Used Car Values!

Jimrod

Hi everyone,

I've been looking to trade my car in (2008 Scirocco GT) for something bigger and I've come across yet another of those "things" where it seems there's a big rip-off going on..

I started checking out trade-in values in late August and on Webuyanycar as I was told they were offering good rates currently - sure enough they were reasonably competitive with the trade-in value, offering me £10,400 with 21,000 miles on the clock, while trade-in through dealers was being quoted at around £10,500-£11,000.

The thing I forgot was the registration changes on the first of September! Immediately after that my car value plummeted £1000! Both via Webuyanycar (£9400) and the most a dealer would give me was £10,000. If I check a car of exactly the same spec but a few months newer with the same mileage it still comes in at the original quoted prices.

Now I know reg plates are important to some people and the perceived year difference (when in reality many cars are from the same batches yet unregistered until needed!) will affect value but here's what I really have the problem with - while my car has dropped significantly in value, every single car I was looking to trade in for or course remains at the same price. Dealers haven't dropped their prices at all despite trade-in value taking an instant hit. Why is this? How come it only works one way?

It's just very frustrating that I've basically lost £1000 because of the date and that would be balanced if it worked the same on both sides of the buy/sell fence but why is it dealers can just hold their high sale prices if demand is allegedly lessened buy the registration plate year. I get that it's a supply and demand thing, and that they can charge what they like but is there anyone "in the know" who can explain if these things balance out a couple of months down the line? If dealer's price guides will bring their sale prices down in line with their trade in prices?

Thanks for any info! I realise I sound ranty, I was all ready to trade-in and now the cars I was looking at are obviously a little more out of reach!

DUTR

Well cars drop in price, that's a given, it may not matter to you, but an August 08 is not as appealing as a September 58 as the old saying goes, a bird in the hand is worth more than 2 in the bush, when I sold my car, the 1st guy wanted it there and then, which meant I had to be 3 weeks without wheels, but a small sacrifice to pay in the grand scheme of things.

motorguy

Jimrod wrote: »

Hi everyone,

I've been looking to trade my car in (2008 Scirocco GT) for something bigger and I've come across yet another of those "things" where it seems there's a big rip-off going on..

I started checking out trade-in values in late August and on Webuyanycar as I was told they were offering good rates currently - sure enough they were reasonably competitive with the trade-in value, offering me £10,400 with 21,000 miles on the clock, while trade-in through dealers was being quoted at around £10,500-£11,000.

The thing I forgot was the registration changes on the first of September! Immediately after that my car value plummeted £1000! Both via Webuyanycar (£9400) and the most a dealer would give me was £10,000. If I check a car of exactly the same spec but a few months newer with the same mileage it still comes in at the original quoted prices.

Now I know reg plates are important to some people and the perceived year difference (when in reality many cars are from the same batches yet unregistered until needed!) will affect value but here's what I really have the problem with - while my car has dropped significantly in value, every single car I was looking to trade in for or course remains at the same price. Dealers haven't dropped their prices at all despite trade-in value taking an instant hit. Why is this? How come it only works one way?

It's just very frustrating that I've basically lost £1000 because of the date and that would be balanced if it worked the same on both sides of the buy/sell fence but why is it dealers can just hold their high sale prices if demand is allegedly lessened buy the registration plate year. I get that it's a supply and demand thing, and that they can charge what they like but is there anyone "in the know" who can explain if these things balance out a couple of months down the line? If dealer's price guides will bring their sale prices down in line with their trade in prices?

Thanks for any info! I realise I sound ranty, I was all ready to trade-in and now the cars I was looking at are obviously a little more out of reach!

Both the dealers and WBAC will use either glass's guide and / or CAP black book.

There would probably have been an adjustment for the plate change however it may well be that there was an adjustment made to your type / age of car as it was otherwise too high.

Also moving in to a quieter time for dealers now, so they might be viewing it that it could take until Jan to sell....

Jimrod

Cheers for the replies!

Yeah, I'm ok with the hit to my car value and understand that's what happens - what's bugged me is that the guys who dictate the value (dealers) haven't adjusted the forecourt prices of the cars they're selling accordingly so my car is effectively going to get them an extra £1000 when they sell it on, I'm the only one who loses out. If you get what I mean. If I, in turn had to pay £1000 less for their now older registered cars I'd be happy as the net difference to me would be the same.

I may try private but had bad experiences with it in the past, I'll have to give it some thought!

Thanks.

forgotmyname

Forecourt prices are just a starting point though. Every buyer should haggle that down to a sensible figure.