WBAC Values

[Kenai]

That's not odd at all - it's gone up in value over the last month and a bit

I think he's saying that running both the valuations on the same day (guessing from 'but checked on the same day') is resulting in increased offers for the higher mileage valuation, which is a bit odd.

 

[HangTime]

Correct, I'm not comparing valuations made on different days for the mileage analysis, they are made on the same day.
Basically what I did was refresh the quote, got £7160, but then figured I ought to update the mileage as well. So I increased the mileage and my valuation increased to £7205. To make sure, in case they had updated their stats inbetween my valuations, I tried dropping the mileage back to 65000 and the valuation dropped back to £7160

The only thing I can think is maybe they have some algorithm that prefers more 'precise' mileages, i.e. people that put in lazy values rounded to the nearest 5k get lower quotes on the basis they are lazy people that will just accept lowball valuations. But experimenting it wasn't that cut and dried either, it's not like 62250 gave me a higher valuation than 60000.

 

[pugheaven]

SRT8 now upto £19,357 quid using Motorway!

 

[Homer-Simpson]

Just updated my valuation, dropped £1300 since the 1st. Will be interesting to see what happens.

 

[Gibbo]

All of mine have increased but talking a few quid nothing drastic.

In short term I can see cars available reducing so prices on most marquee will probably hold.

 

[Scania]

I’ve gone from £250 on WBAC to £450 so - percentage wise - I’m laughing, when in reality it’s a worthless old Volvo… reflective on the crazy state of the market at the moment.

If you have the car and the ability to sit and wait, your on a winner, good luck to you I’d say!

 

[OldKitMan]

The market is seriously messed up, here is a great example. My wife bought a brand new unregistered Vauxhall Astra 6 months ago. I put the reg into WBAC for a laugh to see what it said. £600 less than what we paid for it. To only lose £600 in 6 months and having had use of the car for those 6 months would never have happened in previous years, we'd be looking at a WBAC offer of thousands less than what we paid. Cinch would be selling it for more than we paid for it.

 

[Naan_H]

I have just managed to sell my car for approx £1k more than i paid for it in Feb 2020! This was with motorway.

 

[[TW]Fox]

Unless you wish to walk everywhere I'm struggling to understand why you all think this is great?

My car is worth 3k more now than it was a year ago. Wow, that's amazing! Until you realise that anything I'd replace it with is at least 7-10k more than it really ought to be. So who wins except people who decide they don't want a car anymore?

 

[ShadowMan]

Those who are coming to end of deals and can take a new car now from stock where available? I just switched from Fiesta ST to Focus ST and kept my payment the same with cash back in my pocket. Fiesta was just over 2 years old. I traded it back in for over £19k having paid £23k in May 2019.

Yes it’s on PCP but I switch cars regularly and we treat them as a monthly expense and like having them. I got a bigger and potentially nicer car without having to outlay any extra money in my budget and even got back some cash to do whatever I want with which is very unusual.

 

[dlockers]

Unless you wish to walk everywhere I'm struggling to understand why you all think this is great?

My car is worth 3k more now than it was a year ago. Wow, that's amazing! Until you realise that anything I'd replace it with is at least 7-10k more than it really ought to be. So who wins except people who decide they don't want a car anymore?

I'm sure someone of your intellect can appreciate folk with multiple cars, folk with a fancy car and a commuting car who now no longer commute, people looking to downsize. It's also nice to not be in negative equity sooner than expected which gives gives people quite life changing options.

 

[[TW]Fox]

It's also nice to not be in negative equity

Yes it is, which is why any sensible car purchase is structured so that this was never an issue anyway.

The point is that this massively over heated used car market benefits virtually none of us in the long run and is actually a bad thing.

 

[Em3bbs]

No no no fox, nobody is going to be in negative equity when the arse falls out of the market, nobody at all!

 

[dlockers]

Yes it is, which is why any sensible car purchase is structured so that this was never an issue anyway.

The point is that this massively over heated used car market benefits virtually none of us in the long run and is actually a bad thing.

PCP only balances out towards the final year. You're in negative equity the second you leave the forecourt.

"Virtually none of us" = not you, but as seen in this thread, lots of others.

 

[wingman]

PCP only balances out towards the final year. You're in negative equity the second you leave the forecourt.

Selling a car the second you leave the forecourt wouldn't be considered a sensible car purchase. You'd be an idiot.

A decent deposit should both how alleviate some financing costs, and if you buy a lightly used car with 10%-20% down in deposit, you'd likely not even be in negative equity when you "drive it off the forecourt".

 

[Greebo]

Unless you wish to walk everywhere I'm struggling to understand why you all think this is great?

My car is worth 3k more now than it was a year ago. Wow, that's amazing! Until you realise that anything I'd replace it with is at least 7-10k more than it really ought to be. So who wins except people who decide they don't want a car anymore?

There are some bargains still out there as shown by Tom and his BMW where it was £50 to swap from a 430i to a 440i.

Also some people might be happy with a brand new car or have one on order so they definitely win. New car price was probably agreed months ago before it went nuts and they can now get several thousand more for their old car. win win.

 

[dlockers]

Selling a car the second you leave the forecourt wouldn't be considered a sensible car purchase. You'd be an idiot.

Check out the depreciation curve of most new cars leaving the lot and you'll find they are in negative equity of varying degrees until the last ~20% of the term. The inflated used market has meant that the balance has shifted much sooner, so folk have options like ditching a PCP car, banking the monthlies, and then getting off of the PCP drug.

It isn't a hard concept to get your head around.

 

[Tenzo]

Unless you wish to walk everywhere I'm struggling to understand why you all think this is great?

My car is worth 3k more now than it was a year ago. Wow, that's amazing! Until you realise that anything I'd replace it with is at least 7-10k more than it really ought to be. So who wins except people who decide they don't want a car anymore?

Sold mine and got a company car replacement, so there are some scenarios to get excited about

 

[wingman]

Check out the depreciation curve of most new cars leaving the lot and you'll find they are in negative equity of varying degrees until the last ~20% of the term.

Seeing the term of the contract that you've signed up for through to the end would also fall under that bracket of "sensible car purchases". This only really benefits serial PCP car changers.

If folk are on the PCP drug then it's their own fault; not the system itself. If they needed a market shift like we're experiencing now - despite the benefits to those people - there was clearly a massive problem beforehand.

Besides, it's not as if what we're experiencing now within the car market is feasible long term.

It isn't a hard concept to get your head around.

Eh, who suggested it was? I never claimed what you said wasn't true, I said you'd be an idiot selling a car the moment you drive off the forecourt, and putting down a bigger deposit will likely eliminate or strongly reduce your negative equity position.

 

[wingman]

Sold mine and got a company car replacement, so there are some scenarios to get excited about

100% a win, for you.

But you're in the minority with that position.