Very large drop in new cars sales

milliemonster

TDS wrote: »

Are the prices of new and nearly new cars coming down? Any links appreciated...

Thanks

Err no, we visited Mitsubishi a couple of weeks ago to look at their new colt, out of curiosity more than anything we asked them to do some prices for one of their, 'keep it for 3 years, then hand it back' deals

The cash price is around £7,700, no discount, no reduction in VAT, residual price in 3 years time £3,500, 36 monthly payments of £250!!!!!!!, which by my reckoning is around £9k, plus you still have to hand the car back at the end, yes I checked with the salesman and this is correct. Needless to say we just laughed and left it at that, let them go under.....

lostinrates

My experience, also a coupl of weeks ago was different. Local Honda and Nissan garages keen to make a deal on all the cars I was looking at (manily nearly new, but looked at a coupl of new options as well, possible to get a good deal on a new little Honda, and a great deal on a new bigger Honda- the latter sitting unsold on the forecourt.) I didn't ask about any finance deals etc though.

Generali

TDS wrote: »

Are the prices of new and nearly new cars coming down? Any links appreciated...

Thanks

According to the latest inflation release from the ONS, new car prices rose 1.8% over the year and second hand car prices fell by 12.5%:

http://www.statistics.gov.uk/pdfdir/cpi1208.pdf

The rate of fall in the value of second hand cars seems to be accelerating.

tradetime

Generali wrote: »

According to the latest inflation release from the ONS, new car prices rose 1.8% over the year and second hand car prices fell by 12.5%:

http://www.statistics.gov.uk/pdfdir/cpi1208.pdf

The rate of fall in the value of second hand cars seems to be accelerating.

That's somewhat surprising, to me at least, I'd have thought it might be the other way round.

PT66

Depends what you are looking for in used cars. I am after a Porsche Boxster and they cannot give them away at the moment. Away from main dealers prices are up to 20% lower.

chrisandanne

I have to wonder about what the new car salespeople are earning these days.

When I worked in car sales we were paid a very poor basic wage and earned most of our money in commision....hence we couldn't waste time on 'tyre kickers' and had to be really good at closing deals at a profit. I worked in used but it was the same in new.

They must be taking a big hit on their take home pay if they are working on basic plus commision.

Ax

PT66

I am sure many dealers will go to the wall as a result as well.

Generali

tradetime wrote: »

That's somewhat surprising, to me at least, I'd have thought it might be the other way round.

I had to double check!

07.1 Purchase of vehicles –3.4
07.1.1A New cars 1.8
07.1.1B Second-hand cars –12.5
07.1.2/3 Motorcycles and bicycles 9.4

Lotus-eater

Yes, but I bet the drop in second hand prices is to do with the vehicle tax changes. Not all are affected, only the ones which are going to cost an arm and another appendage to run.

Dan29

PT66 wrote: »

Depends what you are looking for in used cars. I am after a Porsche Boxster and they cannot give them away at the moment. Away from main dealers prices are up to 20% lower.

Just over £14,000 for a new shape 05 reg - unbelievable!