used car prices going up?

AHarvey

AHarvey

AHarvey

Soldato
Joined
6 Mar 2008
Posts
10,085
Location
Stoke area
I know there has been lots of talk about newer car prices dropping quite fast but it appears that older cars are going for more now than they were 6 months ago!

I looked at selling a VW Corrado and no one was asking more than £500 4 months ago, other than one at £500 most are over £1200!

I wanted to buy a supra but it seems that most of those have risen in price by £1000+ :(

Is it just me? am I looking in the wrong places?

RTM'd to move to MOTORS :D
 
It's fairly specific to particular models as far as I can tell. E30 M3's have been on an upward march since about a year ago for example. Although my field is only BMW's there has been a noticable trend in everything pre 1991 appreciating (relative term used to denote those that hold approximate values or appreciate against inflation etc) exept average non 'M' e34 5 series and e36 non 'M' 3 series.

It's been quite strange to behold.
 
There are some good threads over at PH where a guy notes down the prices paid at auctions and provides a narrative to go with them. He's evidenced the prices increasing, and has also suggested that the dealers are attending auctions, but as buyers not sellers.
 
A lot of people are finding themselves suddenly short of money as the economy goes down the pan and everyone is getting made redundant.

People are starting to realise the benefits of a decent reliable old banger, something that's simple enough that you can actually fix it yourself rather than being full of embedded computers that need an expert to sort out.

This plus the fact that the new road tax prices mean that no-one wants any vaguely fun car made after 1st March 2001 any more means that a significant portion of people are suddenly wanting an older car.
 
VW Corrados and E30 M3's are somewhat specialist now compared to other cars of similar age. Their prices have been rising steadily for the last few years.
 
'tis true.

18 months ago Scorpio Cosworths that were in anything but very good/excellent nick were scrap. Now average ones are going for £500-£1000 and excellent condition ones are going for £2k. I bought mine for £900 18 months ago and was recently offered £1300 for it.
 
From research in buying me E92 M3, it seems best time to buy was around the end of last year. supply has dried up on second hand market, particularly at the cheaper end. there are only 2 pages on PH, when there was around 4 pages of adverts in december 08, the cheapest coupe for sale on there is £36k as well. There seem to be very few below £35k now as I assume the oversupply has corrected itself.

I heard that BMW were only making M3's from autumn last year to order, so no random stock or demonstators being sent out to dealers which has cut supply down lots.
 
Parkers agrees that used prices are now higher than new pre-reg prices for some cars. They attribute slow new car sales leading to deals and lower prices, demand outstripping supply for used cars and oblivious people not researching new prices.

In regard to TomO's mention of M3 prices - I wouldn't have expected premium car prices to follow the same trends as those of run of the mill cars.
 
It's across the board.

Dad bought his 02 SL500 for 20k a year ago, sold it last month for £22k with another 5k miles on the clock.
 
Looks like it. I brought my Fiesta in Jan for £900 which was near the top end of the price range for my model and I'm seeing similar cars now advertised for £1200.
 
Glad it's not just me going mad!

I was gobsmacked at the prices of 205 1.9 GTi's as well. cheapest on autotrader was £995 and the most expensive was £3K (well, it's actually £5K but that is a 'Show car')
 
AHarvey said:
Glad it's not just me going mad!

I was gobsmacked at the prices of 205 1.9 GTi's as well. cheapest on autotrader was £995 and the most expensive was £3K (well, it's actually £5K but that is a 'Show car'
Click to expand...

That's slightly different, the value is appreciating because the car is now a classic so the price will only go up. Like the mk2 Golf as I've seen those double in the last couple of years. MK1 Golfs go for silly money now!
 
Yea i'm glad i aint going mad either.

I'd noticed a similar trend but not just in bangers or nearly new cars, but also in cars around 5k too which now seem to be £6-7k all of a sudden. :(
 
We're heading for a shortage of 2 to 3 year old used cars.

If people don't buy new cars that affects the used market in the 2 to 3 year range - the point typically where they would get shot and guy new again.

Used car prices = going up.

In terms of new car prices - I'm finding one month old BMW's £7k less than list, should have one ordered within the week before the stock dries up.
 
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