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Used car prices are still silly - Thoughts?

boba fett

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Just looking around and good used car prices seem to be going even sillier, what do people think will happen, I cant help but think they will come back down again, but I thought that 18 months ago!

This is an example of what I mean, the below was a £26k car 2 years ago!!

 

moonstone

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That’s bananas, that price!

I think as long as the chip shortage (slowing down new car availability) exists then the increased demand for used is going to keep prices high. BUT surely said chip shortage is only affecting nearly new cars? If your brand new Hyundai is taking too long, you’re not going to buy a 9 year old M3 instead.

So although the chip shortage is a big factor, I think it’s equally more linked to inflation and house prices. I also think that with jump in price for new performance cars like the G80 etc that older motors in this segment are commanding a premium. Good examples seem to be getting snapped up quickly with the dogs lingering a fair bit.

Although many are saying it’s a bubble, in my opinion it’s not going to burst any time soon. House prices are a good barometer and they don’t seem to be dropping any time soon.

Going back to that M3, even in todays market, that car simply isn’t worth what they’re asking. They might be taking a pint due to the low mileage and condition (I notice there’s no mention of the number of owners) to appeal to an enthusiast or collector looking for a good example but I’ll be interested to see how long they have it for. It’s up for sale since the 2nd of Feb so let’s see how does.
 
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boba fett

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That’s bananas, that price!

I think as long as the chip shortage (slowing down new car availability) exists then the increased demand for used is going to keep prices high. BUT surely said chip shortage is only affecting nearly new cars? If your brand new Hyundai is taking too long, you’re not going to buy a 9 year old M3 instead.

So although the chip shortage is a big factor, I think it’s equally more linked to inflation and house prices. I also think that with jump in price for new performance cars like the G80 etc that older motors in this segment are commanding a premium. Good examples seem to be getting snapped up quickly with the dogs lingering a fair bit.

Although many are saying it’s a bubble, in my opinion it’s not going to burst any time soon. House prices are a good barometer and they don’t seem to be dropping any time soon.

Going back to that M3, even in todays market, that car simply isn’t worth what they’re asking. They might be taking a pint due to the low mileage and condition (I notice there’s no mention of the number of owners) to appeal to an enthusiast or collector looking for a good example but I’ll be interested to see how long they have it for. It’s up for sale since the 2nd of Feb so let’s see how does.

I agree, these 10 year old cars don't have any relationship with the chip shortage, so I can't see its that. I've had a good nose around and its just not that one its seems to be quite the story with the E92, even dogs that where £13k a few years ago are now £18k - £20k. Good for me, as I am on the fence with changing it!

Its the same with a lot of other cars, my mate has just bought a used Evoque and I think he paid to much, then looking at the market today it was actually a good price. Now there is dozens of these for things for sale, so its not like they are rare!
 

moonstone

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It’s a difficult market for a buyer that’s for sure. I’m still looking at Boxsters and Caymans.

One car that I decided against was a high-mileage 987 that was up for £10.5k. Being sold locally by a private seller. It appeared to be a well looked after car but had done 155k miles and had some questionable mods that I’d need to reverse (plus it was a non S, Tip).

It was up for sale on FB marketplace and wasn’t listed on Autotrader at all.

The guy sold it and now it’s back up for sale on FB again by a driveway dealer for two grand more!
 

boba fett

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It’s a difficult market for a buyer that’s for sure. I’m still looking at Boxsters and Caymans.

One car that I decided against was a high-mileage 987 that was up for £10.5k. Being sold locally by a private seller. It appeared to be a well looked after car but had done 155k miles and had some questionable mods that I’d need to reverse (plus it was a non S, Tip).

It was up for sale on FB marketplace and wasn’t listed on Autotrader at all.

The guy sold it and now it’s back up for sale on FB again by a driveway dealer for two grand more!

Yes its not easy for a buyer that's for sure, do you hold out or just bite the bullet.

I am getting itchy feet with what I have, and I have never had a bunch of cars so long, but I am looking around!
 

M4rkM

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I don’t think things will change short term either, I did have thoughts of selling the M4 and sitting on the money until things started to slide, but life’s too short and there’s always the risk that inflation will push prices up even further, if you can afford to change to something you want, just do it imo
 

jada07515

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I think that they will remain strong for the foreseeable - I held off for a while but after selling my m2 for 4k more than I paid I realised it’s going to be tough getting another car for what they used to cost! My thoughts were get one that’s rare and it will hold it’s money;)
 

boba fett

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I think that they will remain strong for the foreseeable - I held off for a while but after selling my m2 for 4k more than I paid I realised it’s going to be tough getting another car for what they used to cost! My thoughts were get one that’s rare and it will hold it’s money;)
You can’t beat buying a limited numbers car, your V8 will serve you well.
 

boba fett

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I don’t think things will change short term either, I did have thoughts of selling the M4 and sitting on the money until things started to slide, but life’s too short and there’s always the risk that inflation will push prices up even further, if you can afford to change to something you want, just do it imo
Fair play to you, how are you enjoying the Stang ?
 

moonstone

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Has anyone else seen this....?? :oops:


I think some of these places stick stuff up like this in the hope that some ludicrously rich punter will buy it on impulse.
 

boba fett

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I think some of these places stick stuff up like this in the hope that some ludicrously rich punter will buy it on impulse.

This ^ it is a very low mileage example though.

A CSL or 458?? let me think about that for a moment?
 

Senna11

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Current pricing is unsustainable long term however dealers have overpaid for stock, pricing has dragged most cars up. Inevitable correction when new car production comes back on stream.
 

boba fett

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Current pricing is unsustainable long term however dealers have overpaid for stock, pricing has dragged most cars up. Inevitable correction when new car production comes back on stream.

I think a lot of people will be putting there Gas guzzlers up for sale now as well given there will be big fuel price increases!

That can flood the market and bring prices down?
 

Tengocity

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It’s hard to know what’s going to happen. War is going to affect production I expect, but the economic impact will perhaps dampen demand.
Either way, the last two years has seen a significant loss of production that they won’t make up any time soon, so I think prices will stay buoyant for a while.
 

Chappers 71

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Hopefully prices of big engined cars will soon take a tumble, have been waiting for prices of used Range Rovers to become more sensible since April 21.
Getting two Alsatians in the back of the e92 is a bit of a squeeze, fortunately I have the use of a commercial Discovery 4 that I mainly take them out in....but it's a bit dull
 

MashinBenzin

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The 2020/2021/2022 low sales figures will be totalling something like 1.5m less supply into the market by now. Whilst nearly new is the obvious impact, those would have bought nearly new are now buying 3 year old cars and so on down the market.

Our two cars - my Disco 5 is currently at over 90% of the invoice cost in July 2020. My wife’s Auris is at about 55% of its September 2013 invoice! Both bought new.

Purely on supply and demand I would expect prices to hold up, but the war is the wildcard from hell. Immediate impact appears to be reduced supply which should drive up prices. But it has the potential to drive down demand as well, through cost of living. Without even considering the third way where cars become irrelevant.
 
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