Reply With QuoteI find used car prices are directly linked to the price of Heinz ketchup.
We bought a 2 year old Skoda Octavia Estate Technology with 12500 miles on the clock for £18,600 after some offers for taking finance on part of the price.
I find used car prices are directly linked to the price of Heinz ketchup.
That’s interesting; I wonder whether it will be a new lease of life for ICE or a last gasp before extinction.Originally Posted by Stuno1
For the youth of today who will be very familiar with electric propulsion, ICE could well be seen as something from the past.
I bought the same model (2.0 diesel) but 6mths old and 10k miles for £15k nearly 6 years ago. Sold it for £13.7k 4.5 years later with 29k miles but then had to pay the higher prices for the replacement.
Exactly. Even though there is a little smugness, almost every punter eventualy ends up paying more.
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Looks like the party is over, and no need to overpay.
https://youtu.be/vJPEIm4b7Go?si=E1Sq3cGpjZBLZlCj
It’s hardly surprising when second hand values have been over inflated for the last few years.
About time...
Jesus that bloke loves the sound of his own voice.
"Once is happenstance. Twice is coincidence. The third time it's enemy action."
'Populism, the last refuge of a Tory scoundrel'.
Used car prices were pumped up by Covid shortages on new … new cars are readily available now but now cash is tight so no one’s buying … used are are becoming cheaper but arguably just returning to normal levels.
Houses, used cars and trade labour rates all had a Covid mini bubble.
I just hope its right, my lease deal runs out next year and was hoping to get a second hand car, I tried 18 months ago but prices for secondhand were obscene, also the lease deals have been pants over he last 2 years as well so here's hoping for a major recalibration in prices. All the comments in other threads about EV prices collapsing as well as what he mentioned in this video may be the point where I try a second hand EV as well???
Its about time something came down in price instead of going up...
If you put the reg into carsnitch you see the drops. I was looking at Boxster GTS models and they are down 10k in 10 weeks.
Our favourite YouTuber, MacMaster’s Taycan has dropped £10k in the last 4 weeks alone according to his WBAC quotes.
Bought not long ago on finance for £120k. Offer from WBAC this month was £40k.
Proper Ouch.
Oh, I may offer him £40500 haha, sounds a bargain lol
I read this a while back, from August 2023 so not sure how the current situation with the Middle East might have moved things.
The point about 42m cars having not been fed into the system during the Pandemic etc is an important one, it has changed the used car dynamic significantly.
Also interesting is the comment on EVs, most used EVs are stocked by franchised dealers but only 11% of independents stock them as they’re a risk due to price volatility.
It talks about an education and knowledge piece being required by the industry to ensure that they can become a normal part of independent motor trading, especially as they become a bigger and bigger percentage of new used stock becoming available.
https://www.fleetnews.co.uk/news/car...lenges-persist
Cost of living, higher mortgage rates, insurance costs going through the roof and the inner city charges will all contribute to the price drops, I’m hoping for more and more cuts in time for my lease deal coming to an end next June.
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Ipace values seem to be effected by mileage badly, it’s the pres of replacement batteries that is killing electric cars, the Porsche Taycan is unbelievable at 55k, you can buy a whole working car cheaper than you can buy a battery
Hmmm.
If you can afford to insure it.
I think a big part of it is just how expensive things generally are or have become recently in GB, more so I'll tentatively suggest than many comparable nations...When that's the background against which all else is weighed and measured, you can understand how volatility and depreciation on motors, usually the 2nd biggest single purchase after house if buying new...then you can understand how it comes into sharp focus, it' a big deal...nobody wants to buy into the future of motoring, then find they've had their pants pulled down to the tune of tens of thousands just a short distance down the road metaphorically speaking. I wouldn't certainly.
Has he bought it. I watched my one and only video of his and he didn't seem to know how he was financing it ! I couldn't seem to tell for definite but I'm guessing PCP. Perhaps it's done for effect but sure I'll buy something costing £100k and don't understand what interest or terms to the finance apply... Is he really that naive ? Or does it just boost his YouTube revenue acting that way ?
If so, as long as he is happy with making the monthly payments for the term, if it's value drops to 10p he's had a fixed motoring cost
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I think with the iPace it's a combination of factors: "old" tech compared to rival models, high insurance plus a reputation for unreliability ...oh and since when has any expensive Jag been stellar on the depreciation front EV or ICE
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No doubting the car market is quite tough out there but there is a lot of context that video (click bait anyone?!) didn't cover and especially so for the mid to upper quartiles of the market. The October to November prices drops are always (every year) the biggest in the Trade so that quoted 4.2% drop is not quite as alarming as he's trying to make out. And it looks like he is mainly operating in and talking about the early quartile sector of the market at £5,000-£25,000 that is finance and stock driven.....and thats probably the sector of society that is most affected by inflation/cost of living crisis.
And yes we have all been living in the covid (pre/post) price bubble for many asset classes so there was always going to be an adjustment needed to normality of pre-covid. It is not correct at all to make blanket statements that new cars are "freely available" as that just isn't the case for a lot of brands at the "coalface" so to speak.
One thing to mention as something he did not when talking about the SUV market and especially the Land Rover brand is how their theft issues has accelerated their downturn in value. This started to gather pace this summer as people found Land Rover product difficult/impossible or very expensive to insure so used values have continued to slide month on month. LR have a fix (tech and asssitance for policies) due to be in the market for cars going back to 2018 but this will take quite some time to apply to all their product and in the meantime the issue isn't going away at all. But in saying that they have a 200k new car order bank that is actually closed (and has been for a while now) so they aren't that concerned and feel the market will come back in '24 as those insurance/anti-theft measures come into the Used market.
So it certainly is a buyers market but don't expect anyone with anything truly desirable agreeing to gift it away in Q4 '23/Q1 '24 in my view.
Doesn't the final point rather depend on the severity and length of the predicted recession, plus personal circumstances of the owners now sellers? I
n the past when buying houses I´ve had some small success timing my efforts to when the markets been a bit ´wobbly´´, then pursuing a proactive even predatory and somewhat robust approach to my buying-bidding strategy.
Last edited by Passenger; 9th November 2023 at 13:54.
Yes that is true to a degree but as history shows us there are some sectors of society (and businesses too) that any recession doesn't reach and they go about their business unaffected. And a recession here in the UK has been predicted for most of the last 3 and half years but has yet to actually materialise.....not saying there won't be one, but it's not yet a given IMHO.
Is that £55k taken from the first Google hit to Pistonheads where a guy selling a Taycan put in his advert that it had a warranty battery at that price?
There are 33 battery modules in a 93kWh Taycan, it’s unusual for an entire battery to fail. Mind you, I can see a Porsche dealer just swapping out the entire pack, the same as they would with a catastrophic engine failure, less labour cost swapping in a crated engine.
There’s not much evidence that EV batteries fail so spectacularly, and with the 100k mile/8 year battery warranties on most new EVs (including the Taycan) it’s on the manufacturer if it does.
Isn’t it the accident repair cost of EVs rather than batteries failing? As I understand it, a collision potentially damaging the battery leads to a massive bill or write off.
To be fair, any collision hard enough to damage the battery pack would probably have caused the car to be written off anyway.
I saw something last night and just had a look now. There’s 528 Taycans currently on autotrader for sale so there’s a lot of choice out there if someone’s after one.
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Any for £40k?
£40k, bloody scatter cash…Any for £40k?
Any for £30k???
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£65k for the cheapest estate and the same range as the cheapest Tesla.
PCGB sell around 5,000 Taycans per annum into the UK market (total brand sales of 18,600 in 2022) but sales are certainly on the slide now and Porsche Centres are having to support Taycan sales with a £5k (minimum) contribution if funded in house.
Given the car had its UK launch in Q4 2019 that amount of cars for sale is about right for the EV market so it's pretty unremarkable the figure of 528.
The lower end of the market is still expensive, we traded my wife's Peugeot 107 in a few weeks back, got a decent enough deal.
Its now up for sale from a dealer in Essex for £5 more than we paid for it in February 2017.
That makes sense. As more people are feeling the pinch, the demand for the lower end cars will increase rather than diminish.
That’s great! But you bought a diesel and only did 19k miles in 4 years?
I bought a used car about a year ago, prices seem to have shifted down about 10-15% for an equivalent today. Sadly I needed to change my car otherwise I'd have held out for a year or two and seen where the market went.
Pre covid and the chip shortage, you would have expected your car to be worth 10-15% less after a year of ownership as a minimum.
Local Aston Martin salesman told me no dealer franchised or not will take a Taycan in PX, then a neighbour recently said he’s stuck with his
Where are all the Porsche approved used Taycan’s coming from then, they must be taking them in?
I’m very tempted by some of the £60k ones with sub 20k mileages, around 3 years old and being advertised for 50% ish of original list price, feels like where they should be?
Selling any car too soon in the depreciation curve has never been sensible.
Back in June I sold a car via Motorway. Sure enough it popped up on the dealers website with a £3.5k premium. The car wanted for nothing so a potential nice profit for them.
However, the car didn’t immediately sell so a couple of months down the line they bump another £2k on the price making it in my opinion way over market value.
Surprise surprise, the car is still there at the higher price and in the meantime the Motorway valuation has dropped by £6k. To me it seems a strange way to do business but what do I know?
https://www.motors.co.uk/car-69044093/?i=23&m=srm
Their only going one way
Yep, bought it on a change of job based on an expectation of doing 10-15k pa which turned out to be hugely incorrect both before and during COVID.
Edited to add I've just checked the buy in price from cazoo/motorway for it's replacement and that's lost £5k in 18mths but you have to look at that in combination with the previous one given recent history.
Last edited by deepreddave; 10th November 2023 at 08:55.
Just about all ‘mainstream’ cars are only going one way, and cars like that outside of the franchised network will need to be a bit cheaper otherwise why wouldn’t people spend a bit more for a franchised warranty?
It’s not a “premium” but it’s an operating margin that any business requires to survive. Net of prep/VAT/corporation tax etc a £3.5k gross spread would be likely to equate to a £900-£1,200 net margin.
Santon 4x4 are neck deep in Land Rover stock (big seven figure plus) they are sweating like a rapist now……so on any other stuff they have is value or up for hard bids.
A lot of the Taycans are coming back in to the Porsche dealerships after the lease/pcp deals are up.
Don't forget about 90% of Taycans were taken up by limited companies due to the tax advantages.
The 24/36 mt deals are up and people are handing them back as the guaranteed value is more than they are now worth.
Porsche are going to be stuck with a shed load of new Taycans they can't shift now with the ridiculous price increases and high finance costs.
I wouldn't be jumping in to a Taycan deal yet as they have a bit to fall I'd imagine.
Taycans are ten a penny at my workplace. Anyone earning over six figures is getting 62% tax relief on the gross monthly rental, making them around £400 pcm nett to rent via salary sacrifice.
You couldn’t get one for love nor money a year ago as the waiting list was 15 months when I looked.
Now the waiting list is 15 days.
I’ve got one coming this month (CT4). Private purchase and only ordered in September. I do have a few doubts and will be sad to let my Velar go as I absolutely love it but when I see a CT I just break out in a smile and can’t wait to get it.
I did get 15% off a new order so balances out and I know it will cost me a hell of a lot but just thought sod it life’s for enjoying the things you enjoy.
On the topic - my Velar dropped £8k from September but I also think I’d didn’t lose when I sold the last car due to the crazy second hand market so swings and roundabouts. However it’s an awful time to sell a car and buy new.
Won't that really depend on how deeply the cost of living crisis is felt next year along with interest rates, the potential recession...those who traditionally purchase better value for money vehicles/ ''Low end cars'' might temproarily exit the market, postpone any purchase until the economy improves...just a thought.
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