Is the used car "bubble" about to pop?

[Graham2]

Interesting article here I read the other day, not the Mike Brewer video the text below that:

Investigation: What will happen to used car prices in 2024? When will used car prices fall? – Car Dealer Magazine

What's going to happen next to used car prices is becoming harder than ever to predict. In this special investigation, Car Dealer spoke to a wide cross

cardealermagazine.co.uk

Essentially it is a massive shortfall of new vehicles over the last 2-3 years that is keeping used prices so high, and that isn't going to change any time soon. As always it will be dependant on the type of car. I also have noticed cars sitting unsold for months but that is F80 M3's in particular, not sure on much else.

Saw that Romans International 2022 accounts showed they made 26% more gross profit in 2022 on very slightly less turnover than 2021, nice.

 

[Ian A]

Hurst's had their best year by x3 during Covid time as well, they had contracts in place for used cars numbers with various places across GB, hence good availability while every other dealer was scrabbling.

 

[paddymcc]

Insurance prices in England are bound to be having an effect on some prices of stuff too.

Quite a few lads on Pistonheads cancelling Land Rover orders over the rediculous quotes they're getting circa 3k to 5k.

L405s are all but uninsurable in around London.

 

[gpaevo]

Insurance prices in England are bound to be having an effect on some prices of stuff too.

Quite a few lads on Pistonheads cancelling Land Rover orders over the rediculous quotes they're getting circa 3k to 5k.

L405s are all but uninsurable in around London.

Read an article yesterday about JLR Directors having crisis meetings with the government and insurers. It seems being unable to insure Range Rovers is now not just isolated to London.

 

[Eager]

It’s unreal these things are easier to nick than something from the 90’s

Shocking that a disk lock still seems a essential bit of car accessory

 

[A6Avant]

I know a guy in Fermanagh that had one on order. Called the insurance company to get all sorted for handover when it arrived and was quoted £8k.

When he got off the phone he called Donnellys and cancelled the order

 

[gpaevo]

Just had a email from Audi, they want to buy my car back .

Are they struggling to get stock again?

 

[billyboker]

Just had a email from Audi, they want to buy my car back .

Are they struggling to get stock again?

I have been watching the net for months and noticed what i would want the stock is getting lower and lower. Less Mainland reg cars showing up here i think your right dealers finding it hard to get stock and mainland cars a bit higher than NI ones when there here.

 

[Coog]

Take a look at car lots everywhere. Lots of space and not too many cars. I guess it’s hard to get good stock.

 

[Graham2]

It relates to the article I posted earlier in the thread, there is a black hole of new car sales from 2020/2021 so the volume of cars coming back after 2/3 years is massively reduced = dealers struggling for stock.

 

[Graham2]

£7500 off this since end of October

 

[gpaevo]

£7500 off this since end of October

View attachment 421245

I've been watching the black one for sale here

 

[Chris100]

How much are these new?

Seems quite expensive for the year and mileage.

 

[Rocko]

How much are these new?

Seems quite expensive for the year and mileage.

£65k

 

[Graham2]

How much are these new?

Seems quite expensive for the year and mileage.

List price for that carbon edition in 2020 was £71k. Prices are still very strong on RS4's.

 

[Chris100]

£65k

So it’s over 3 years old, and has over average mileage. And it’s be sitting on their site for 4 months.

They will be lucky to get £48k for it.

List price for that carbon edition in 2020 was £71k. Prices are still very strong on RS4's.

Not on that one, or it would have sold.

 

[Graham2]

So it’s over 3 years old, and has over average mileage. And it’s be sitting on their site for 4 months.

They will be lucky to get £48k for it.


Not on that one, or it would have sold.

It's priced right on the money when you look at other comparable cars on the market, none of them are selling, however.

 

[Chris100]

It's priced right on the money when you look at other comparable cars on the market, none of them are selling, however.

Then you would imagine pricing is inflated on all of them?

 

[Graham2]

Then you would imagine pricing is inflated on all of them?

Indeed, plus time of the year, insurance costs etc etc. There are more and more 2020 models coming off leases now which should help push the prices lower.

 

[Chris100]

Indeed, plus time of the year, insurance costs etc etc. There are more and more 2020 models coming off leases now which should help push the prices lower.

13% finance rates will not help shift them either.

 

[aaflyer79]

13% finance rates will not help shift them either.

Yup! BMW are looking 9 a bit % for NEW 3er. I’m sure the support on other models might be a bit better. I remember the good old days of 2.9% of my new M2 in 2020. Sigh.

 

[Burt2000]

I think it’s a combination of a few different reasons at the minute. It’s winter, just after Christmas and most people’s savings are cleaned out, high borrowing rates but also more attractive saving rates, cost of living crisis kicking in worse in the last 6-12 months than it had before, all means that anything that isn’t very cheap is sitting for a while, will it right itself eventually? Possibly, peaks and troughs in the economy and all that.

 

[Coog]

Some serious drops on EVs and Land Rovers at the minute.

 

[gpaevo]

Some serious drops on EVs and Land Rovers at the minute.

Average 30% drop on Taycan, E-Tron and MG. Tesla is 36% drop according to a wee article I read today.

 

[Burt2000]

I wonder how many of the EVs on the road are actually bought outright, it couldn’t be many!