Second hand prices - will they return to ‘normal’

[SkodaMart]

Just wondering what peoples opinions are on this.
I’m mainly referring to ULEZ compliant ICE cars, not EV.
Prices seem pretty outrageous, however I’m not convinced they will drop?
Thoughts?

 

[The Running Man]

If they introduce some new ulez2+ scheme then yes

 

[Janesy B]

Depends if there's any sign of the new car shortage easing which doesn't seem to be the case. I've been shopping around and everything is just absolutely mental in terms of pricing. Dealers selling Fiesta STs like mine for what I paid for it 5½ years ago!

 

[HangTime]

Eh? Used Car prices are already falling, they fell in November and then again in December.
Obviously they still look high because of the rises seen earlier in the year, but the trend is very much downwards at this stage. Prices always fall in December though so will be interesting to see what 2022 holds (vid on that here: https://www.youtube.com/watch?v=uhBj4cqaTKw )

That's the official line and also borne out anecdotally; our car is worth a good 10%+ less than it was in October based on the best offer from car buying services.

 

[Janesy B]

Eh? Used Car prices are already falling, they fell in November and then again in December.
Obviously they still look high because of the rises seen earlier in the year, but the trend is very much downwards at this stage. Prices always fall in December though so will be interesting to see what 2022 holds (vid on that here: https://www.youtube.com/watch?v=uhBj4cqaTKw )

That's the official line and also borne out anecdotally; our car is worth a good 10%+ less than it was in October based on the best offer from car buying services.

Not from what I've been trying to shortlist, only gone up.

 

[GinG]

Eh? Used Car prices are already falling, they fell in November and then again in December.
Obviously they still look high because of the rises seen earlier in the year, but the trend is very much downwards at this stage. Prices always fall in December though so will be interesting to see what 2022 holds (vid on that here: https://www.youtube.com/watch?v=uhBj4cqaTKw )

That's the official line and also borne out anecdotally; our car is worth a good 10%+ less than it was in October based on the best offer from car buying services.

Based on webuyanycar my valuations have kept keeping up.

What sort of car do you have? Mine is just a Skoda superb.

 

[mjt]

I've noticed that even discounts on new cars a significantly lower than earlier in the year.
Carwow was offering 10% discounts on new BMWs in the spring, but after watching Mat's latest video on his long-termers, you'd be lucky to get more than a grand off new now..

I think part of the issue with second hand prices is that there just aren't many petrols out there, which is what people want (along with BEV, PHEV). We are all buying diesels, which we don't want anymore, so we're looking at petrols. But there aren't many 3-5-year old ones out there..

 

[HangTime]

Based on webuyanycar my valuations have kept keeping up.

What sort of car do you have? Mine is just a Skoda superb.

WBAC is a bit more stable than Cazoo in my experience so didn't really hit the the proper peak. Like in October Cazoo were offering way more than WBAC ever have since the pandemic started, whereas now WBAC is above Cazoo. If you've only been checking WBAC that might explain it as current offers might be lower than you could have got elsewhere in October, although I suspect YMMV based on model.
Our car is 308SW.

 

[Maccapacca]

WBAC is a bit more stable than Cazoo in my experience so didn't really hit the the proper peak. Like in October Cazoo were offering way more than WBAC ever have since the pandemic started, whereas now WBAC is above Cazoo. If you've only been checking WBAC that might explain it as current offers might be lower than you could have got elsewhere in October, although I suspect YMMV based on model.
Our car is 308SW.

Didn’t know about Cazoo thanks I had my wife’s mini set up to take to wbac for £10k Cazoo have just offered £11,900

 

[SkodaMart]

I’ve just tried buying a new Citroen Berlingo, MPV diesel, I’ve been informed that Citroen are no longer making the ICE versions and production is about to stop?
This could be right or wrong?
There’s a very narrow window of years now to get a ULEZ complainant diesel Berlingo.
I can’t see prices dropping, any time soon.

 

[SkodaMart]

For example:

https://www.evanshalshaw.com/search...multispace/manual-diesel-blue-estate-ym62cge/

Thats a non ULEZ car, just a couple of years younger than our current Berlingo - that I paid £4000 for 4 years ago.

 

[Gibbo]

Eh? Used Car prices are already falling, they fell in November and then again in December.
Obviously they still look high because of the rises seen earlier in the year, but the trend is very much downwards at this stage. Prices always fall in December though so will be interesting to see what 2022 holds (vid on that here: https://www.youtube.com/watch?v=uhBj4cqaTKw )

That's the official line and also borne out anecdotally; our car is worth a good 10%+ less than it was in October based on the best offer from car buying services.

That’s seasonal though and some cars have continued going up.

My S2000 has gone down 2k on trade offers but those offers still better than what I paid for it last March.

My Aston the other hand is currently getting best quotes from WBAC and Cazoo it’s ever had.

It’s seasonal but also car dependent and as fun ICE cars come to an end more and more people will want one as a second car or to add to collections.

More generic cars should in theory come back down when new car shortage is less an issue.


More shortages coming though:
https://www.autoevolution.com/news/...ucx5B67XDTvdCamTQKiCA1UgQ4j51WL-UqaQIddbj660g

 

[ShiWarrior]

Didn’t know about Cazoo thanks I had my wife’s mini set up to take to wbac for £10k Cazoo have just offered £11,900

try motorway

 

[old gamer]

Depends if there's any sign of the new car shortage easing which doesn't seem to be the case. I've been shopping around and everything is just absolutely mental in terms of pricing. Dealers selling Fiesta STs like mine for what I paid for it 5½ years ago!

This, couldn't understand the high second hand prices untill I enquired about a new quashqai and was told there was a 6 month waiting list

 

[Doobedoo]

It’s all relative though you’ll get more if you sell but have to spend more to replace it. Your only really gaining if you selling but not replacing.

Same with house prices you only really gain if your not buying again.

 

[Topdonkey]

I'm happy, I bought a cheap runabout Vauxhall Insignia for £1100 3 years ago, and last week, I sold it for £1600 ! you cant beat buying a car, driving it for 3 years, then selling it for a £500 profit

 

[HangTime]

That’s seasonal though and some cars have continued going up.

My S2000 has gone down 2k on trade offers but those offers still better than what I paid for it last March.

December is seasonal (as I acknowledged) but we are talking trends here - for sure cars will be worth more than in March because of the big rises in 2021, the best date to compare with is valuations from October. The main point im making is that to directly answer the Ops question cars are no longer still rising in value across the board. Some may be for specific models/types but the facts are the average prices have fallen the past two months in a row and we shall see if this is just a seasonal dip or if the rises are plateauing as the stats start coming through this year.

 

[[TW]Fox]

I’m not convinced they will drop?

So my car will be worth the same for ever? Wow! That sounds cool.

 

[mjt]

I'm happy, I bought a cheap runabout Vauxhall Insignia for £1100 3 years ago, and last week, I sold it for £1600 ! you cant beat buying a car, driving it for 3 years, then selling it for a £500 profit

Inflation

 

[EdGey]

Didn’t know about Cazoo thanks I had my wife’s mini set up to take to wbac for £10k Cazoo have just offered £11,900

Try Motorway.com.

Got a way better price using them than either of the above. Likely depends on the car though.