How Fickle is The Motor Trade?

[olliesgrandad]

Well my old RX450H (VA66BFP) didn't sel at the Subaru Garage I traded it into.

I They couldn't sell it for just shy of £32,000 they were asking.

The car is now for sale at Lexus Reading for a mind blowing £34,800. It has covered 36,800 miles.

When I bought it in November 2019 with 24,000 miles on it I paid £33,950 for it.

Has it really appreciated by £800 in that time ?????? - answeres on a postcard please

Regards Les

 

[doog442]

The second car market has gone nuts. Autotrader are quoting £32000 -£35,460 from a dealer, another site £35k for that reg. 

Its all due to the shortage of new vehicles (semi conductor supply).... many main dealer forecourts are half empty. 

[cruisermark]

I don't want rant about this country but:

a) Petrol has gone up

b) Electricity prices are going up

c) House prices are going up

d) Anything being imported is going up in price

e) Prices of groceries has risen (if you find them on the shelf in the first place)

[dutchie01]

2 minutes ago, cruisermark said:

I don't want rant about this country but:

a) Petrol has gone up

b) Electricity prices are going up

c) House prices are going up

d) Anything being imported is going up in price

e) Prices of groceries has risen (if you find them on the shelf in the first place)

Well..that seems to be an international problem and definately not UK only

[b4u2]

Let's hope all this settles down and things go back to normal of that's possible. 

[PJD69]

1 hour ago, doog442 said:

The second car market has gone nuts.

As someone who has been observing prices closely for months, this is literally true.

A multifaceted combination of factors have cascaded and conspired including :

Chip (CPU) shortages
Covid factory lockdowns
Disruption to haulage logistics
Folk working from home then not
Brexit sunny uplands

Vehicles are ordinarily a depreciating asset class in all but the rarest examples

I'm seeing cars today that were advertised a year ago for half the price (edit : I don't mean by type, I'm talking the same car)

Folk paying more for used cars than retail cars (the latter being unobtainium)

The worst is camper vans. In collusion with the above issues, people are abandoning foreign holidays this year in favour of camping

[PRT68]

Put the reg number on webuyanycar.com and keep an eye on it. My car has gone up £500 this month. May sell and buy a run around, and buy another Lexus again if the bubble bursts, but who knows?

[Bluesman]

I have just done mine for a laugh and their price to me was £150. Don't forget that's not the final amount as the car still has to go through them going round the car and picking out every little mark on the car after which it will cost more than the £150 after which you owe them money to take it away.

[steve2006]

10 minutes ago, Bluesman said:

I have just done mine for a laugh and their price to me was £150. Don't forget that's not the final amount as the car still has to go through them going round the car and picking out every little mark on the car after which it will cost more than the £150 after which you owe them money to take it away.

Mike you won’t be laughing when you start getting 10 emails a day from them and all the other companies they have passed your details on to, they’re like flies around a jam jar.

[PJD69]

20 minutes ago, Bluesman said:

I have just done mine for a laugh and their price to me was £150. Don't forget that's not the final amount as the car still has to go through them going round the car and picking out every little mark on the car after which it will cost more than the £150 after which you owe them money to take it away.

One of the less well regarded Lexus franchises offered £100 for my Honda.

I was like.. why are you even suggesting that?

I'd get more to watch a scrap metal dealer lift it onto a flatbed!

[rayaans]

4 hours ago, olliesgrandad said:

Well my old RX450H (VA66BFP) didn't sel at the Subaru Garage I traded it into.

I They couldn't sell it for just shy of £32,000 they were asking.

The car is now for sale at Lexus Reading for a mind blowing £34,800. It has covered 36,800 miles.

When I bought it in November 2019 with 24,000 miles on it I paid £33,950 for it.

Has it really appreciated by £800 in that time ?????? - answeres on a postcard please

Regards Les

 

Its more likely to sell at Lexus reading at that price than at a Subaru dealer. 

I was looking at used car prices in general.  Everything has gone up so unless you're buying a new car, it just cancels out. Now, I expect this bubble to burst in about 1 year

[olliesgrandad]

On 8/5/2021 at 7:45 PM, rayaans said:

Its more likely to sell at Lexus reading at that price than at a Subaru dealer. 

I was looking at used car prices in general.  Everything has gone up so unless you're buying a new car, it just cancels out. Now, I expect this bubble to burst in about 1 year

Well Just looked for the ad this morning and it appears the car has sold. Be interesting to know if anyone on here purchased it....

[dublet]

"May you live in interesting times". These are interesting times and they won't get any more uninteresting for at least 20 years or so IMO.

[rayaans]

9 hours ago, olliesgrandad said:

Well Just looked for the ad this morning and it appears the car has sold. Be interesting to know if anyone on here purchased it....

Wouldnt surprise me tbh. Buyers are much more confident in buying from a Lexus dealer it seems

[olliesgrandad]

Well, l am still getting offers from webuyanycar for my old RX450h. 

They originally started at £28500.

The latest offer is £30,335...... Where will it end I wonder. 

Crazy that their software hasn't Identified the plate is on my Subaru. 

[Barry14UK]

A thought.  Are the increased prices for used cars going to cause a hike in the price of new all electric cars that are about to come on stream even though they are already/expected to be much more expensive than other forms which include ICE?

By no means have all people done badly during the pandemic, so some prepared to splash some cash on a new or newer car further adding to demand.

[olliesgrandad]

Yesterday I drove past the huge car storage area at Avonmouth docks and it was virtually devoid of new cars where normally there are thousands. 

There were a couple of hundred panel vans but not a lot of cars

[olliesgrandad]

Webuyanycar now offering £31350 for my old RX450h. 

Things seem to be generally going crazy. There is going to be a big bump when chips become available. 

[doog442]

Indeed. My German Scheissewagon is now nearly worth what I paid for it 3 years ago (£30k)

I'm tempted to bin it to WBAC, pocket three years of new car motoring for naff all depreciation,  buy a sub £5k IS250 and spend the rest on I've no idea what...... 'er indoors wants a new kitchen I guess😩..

[Herbie]

Just for kicks I decided to try WBAC.

We paid £32,995 for our 2018 RX450h Luxury in March (currently 26,525 on the clock) and they reckon £31,280 now.

[Shahpor]

It is indeed a very strange situation.

Based on the valuation from WBAC and Autotrader, I am selling my car cheap!

If I were to list it on Autotrader now, I would probably increase the price compared to what I have advertised it for on here.

[C Mclean]

Couple of months ago My local Lexus dealer offered £29000 for my 2018 RX Sport with 16,000 on the clock. Checked out the Wizzle site and they came back with offers around £31,000 to £32,000. Yesterday WBAC offered £33,500. Motor trade seems to be going loonytunes.

[Barry14UK]

Like everything else in a free market, fluctuations will depend on supply and demand.  Some people are prepared to offer more than the book price to achieve what they desire immediately.  If there are enough of them the price will increase.  Conversely, in situations where the demand falls and new cars have to be heavily discounted to sell, this is going to cause a downfall in what sellers will get for used.  There are of course a number of reasons why models appreciate or lose relative value.  Generally, when production picks up again to the extent that pent up demand has been met, second hand values will begin to slide more extensively.  When this is likely to happen is the question.  

[johnmac1956]

Used car company Cazoo valued at 8 billion, Cinch valued at 5 Billion says it all.

They are buying, loaning, marketing  any car that they can obtain. Trying to manage, justifying the crazy valuations.

The used car prices are not driven by normal market dynamics.

Tulips come to mind.

The forecourt value of a used  RX450 has increased  approx 20 to 30% maybe 40%, taking in normal depreciation, over the last year.

 My RX400 has increased in value (perhaps) from £2100 to £3450 on We Buy any Car.

Not the time to buy a used car.... Maybe buy a new one.

 

[Spacewagon52]

A guy i spoke to had a new Hybrid Volvo delivered. He and his wife did not feel comfortable with the car. He asked the dealer how much they would buy it back for. He claims, I believe him, they offered him £1500 more than he paid (?)