Jump to content

Secondhand car prices in the UK - going up up up.


Butch
 Share

Recommended Posts

This has been a trend for the last few months, secondhand cars, especially the SUV / Hatchback types are rising to a point where traders are struggling to find stock and the auctions not having much going through them.

Many reasons have been mooted, from people having saved money during covid, so demand outstripping supply right through to the shortage / long wait list for new cars due to the microchip shortage worldwide.

Either way, it is a sellers market and a few people are selling theirs and moving to new Hybrids or EV's while the supply is there.

Is this a trend you guys are seeing in your part of the world?.

 

Edited by Butch
Link to comment
Share on other sites

My experience in Scotland 
 

I give up on buying a secondhand car just recently 

had no pat ex and didn’t require finance, the sales staff I seen where disinterested and would not cut a deal  ,

In the end  looked online  and went for new , 

 

 

  • Like 1
Link to comment
Share on other sites

34 minutes ago, AJSP said:

Yes I am tempted to sell my wife’s Toyota Aygo. She bought it 2 and a half years ago and now they( multiple sites/ dealers) are offering £300 more than she paid !

tempting 

Only if you don't need it, otherwise you would have to buy one again as well (for an inflated price).

  • Like 1
Link to comment
Share on other sites

I've noticed the same thing in my neck of the woods over the last year or so - used vehicles are going for more than they used to, it seems and I originally attributed this to lack of supply because of few people travelling up here from the south, many selling vehicles they bring with them later; for instance, before covid there were generally around 300 or so used vehicles for sale in this area on Kijiji, whereas today there are 188. Another related issue here last summer (not sure about this one) was the fact that the local RV dealers couldn't keep up with demand - people were buying boats, side-by-side ATV's, etc. and I'm sure this was because a)we couldn't travel any distance and b)many people were working shorter hours or from home and had a lot of time on their hands - about 60% of our local payroll is gov't jobs, both territorial and federal and these people were still paid whether they were going into their offices or not. 

  • Like 1
Link to comment
Share on other sites

3 hours ago, Freee!! said:

Only if you don't need it, otherwise you would have to buy one again as well (for an inflated price).

Indeed and I agree, but I’m researching to see if with a top up of cash whether it’s worth it and early indications are it maybe. At my end I know a few dealers so with a few “readies” to grease their palms it maybe ok. Finally balanced decision plus got to get the missus to agree 🙄

Link to comment
Share on other sites

12 hours ago, bob lt said:

No interest to me  but I have been told that prices for second hand vans in the UK are on the up.

Yep, a lot of people are jumping on the "van life" bandwagon, whereby they get an old van and kit the inside out like a camper, with beds, solar, cooker, chemical toilet etc. Getting to be very popular.

Stuff like the late model VW transporters are making obscene values, even Mercedes sprinters, which started to rust out of the factory. I can see the attraction, if it's done DIY then it is much cheaper than buying a Camper van or motor home, less hassle than a caravan and of course the double practicality of having it as an everyday vehicle as well.

Also, in todays uncertain climate, extortionate accomodation prices in some parts of the UK, if you're a couple or even family of 3, it's an option for a holiday "off grid".

Not for me though, I like the comforts of A/C, decent showers and not living on baked beans.

  • Thumbs Up 3
Link to comment
Share on other sites

1 hour ago, Butch said:

Yep, a lot of people are jumping on the "van life" bandwagon, whereby they get an old van and kit the inside out like a camper, with beds, solar, cooker, chemical toilet etc. Getting to be very popular.

Stuff like the late model VW transporters are making obscene values, even Mercedes sprinters, which started to rust out of the factory. I can see the attraction, if it's done DIY then it is much cheaper than buying a Camper van or motor home, less hassle than a caravan and of course the double practicality of having it as an everyday vehicle as well.

Also, in todays uncertain climate, extortionate accomodation prices in some parts of the UK, if you're a couple or even family of 3, it's an option for a holiday "off grid".

Not for me though, I like the comforts of A/C, decent showers and not living on baked beans.

Many of my fishing mates have done exactly that. They park up at the lake and live in the converted  van. Some even have massive solar panels fitted with a couple of big batteries for continuous power.

  • Like 4
  • Thumbs Up 1
Link to comment
Share on other sites

18 minutes ago, boydeste said:

Many of my fishing mates have done exactly that. They park up at the lake and live in the converted  van. Some even have massive solar panels fitted with a couple of big batteries for continuous power.

Very big in the US now too...although not by choice for many. There are "slums" of old vans and motorhomes in some areas. Scary places to drive by.

Many vans for sale -- especially the very expensive Mercedes Sprinters -- as it appears some have tried it and are now moving back indoors.

Here's a few nice ones I saw this past weekend...

20210717-IMG_3208.jpg

20210717-IMG_3287.jpg

  • Like 3
Link to comment
Share on other sites

  • 4 weeks later...

This is even more stupid for proper sports cars it’s just become ridiculous. There was a time you could pick up a great bargain a few years old and have a lot of fun. Now the demand has gone through the roof and everyone has to end up on a ‘Special list’ to get something you could have brought easily about 2-3 years ago. I can understand the luxury watch market (to a point) but cars….this is getting a but stupid.

Link to comment
Share on other sites

Even run of the mill stuff is selling privately for what would have been forecourt prices a year ago. High end sports cars are really doing well, as @Shakseymentioned, M series BM's, AMG Mercs and the Audi top of the line models are fetching large and some say unrealistic premiums.

Last month (July)  we've flipped 2 cars, brought as salvage , one with a broken cam belt which needed a head skim and new valves, the other a diesel golf that had gone through a deep puddle and knackered the engine (bent rods, valves and basically needed a rebuild). normally, even with stuff recorded on the HPI Insurance register it's possible to make 30 - 40% profit on a very good day (but I'm not counting my own labour costs in that), When we'd given them a spruce up, thrown  a set of mats in, 12 months MOT we managed to make more than half our money again. Trouble is, salvage stuff is getting more expensive.

The "chip" shortage won't be over for another year, and Toyota have just cut production by up to 40%, this won't make things any better!.

 

  • Great Info 1
  • Thumbs Up 1
Link to comment
Share on other sites

  • 4 months later...

Just an update to this thread, apparently the superconductor and chip shortage is beginning to ease slightly, however many new car orders being ordered today will not be fulfilled until possibly Q3 2022, or even Q1 2023. some of those suffering the most are the fleet operators who traditionally put their cars through auction once they hit 3 years old and purchased new vehicles for Tax purposes, along with warrantied and inclusive servicing.

Some secondhand car prices are easing off, but that's mostly for specialist models, such as your AMG Merc's, High end BMW's and suchlike, but the run of the mill 4 door saloon with a decent amount of options are still fetching a premium used, and the same applies to small, economical hatchbacks.

If Working from Home becomes a permanent thing, we may see the market having more supply as families switch from 2 or more cars to one car purely from the financial standpoint, but we'll have to wait and see.

  • Great Info 1
  • Thumbs Up 1
Link to comment
Share on other sites

A friend of mine just bought a new Nissan car yesterday and he said that they only had three new vehicles available on their lot - I've heard it's much the same over at the local Toyota dealer as well; and Kijiji and Facebook are both showing some silly prices for used vehicles. 

  • Thumbs Up 1
Link to comment
Share on other sites

  • 3 weeks later...
  • 1 month later...
Posted (edited)

Prices and availability set to be further exacerbated as Ukraine was (is) a big manufacturer of wiring looms used in many European cars.

https://www.autonews.com/automakers-suppliers/ukraine-suppliers-amazingly-still-making-some-wire-harnesses-amid-war

Chatting to a mate in the trade this week, he mentioned specifically that some BMW's are being shipped and delivered minus some currently unavailable "options" for retrofitting at a later date. Some Mercedes models are also currently unavailable, and this is having a direct impact on secondhand stock and therefore dealer prices.

It is now at a point where if you can handle the wait, ordering a brand new car is a cheaper option than maybe a one year old  a secondhand model of the same type and similar spec.

Edited by Butch
  • Like 2
Link to comment
Share on other sites

 Share

×
×
  • Create New...