Car Prices... what the...

ex-pat_scot

BOWFER said:

L9XSS said:

Again, a £5200 increase on the price I paid exactly 12 months ago for a 19 plate BMW touring........I’m tempted to cash my chips in.😜

I know so many who are, and going for new cars that are already in stock - me included.
The prices of those haven't risen, still plenty of deals to be done.
Our office is buzzing with people changing cars, after hearing my experence.

I sold our Discovery Sport a month or so ago, and got a decent price for it (+£2000 since spring) - it's since jumped up another £1,000 according to WBAC.

I'm coming to the conclusion that it would be better to buy new (dealer stock, not factory build to order) since the nearly-new stuff is frankly ridiculously priced. 
There used to be the "forecourt premium" whereby a new car would lose 30% as soon as driven off the forecourt. At the moment this looks like 10% at most.

( had a similar situation when buying our Discovery 3 new, years ago. 6m old Demonstrator was £500 lower than a brand new pre-reg car, so we went for the new one. They'd just come out, and were miles better for us than the old D2, so there weren't any older ones to buy at that time).

I'm now a little torn.

The new EVs (Skoda Enyaq and Hyundai Ioniq 5) seem the right size for our family, and are just becoming available. It feels like buying these or similar (Tesla model Y etc) would be better bought in about 6 months to 9 months' time, when demo cars become available and the market perhaps settles down.
Normally I buy 18m old car, then hold until it dies. That feels the best balance between initial depreciation, existing warranty, overall costs, likely hidden problems, and remaining useful life.
Ideally I'd buy a stopgap banger family car - such as Galaxy or estate car - for occasional family duties for a wee while until EVs become more widely available 2nd hand, but even the price of old cars feels daft. 

I'm leaning towards buying a new Ioniq 5, frankly, as the other options feel rather uncertain. It has 5 year / 100,000 mile warranty (which you can get on the Enyaq), and I'd look to be running it for longer.

BOWFER

ex-pat_scot said:

BOWFER said:

L9XSS said:

Again, a £5200 increase on the price I paid exactly 12 months ago for a 19 plate BMW touring........I’m tempted to cash my chips in.😜

I know so many who are, and going for new cars that are already in stock - me included.
The prices of those haven't risen, still plenty of deals to be done.
Our office is buzzing with people changing cars, after hearing my experence.

I sold our Discovery Sport a month or so ago, and got a decent price for it (+£2000 since spring) - it's since jumped up another £1,000 according to WBAC.

I'm coming to the conclusion that it would be better to buy new (dealer stock, not factory build to order) since the nearly-new stuff is frankly ridiculously priced. 
There used to be the "forecourt premium" whereby a new car would lose 30% as soon as driven off the forecourt. At the moment this looks like 10% at most.

( had a similar situation when buying our Discovery 3 new, years ago. 6m old Demonstrator was £500 lower than a brand new pre-reg car, so we went for the new one. They'd just come out, and were miles better for us than the old D2, so there weren't any older ones to buy at that time).

I'm now a little torn.

The new EVs (Skoda Enyaq and Hyundai Ioniq 5) seem the right size for our family, and are just becoming available. It feels like buying these or similar (Tesla model Y etc) would be better bought in about 6 months to 9 months' time, when demo cars become available and the market perhaps settles down.
Normally I buy 18m old car, then hold until it dies. That feels the best balance between initial depreciation, existing warranty, overall costs, likely hidden problems, and remaining useful life.
Ideally I'd buy a stopgap banger family car - such as Galaxy or estate car - for occasional family duties for a wee while until EVs become more widely available 2nd hand, but even the price of old cars feels daft. 

I'm leaning towards buying a new Ioniq 5, frankly, as the other options feel rather uncertain. It has 5 year / 100,000 mile warranty (which you can get on the Enyaq), and I'd look to be running it for longer.

The Ioniq5 is stunning and if it weren't for the fact it's overkill for my meagre needs, I'd have one.
It's far too big for just me on my commute though (and the Leaf is around £180 a month cheaper with zero deposit)
Looks like a colleague is going for one next week, the swine.
The current deals on them are pretty good, not convinced they'll get much/cheaper over time.
A part of me thinks the deals are good so Hyundai get their cars 'out there and seen'

pred02

L9XSS said:

Again, a £5200 increase on the price I paid exactly 12 months ago for a 19 plate BMW touring........I’m tempted to cash my chips in.😜

That is the vehicle we are after. I am in tears should have not faffed about a year ago when we started looking. It doesn't make sense for me to do PCP as I have cash in the bank. Company car scheme only does electric deals and we live in a flat - e.g. do not have a regular charer.

The new car shortage is not a short term fix, therefore I anticipate the prices to come down some 6-12 months from now at minimum.  

Grumpy_chap

pred02 said:

It doesn't make sense for me to do PCP as I have cash in the bank. Company car scheme only does electric deals and we live in a flat - e.g. do not have a regular charer.

The new car shortage is not a short term fix, therefore I anticipate the prices to come down some 6-12 months from now at minimum.  

There remain some competitive deals on new cars.

I agree with your logic on PCP and cash-in-the-bank, however the best deal may arise from accepting a PCP, securing the "incentives" and then clearing the finance early to avoid interest costs.

ex-pat_scot

BOWFER said:

ex-pat_scot said:

BOWFER said:

L9XSS said:

Again, a £5200 increase on the price I paid exactly 12 months ago for a 19 plate BMW touring........I’m tempted to cash my chips in.😜

I know so many who are, and going for new cars that are already in stock - me included.
The prices of those haven't risen, still plenty of deals to be done.
Our office is buzzing with people changing cars, after hearing my experence.

I'm leaning towards buying a new Ioniq 5, frankly, as the other options feel rather uncertain. It has 5 year / 100,000 mile warranty (which you can get on the Enyaq), and I'd look to be running it for longer.

The Ioniq5 is stunning and if it weren't for the fact it's overkill for my meagre needs, I'd have one.
It's far too big for just me on my commute though (and the Leaf is around £180 a month cheaper with zero deposit)
Looks like a colleague is going for one next week, the swine.
The current deals on them are pretty good, not convinced they'll get much/cheaper over time.
A part of me thinks the deals are good so Hyundai get their cars 'out there and seen'

I think a Leaf would just not be big enough for us as a family. Sadly.
The range is still an emerging point for these cars, and thus large car models are not being released until the batteries can cope with the additional weight and still return 250-300 mile + range.

I think we are still a couple of years away from larger EV car release - people carriers, SUVs, vans - with decent range. At the moment, the few models (Berlingo, Nissan people carrier etc) have poor range and not really viable unless for local driving only.

BOWFER

ex-pat_scot said:

I think a Leaf would just not be big enough for us as a family. Sadly.
The range is still an emerging point for these cars, and thus large car models are not being released until the batteries can cope with the additional weight and still return 250-300 mile + range.

I think we are still a couple of years away from larger EV car release - people carriers, SUVs, vans - with decent range. At the moment, the few models (Berlingo, Nissan people carrier etc) have poor range and not really viable unless for local driving only.

I wasn't suggesting the Leaf as such, just saying that for my meagre needs it's significantly cheaper than the i5.
TBH I think the likes of the Skoda Enyaq is already offering enough range for most.
My friends test drove one and were getting 3.5 miles per KWh easy enough, just as I predicted they would.
So in the 80KW battery model that's 280 miles.
Gentler drivers can get 4 miles per KWh or more, so that's 320 miles.

L9XSS

pred02 said:

L9XSS said:

Again, a £5200 increase on the price I paid exactly 12 months ago for a 19 plate BMW touring........I’m tempted to cash my chips in.😜

That is the vehicle we are after. I am in tears should have not faffed about a year ago when we started looking. It doesn't make sense for me to do PCP as I have cash in the bank. Company car scheme only does electric deals and we live in a flat - e.g. do not have a regular charer.

The new car shortage is not a short term fix, therefore I anticipate the prices to come down some 6-12 months from now at minimum.  

Although I’m tempted to sell, it is a great car, practical, fuel efficient and well built. 1.5 years old at purchase with 2700 miles. I’m torn! LOL

motorguy

Grumpy_chap said:

I must have the most exceptional car - I don't intend to sell but just did a WBAC price in any case and they offered by the lowley sum of £150.  I could probably weigh it in for scrap and get more.

A friend of a friend of mine buys up (petrol) stuff like that at auction, gets them home then cuts the catalytic converters off, takes the battery out, takes the alloys and tyres off and scraps them.  The cats seem to be worth a lot on some cars so thats where his main profit is.  Has a proper cottage industry going at it.  

Stubod

..if you think the amount used car prices going up is bad, have you tried to buy any timber recently!!

Langtang

Stubod said:

..if you think the amount used car prices going up is bad, have you tried to buy any timber recently!!

Yes! Crazy.