Insane secondhand car prices.

[Mogodon]

Independent dealer I pass on the way to work has lots of new stock in at insane (to me) prices.

2010 Range Rover sport 3ltr diesel 90,000k
£11,950

2007 BMW X3 diesel, 127,000k
£3,500

2006 BMW 7 series 3ltr diesel 154,000k
£4,000

2007 Honda Civic 2ltr petrol 106,000k
£4,650.

Just seems insane amounts for cars almost at, or over 100k and 10yrs plus old.

[xsport]

any 75 or zt on the forecourt ? ..

[Mogodon]

Originally Posted by xsport

any 75 or zt on the forecourt ? ..

Not that I can see, but gawd knows what price would be in the windscreen if my 04 127k ZT was.

[clf]

A combination of the lockdown shortage of new cars, the realisation that a car can handle over 100k miles, and especially in the case of the range rover, the misguided belief of status. All these have increased the prices of cars. Small first time cars especially so, quite scary what some people are willing to pay. My colleagues daughter got 2700, for a 12 year old c1 with 90k on the clock!!! (My zt was 2.5k at 10 years old with 62k on the clock)

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[Twisterboy]

Prices are crazy, we just paid of the balloon payment of the family car back in the summer on a 2018 base model Skoda Fabia which at the time was £10k, same model, same colour, same year are currently going for £8k at our local Skoda dealer.

When I sold my 2008 Qashqai to get my 75 I paid for £3500 for it in Feb 2020, it went back on the forecourt down south for £4000.

Davy

[SCP440]

Vans as well, a mate enquired about a new Transit and was offered what he paid for his 3 years ago against a new one but there was no discount on the new one. He got 30% off the one he bought 3 years ago.


There are also some bargains about on Diesels, they have become bad news if you live or travel in some parts of the UK.

[torque2me]

Originally Posted by clf

A combination of the lockdown shortage of new cars, the realisation that a car can handle over 100k miles, and especially in the case of the range rover, the misguided belief of status. All these have increased the prices of cars. Small first time cars especially so, quite scary what some people are willing to pay. My colleagues daughter got 2700, for a 12 year old c1 with 90k on the clock!!! (My zt was 2.5k at 10 years old with 62k on the clock)

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Much of the the demand, I'm told, was from people needing personal transport after March 2020 due to the higher risks on public transport.

As no-one was buying new cars (normally 2 million pa), this left new stock and the s/h stuff. Again, very few new stock vehicles were bought and one could get a decent discount.

How the prices rose so much for new and old I cannot quite grasp as they must have had airfields galore full of new stuff. Maybe the length of production downtime whilst they put in further safety measures was a factor. Another was component shortages due to work forces in other countries being hit by SARS-CoV2 waves.

Perhaps someone in the industry could put forward some answers?

Kev

[Mogodon]

I think it's down to the unavailability of new cars because of the chip shortage.

Sister decided to buy a new VW Tiguan but the dealer said no delivery date could be given, not even a estimate officially, but unofficially it could be a year or more !!!!!!

[clf]

Originally Posted by torque2me

Much of the the demand, I'm told, was from people needing personal transport after March 2020 due to the higher risks on public transport.

As no-one was buying new cars (normally 2 million pa), this left new stock and the s/h stuff. Again, very few new stock vehicles were bought and one could get a decent discount.

How the prices rose so much for new and old I cannot quite grasp as they must have had airfields galore full of new stuff. Maybe the length of production downtime whilst they put in further safety measures was a factor. Another was component shortages due to work forces in other countries being hit by SARS-CoV2 waves.

Perhaps someone in the industry could put forward some answers?

Kev

They were buying cars, actually more than would be normal. No one was going on holiday, buying houses, even just spending money at the pub, so there was extra cash lying around, and without having the big expenditures for about a year (holidays etc), they bought the new car they were planning on buying next year. Add in due to lockdown, no new cars were being made, getting past the docks, never mind delivered to the showrooms (no workers to do anything about it for nearly three months).

Starting with new in stock cars, the nearly new, and filtering down to even the traded cars, that normally went to auction. The slightest hint of opening again, people were at the showrooms wanting to buy, even buying online remotely and collecting outside the dealers!

My uncle used to work at a Renault dealer, one of the biggest and longest running in NI. As management, he always had a company car at his disposal, being changed regularly. When they opened, after the first lockdown (July/Aug 2020?), I had to collect a part for my mothers car. The normally full car park (with cars for sale) and forecourt also normally full, were empty. With only staff and customer cars, even the showroom had only two cars in it, both of which were being collected later that week. All the stock they had was sold within a couple of weeks, with a backlog of the new stock coming in to replenish.

He was driving a 8 year old Captur as the company car, that would normally have gone straight to auction - his company cars were always new, demonstrators, or nearly new cars. It was even being collected by someone later that day! Apparently the person had bought a new car, and it was supposed to have been delivered that week, but it was not known when it would arrive. They sold their own privately, and now were left without. So as a stop gap, the dealer sold my uncles company car to him whilst he waited for his new one to come. They apparently even made money on it too.

This instance was not unique either. So if the price was driven up by demand, the prices would remain relatively high. A car normally at £5000 would see demand raise that to say £7000, so in 3 years when it got moved on, the seller trying to recoup as much as possible, would offer it for £3000, instead of perhaps the £2000 it would have been. And as the market was all in the same predicament, the market as a whole is in the same boat, so prices then remain high, as everyone tries to get some of their costs back. The demand goes back to normal, so folk just have to fork out for it now, as the sellers are trying to lose as little as possible.

[Jdwoodhou]

Mags like Practical Classics say there is a shortage of secondhand stock and this drives prices up. My next door neighbour bought his car (6 months old) 3 years ago and just sold it for what he paid originally (he wasn't doing many miles)! So if you have a newish car maybe worth selling it and getting something older for a couple of years before the market gets back to usual. There seem to be lots of new electric cars about in North London suddenly, mainly Teslas, so I wonder where all the money is coming from to fund them. Lower mileage Rover 75s seem to be offered at high prices at the moment so that must be good news for club members who already own one?