Used values on the rise

[Steve748]

I bought my car in Dec 08 and it's still showing as £750 more than I paid for it and I have put about 10k on it.
This news item on BBC 24 supports the government are skewing used values with the scrappage scheme

http://news.bbc.co.uk/1/hi/business/8251920.stm

[Randy Winkman]

I wonder if anyone here can give a "proper" explanation. (Not a "newspaper" explanation.) It sounds weird. I can see why the values of cheaper cars would rise a bit as there are fewer of them. But more expensive ones? While car makers are "slashing" the prices of new ones?

[sinizter]

People who sell about three year old cars are not selling them on right now ... Creating shortages down the chain.

[SLacKer]

Doesn't it make sense that in the worst recession since the dinosaurs that prices of used cars go up....

There are loads of used cars out there AT has 320,000 of em......more slow news day crap.

[Soovy]

This applies to cars on dealers' forecourts.

Any car being traded in is still apparently worth less than my shirt, and will not even attract a bid at auction....

[Steve748]

Should be easier to sell your car privately rather than trading in it, maybe there are more people doing this rather than giving the dealer some stock?

[angus54]

Crazy story but true.

When a car sits on a dealer forecourt do you think that at month end when the cars are all worth less that they reduce the screen price - NO!

But give them any chance to increase the price and hey presto they can't stop talking about it!


Don't get lumbered with a more expensive (increased price one) old car - as soon as supply pics up the price of it will plummet like a punctured Zepplin.

[Evo]

The reason car prices have increased for probably the last six months is simple.

Due to the recession people stopped spending, car prices began to fall, some were hit harder than others ie 4x4's. As a bi-product of this manufacturing also slowed down, car manufacturers produced less units.

We are now in a position where people are beginning to spend again but there's is now a shortage of late used car thus this has hardened up and increased the price of used cars due to demand outstripping supply.

We're paying the same today as you would have done at the start of the year and that includes the miles done in this time.

Funny old world and something i've never seen in the car industry.

[ed3785]

I'm savin to buy a 25k porshe on a 03 plate do you think there prices will of altered much?
i recently sold my r32 and still lost 7k in about two years they they haven't gone up that much!!!!!!!!

[martin vr6]

Soovy said:

This applies to cars on dealers' forecourts.

Any car being traded in is still apparently worth less than my shirt, and will not even attract a bid at auction....





Really???

Funny that in November last year my E46 M3 was worth about 15k to trade in and this year I manage to get 17.5k, I was offered 17k from the main agent without trading against anything

Have you actually tried to buy at auction lately? Cars are far from attracting bids and many are selling from a few hundred pounds to a couple of thousand above their book price.

DESIREABLE cars have rocketed in value in the last few months, and with this half arsed scrappage scheme will continue to do so

[martin vr6]

Soovy said:

This applies to cars on dealers' forecourts.

Any car being traded in is still apparently worth less than my shirt, and will not even attract a bid at auction....





Really???

Funny that in November last year my E46 M3 was worth about 15k to trade in and this year I manage to get 17.5k, I was offered 17k from the main agent without trading against anything

Have you actually tried to buy at auction lately? Cars are far from attracting bids and many are selling from a few hundred pounds to a couple of thousand above their book price.

DESIREABLE cars have rocketed in value in the last few months, and with this half arsed scrappage scheme will continue to do so

[n1ckt001]

I was looking at this last week on AT

I bought my Focus from an independent in December, and since then have taken the mileage from 55k up to about 81k... looking at the screen prices on AT (Private and Trade) I could at the very least get back what I paid for it.

I'll take it with a pinch of salt though, because some of the prices were ludicrous, and I think some of the private sellers have seen those prices and gone with them! However, if someone did offer me more than I paid for it then I'd be more than happy

[die fahrt]

This is just because last winter, most of the UK thought the world was going to end, and no-one wanted to buy anything, since everything will be worthless when Armageddon kicks in.

So prices plummeted big time, and now they've picked back up.

[was8v]

die fahrt said:

This is just because last winter, most of the UK thought the world was going to end, and no-one wanted to buy anything, since everything will be worthless when Armageddon kicks in.

So prices plummeted big time, and now they've picked back up.

Everyones wallets retracted. We stopped making cars as no one was buying them. Therefore theres fewer newish used cars on the market which has a knock on effect of increasing value down the line now that people are relaxing some and seem to have started spending.

As an aside I've noticed a lot more "sold" signs on houses the last month too. 3 of my friends from uni (all aged late 20's) were (separately) looking at buying houses before the "crash" - stopped looking then, but all three have moved in or exchanged contracts in the last 2 months.

[brenflys777]

I have just part-exd my 08 BMW Z4 2.5si with 12,500 miles on it for £1000 more than I paid for it with 95 miles on last December from a main dealer. The trade in was against another BMW which seemed well priced and was only £1500 dearer. The offer was good against a range of other cars and the main dealer has now got the car up for £2k more than the sticker price when I viewed it last year.
I had been offered less on the car in July when I thought prices were supposed to be higher for open tops... some good deals to be had if you bought last year.

[Steve748]

My car is now booked at £1250 more than I paid for it last Dec with 9k and I have put 10k on it

[Mr Whippy]

Try selling them at the "higher" prices though.

Only trade in values seem to have changed much, and trade valuings generally, but are they selling in great numbers from trade retailers, or private sellers at significantly higher values? (the higher priced stuff anyway)

Dave