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In the market for a 2-3yr old estate, but struggling to justify the current prices.
Wondering if we’ll see drops in the new year as inflation eats into people’s incomes.
Surely that will make used cars hold their value? Less people buying new.
Used cars are through the roof at the moment as they can’t make many new cars due to a chip shortage. This won’t get any better till they get the chips to make the new ones !
Surely that will make used cars hold their value? Less people buying new.
Yeah, I guess so in time, but I imagine 90%+ of the 2-3yr old cars are lease cars which will come onto the market when the contracts expire so will take a few years for that to take effect.
and that won’t be for while. Not cars but we are planning for at least 18-24months of continued disruption in component supply.
Used cars are through the roof at the moment as they can’t make many new cars due to a chip shortage. This won’t get any better till they get the chips to make the new ones !
I think chip supply is improving, with most of the tier1s signing supply agreements with the semiconductor companies, so at least they are getting priority over what is produced.
No sign of new car deliveries improving, until that happens used prices won't improve. Supply not expected to improve until 2023 form what I'm hearing from trade sources so I wouldn't bank on things improving.
*fewer people
Things are improving.
Finally have a build date for my new car - April with May delivery. It had been indefinitely postponed since just after I ordered in late August.
Cars coming off leases can be extended, so that means a lot of drivers (like me) simply extend their existing til their next car is actually available.
As a result, I don’t thik used prices will be dropping any time soon.
My Octy estate will be 3 years old in Jan, when the original lease expires. They’ve let me keep it on til the new Audi arrives in May.
So, if you’re still looking then, I can let you know what they are likely to do with the Octavia 😉
Things are improving.
Finally have a build date for my new car – April with May delivery. It had been indefinitely postponed since just after I ordered in late August.
Cars coming off leases can be extended, so that means a lot of drivers (like me) simply extend their existing til their next car is actually available.
As a result, I don’t thik used prices will be dropping any time soon.
My Octy estate will be 3 years old in Jan, when the original lease expires. They’ve let me keep it on til the new Audi arrives in May.
So, if you’re still looking then, I can let you know what they are likely to do with the Octavia 😉
Octavia is a bit on the small side for my needs unfortunately. The current lead times do seem to vary between manufacturers and even models. The merc garage thought I could get a new e-class estate in March if I ordered now which surprised me. Volvo didn’t seem to know when I could get a v90, but thought it would be 6months or more.
There's a number of low emission zones coming in next year. I expect there will be drop in prices for non compliant vehicles. Whether you want one is another matter, they'll be older than 2-3 years. It might also push up demand and prices for compliant vehicles, though
Staying high. I have heard that the lease co’s and Manufacturers want to level residual values with the EU where used prices are higher than UK.
New cars could each be sold three times atm so no or small discounts to the lease co’s. adding to high residuals.
There seems very little that could cause prices to drop any time soon.
It’s the same for vans, trucks and plant as far as I see.
The truck sales people I know have sold all of 2022 stock already, order books are shut until 23 book opens.
Ordered an octavia estate beginning of June and its latest delivery date is at the earliest Feb. I've had three extensions on my lease for covid and missed delivery dates. Latest extension is till June. Thought it strange when they didn't take a deposit. Looked at buying something used but not at current prices, I'll just keep paying my £116 a month for now.
Cant see car prices dropping anytime soon
Recently decided to see what webuyanycar would offer me for my car
Its a 16 plate Focus ST3 with 43k on the clock, which i bought for £13'600 over a year ago
Webuyanycar offered me £14'100 for it
Was very tempted until i looked at what i wanted to replace it with which was a Ford Transit custom crew cab van
Prices are over 15k for a 100'000+ mile 16 plate van!
Think ill be keeping the ST3 in the garage and put off buying a van for a few years!
I think chip supply is improving, with most of the tier1s signing supply agreements with the semiconductor companies, so at least they are getting priority over what is produced.
As a large T1/OEM (amongst other things), chip supply is improving, but the backlog is so great, most manufacturers are anticipating delays until Q3 2023. In the meantime supply is erratic and specification of vehicles is inconsistent to order schedules.
Things are improving.
Finally have a build date for my new car – April with May delivery. It had been indefinitely postponed since just after I ordered in late August.
They definitely arnt on the whole. There are some very big manufacturers who currently have closed order books & customer orders are sat at dealer & country levels until they are open again.
Some will weather the storm better than others. Tesla will continue to buck the trend as they arnt so reliant on them to build cars.
I think people will see the effects of this for at least another 12 months & then there will be a game of managing how prices come back down, as a lot of car companies are essentially finance houses now & they are going to be at significant risk if the bottom falls out of the market.
There’s a number of low emission zones coming in next year.
For the most part they are tiny though - they'd impact delivery and trade vehicles who have no choice other than to drive to the door of high st premises more than private cars. For private motorists the zone just means maybe having to pick one city centre carpark over another if they happen to have an older car - by the time the zone is applied in Glasgow it'll effect 8 year old diesels and and 18 year old petrol cars - I don't see huge amounts of either at rush hour.
If I wanted to buy my 17 plate Skoda superb from a main dealer now, as I did in Oct 2019 for £18.5k (which was top end of the prices then), I'd be looking at about £20k.
Prices are ridiculous.
Staying high. I have heard that the lease co’s and Manufacturers want to level residual values with the EU where used prices are higher than UK.
Yeah cause rusty shite with the wheel on the wrong side deserves to cost the same.
Age doesn't kill cars in the UK. Our love to see trucks covering the road in salt does
We are Europe's rust belt.
It certainly is depressing, having been hit by another car. Currently in the position of being priced out of mobility, obviously could by a beater but with a young child I was hoping for something with more modern safety features. Certainly will get fit on my bike, providing it stays in one piece.
All these folks extending the lease on their current vehicle because the new one is delayed, how does that work? Presumably only if you lease again with the same company?
I’ve got 11 months to run on a 36 month lease through arval, never had a car on pch before, have had a couple on pcp that I kept after the initial period, paid the balloon payment. Obviously that’s not possible with a pch, but it seems it is possible to extend the lease- that might suit me, but then again I’m generally not fussy on spec so would take any car roughly the right size if available at the end of the lease if I had to..
We paid £12.5k balloon payment to keep our 3.5 year old kodiaq this summer. WBAC seem to want to give me £20k for it 6 months later!
Also I took the Skoda to the main dealer before Xmas for mot/service. Never seen so much stock on the forecourt! Couldn’t even get to park it in the usual customer parking bays. So something doesn’t seem right there…
What are new car prices doing? Are they way up for the few that arrive at a forecourt?
Never seen so much stock on the forecourt! Couldn’t even get to park it in the usual customer parking bays. So something doesn’t seem right there…
I’ve noticed the same. Also when I’ve looked on the gov website to see when the tax was cashed in, many of them have been on the forecourt for several months. Maybe they betting things will take off again in the New Year.
What are new car prices doing? Are they way up for the few that arrive at a forecourt?
List prices aren’t particularly up, but the days of getting big discounts are gone.
Vans not cars, but heard some people are finding that orders placed months ago are being cancelled. The vans can be sold now for more than the original person was paying. Cheeky move.
I can't see prices coming down soon.
It benefits dealers to keep prices up, most of us have a car, and margins are maintained through less discounting.
Chip supply isn't resolved fully, and the backlog / shortage on new cars requires temporary increase in production to catch up.
Those who bought high will advertise them high to try and recoup costs.
We seem to be in love with newer cars in the UK, and people will pay whatever it takes to buy a 'better' car which is newer.
No sign of new car deliveries improving, until that happens used prices won’t improve.
We have a contract at work for AA/BSM, so we get transporters dropping off brand new cars from the factory, which then have graphics applied and dual-controls fitted. The most recent batch of Pumas that came in are each having a tin of chocolates put in, as a thank you for being patient, because the cars that should have been delivered in October are arriving now, and the motoring schools are starting a big recruitment drive(!) in the new year, so everyone is getting a bit twitchy.
Pretty sure I could make a profit on my car, but replacing it with the same model and spec of a similar age would probably cost the same, if not more.
I can’t see prices coming down soon.
It benefits dealers to keep prices up, most of us have a car, and margins are maintained through less discounting.
Not so when you're not selling any of these cars though.
Group of car dealerships near me have had the same stock for months so don't think the demand is there anymore at these ridiculous prices. If there is a lack of demand for used cars, the price can only go down.