Used car craziness...

[4737carlin]

I know a guy who bought a camper van a few years ago and the dealer called him out of the blue asking if he would sell it back to them, for more then he paid back then, crazy

 

[4737carlin]

Apparently it’s to do with the likes of We Buy Any Car, who now own most of the major auction houses too.

So, they’re buying second cars in bulk for way below book price and then selling them through their own auction houses, which is inflating the second hand car market.

I sold a car to We Buy A Car a few yaes ago, it was ready for the scrap yard but WBAC gave me more then any scrappers offered, even though it was a mess and needed serious work to get through a MOT

 

[Toast]

I sold a car to We Buy A Car a few yaes ago, it was ready for the scrap yard but WBAC gave me more then any scrappers offered, even though it was a mess and needed serious work to get through a MOT

It’s a fave thing of mine looking at what peoples MOT failures are, especially my neighbours. Ooh that wouldn’t have been cheap !
It’s all online now.
I should spend more time watching German football I know.

 

[SerenityNigh]

Has anyone seen the absolutely looney used car prices currently? Cars like minis, focuses etc are seeing prices 40% higher now than 2 years ago..

My current car I bought as a 1 year old with 11k miles for £15k.

It's now 3.5 yrs old with 53k miles on and current Autotrader prices are £17.5-£19k!!!

I'm tempted to sell it and make money! Buy a banger to drive for a year until prices drop.

Worldwide shortage of new vehicles due in part to a shortage of microchips. My local Honda and Ford car lots are almost completely empty*--the only local dealerships with many cars are those that do a lot of used car business--especially those that buy a lot at auction. So this has caused used cars to rise in value as well, and this should continue through 2023 (if we're lucky it ends so soon.)

*They typically carry hundreds of new cars on their lots at any given time.

 

[Joey66]

Apparently it’s to do with the likes of We Buy Any Car, who now own most of the major auction houses too.

So, they’re buying second cars in bulk for way below book price and then selling them through their own auction houses, which is inflating the second hand car market.

They offer you sod all - part ex on my old Astra was £400 - we bought at the right time 21,000 miles on our VW for 6 grand so £5 600 was a bargain I ventured again for a 2nd car same mileage for a Skoda a bit dearer £200 more - both great cars 1.2 petrol turbo they look identical in style .....great runners plus very economical on fuel ......both petrol .....

 

[Ivo]

Just signed up for a new car on lease. Won't be here until May.
Will need to sell my current car so hopefully 2nd hand prices remain high early next year.

 

[SerenityNigh]

Just signed up for a new car on lease. Won't be here until May.
Will need to sell my current car so hopefully 2nd hand prices remain high early next year.

From what I can tell, the value of our 2 vehicles rose about 33% over the last year. A friend told me he recently sold his truck for more than he bought it for 3 years ago. Obviously each market may be different, but I think you'll be ok.

 

[tonyhorne]

Is there just a general shortage of all parts now?

I've had to wait about a month for Autoglass to find a windscreen for a Ford Focus...

 

[ClausThomsen]

Just found out the market for 59 plate A3's is around the £4-5k mark.

That's unreal. I paid less than 4k three years ago and that wasn't at the lower end of the market.

 

[anton66]

I think there was a fire at one of the main microchip plants in Japan plus everything else going on.

 

[PhilM]

I thought the lack of those chips was down to manufacturers not taking up the supply of them during lockdown as nobody was buying cars which then meant computer and phone companies bought up their allocation. Now car companies are at the back of the line for them.

Is there just a general shortage of all parts now?

It’s a bit of A and B. Lack of parts in general but the chip shortage is due to a lull in manufacturing and other industries buying in bulk.

 

[SerenityNigh]

So this has caused used cars to rise in value as well, and this should continue through 2023 (if we're lucky it ends so soon.)

*I meant to write 2022 but small matter.

 

[Yank]

Yeah, my my mate who works in Jaguar has dropped a shift due to a shortage of all kinds of parts - Brexit !

No, this is a global problem. They were already talking about shortage concerns and reliance upon Taiwan here before the pandemic. Covid production and supply chain disruptions are the reason it's excaberated. And that's the reason used car prices are crazy all over. They've been high here in the US. I know people who have waited 6 months for their new car. It's something that's going to take sometime to correct.

 

[Bungle]

I know people who have waited 6 months for their new car.

I ordered mine in August and it was due in November, had a call to say it'll be February now and I suspect it'll get pushed back further.

 

[Reidy's Bottle Of Grecian]

Daughter's Kia Picanto is worth more than when she got it nearly 4 years ago, a couple of grand more tbh.

The flip side though is my son struggling to find his 1st car, partly due to the learner backlog that 'those kind of cars' i.e. small & 'cheap' to insure (2k) are being held onto, they've gone up by a fair bit since he passed his test in June but as it is he's at uni & not really needing 1, it would be sat in a car park majority of time so chucking money away when insurance is £40 a week plus the parking fees.