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Car prices

richardg

richardg

Admonishtrator
The car I wanted has gone up from about 20k to 26k in the last 18 months.....a 2016ish M240i Sport Convertible. Offset a bit by the fact that my 118d Sport Convertible seems to be worth the same as what I paid for it 2 years ago. In summary, I'm about 4 grand worse off if I proceed. I pay cash for my cars.

All this has done has made me commit to keeping my car for another 2 years. Just had the front bumper and wheels done, it is in for a turbo remap up from 140 to 180. Finished off with a 100 quid's worth of detailing, bringing the total to about 700 quid for my new car.

I'd have thought the sharp rise in prices would have put enough people off changing to the point where prices come back down again. But it's not happening yet. How long will it take? Or will the used car market in UK now always be a bit pricier than before?
 
Great time to sell if you're not wanting to replace it...

Its going to take 2-3 years in my opinion for it to settle back down again.

I think its good, car production is a heavy pollutant, and we really dont need to be changing cars every year or two like many do.
 
I've recently been offered £8K more than I paid for my 2017 Audi V8T in April this year, sorely tempted
 
Yes, I posted a similar thread a few months back. I'm in the market for a car, 3-4 year old examples of which had dropped to £18-20k 6 months ago, and are now back up at £22-24k which is what they were at when they were 2-3 years old...

It feels like a bubble, so when the price settles again I don't want to have bought at the top of the market. I'm going to wait until the new year, see how prices look in the winter sales doldrums, if there is one.
 
Sue Pertwee-Tyr said:
Yes, I posted a similar thread a few months back. I'm in the market for a car, 3-4 year old examples of which had dropped to £18-20k 6 months ago, and are now back up at £22-24k which is what they were at when they were 2-3 years old...

It feels like a bubble, so when the price settles again I don't want to have bought at the top of the market. I'm going to wait until the new year, see how prices look in the winter sales doldrums, if there is one.
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That's a fast drop...hope you are right. But I'm ok with 2 years now!
 
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richardg said:
That's a fast drop...hope you are right. But I'm ok with 2 years now!
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The received wisdom is that this is a knock-on from the limited availability of new cars, due to a shortage of certain chips which has affected production schedules and volumes. So buyers are replacing older cars with recent used, rather than new. Once the chips are back in full production, the new car supply will rise to meet demand, so the demand for good quality, recent used cars will settle down a bit. Hopefully.
 
Sue Pertwee-Tyr said:
Yes, I posted a similar thread a few months back. I'm in the market for a car, 3-4 year old examples of which had dropped to £18-20k 6 months ago, and are now back up at £22-24k which is what they were at when they were 2-3 years old...

It feels like a bubble, so when the price settles again I don't want to have bought at the top of the market. I'm going to wait until the new year, see how prices look in the winter sales doldrums, if there is one.
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Summer 2020 the s/h market seemed very slow with lots of choice. Getting into main dealers was like trying to get into Fort Knox with all the lock down regulations. I brought a 2yr old demonstrator with 3k on the clock for what seemed like a very low price. It’s now up 25% and with higher mileages. Sold my Golf for cash to an acquaintance of my cousin for what an auctioneer was offering, so she got a good deal and everyone was happy.
 
Sweating the asset is a good strategy at the moment with the utterly ridiculous pricing (unless you are moving to a cheaper car). Of course there are the supply problems but people must have too much money burning holes in their pockets, otherwise they wouldn’t sell and prices would fall. I know someone after a runabout, they were offered a 12 year old fiat bravo……£4K! A couple of years ago that would have been £1K on a good day!
 
Sue Pertwee-Tyr said:
The received wisdom is that this is a knock-on from the limited availability of new cars, due to a shortage of certain chips which has affected production schedules and volumes. So buyers are replacing older cars with recent used, rather than new. Once the chips are back in full production, the new car supply will rise to meet demand, so the demand for good quality, recent used cars will settle down a bit. Hopefully.
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It is as you say - I think I posted as much in your thread, having cancelled a car due to the constant deletions of options I wanted.
It was suggested I wait 6 months to see what happens - and yes - it has gotten worse in most instances, most makers only letting options exist in their upper range cars. The BMW 3 series has been absolutely hammered by this ~ recently announced, no more touch screen in them.
This shortage is not going away anytime soon - end 2022 / sometime 2023 before any form of old 'normality' returning to new cars.
Plenty selling up spec cars for what appears silly money, which is great if you have something else to drive, or wait circa 6 months for a new one, with more options missing than ever before.
 
Sonority said:
It is as you say - I think I posted as much in your thread, having cancelled a car due to the constant deletions of options I wanted.
It was suggested I wait 6 months to see what happens - and yes - it has gotten worse in most instances, most makers only letting options exist in their upper range cars. The BMW 3 series has been absolutely hammered by this ~ recently announced, no more touch screen in them.
This shortage is not going away anytime soon - end 2022 / sometime 2023 before any form of old 'normality' returning to new cars.
Plenty selling up spec cars for what appears silly money, which is great if you have something else to drive, or wait circa 6 months for a new one, with more options missing than ever before.
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This is going to hit the resale value of all these of poverty-spec cars in a year or two, isn't it.
 
Sue Pertwee-Tyr said:
This is going to hit the resale value of all these of poverty-spec cars in a year or two, isn't it.
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Without a doubt!
If someone wanted to spec every option in 3 series back in january - pretty much 64-65K
Absolutely every option now - maybe £55K
Not that options caryy that much weight in the used car market though. Until recently.
 
My 5 year old 5 series is likely to get a bit older before I change it. Not really doing a lot of miles at the moment & it has a 12 mint MOT. Will need two new tyres in January which is a bit of a blow but I do like not having a car payment.
 
I read that many people are coming to the end of 2 or 3 year PCP deals, only to find that a new car on PCP is not available. This leaves them with the option of handing back, and having no car, or stumping up the final payment which most don't have. The finance industry is trying to get some emergency deals in place to extend the contract of those on PCP.
Obviously, the extension to deals will mean fewer on the used market.
 
Jamie said:
I read that many people are coming to the end of 2 or 3 year PCP deals, only to find that a new car on PCP is not available. This leaves them with the option of handing back, and having no car, or stumping up the final payment which most don't have. The finance industry is trying to get some emergency deals in place to extend the contract of those on PCP.
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^This.

My situation is sell it and walk away with £6.5k, hand back and get £Sweet FA or pay £15k and keep a car that I don't trust for reliability.
 
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