Used car prices

[Starensis]

Been looking on Toyota used car site and very surprised to see spec of car we have ( 2018 1.5L Icon-Tech CVT ) are now listed around £2500 more than we paid in August.

Also checked my C-HR spec and year and they are £4000 more than I paid in Feb last year. Unprecedented times we’re in atm.

[TonyHSD]

Indeed, but that’s a bad sign for our economy and pound buying power (value), simply called recession 💸💰💷 Toyota hybrids currently hold highest prices of all ice cars for obvious reason but it’s just out of reality. Let see for how long will continue this trend. 

[Goinker]

There's a simple reason for that, and it's just that many people are not prepared to wait for the delivery delays involved with new cars at present. Society as a whole has become an "I want it NOW!" generation, especially many of the younger ones, so they look around for a 'nearly new' alternative rather than join a queue. I guess it's the reason there is so much new housebuilding going on in the UK nowadays, yes, we all need a home to live in, but whereas my generation were prepared to start off in maybe a terraced house, do it up and move on to a 'semi', perhaps do the same and eventually a detached house, many young couples want a new home right from the start, new furniture (no 'hand-me-downs' from parents) and a new car on the drive, they're not prepared to wait. With easily available credit, they don't see why they should have to, but back in the early 'Baby-boomer' days, there wasn't much credit available, so you had to save or you didn't get what you wanted.

          Dealers are desperate to get hold of recent used models, so have had to pay more for what's available, hence re-selling prices have risen considerably, eventually the bubble will burst and things will go back to normal. It's surprising that this is seemingly all brought about by a shortage of semiconductors used in the Auto industry, hence much reduced production capacity. Last week I read a report that Intel, one of the largest chip suppliers, often used in PC's etc had said that they did not expect their production capacity to get back to normal pre-pandemic levels until 2023, so we've a bit of a wait yet!

               Keith.

[Starensis]

Agree Keith. 

[Starensis]

16 hours ago, TonyHSD said:

Indeed, but that’s a bad sign for our economy and pound buying power (value), simply called recession 💸💰💷 Toyota hybrids currently hold highest prices of all ice cars for obvious reason but it’s just out of reality. Let see for how long will continue this trend. 

Only any good though if you’re selling and not buying.

[TonyHSD]

I agree with that but there is also another factor like many people just hold on their current cars although previously they use to change them every 3-4 years now they are unsure what is going on politically, economically and environmentally and whether to order a new BEV or just another hybrid or perhaps just an ice car., plus if we are about to be locked again what’s the point investing in a new car that you can’t really drive but you have to pay monthly and what if you have no work?! It is a combination of all above, but I know when used cars prices are crazy high the population is getting poor, I know that from personal experience and where I came from. It was like that 15 years ago and perhaps still is but not sure where is worse now here or there. And btw there are thousands of RHD cars currently imported from UK many still with their English member plates, a good business to bring them back here, however there will be an import  taxes and duty as we are not part of Europe anymore. I should start to do my homework and get back to the trade😉💰👌

[Rhymes with Paris]

And a year or two down the line the depreciation on those who pay these inflated prices will come home to roost.

On the other hand , from what I hear and read most cars new and recent seem to be on some kind to of lease or PCP.

So I don't know how these increases will be paid for, by extra depreciation or increased  monthly payments .

It's ok for me I know , being retired and not needing a newer car , but I do feel for the people who will have to stand a huge loss come replacement time.

[Starensis]

I’ve paid for both my cars, so I’m not in a position of having PCP or buying another car. Of course, at some point I may have to change mine for EV, but hopefully prices will be affordable.

With loads of normal costs rising, it’s understandable people are looking for used opposed to new - which are difficult to get hold of anyway. I’m one for looking after/repairing and not changing every 12 months tbh. The way it should be imo.

 

[flash22]

mine is now worth about £500-1000 less than what i paid for it 2-3 years ago £0 tax and ULEZ exemption are a big factor too