars sitting around and not selling. Staff and overheads need to be paid.I'm looking to buy a second hand car (a 2015 Mazda MX5 2.0, ND shape)
There are LOADS or these for sale. Most are not selling. Far more supply than demand.
We Buy Any Car for such cars current valuation £9,500 on 8th Nov 2021. (Their figure was £13,300 as recent as 20th October 2021, so a big recent drop).
Parkers Guide say valuation £12,990 to £13,775 on 8th Nov 2021.
All dealers are asking £15,000 to £17,000!!
My guess is that they have bought stock too high and are stuck with it.
I would like to buy soon but only at market value.
Am I wasting my time making offers at sat £13,775?
Any ideas how long it will take dealers to wise up and correct their asking prices?
Many thanks!
Vroom2 said:
We Buy Any Car for such cars current valuation £9,500 on 8th Nov 2021. (Their figure was £13,300 as recent as 20th October 2021, so a big recent drop).
Parkers Guide say valuation £12,990 to £13,775 on 8th Nov 2021.
All dealers are asking £15,000 to £17,000!!
Any ideas how long it will take dealers to wise up and correct their asking prices?
Many thanks!
OP ignore the people ridiculing you, it's a sensible question upon seeing the WBAC prices drop so much in recent weeks.Parkers Guide say valuation £12,990 to £13,775 on 8th Nov 2021.
All dealers are asking £15,000 to £17,000!!
Any ideas how long it will take dealers to wise up and correct their asking prices?
Many thanks!
As you've pointed out, £13,300 down to £9,500 in only 3 weeks......
So can any experts explain the sudden drop in WBAC offers?
The Parkers guides are way off, run a similar valuation in Autotrader, they have recent sold and for sale data. You get a £14.5k-£17.5k private to main dealer valuation for low to average mileage.
The car dealers aren't bothered with external valuations, they are still selling cars with no discount and high margins currently, albeit not like the summer madness. However, October and especially November and December are soft sales months normally. October was a record month year on year and used car prices climbed again significantly.
The market is likely to be slower until January, when it normally picks up again, but they're not going to start rushing to sell stock at a really low margin or loss, as this is expected and it's hard to replace stock. What you will see is them buying fewer cars, hence the WBAC/Cazoo valuations going down now, as their algorithms reflect what dealers are prepared to buy for right now.
All the industry expectations are that the used car price increases will continue next year, as demand is high, used stock low and with new car production way down through 2020 and still at a historic low, with really long lead times, this is set to continue for some time.
If you know anyone with access to a BCA account, you might pick up a bit of bargain at auction, you may even get a discount from a dealer, but you're not going to get a car at the Parkers guide price...
The car dealers aren't bothered with external valuations, they are still selling cars with no discount and high margins currently, albeit not like the summer madness. However, October and especially November and December are soft sales months normally. October was a record month year on year and used car prices climbed again significantly.
The market is likely to be slower until January, when it normally picks up again, but they're not going to start rushing to sell stock at a really low margin or loss, as this is expected and it's hard to replace stock. What you will see is them buying fewer cars, hence the WBAC/Cazoo valuations going down now, as their algorithms reflect what dealers are prepared to buy for right now.
All the industry expectations are that the used car price increases will continue next year, as demand is high, used stock low and with new car production way down through 2020 and still at a historic low, with really long lead times, this is set to continue for some time.
If you know anyone with access to a BCA account, you might pick up a bit of bargain at auction, you may even get a discount from a dealer, but you're not going to get a car at the Parkers guide price...
paulo_f1 said:
The Parkers guides are way off, run a similar valuation in Autotrader, they have recent sold and for sale data. You get a £14.5k-£17.5k private to main dealer valuation for low to average mileage.
The car dealers aren't bothered with external valuations, they are still selling cars with no discount and high margins currently, albeit not like the summer madness. However, October and especially November and December are soft sales months normally. October was a record month year on year and used car prices climbed again significantly.
The market is likely to be slower until January, when it normally picks up again, but they're not going to start rushing to sell stock at a really low margin or loss, as this is expected and it's hard to replace stock. What you will see is them buying fewer cars, hence the WBAC/Cazoo valuations going down now, as their algorithms reflect what dealers are prepared to buy for right now.
All the industry expectations are that the used car price increases will continue next year, as demand is high, used stock low and with new car production way down through 2020 and still at a historic low, with really long lead times, this is set to continue for some time.
If you know anyone with access to a BCA account, you might pick up a bit of bargain at auction, you may even get a discount from a dealer, but you're not going to get a car at the Parkers guide price...
However, you can tease WBAC prices up, if you don’t react. They will send a few ‘your valuation is expiring’ e-mails, then they may prompt you for a re-quote, which in my case, was higher today than the offer last week.The car dealers aren't bothered with external valuations, they are still selling cars with no discount and high margins currently, albeit not like the summer madness. However, October and especially November and December are soft sales months normally. October was a record month year on year and used car prices climbed again significantly.
The market is likely to be slower until January, when it normally picks up again, but they're not going to start rushing to sell stock at a really low margin or loss, as this is expected and it's hard to replace stock. What you will see is them buying fewer cars, hence the WBAC/Cazoo valuations going down now, as their algorithms reflect what dealers are prepared to buy for right now.
All the industry expectations are that the used car price increases will continue next year, as demand is high, used stock low and with new car production way down through 2020 and still at a historic low, with really long lead times, this is set to continue for some time.
If you know anyone with access to a BCA account, you might pick up a bit of bargain at auction, you may even get a discount from a dealer, but you're not going to get a car at the Parkers guide price...
Mr_Megalomaniac said:
Panamax said:
Surely the easy answer is to buy privately and avoid the dealers, especially if there are plenty of that model around.
ThisOP, buy private.
I've noticed a marked reduction recently in the valuations on AutoTrader, who presumably have more of an idea than Parker's?
Obviously they will be private sale prices rather than dealer prices, but there is still a gulf between what AT says a car is worth privately and what private sellers are asking. Could be explained by them setting the price a while ago, when prices were much higher?
Obviously they will be private sale prices rather than dealer prices, but there is still a gulf between what AT says a car is worth privately and what private sellers are asking. Could be explained by them setting the price a while ago, when prices were much higher?
Gassing Station | Car Buying | Top of Page | What's New | My Stuff