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Thread: Used Car Shortage.

  1. #1
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    Used Car Shortage.

    I thought that car sales firms were "talking up" the good used stock shortage but from what I've seen locally, the used stock is pretty shabby! Some of the "better" sales outlets that have previously only entertained immaculate, low mile examples seem to be selling cars that are usually only seen on "Italian car Wash" sites! Is it just here in not so sunny Norfolk or elsewhere too?

  2. #2
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    It's crazy at the minute.
    A guy local to me sells Discovery 4's - lots of them.
    He's paying more now to buy them in than he was selling them for last year.

  3. #3
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    Quote Originally Posted by Dave O'Sullivan View Post
    It's crazy at the minute.
    A guy local to me sells Discovery 4's - lots of them.
    He's paying more now to buy them in than he was selling them for last year.

    Echo that up here but with Mini and Fiat 500's that a friend of mine specialises in. He usually hoovers them up at auctions and from some of the bigger garages trade-in stock and flips them for a pretty good margin.
    At the moment the cupboard is bare.

  4. #4
    Grand Master Dave+63's Avatar
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    New cars aren’t being sold due to the microchip supply issues (the one that tell the powers that be of your every move!). This is causing a knock on effect as there aren’t any part ex vehicles coming in. There’s also the issue of COVID and the lack of fleet rental sales over the last eighteen months.

    Good used cars are therefore in short supply and higher demand (no new cars available) which Is driving up their value.

    Vans apparently, are even worse.

  5. #5
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    Quote Originally Posted by Dave+63 View Post
    Vans apparently, are even worse.
    Great news!
    I’ve a 2014 Vivaro to sell 😂

  6. #6
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    Know someone who got a “We buy any car” quote for his Jaguar F-Pace a few months ago. They keep contacting him with increasing offers.

    His son has been offered more for his M4 than he paid 2 years ago.

    I think my heap is worth £5 more than last year!
    Last edited by David_D; 7th July 2021 at 00:12.

  7. #7
    Master blackal's Avatar
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    It will certainly confuse the idiots who spout "A car loses the VAT as soon as it leaves the showroom!" (for private purchases)

  8. #8
    Grand Master GraniteQuarry's Avatar
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    My 330i BMW on WBAC climbed from £26,000 start of February to £29,600 last week.

    Paid £31,200 for it new last August!

  9. #9
    New car sales have been dead since the start of the pandemic. That means very few 1.5 year old cars available to be resold now.

    I want a c class cabriolet. Last time I looked there were loads in my price and age range now there's nothing.

  10. #10
    Quote Originally Posted by Dave+63 View Post
    New cars aren’t being sold due to the microchip supply issues (the one that tell the powers that be of your every move!). This is causing a knock on effect as there aren’t any part ex vehicles coming in. There’s also the issue of COVID and the lack of fleet rental sales over the last eighteen months.

    Good used cars are therefore in short supply and higher demand (no new cars available) which Is driving up their value.

    Vans apparently, are even worse.
    I have had three car plants shut or go on short time in the last two weeks, and it’s getting worse

  11. #11
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    Hmm.. interesting. I have a 420D convertible from 2016 that’s done 11k. I wonder if it now has some value.

    Maybe time to buy the mid life sports car instead of the sensible car.

  12. #12
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    Quote Originally Posted by joe narvey View Post
    Hmm.. interesting. I have a 420D convertible from 2016 that’s done 11k. I wonder if it now has some value.

    Maybe time to buy the mid life sports car instead of the sensible car.
    The sports cars are also shooting up in price. Just put a WBAC quote in myself and valued at pretty much what I paid a dealer for it 18 months ago!

  13. #13
    Grand Master Chris_in_the_UK's Avatar
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    Quote Originally Posted by Dave+63 View Post
    New cars aren’t being sold due to the microchip supply issues (the one that tell the powers that be of your every move!). This is causing a knock on effect as there aren’t any part ex vehicles coming in. There’s also the issue of COVID and the lack of fleet rental sales over the last eighteen months.

    Good used cars are therefore in short supply and higher demand (no new cars available) which Is driving up their value.

    Vans apparently, are even worse.
    We got our BMW X5 in February 21 - we had a BMW nationwide choice of just over 1500 - as of today the nationwide stock of S/H is 753.
    When you look long into an abyss, the abyss looks long into you.........

  14. #14
    My mustang is now worth around 2k more than I paid for it 3.5 years ago. I’m tempted to sell just so I can finally make money on a used car!

  15. #15
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    Interesting, I had not realised this was happening.

    I just valued my wife's 7 year old panda on 'motorway' (I prefer it to wbac) and it has gone up by 40% in the last 18 months from 2400 to 3400, which seems a little crazy.

    Maybe that's why it was so easy to get a good price for my mother in law's smart fourfour after she passed away, bought for 8.3 at an MB/smart main dealer as approved used(seemed pricy at the time), sold last month for 6.3k with damage to almost every panel and a patchy service history.... It was a very good looking cabrio though.
    Last edited by jmitch; 6th July 2021 at 23:26.

  16. #16
    I changed cars recently as a consequence of this. I too used Motorway, initially just to get a rough valuation check but the price kept increasing, leading to it being sold for £3k more than the first valuation. The buyer (via Motorway) was a car dealer up in Derby who sold it for just under £2k more than that. I can’t imagine there was much profit in it after their fees and costs.

  17. #17
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    When I bought my car a month ago there must have been 20 of the same model on the autotrader website now there are 3

  18. #18
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    I could buy an Audi A3 from an authorised Audi dealership for £24k. Webuyanycar value it at £27k , crazy times


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  19. #19
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    Yep, I was looking at 2105-2016 ftype v8’s and they were 39-44k ish in January and are now 44-49k ish for the equivalent car. I’ll be buying a 5 ish year old fiesta to ride this out and buy the jag when supply of new cars has increased and has the knock on effect it has now with the shortage of production.

  20. #20
    It is crazy at the moment, I have a m240 which I paid just over £20k for about 2.5 years ago. WBAC value is £20k, on BMW facebook groups people have been selling similar models for £22-£24k. If I did not love the car as much it would be tempting to sell up and make a £2-4k profit whilst having the car for over 2 years. This cant last forever and the prices must crash at some point.

  21. #21
    Grand Master ryanb741's Avatar
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    My Velar is worth £10k more on we buy any car than it was last year! Tempted to chop it in as on finance its worth more than the balloon payment even though it is 26 months into a 49 month deal with a small deposit

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  22. #22
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    Must be vehicle specific then. My Subaru Forester Hybrid has plummeted. Bought new last June the WBAC is £10k down on what I paid. (And I paid below sticker price).

    maseman

  23. #23
    Craftsman AmosMoses's Avatar
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    I had a real battle sourcing my Mini Clubman Cooper S. Missed out on 2 cars that were sold within 5 minutes of being listed, in the end I put a deposit on the car before I'd even seen any pictures. Chopped in my 420d against it and the dealer paid top price as they were so in demand!

  24. #24
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    A mate bought a brand new elise, and then sold it to WBAC a month later for £500 more then he paid.

    In contrast i sold an M2 last may for a substantial loss but they now appear to be worth more than gold.

  25. #25
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    I’ve just dropped my car off at Mercedes in Derby for some warranty work. It’s coming up to three years into a four year PCP so I thought I’d enquire about changing it while I was down there. There are three cars in a big showroom and the secondhand stuff out the back is half empty. Can’t see me getting a good deal so I’ll be leaving it until next year.


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  26. #26
    Master Lampoc's Avatar
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    I'm not sure I trust WBAC too much. I've been searching for a 3 yr old compact SUV and WBAC are apparently offering more than some dealers are selling them for. WBAC are offering £10.2K for this Vitara for example: https://www.autotrader.co.uk/car-det...=SUZUKI&page=1

  27. #27
    Grand Master Dave+63's Avatar
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    Quote Originally Posted by Lampoc View Post
    I'm not sure I trust WBAC too much. I've been searching for a 3 yr old compact SUV and WBAC are apparently offering more than some dealers are selling them for. WBAC are offering £10.2K for this Vitara for example: https://www.autotrader.co.uk/car-det...=SUZUKI&page=1
    WBAC are offering a price that they expect to get back at auction whilst some dealers are not necessarily on the ball re pricing.

    There is the opportunity to participate in a little arbitrage and make a little cash or get a better/newer car than you were thinking.

  28. #28
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    I sold my i3 on Monday via Motorway. It’s value had gone up £5k in the last 3 months.

    I spoke to the general manager in there and he said that they are trying to buy everything that they can because the prices are going up so much.


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  29. #29
    Grand Master TheFlyingBanana's Avatar
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    It's a bit puzzling though that there are still 429,000 cars for sale on Autotrader, and this is about the usual average number (perhaps slightly higher) at any given time I can recall over the past few years.
    So clever my foot fell off.

  30. #30
    Master Incredible Sulk's Avatar
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    Quote Originally Posted by AmosMoses View Post
    I had a real battle sourcing my Mini Clubman Cooper S. Missed out on 2 cars that were sold within 5 minutes of being listed, in the end I put a deposit on the car before I'd even seen any pictures. Chopped in my 420d against it and the dealer paid top price as they were so in demand!
    Funnily enough I just sold a 2019 Clubman Cooper S to WBAC. I bought it a year ago. I sold it for more than I paid for it. Not an enormous amount, but a profit nontheless.

    It's the only time in my entire life I've ever made a profit on a car.

  31. #31
    Grand Master TheFlyingBanana's Avatar
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    Quote Originally Posted by ryanb741 View Post
    My Velar is worth £10k more on we buy any car than it was last year! Tempted to chop it in as on finance its worth more than the balloon payment even though it is 26 months into a 49 month deal with a small deposit

    Sent from my SM-G950F using Tapatalk
    Interesting story here:

    https://www.telegraph.co.uk/business...-buy-used-car/


    Apparently my Vanquish has gone up 15%, not that I plan to sell it.
    So clever my foot fell off.

  32. #32
    Master smokey99's Avatar
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    Yep been looking and changing my car which is an S4 Avant where the Used Values have gone up from around £23k to £30K from November.

    I listed the car on Wizzle and I was batting off the approaches from used car dealers on a daily basis.

    Still not accepted an offer as struggling to find a replacement being that I was after a Macan GTS and the market is very thin and then I'm paying over 70% of RRP for a 3 year old car.

    Tempted to sell, pocket the cash and buy again in a few months??

  33. #33
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    Just ran my diesel Macan through WBAC and apparently it's worth more than when I bought it from a dealer 11 months ago and with 5k extra miles!

  34. #34
    Master Halitosis's Avatar
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    So am I right in thinking it’s probably better to buy a new car than a nearly new just now? Thinking of upgrading our 6 year old Golf for the latest model...


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  35. #35
    Grand Master Dave+63's Avatar
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    Quote Originally Posted by Halitosis View Post
    So am I right in thinking it’s probably better to buy a new car than a nearly new just now? Thinking of upgrading our 6 year old Golf for the latest model...


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    If you can find one. There aren’t many new cars about either at the moment hence the demand for second hand.

  36. #36
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    Quote Originally Posted by Halitosis View Post
    So am I right in thinking it’s probably better to buy a new car than a nearly new just now? Thinking of upgrading our 6 year old Golf for the latest model...


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    If they have one! The issue has been caused by supply issues of micro chips that control car ecu’s. This has severely limited new car production so those who buy new have bought expensive used. Those who buy slightly older have upgraded etc

  37. #37
    Grand Master snowman's Avatar
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    A couple of months ago, I looked at what I could get for my car, but decided not to sell.

    I got a reminder email a few days ago and decided to check and they were offering me £6k MORE than 2 months ago (and 5K more than I paid for it a year ago).

    I looked online and used prices were similarly skyrocketed, so it seems to be a widespread issue for some reason.

    M
    Breitling Cosmonaute 809 - What's not to like?

  38. #38
    Master blackal's Avatar
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    Quote Originally Posted by Stuno1 View Post
    If they have one! The issue has been caused by supply issues of micro chips that control car ecu’s. This has severely limited new car production so those who buy new have bought expensive used. Those who buy slightly older have upgraded etc
    What about those who have reached the end of the term for their PCP? I guess they are buying at the buyout price and hanging on to them?

  39. #39
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    Quote Originally Posted by RobM View Post
    I changed cars recently as a consequence of this. I too used Motorway, initially just to get a rough valuation check but the price kept increasing, leading to it being sold for £3k more than the first valuation. The buyer (via Motorway) was a car dealer up in Derby who sold it for just under £2k more than that. I can’t imagine there was much profit in it after their fees and costs.
    Regarding their profit opportunity, you have to also take into account the potential they could be making from finance and products. As an example, some finance providers will give a "commission" of 10% of the amount borrowed, depending on the interest rate.

    Plus there is the further opportunity for a part exchange on what they sold of yours and so on.

  40. #40
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    Quote Originally Posted by snowman View Post
    A couple of months ago, I looked at what I could get for my car, but decided not to sell.

    I got a reminder email a few days ago and decided to check and they were offering me £6k MORE than 2 months ago (and 5K more than I paid for it a year ago).

    I looked online and used prices were similarly skyrocketed, so it seems to be a widespread issue for some reason.

    M
    Just checked my previous WBAC, and they offered me £10k more than they quoted last September . Seriously tempting

  41. #41
    the people that are quoting WBAC are you actually taking your car in to one of their depos for the valuation or just gong on the online valuation? if you are going on the online valuation you are going to be in for a shock when they actually come and look at it - theres usually quite a difference in price.

  42. #42
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    Quote Originally Posted by pugster View Post
    the people that are quoting WBAC are you actually taking your car in to one of their depos for the valuation or just gong on the online valuation? if you are going on the online valuation you are going to be in for a shock when they actually come and look at it - theres usually quite a difference in price.
    But then if they’re comparing the online price in both cases, it’ll still point to a rise.

    But you are quite correct, they’ll hammer you down when you turn up.

  43. #43
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    Quote Originally Posted by blackal View Post
    What about those who have reached the end of the term for their PCP? I guess they are buying at the buyout price and hanging on to them?
    Not sure but must be if there are no cars to replace them with.

  44. #44
    Master smokey99's Avatar
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    Quote Originally Posted by Dave O'Sullivan View Post
    But then if they’re comparing the online price in both cases, it’ll still point to a rise.

    But you are quite correct, they’ll hammer you down when you turn up.
    Friend of mine just sold his 3 year old Tiguan to WBAC and only knocked him by £300 on £19000 because the mileage was up since the initial quote.

    That’s different to my experience with them 4 years ago but I guess the market has changed.


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  45. #45
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    Cayman 981 GTS worth what I paid 18 months ago, problem is that nothing else will tick so many boxes for the price, so will keep hold of it for the moment.

  46. #46
    Grand Master GraniteQuarry's Avatar
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    I’ve only sold once to WBAC, got exactly as quoted. The guy stated it was a zero-faults category A+ or suchlike, he had to phone for purchase authority as not often seen.

    Wouldn’t hesitate to use them again.

  47. #47
    Master vRSG60's Avatar
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    Used Car Shortage.

    WBAC £3500
    Skoda px £800
    Last edited by vRSG60; 7th July 2021 at 21:54.

  48. #48
    Grand Master Chris_in_the_UK's Avatar
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    Quote Originally Posted by vRSG60 View Post
    WBAC £3500
    Skoda px £800
    Jeez.
    When you look long into an abyss, the abyss looks long into you.........

  49. #49
    Master Harry Smith's Avatar
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    Not just cars. Motorhomes as well. It would cost you at least 30% more to buy a used one now than last year. Tempted to sell ours.
    But not to Glossop Caravans who claim to be desperate to buy them. I filled in an online valuation form jaamoi. Someone rang me and said "would 18 grand buy it" When I stopped laughing I politely (yea right) told him to take a flying hump at a rolling hoop. Even before all this it was worth £21-22K trade. My Google review was, unfavorable.

  50. #50
    Grand Master hogthrob's Avatar
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    Quote Originally Posted by GraniteQuarry View Post
    I’ve only sold once to WBAC, got exactly as quoted. The guy stated it was a zero-faults category A+ or suchlike, he had to phone for purchase authority as not often seen.

    Wouldn’t hesitate to use them again.
    I sold my Golf to WBAC a couple of weeks ago. I got the quoted price. The guy did say though that I was about the 3rd person in the 8 years he'd been doing the job, who had accurately described and declared the damage to the car. Maybe people think they won't notice stone chips and scuffs to the door etc?

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