If You Need To Sell A Car, Sell It Soon!

[maneesh]

Values of cars continue to drop quickly..

Recent prices at auction:

BMW M3 3.2 coupe, 04 reg, 53k miles £14,000

Mazda RX-8 231, lthr, 05 reg, 26k miles £7,400

Jaguar XJ8 3.2 auto, 2000W, 73k miles n/w £2,400

Mercedes SLK 230K auto, 1997P, 111k miles n/w £3,650

Jaguar X-Type 2.5V6 Sport estate, 2004/54, 55k miles £3,900

EurotaxGlass’s, publisher of Glass’s Guide, reports that used car values will fall by at least 12 per cent between now and Christmas, as retail demand continues to ease back and second-hand vehicles of most types remain in plentiful supply. For a three-year old car worth £5,000, this will be almost three times the £225 decline witnessed during the same period last year.

Dealers report that retail demand has been lacklustre for much of the summer - trade prices fell by five per cent alone in July, the highest drop so far this year.

“Retail demand will remain weak in August, and the widely held view is that the market will remain difficult for the next few months at least,” comments Adrian Rushmore, Managing Editor at EurotaxGlass’s. “We anticipate that trade prices will continue to fall at a greater rate, month on month, between now and the end of the year compared to one year ago. In general this would represent a continuation of a trend that has been apparent during the first seven months of the year.”

Dealer profitability has come under increasing pressure, reports Rushmore. “What has made life difficult for dealers is the rate of price falls from one month to the next. Retailers have been responding by adjusting forecourt prices, but maintaining unit sales in line with targets has inevitably come at the cost of much lower margins.

“More positively, if the amount of new and used car business continues to ease back, so too will the number of part-exchanges entering the market. It may be that these smaller numbers will be better aligned to the lower trade demand, with the consequence that price falls will be less severe. That will only be possible once the current oversupply in the trade is at more manageable levels, but there is no immediate prospect of this happening.”

Rushmore concludes, “We believe that the current price correction has still to run its course with no immediate end in sight. If there is any consolation for dealers, it would be that prices will step down in an orderly way, thereby avoiding any crash which would throw the market into turmoil.”

Source: Credit crunch affecting used car values

[DJ Wozza]

nothing like a cheery car related news story to make your day

[WylieCoyote]

Maybe so Wozza but for anyone wanting to buy one of those cars you'd be laughing all the way to the bank (and the petrol station!).

A 'W' reg XJ8 for just over 2 grand? That's a HELL of a lot of car for the money.

[Parthiban]

Not planning to sell a car so not too bothered, although where are these auctions? Some of these are bargains!

[DJ Wozza]

Maybe so Wozza but for anyone wanting to buy one of those cars you'd be laughing all the way to the bank (and the petrol station!).

A 'W' reg XJ8 for just over 2 grand? That's a HELL of a lot of car for the money.

yer but almost costs that much to fill it up :winky:

[maneesh]

Not planning to sell a car so not too bothered, although where are these auctions? Some of these are bargains!

BCA Blackbushe

[swfcdan]

doesnt really bother me to be honest. maybe i am being studpid, but i may sell my car shortly, but then the cost of replacing it will have also fallen

[84Stoney]

New or used. It's a buyers market at the mo.

I was looking at a Honda S2000 the other day. Not really in a postion to buy now (or for a few years, the way things are going for me recently!) But he jumped straight in and offered me the car with £1499 in the windscreen, at £1299. That tells you they are struggling to shift things. All the dealers are.

My Dad just traded in his 04 plate Jag XJ8, FJSH, EVERY SINGLE FACTORY OPTION (ex-demo, so many toys). List price 4 years ago was £75k+ (he didn't pay that mind!). They can't get rid of it at £14.5k! (and they gave him £16k trade-in!) Very tempted to give my bank a call, it's one hell of a car.

It's crazy.

[Steve ( West Mids )]

Whatever you do don't get a valuation from web site webuyanycar.com, I tried it yesterday as I saw it advertised:

Vehicle Details: LEXUS IS SALOON 250 SE-L MM 4dr Auto 11,000 Miles , 2007 ( 57 )

We will buy your car now for £13,670

I could have cried .....................

[dave1]

New or used. It's a buyers market at the mo.

My Dad just traded in his 04 plate Jag XJ8, FJSH, EVERY SINGLE FACTORY OPTION (ex-demo, so many toys). List price 4 years ago was £75k+ (he didn't pay that mind!). They can't get rid of it at £14.5k! (and they gave him £16k trade-in!) Very tempted to give my bank a call, it's one hell of a car.

It's crazy.

If I hadn't recently changed............trouble is that mine will have shed a lot of money even in 11 weeks.

[PCIronmike]

Done it today , traded the Lex and got a Clio 172 , will have more chance selling it in the future I reckon , people don't want the gas guzzlers I was told today , they all want 1.4 diesels , the gov't have wrecked this country and mr Brown and his chums have naused it to point of unbearability in months .

Rule Britania eh peeps !!!

Regards

Paul

[doog442]

Done it today , traded the Lex and got a Clio 172 , will have more chance selling it in the future I reckon , people don't want the gas guzzlers I was told today , they all want 1.4 diesels , the gov't have wrecked this country and mr Brown and his chums have naused it to point of unbearability in months .

Rule Britania eh peeps !!!

Regards

Paul

if you dont mind me asking but what age was your Lex and what did you get for it in part ex.?

There was a thread on honestjohn where people couldnt wait to get there hands on a fuel guzzling beast, with the values dropping so fast it gives punters who value decent motors the chance to own one..i suppose the thinking is why would £200 a year extra in tax bother you when you have just saved ££££££££ due to its massive depreciation at the hands of someone else

[KnightUnit]

Yeah Im waiting another year to change my lex then get a new car :), would have had it 6 years then. Car prices will hit rock bottom, grab yourself a bargin.