Sell now or 2022 ?
Discussion
I’ve been avidly following the many threads over used car prices over the past few months, as well as tracking the current values of our two cars on the likes of Cazoo and Motorway.
We now only need the one car so will get rid of one of them but acknowledging that now is a quiet time for dealers would you be selling now or waiting until Jan 2022 ?
We now only need the one car so will get rid of one of them but acknowledging that now is a quiet time for dealers would you be selling now or waiting until Jan 2022 ?
The0perator said:
I don't know how long this boom on used cars will last. If you want to call it that. Might be better to sell now rather than wait for a bust.
But I'm no expert. But you'll be saving insurance and other running costs now.
This. I expect supply chain issues to last a long while before significant improvements, but the cure to higher inflation is oft said to be higher inflation i.e. higher prices eventually leads to lower demand through people suspending purchases or downsizing. In turn, lower demand will lead to lower prices.But I'm no expert. But you'll be saving insurance and other running costs now.
If you look at this thread, I'd take the money and run, secure in the knowledge that I have a bundle of cash in my account. Some of the prices being offered for used cars are completely barmy, and are snap your hand off.
Autumn and into early winter usually sees used car values decline, so it's no surprise that most cars are now reverting to that trend. Nonetheless, most forecasters are saying that the price paid for a like-for-like car (e.g. Focus at 3 years old) will be higher in 2022 than in 2021 or 2020. What we may not see again is the increases for individual cars seen in 2021.
However, the medium term indications are that new car supply will continue to be constrained. This may mean that demand rises higher than supply at particular points in the annual cycle next year.
Practically speaking, I think most cars will decline in value gently - possibly halting for a period next year - more or less in line with the utility that people are getting from them.
If you are happy that you are getting some utility from the car, then I suggest holding it. If you are not getting much utility, then it may be worth selling rather than holding out for a demand / supply-driven upturn.
However, the medium term indications are that new car supply will continue to be constrained. This may mean that demand rises higher than supply at particular points in the annual cycle next year.
Practically speaking, I think most cars will decline in value gently - possibly halting for a period next year - more or less in line with the utility that people are getting from them.
If you are happy that you are getting some utility from the car, then I suggest holding it. If you are not getting much utility, then it may be worth selling rather than holding out for a demand / supply-driven upturn.
If you don't need the car and dealers are still offering strong money for it, then why not sell it and see what next year brings? I think trying to predict the top of the market is futile. I'm sure we'd all be retried already if we had that ability. It's going to come down to your own circumstances.
Personally, I've been on the fence for a couple of months regarding my car that was only seeing use once a month, and I finally decided to sell it to Motorpoint this morning. Very seamless experience - no haggling on price and fast payment. Even got more than I paid for it 12 months and 10,000 miles ago.
I won't last long mind. I'm already considering trying to pick up a 981 Cayman S in the Christmas lull
Personally, I've been on the fence for a couple of months regarding my car that was only seeing use once a month, and I finally decided to sell it to Motorpoint this morning. Very seamless experience - no haggling on price and fast payment. Even got more than I paid for it 12 months and 10,000 miles ago.
I won't last long mind. I'm already considering trying to pick up a 981 Cayman S in the Christmas lull
R88LAF said:
I’ve been avidly following the many threads over used car prices over the past few months, as well as tracking the current values of our two cars on the likes of Cazoo and Motorway.
We now only need the one car so will get rid of one of them but acknowledging that now is a quiet time for dealers would you be selling now or waiting until Jan 2022 ?
Context is everything, are you selling a convertible or a 4x4?We now only need the one car so will get rid of one of them but acknowledging that now is a quiet time for dealers would you be selling now or waiting until Jan 2022 ?
Although others will disagree for reasons discussed elsewhere, I don’t think we’ll see sustained inflation beating price rises on used cars.
Regardless, on a specific car basis (ie YOUR car) it’ll be x months older and if you leave it until March, a registration plate older too in 2022. I’d sell now if you can get a price you’ll take.
I baled in August. My only regret is going WBAC (who were great) not Cazoo (who subsequently offered 12% more).
Regardless, on a specific car basis (ie YOUR car) it’ll be x months older and if you leave it until March, a registration plate older too in 2022. I’d sell now if you can get a price you’ll take.
I baled in August. My only regret is going WBAC (who were great) not Cazoo (who subsequently offered 12% more).
griffter said:
Although others will disagree for reasons discussed elsewhere, I don’t think we’ll see sustained inflation beating price rises on used cars.
Regardless, on a specific car basis (ie YOUR car) it’ll be x months older and if you leave it until March, a registration plate older too in 2022. I’d sell now if you can get a price you’ll take.
I baled in August. My only regret is going WBAC (who were great) not Cazoo (who subsequently offered 12% more).
Agree with all of this. And unless it was some holy grail car you’ve wanted since you were 12, which I’m guessing this isn’t, then you’ll have forgotten about it within a week and have the money in the bank. Good fun going back to see what it would have been subsequently, but your money is then safe.Regardless, on a specific car basis (ie YOUR car) it’ll be x months older and if you leave it until March, a registration plate older too in 2022. I’d sell now if you can get a price you’ll take.
I baled in August. My only regret is going WBAC (who were great) not Cazoo (who subsequently offered 12% more).
Powerfully Built Company Director said:
griffter said:
Although others will disagree for reasons discussed elsewhere, I don’t think we’ll see sustained inflation beating price rises on used cars.
Regardless, on a specific car basis (ie YOUR car) it’ll be x months older and if you leave it until March, a registration plate older too in 2022. I’d sell now if you can get a price you’ll take.
I baled in August. My only regret is going WBAC (who were great) not Cazoo (who subsequently offered 12% more).
Agree with all of this. And unless it was some holy grail car you’ve wanted since you were 12, which I’m guessing this isn’t, then you’ll have forgotten about it within a week and have the money in the bank. Good fun going back to see what it would have been subsequently, but your money is then safe.Regardless, on a specific car basis (ie YOUR car) it’ll be x months older and if you leave it until March, a registration plate older too in 2022. I’d sell now if you can get a price you’ll take.
I baled in August. My only regret is going WBAC (who were great) not Cazoo (who subsequently offered 12% more).
As per posts below that were ignored winter is the best time to sell a 4x4. If you have an Mx5 to sell you will get more in Spring.
bennno said:
I sold a 66 plate mini clubman for £8400 in December last year. It would currently be worth £12000. Id rather still have the car to sell now than the money in the bank imho.
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Ok, but, we aren’t talking about December last year, we’re talking about now?.
I wish I still had my car from 4 years ago, would be worth a bomb…
Sell now and save on insurance, servicing, tax etc.
Realistically how much higher are used car prices going to go from their summer peak, how much could they fall from their peak? If your happy with the price offered now then offload it.
The supply issues are only going to improve over time and with inflation eating into everyone's spending power the extra cash from Furlough and having worked from home etc will soon dry up, and then everyone will be tightening their belts, or some even forced to sell their assets.
End of the day the price of a vehicle is only as high as someone is prepared to pay for it, no buyers no sale.
Realistically how much higher are used car prices going to go from their summer peak, how much could they fall from their peak? If your happy with the price offered now then offload it.
The supply issues are only going to improve over time and with inflation eating into everyone's spending power the extra cash from Furlough and having worked from home etc will soon dry up, and then everyone will be tightening their belts, or some even forced to sell their assets.
End of the day the price of a vehicle is only as high as someone is prepared to pay for it, no buyers no sale.
Powerfully Built Company Director said:
bennno said:
I sold a 66 plate mini clubman for £8400 in December last year. It would currently be worth £12000. Id rather still have the car to sell now than the money in the bank imho.
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Ok, but, we aren’t talking about December last year, we’re talking about now?.
I wish I still had my car from 4 years ago, would be worth a bomb…
My only observation is im tracking auction prices and they are generally higher than forecourt retail, so I believe pricing is still going up.
bennno said:
My Mclaren I sold in March is now 12k up. Nobody knows when the chip shortage will end.
My only observation is im tracking auction prices and they are generally higher than forecourt retail, so I believe pricing is still going up.
Maybe I’m being slow but I don’t see how picking arbitrary dates out of the past has anything to do with now and the future? I sold my V8 Bentley in august and the current offer has settled back down to just £500 higher than I sold it for. Is that relevant? My only observation is im tracking auction prices and they are generally higher than forecourt retail, so I believe pricing is still going up.
As for the prices still going up, well, I’ll happily acknowledge that you’ve done more homework than me, so I’ll defer on that one, but, there are several threads on here with lots of people saying the opposite…
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