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Thread: Used car market

  1. #1
    Master senwar's Avatar
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    Used car market

    Due to the current problems with new car orders, the used market is booming (or crazy!). I actually have a car on order that I've got an ETA of March 2022 on.

    My current vehicle is being valued at only £750 less than I paid new in November 2020 (XC60). In view of this, I just think it makes sense to sell now and buy a run around for 6 months or so. My thinking is sell my car high, buy a car at sub £3k with my belief that if I kept the XC60 6 more months, I'm likely to lose a lot more than £3k (and potentially the market may crash) - and the £3k car would still be sellable if I do this so perhaps say I get £2k back for it, I'm a lot better off.

    Does anyone have any thoughts on how long this market will stay as is? I love my car, but to only 'lose' £750 in 11 months means this has felt like pretty cheap motoring and therefore a bit of a no brainer to sell.

  2. #2
    Quote Originally Posted by senwar View Post
    Due to the current problems with new car orders, the used market is booming (or crazy!). I actually have a car on order that I've got an ETA of March 2022 on.

    My current vehicle is being valued at only £750 less than I paid new in November 2020 (XC60). In view of this, I just think it makes sense to sell now and buy a run around for 6 months or so. My thinking is sell my car high, buy a car at sub £3k with my belief that if I kept the XC60 6 more months, I'm likely to lose a lot more than £3k (and potentially the market may crash) - and the £3k car would still be sellable if I do this so perhaps say I get £2k back for it, I'm a lot better off.

    Does anyone have any thoughts on how long this market will stay as is? I love my car, but to only 'lose' £750 in 11 months means this has felt like pretty cheap motoring and therefore a bit of a no brainer to sell.
    I think youíre selling too soon. Thereís more headroom in this, Iíd wait until Dec/January however itís worth buying the shitter nowÖÖ

  3. #3
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    I sell cheaper cars. And Iíve sold a couple recently to people doing just that.
    Guy sold his Disco Sport for more than heíd paid for it and bought an £1800 Corsa from me until his new Jag arrives.
    Iíve already said Iíll give him £1300 back on it providing he doesnít wrap it around a tree so heís got 3-6 months motoring for £500.

  4. #4
    Master senwar's Avatar
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    Quote Originally Posted by RJM25R View Post
    I think youíre selling too soon. Thereís more headroom in this, Iíd wait until Dec/January however itís worth buying the shitter nowÖÖ
    Any reason you think that?

    Saying that, I think the value of mine may go up as we get into winter (similar happened when I sold an X1 a good few years back, although not at these levels)

    Quote Originally Posted by Dave O'Sullivan View Post
    I sell cheaper cars. And Iíve sold a couple recently to people doing just that.
    Guy sold his Disco Sport for more than heíd paid for it and bought an £1800 Corsa from me until his new Jag arrives.
    Iíve already said Iíll give him £1300 back on it providing he doesnít wrap it around a tree so heís got 3-6 months motoring for £500.
    Thanks Dave - that's a cracking deal too, shame you're not closer to me ;)

  5. #5
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    I bought a new van in Feb and WBAV are offering £500 more than I paid! Madness

  6. #6
    Didn't realise this was happening, £750 per year depreciation is a great deal.
    Gone are the days when you drove your new car off the showroom and it was immediately worth 50% less!

  7. #7
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    Quote Originally Posted by timestuff View Post
    Didn't realise this was happening, £750 per year depreciation is a great deal.
    Gone are the days when you drove your new car off the showroom and it was immediately worth 50% less!
    I picked up a year old Merc from the dealers last month and theyíve already offered me £1750 more than I paid to have it back. Did think about it but everything else I fancy is equally crazy money.


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  8. #8
    Grand Master ryanb741's Avatar
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    Yep same here with my Velar. Am waiting to sell it but there is a huge backlog on the leasing approvals due to the Tesla Model 3 loophole that after 3 days I'm still yet to get approval come through on the Tesla which will enable me to sell the Velar

  9. #9
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    Quote Originally Posted by RJM25R View Post
    itís worth buying the shitter nowÖÖ
    Thereís a phrase you donít hear often! 😳

  10. #10
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    It may well backfire but Iíve just sold my car for a silly price.

    Ever since March last year Iíve kind of begrudged paying out on two cars as weíve not done the driving we used to. My lease was around £520 a month and my wifeís around £280 and our joint mileage dropped from maybe 20,000 a year to 10,000 as we couldnít go anywhere for long periods of time. I used to do a lot of appointments over the south west but now itís nearly all on the phone or zoom etc. I now drive 2 miles to work and 2 miles back a day and twice a week to play golf. The rest of the time we go out together in 1 car.

    My 3 year lease on my X3 3.0 was up a few months ago and they let me buy it for around £30,000. About 6 months ago WBAC valued it around the same so I thought Iíd be fine buying it. Every week since I bought it those lovely fellas at WBAC have sent me an email offering to update my valuation and I was lured in to checking it out and it seemed to rise by at least £500 every time I looked! Last week they offered me £35,500! I took it up there and 10 minutes later got £35,000 (few quid knocked off for slight damage to paintwork).

    Iím fully aware prices may continue to rise for a while and getting a new car ordered will take months as the shortage doesnít appear to be going away anytIme soon. Iím also aware Iíve got £5,000 out of a car that I never would have in normal times and Iím saving £500 a month on a lease which Iíll put aside for when I buy another. For now weíre doing fine on a single car. If and when that changes, Iíll address it then. For now Iíve made the right decision.

  11. #11
    Master Lampoc's Avatar
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    It's crazy right now - I bought a second hand Mitsubishi ASX from a main dealer for £10.5K in July. Webuyanycar are offering me £11.5K for it...

  12. #12
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    Used car market

    My wife bought a Seat Ibiza for 8.5 k brand new in 2013. Itís only done 15000 miles but WBAC valued it at 4.8k. Madness and since sheís insured on mine I think we might make do with one car.

  13. #13
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    I enquired to WBAc in July as I was thinking of changing my car, yesterday I unsubscribed after probably 20 emails asking me for a 30 second appraisal, they are desperate for used stock

  14. #14
    Master yumma's Avatar
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    It really is completely crazy. My wife bought her 1 year old Mini Cooper S at a BMW/Mini dealership around 18 months ago for £16.5k, she has just traded it for £22k at a BMw/Mini dealership against a nearly new BMW i3S. WBAC offered £21.5k. I am bamboozled as to how her Mini has risen in value by 30 percent or so. Crazy. Now is the time to trade in against new/nearly new cars at dealerships folks.

  15. #15
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    My MX5 is currently worth £5k more now than I paid for it! However given that I am expecting any day now to go back to having to commute to work I am hanging on to it as I'm buggered if I'm going to spend two hours a day in a heap and secondly it would break my heart to sell it. However, if CV19 bites again this winter and I remain WFH we'll see...

  16. #16
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    I bought a Golf 7.5 GTI for 21500 in April, WBAC currently offering 25700 so I thought the same. My niggle is what would I get to replace it

  17. #17
    Master murkeywaters's Avatar
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    Someone I know bought an Audi S4 Avant last year for £17k, thought they would try their luck with these price rises and got £23k for it, think it was £6k profit in 6 months!

    WBaC offered £2700 more for my missus Vauxhall Adam that we bought in the summer of 2020, she loves it so itís not going anyway unfortunately..

  18. #18
    Master M1011's Avatar
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    Oh dear, if things continue like this we're going to have to start working up a purchase history to get access to hot sellers like a Vauxhall Corsa.

  19. #19
    Master Toshk's Avatar
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    Are WBAC the ones offering best quotes?

    Cheers.

  20. #20
    Grand Master Dave+63's Avatar
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    It varies between WBAC and Motorway, itís best to try both.
    Main dealers seem to be refusing to match their prices though; Iíve a friend who was telling me about a great px deal he was getting fir his 69 plate RAV4 until I put his car into WBAC and Motorway who both offered at least £3k more than Toyota.

  21. #21
    We bought a mini JCW back in Feb for 16K, WBAC have offered us 18.5K for it last week. Weird times in the motor trade

  22. #22
    Grand Master wileeeeeey's Avatar
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    2016 GLC 220d 4matic

    Nov: £19,355. Now: £26,120. Both prices WBAC

    All relative. The C class estates I was looking at a few months ago for 24k are now 30k

  23. #23
    Master senwar's Avatar
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    Just done a quote for my wifeís 2019/19 mini cooper. Bought pre reg in July 2019 with 8 miles on for £15,250. Her offer -£20k. Over 2yrs after buying. Crazy.

    As for the best - motorway coming in 2k more than WBAC for mine but am going to sell via wizzle as seems easier (offer pretty similar to motorway). Think Iím going to do it now and pop the monthly payments away too (have 25 months left albeit at 0% apr)

  24. #24
    Master senwar's Avatar
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    Only thing is I donít know what to buy for my interim car. Part of me wants something daft, other part something sensible.

  25. #25
    Master Toshk's Avatar
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    Quote Originally Posted by Dave+63 View Post
    It varies between WBAC and Motorway, itís best to try both.
    Main dealers seem to be refusing to match their prices though; Iíve a friend who was telling me about a great px deal he was getting fir his 69 plate RAV4 until I put his car into WBAC and Motorway who both offered at least £3k more than Toyota.
    Thanks. Will try Motorway as well.

  26. #26
    Wow. I have a 14 plate Yaris, that I bought for £9k (after advice on here) when it was a few months old. I nearly sold it for £5k 2 years ago but the buyer pulled out and I decided not to relist it.

    Motorway value it at £6k now. 7 years of motoring for 3k. Pretty impressive.

    It's replacement (EV) arrives early December so I probably should sell, but at this rate it could be worth even more in the New Year!

  27. #27

    Still crazy

    I changed my car last Xmas, trading in my previous car I always haggle hard but I was a little surprised how much they offered me. I bought a just under a year old Beetle and three years later and 18k it had only depreciated £2k...

    So I got what I considered a great deal and had a nice nearly new Skoda Karoq for a good chunk less than any comparable model at that time.

    Skip forward 6 months and a change of work meant that I had a work vehicle that I had to use, so the new car was surplus to needs. Long story short, a bit of haggling with a few buyers and I sold it for a handsome profit, up £3.5k in 6 months! The craziest part is that I probably could have got even more if I had held on a bit longer. Always tough to read the market, but I was happy to sell at the profit level I got so no regrets...

    Question is whether to order new while prices are relatively low - I am certain that manufacturers will hike all prices pretty sharpish and the market will remain inflated for a while yet. The works vehicle is due to go back next spring, so I am hoping that my timing will stay lucky and I can order cheap now for delivery in about 6 months...

  28. #28
    Master
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    I have had a nightmare securing my 4 month old X3 finally got it a fortnight ago after two months of hurt, I had one car I thought I had bought sold from under me, the dealer then put me in a brand new X1 till they sorted it all out, Itís madness at the moment. One of the main problems is when you come to spec your new car some of the electric Tec is not available, ie BMW cannot get any Harmon Kardon for new cars and instead are fitting other kit and in the salesmanís own words itís not as good. People are trying to buy nearly new with the spec they want hence creating a shortage.

  29. #29
    Grand Master ryanb741's Avatar
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    Quote Originally Posted by hilly10 View Post
    I have had a nightmare securing my 4 month old X3 finally got it a fortnight ago after two months of hurt, I had one car I thought I had bought sold from under me, the dealer then put me in a brand new X1 till they sorted it all out, Itís madness at the moment. One of the main problems is when you come to spec your new car some of the electric Tec is not available, ie BMW cannot get any Harmon Kardon for new cars and instead are fitting other kit and in the salesmanís own words itís not as good. People are trying to buy nearly new with the spec they want hence creating a shortage.
    Yep. No electric seats in new Mercedes for example!

  30. #30
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    Quote Originally Posted by ryanb741 View Post
    Yep. No electric seats in new Mercedes for example!

    Dead right Ryan, so who is going to order a top class Merc without lecky seats. The BMW sales and said to me today he dreads turning up for work as everything is just a mess

  31. #31
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    We've a TT roadster with the 3 option packs and thinking of selling it because we're doing hardly any miles now and can live with one car. Current offer is about £3k more than we paid 18mths ago but anything similar on AT is another £3k more. Crazy times.

  32. #32
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    Salesman in Porsche dealership today said they had 5 sales guys in and only 6 used Porsche cars to sell.

  33. #33
    Grand Master Chris_in_the_UK's Avatar
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    Quote Originally Posted by hilly10 View Post
    Dead right Ryan, so who is going to order a top class Merc without lecky seats. The BMW sales and said to me today he dreads turning up for work as everything is just a mess
    Talking to our local BMW place earlier this year when we swapped, they said that none of their targets had been relaxed by either the chain or BMW.

    Madness.
    When you look long into an abyss, the abyss looks long into you.........

  34. #34
    Master senwar's Avatar
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    I've had a couple of increased offers via Wizzle - in fact, one dealer (current highest) has increased their offer by £1250 since Friday.

    I think I'm going to accept - although I found my paperwork yesterday and actually paid £900 more for the car than I'd thought. But as it stands, I paid £44,900 in November 2020 and have been offered £43,750. I thought I'd paid £44,000 but forgot about the service plan and alloy wheel insurance. Never take wheel insurance but they did it half price (£260 IIRC) - and I've used it twice and caught a bloody wheel on Friday so will be using again so has worked out worth it!

    My dad did say to me the fact Volvo are trying to buy my car back at such a high price could mean they know something and this has a lot longer to play out.

  35. #35
    Master senwar's Avatar
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    I'm now debating taking out a car subscription for 6 months with Cazoo, onto or Wagonex. Can get a new car for £400 a month. Its either that or spend circa £3k as previously planned - so that would be more cost effective, but the all inclusive subscription is tempting

  36. #36
    Grand Master wileeeeeey's Avatar
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    Was going to change car in the next year or two but if the nearly new cars then will come with no options I might try change car sometime before March.

    Couldn't have a Mercedes/Audi/BMW/Volvo without electric seats. May as well get a Golf.

  37. #37
    Despite my dislike of Peugeot I went to look at their EV offerings yesterday, not one new car available in the showroom, theyíre currently displaying the latest secondhand models they had.

  38. #38
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    Used car market

    I sold a 6 year old JCW for £19.6k. It cost me £4K to run the car. Toyota matcheíd WBAC.


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  39. #39
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    When I got my xc60 a couple of months ago the Volvo main dealer had a nearly new xc60 demonstrator on their website and had to suddenly pull it as they couldnít get another one from Volvo to replace it

  40. #40
    Master murkeywaters's Avatar
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    I have never used WBAC or Motorway but it looks quite simple, so... what is there to stop someone putting in car registrations that are private sales? If private sale is £15k and WBAC or MW are quoting £17k+ for said car then theoretically I could buy the car and once log book returns from DVLA take it straight to WBAC/MW and pocket the profit.

    I have already looked at a few reg numbers and its amazing some people are not checking these websites first, one car was £4k more than their private asking price...

  41. #41
    Master
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    Quote Originally Posted by murkeywaters View Post
    I have never used WBAC or Motorway but it looks quite simple, so... what is there to stop someone putting in car registrations that are private sales? If private sale is £15k and WBAC or MW are quoting £17k+ for said car then theoretically I could buy the car and once log book returns from DVLA take it straight to WBAC/MW and pocket the profit.

    I have already looked at a few reg numbers and its amazing some people are not checking these websites first, one car was £4k more than their private asking price...
    AFAIK there is nothing to stop you doing this. Bear in mind if the margin isn't too great, WBAC will reduce the offer for any blemishes etc when they physically inspect it - though the last two cars I sold this was just 50 or so, and they charge a buying fee of 75gbp.

  42. #42
    Master senwar's Avatar
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    Currently sat in an Audi dealership (come to test a q4 etron) and the sales guy said he thinks this will last 18 months or so and head office are definitely aware or this although at some point the increase canít be sustained.

    Targets have been changed as well. Genuinely canít decide what to do with mine now. Iíve got a Velar on order and been told 6 months but expect that to slip. Itís a real stick or twist scenario.

  43. #43
    Master murkeywaters's Avatar
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    Quote Originally Posted by JonRA View Post
    AFAIK there is nothing to stop you doing this. Bear in mind if the margin isn't too great, WBAC will reduce the offer for any blemishes etc when they physically inspect it - though the last two cars I sold this was just 50 or so, and they charge a buying fee of 75gbp.
    Yeah I thought that they would knock a bit off for any cosmetic marks, If you can see £3k+ profit then its probably worth the time and hassle..

  44. #44
    Master
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    Quote Originally Posted by senwar View Post
    Currently sat in an Audi dealership (come to test a q4 etron) and the sales guy said he thinks this will last 18 months or so and head office are definitely aware or this although at some point the increase canít be sustained.

    Targets have been changed as well. Genuinely canít decide what to do with mine now. Iíve got a Velar on order and been told 6 months but expect that to slip. Itís a real stick or twist scenario.
    We were going to order a new X3 and as far back as the end of July the delivery was going to be pot luck. We searched for a nearly new, and in spite of the problems we had, I am glad we moved when we did.

  45. #45
    Master Chewitt13's Avatar
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    Quote Originally Posted by senwar View Post
    Currently sat in an Audi dealership (come to test a q4 etron) and the sales guy said he thinks this will last 18 months or so and head office are definitely aware or this although at some point the increase canít be sustained.

    Targets have been changed as well. Genuinely canít decide what to do with mine now. Iíve got a Velar on order and been told 6 months but expect that to slip. Itís a real stick or twist scenario.
    I ordered a q4 etron about 6 weeks ago and was told Feb/march , got an update on Friday say may possibly but still no build slot - so you have time

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  46. #46
    Master sish101's Avatar
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    I've just got a price back from WBAC for my wife's low mileage 4 year old Discovery Sport and its got us tempted to sell it (but not sure what we'd replace it with).

    New car stock for anything desireable seems to be almost Rolex-like unobtanium.

    Have second hand and pre-registered prices at main dealers gone up in response to the shortage? I can't imagine for one minute that dealers haven't noticed what's going on and priced their current stocks accordingly.

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  47. #47
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    Quote Originally Posted by sish101 View Post

    Have second hand and pre-registered prices at main dealers gone up in response to the shortage? I can't imagine for one minute that dealers haven't noticed what's going on and priced their current stocks accordingly.
    Most definitely, a four month old car I initially put a deposit on in early August which I then dropped due to October del which was due to the dealer waiting for replacement Demo. That car as now gone up by £3500

  48. #48
    Craftsman andymonkey's Avatar
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    My brother had an X3 hybrid on order from BMW. Took ages and then they got the order wrong.
    Bmw phoned him to say he could have the wrong car for as long as it takes to get the correct car, he doesnít have to pay until he gets the car he ordered. No limit on mileage at all. He is driving around a free car effectively. They are obviously confident on resale later onÖ..


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  49. #49
    Quote Originally Posted by senwar View Post
    I love my car, but to only 'lose' £750 in 11 months means this has felt like pretty cheap motoring and therefore a bit of a no brainer to sell.
    750 in 11 months is quite bad to me. My last car was losing about £200 a year for 8 years in a row but i did get it in an auction

  50. #50
    Master sish101's Avatar
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    Quote Originally Posted by hilly10 View Post
    Most definitely, a four month old car I initially put a deposit on in early August which I then dropped due to October del which was due to the dealer waiting for replacement Demo. That car as now gone up by £3500
    So the question here is:

    Is there any logic is selling my used car for x% more if I end up paying y% more for its replacement?

    There any probably no bargains to be had unless you go for a right pill of a car that no-one wants (and which you will struggle to shift)

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