Used car prices
Discussion
Ok, I'm not (really) talking about the insanity of a £7,000 Freelander up for £14,000, or RAV4s going for the same price as a Freelander of the same year. No, I mean the usual cheapies and what sellers expect. There's a certain Toyota for sale (not giving clues, as I still might buy it!) for just under £4000. I looked up the actual value for it and they say £1495-£1550. Confused's valuation says £2250 due to its low mileage. I offered £3000 and the bloke didn't take to that very well. With due fairness to him, there's an identical car to his for sale for £3500 (again, overpriced) but this one is with a dealer, so there would at least be a warranty of sorts.
Anyway, my point is, why do sellers ask such absurd prices? I've sold dozens of cars in my 46 years of driving, and always a fair price. And I price it fairly because I want to sell it and move on. Personally, I don't want to have to pay A*t*tr*d*r for another ad because I overpriced it, I just want it gone.
Despite the smart mouth reply to me from the Toyota seller, I think he will have to come back to my offer, or maybe he would rather eat his own excrement than accept it. But why does he (and so many others, and that's my point) think that his car is worth way past twice the actual value? If the Toyota seller does come crawling back, I'm tempted to drop my offer to £2800 just out of spite. I have watched with some glee every day to see that it's still for sale.
Anyway, my point is, why do sellers ask such absurd prices? I've sold dozens of cars in my 46 years of driving, and always a fair price. And I price it fairly because I want to sell it and move on. Personally, I don't want to have to pay A*t*tr*d*r for another ad because I overpriced it, I just want it gone.
Despite the smart mouth reply to me from the Toyota seller, I think he will have to come back to my offer, or maybe he would rather eat his own excrement than accept it. But why does he (and so many others, and that's my point) think that his car is worth way past twice the actual value? If the Toyota seller does come crawling back, I'm tempted to drop my offer to £2800 just out of spite. I have watched with some glee every day to see that it's still for sale.
Ivor Saw said:
Ok, I'm not (really) talking about the insanity of a £7,000 Freelander up for £14,000, or RAV4s going for the same price as a Freelander of the same year. No, I mean the usual cheapies and what sellers expect. There's a certain Toyota for sale (not giving clues, as I still might buy it!) for just under £4000. I looked up the actual value for it and they say £1495-£1550. Confused's valuation says £2250 due to its low mileage. I offered £3000 and the bloke didn't take to that very well. With due fairness to him, there's an identical car to his for sale for £3500 (again, overpriced) but this one is with a dealer, so there would at least be a warranty of sorts.
Anyway, my point is, why do sellers ask such absurd prices? I've sold dozens of cars in my 46 years of driving, and always a fair price. And I price it fairly because I want to sell it and move on. Personally, I don't want to have to pay A*t*tr*d*r for another ad because I overpriced it, I just want it gone.
Despite the smart mouth reply to me from the Toyota seller, I think he will have to come back to my offer, or maybe he would rather eat his own excrement than accept it. But why does he (and so many others, and that's my point) think that his car is worth way past twice the actual value? If the Toyota seller does come crawling back, I'm tempted to drop my offer to £2800 just out of spite. I have watched with some glee every day to see that it's still for sale.
Just because your valuation doesn’t meet the sellers doesn’t make you right. Anyway, my point is, why do sellers ask such absurd prices? I've sold dozens of cars in my 46 years of driving, and always a fair price. And I price it fairly because I want to sell it and move on. Personally, I don't want to have to pay A*t*tr*d*r for another ad because I overpriced it, I just want it gone.
Despite the smart mouth reply to me from the Toyota seller, I think he will have to come back to my offer, or maybe he would rather eat his own excrement than accept it. But why does he (and so many others, and that's my point) think that his car is worth way past twice the actual value? If the Toyota seller does come crawling back, I'm tempted to drop my offer to £2800 just out of spite. I have watched with some glee every day to see that it's still for sale.
Valuations on Parker’s guide or this, that or the other are meaningless as they aren’t selling any cars.
It’s his car to sell, by the sound of it they are few and far between so it’s a sellers market.
Pay the money or adjust your search to cars you can afford.
Yep, several of these threads recently.
Some say the market may be on the turn but its speculation. Truth is used cars have never been more expensive. If you feel the car in question is overpriced then just move on. Wait for another to come up at a price you're prepared to pay but I'm afraid that may be a while.
Some say the market may be on the turn but its speculation. Truth is used cars have never been more expensive. If you feel the car in question is overpriced then just move on. Wait for another to come up at a price you're prepared to pay but I'm afraid that may be a while.
"Unfortunately for you it's a sellers market at the minute, if your in no rush then hold on for another few months (at least until end of the summer months) and see how the land lies.
There are a few threads running on here regarding the used car market, I am in the camp that we are due a correction especially now the screw is starting to turn on personal finances, Bubbles like this can last only so long and many of the factors that inflated the bubble are now starting to subside at the same time of rising bills, tightening on lending and even a report today that we could be heading into a recession before the end of the year.
Some cars have increased 50%, that means the gap has grown for those looking to upgrade their vehicles, I don't think that is sustainable long term as we start returning to a bit of normality.
There are a few threads running on here regarding the used car market, I am in the camp that we are due a correction especially now the screw is starting to turn on personal finances, Bubbles like this can last only so long and many of the factors that inflated the bubble are now starting to subside at the same time of rising bills, tightening on lending and even a report today that we could be heading into a recession before the end of the year.
Some cars have increased 50%, that means the gap has grown for those looking to upgrade their vehicles, I don't think that is sustainable long term as we start returning to a bit of normality.
Edited by Theoldguard on Monday 18th April 20:55
OP, the Toyota must be quite old and at the bottom the depreciation curve?
I get what you mean and I sometimes look at 90's era Celica's and MR2's etc and they have just turned around, especially the good ones. I think you are seeing some sales where the seller perhaps doesn't need to sell it at all but will now it's not worth next to nothing, as it was for the last few years.
The better/low mileage examples are very few and far between and so those owners can be more stubborn/committed.
It's frustrating I get it, but also you haven't posted details as you still might buy it, which suggests you think someone else might pay the price?
Ultimately all you can do is sit on your hands if it feels too toppy, or if it's important to you and you are unlikely to find a similar one you go for it.
Very very little seems good value to me when you consider 'the old days' so if you are value inclined you either stick with what you've got and wait it out, or join the bandwagon, I suspect it's not your last £2K you just can't square the value aspect, I don't blame you but you've only got the choices of pay or wait really?
I get what you mean and I sometimes look at 90's era Celica's and MR2's etc and they have just turned around, especially the good ones. I think you are seeing some sales where the seller perhaps doesn't need to sell it at all but will now it's not worth next to nothing, as it was for the last few years.
The better/low mileage examples are very few and far between and so those owners can be more stubborn/committed.
It's frustrating I get it, but also you haven't posted details as you still might buy it, which suggests you think someone else might pay the price?
Ultimately all you can do is sit on your hands if it feels too toppy, or if it's important to you and you are unlikely to find a similar one you go for it.
Very very little seems good value to me when you consider 'the old days' so if you are value inclined you either stick with what you've got and wait it out, or join the bandwagon, I suspect it's not your last £2K you just can't square the value aspect, I don't blame you but you've only got the choices of pay or wait really?
OP I would just wait it out or accept the premium.
I find it odd how everyone when it suits then uses the WBAC prices and when it doesnt suit them they don't.
Fact is WBAC are offering less and thats indicative of the market. Just because the market hasn't caught up to the downturn doesn't mean it doesnt exist.
OP is correct stuff is sitting around for a long time. I mean 4-5 months i have seen the same cars just sit there.
Good luck to the dealers in holding out.
I find it odd how everyone when it suits then uses the WBAC prices and when it doesnt suit them they don't.
Fact is WBAC are offering less and thats indicative of the market. Just because the market hasn't caught up to the downturn doesn't mean it doesnt exist.
OP is correct stuff is sitting around for a long time. I mean 4-5 months i have seen the same cars just sit there.
Good luck to the dealers in holding out.
I’ve been out of the ‘scene’ for a short while and have recently made an effort to pick up something interest again (hence popping back up on this board). What has surprised me most is how high the prices for a lot of dross is.
I thought I’d be able to get something interesting and retro for shed money but if it’s from the early 2000s or 90s you’re looking at £3-4K unless you want a total basket case. It was only 2018 I bought my Vento for £750, put some OEM wheels and some decent coil overs on it and then sold it a year later for £900. No chance of that these days.
I’ve had a GR Yaris on order for ages so looked at dipping back into another Evo or Skyline, these are basically at the price of GR now so there seems little point. I’d expect ‘investment’ class vehicles to be at this point but it seems like everyone is asking top dollar for them.
The only observation I’d make is that a lot of these cars have been for sale for at least 9 months (from when I first saw them) so it’s either (a) the seller is happy to wait until prices hit this level or (b) a correction is coming.
My own opinion is that without an outside factor not much will change. We currently have sellers in no rush to sell and buyers struggling to justify asking prices.
I thought I’d be able to get something interesting and retro for shed money but if it’s from the early 2000s or 90s you’re looking at £3-4K unless you want a total basket case. It was only 2018 I bought my Vento for £750, put some OEM wheels and some decent coil overs on it and then sold it a year later for £900. No chance of that these days.
I’ve had a GR Yaris on order for ages so looked at dipping back into another Evo or Skyline, these are basically at the price of GR now so there seems little point. I’d expect ‘investment’ class vehicles to be at this point but it seems like everyone is asking top dollar for them.
The only observation I’d make is that a lot of these cars have been for sale for at least 9 months (from when I first saw them) so it’s either (a) the seller is happy to wait until prices hit this level or (b) a correction is coming.
My own opinion is that without an outside factor not much will change. We currently have sellers in no rush to sell and buyers struggling to justify asking prices.
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