What’s really causing these huge drops?
Supply and demand added to the time of the year, uncertainty in the marketplace and people finally realising the good times of overs can't go on. This has happened before and it's nothing new, but there have been people, many who should know better, suggesting this was now 'the market'. The whole overs thing has lasted for 3 years plus on some brands, most noticeably Porsche GT cars, Ferraris and the initial McLarens and the manufacturers have had it good. Now the market is finally readjusting and we have lots of people coming to the end of PCP's so oversupply of cars added to dealers not wanting to buy 2nd hand cars for stock across many brands.
Imagine if you bought a 911 GT3 a year ago at 30K overs. You have sat on that thinking "I'm good here" but have feared using it as 5K miles will consume that. Then all of a sudden you decide to sell it and your friendly OPC all of a sudden offers you 20K under list price, the right price of course. You have over leveraged the finance and based your PCP final payment on over inflated 'current market' prices so in that year you've paid off 8K and put 10K in but now face a big hole. So people rush to get out of their cars, dealers full up with stock and boom, we are where we are today. A simplification but basically that's what's going on.
In a real value world, a GT3 today should be a 80K to 90K car for a Mk1 991 GT3, it's been a 130K to 150K car for 3 years, for a car that was £110k to £120K list lest you forget. GT4's were 25K over list FFS, a Cayman, good yes but 110K good? I remind you I paid £86K for my R8 V10 Plus with 3K miles on the clock. I felt I would lose 30K on that in 2.5 years and I called that about right. Imagine if I had both the GT3 and stuck 30K miles on it and coming to sell it now. £70K trade offer on a car I paid £145K for. Damnnnn