Car Prices... what the...

ex-pat_scot

and will doubtless swing down.
The question, as ever, is WHEN.

Tough times, if you are currently a forced buyer.
The two scenarios I can see are:
- delay until you absolutely have to buy. If infrequent use, then look to hire / car share as a stopgap measure.  Offer to share costs with a neighbour if they have a suitable but infrequently used vehicle, and get yourself on their insurance (we've done this!)
- buy new from dealer stock. There seem to still be quite a few deals at the moment.


- new stuff that normally isnt discounted (new models, EVs etc) seem relatively good value. Seems little difference between dealer stock new price and 12-18m dealer 2nd hand prices on many models.
- new stuff that is usually heavily discounted (fleet fodder, such as Astras, etc etc) the hefty discounts are much thinner. I'm avoiding.


We sold family car in June (had to get rid asap). Bought a small 2nd car as (1) stopgap (2) teenagers learning to drive.
I'm delaying as long as we can manage to buy another family car.
I have a few options:
1. buy new EV. No discount, but good residuals and vv cheap running costs. Poor availability. Frankly would be better in 6-12 months' time when new models come to market and the charging network matures a little
2. new ICE car. Likely petrol rather than diesel, for the first time (for us) in 30+ years.  There are still decent discounts (20% +) on  stuff like Skoda Kodiaq / Octavia / Berlingo.  This would necessitate a move away from Landrover, which my wife is yet unconvinced in spite of many years of poor reliability, huge running costs etc. I'm not sure what will happen with residuals: there will be complex issues on value due to issues like softening of general market prices, last minute dash to ICE ahead of 2030 ban on new sales etc. Lease might be a safer option...
3. bangernomics for 1-2 years. Old estate / MPV. This would tide us over for family duties until market settles and EVs come to market (lots of new ones due in next 12 months - Tesla Y; Kia EV6; Ioniq6 etc. Also time for ex demos to come onto the market).
4. wait and "make do". Roofboxes for uni duties. Hire for occasional family needs.  Problem is that even bangers seem crazy priced, and you really need to know the provenance (family / friend sale)

I'm in 4. at the moment. Likely will weaken and go 1. soon, if I get too much pressure from Mrs XPS.

Herzlos

There are some great deals if you want to trade a used car in for an new one, or if you want to downgrade drastically.

But for anyone wanting to upgrade used to used it's a bad move.

ElefantEd

motorguy said:

Yes i thought that might have held water, but shes holding her ground.  Our main car is shared between us so any change needs to be unilaterally agreed.

No, any change to a new car at £25K ish would be a downgrade.  Anything "similar" currently would be around £35K and even then we'd lose out on some things compared to our current car.

I hope you mean mutual - or do you mean your wife has the only say in the matter?!

onlyfoolsandparking

There are still good deals to be had imo as I bought a bargain just over a week ago. My budget was 8K initially and after scouring the market for around 3 months (I definitely saw prices creeping up) I ended up paying 8600 and although I felt like I'd failed on my mission, similar cars are still currently advertised for 10-14K and as a a small bonus I ended up pulling £300 back from scrapping my faithful old banger.

The only slight downside was having to travel 260 miles to Scotland for the car but for the saving I believe I've made it was well worth it.

motorguy

ElefantEd said:

motorguy said:

Yes i thought that might have held water, but shes holding her ground.  Our main car is shared between us so any change needs to be unilaterally agreed.

No, any change to a new car at £25K ish would be a downgrade.  Anything "similar" currently would be around £35K and even then we'd lose out on some things compared to our current car.

I hope you mean mutual - or do you mean your wife has the only say in the matter?!

lol.  Ah, yes, mutual!

dipsomaniac

Just for balance (again). I was only offered £150 for my car when I paid £200 18 months ago. Not all of us are facing this dilemma 😀 I am £150 - £200 in negative territory

Ibrahim5

I have just noticed that we buy any car charge £49.99 fees so for my perfect car they would pay me £150-£49.99=£100.01. Crazy.

Jenni_D

If your car is valued in the £200 range then, by definition, it is far from "perfect". 🙄

Ibrahim5

Jenni_D said:

If your car is valued in the £200 range then, by definition, it is far from "perfect". 🙄

I suppose it has the odd scratch but it functions perfectly. We have just been on holiday in it. I mean WBAC will pay me £100.01. If I sold it I would probably see it subsequently advertised for £3K from a motor trader.

motorguy

dipsomaniac said:

Just for balance (again). I was only offered £150 for my car when I paid £200 18 months ago. Not all of us are facing this dilemma 😀 I am £150 - £200 in negative territory

I'm sure you're hardly crying in to your cornflakes if you've just £50 of depreciation in 18 months. 

And realistically if WBAC are offering that, you'd get far more for a private sale.