No more deals to be had

[kernowjim]

So we have a Yaris Dynamic which is coming up to a year old in January.  We've been thinking about chopping it in for a Corolla simply because we would like a bit more space.  I got some quotes from the dealer (Snows, Plymouth) and all I can say is WOW..........over £30K for a 1.8 Corolla Dynamic, a low PX valuation (£3K less than We Buy Any Car) and a PCP APR of 7.9%  - no incentive to buy at all. 

Unless Toyota get a bit more realistic, this is my first and last Toyota.

Sticking with the Yaris.

[Mojo1010]

Go via carwow the excel is just over 27K, it was under for the black Friday offer. Yeah the APR sucks now, so maybe hold out for a few years until they come back with 0% again. 

[kernowjim]

3 minutes ago, Mojo1010 said:

Go via carwow the excel is just over 27K, it was under for the black Friday offer. Yeah the APR sucks now, so maybe hold out for a few years until they come back with 0% again. 

Yes that's what I'll do, it's a terrible time to buy new or used.  I think in a few years it should all settle down.  I hope!  (or I'll make this Yaris last 20 years!)

[FROSTYBALLS]

The PCP includes a £2,500 deposit contribution. Interest rates are similar to other manufacturers. E.g. -

Volkswagen 6.9-9.2% 

Vauxhall 7.9-8.9%

Nissan 5.99-7.75%

Honda 8.9%

Etc

[flash22]

The used market prices are dropping fairly quickly, people are watching money so new car orders are slowing, interest rates are on the rise as well

[TonyHSD]

Well it seems new cars purchases are not a good deal anymore plus there are already an article that used car prices started to go down. Things are going looking good for any car buying. If anyone likes their cars why looking to change? Corolla is that tiny bit bigger than Yaris, no point really. 

[Hornet3D]

42 minutes ago, flash22 said:

The used market prices are dropping fairly quickly, people are watching money so new car orders are slowing, interest rates are on the rise as well

That was always going to be the problem as the prices of second-hand cars have risen for the last few years.  The trade in value for my eight years Honda owned rose around £4000 in a two-year period but that price was bound to drop rapidly at some point and now seems to be that point.

[Cyker]

I honestly think they're doing it deliberately to reduce new orders as they can't cope and the lead times have gotten out of control. This makes sense as they can off-set the loss in income slightly from selling less cars by making more per car until things stabilize.

It's just a bad time in general to buy a car, new or used, and when the 2nd ULEZ extension kicks in there's going to be another spike in car prices...

There also seems to be some conflicting information as I've seen articles saying used car prices are coming down, but from the people I know who are car hunting they are not seeing this, and if anything they reckon it's still going up!

 

[FROSTYBALLS]

Used car prices are gradually coming down - see:

 

[Chriss27]

B of E interest rates up mean finance for most things goes up unfortunately. Fortunate enough to get 0% finance on my new car in March but how things have changed in a few months 

[Gray86]

Toyota did 0% a while back, which was a huge incentive. Disappointed that they APR rates match the German manufacturers now. 

As suggested above, buy via a broker, which will direct you to a Toyota dealer to finalise the deal & collect. Back in 2020 I saved about £2500 from buying via Carwow. The only penalty was an hours drive to Toyota dealer in Liverpool to collect. Well worth that hours drive. 

try ‘drive the deal’ as you often get better dealer than even Carwow, but you will have to sell your current car separately. 

anyone who buys at dealer prices is crazy when a bit of work on the internet can yield such a decent saving 

[SinglePointSafety]

My strategy:

(1) Get price from broker eg DriveTheDeal

(2) See if any of the local dealers will match. To date, they all have, or got very close, especially when you walk away

(3) Ask for p/x price, laugh, go home...

(4) Ring up the local dealers to see what they'd offer in straight sale, quoting the estimated value that pops up when you put your reg into eg the Motorway (or similar) web site. Ignore their usual guff about "you'll never get that price, totally unrealistic" etc etc. Sometimes they'll match or beat, if not....

(5) Sell via Motorway. Done this a few times, they're not perfect, but generally a painless experience and for a car in good condition, normally get a really good price

Remember: a car is just a commodity item. Don't worship it or the people that sell them. In the UK the motor trade has an appalling reputation, very much justified in my experience. Car salespeople have a high staff turnover rate and are interchangeable with estate agents (I've met several from each trade who were indeed in the other) and are under immense pressure to generate profit, not to be your best mate

[flash22]

Just to add to the mix, there is talk of a new scrappage scheme for london

https://tfl.gov.uk/modes/driving/scrappage-schemes

 

[kernowjim]

1 hour ago, flash22 said:

Just to add to the mix, there is talk of a new scrappage scheme for london

https://tfl.gov.uk/modes/driving/scrappage-schemes

 

I probably won't be scrapping a 2022 Yaris