Car Prices... what the...

[Deleted User]

Sea_Shell said:

havingaball74 said:

My car was written off in a non-fault accident last week. I'm now in the rubbish position of needing a car and quick. I'm torn between buying an old car for a few thousand pounds and then hanging on until prices readjust themselves before trading it in and buying a newer one or just biting the bullet and buying a newer one now (£10000 ish) and taking the hit. What are people's thoughts please?

Personally, I'd buy a cheap run-around to keep me on the road, and then do my research about what I want my "real" replacement car to be, then hopefully finding the right one. 

Not so much to do with price, more having the time to make the right long term purchase.   Depends if you know exactly what you want your new car to be, and what's available currently.

We have this conversation regularly regarding the "what if?", as we still don't know what we'd want next, without doing a lot of research and test drives etc.

There are no cheap run arounds. Anything that runs is ridiculously overpriced.

havingaball74

Exactly!
I mean does anyone know whether 11k for a 2017 car with 15000 on the clock is ok or massively overpriced? ( I think I know the answer!)

Grumpy_chap

havingaball74 said:

Exactly!
I mean does anyone know whether 11k for a 2017 car with 15000 on the clock is ok or massively overpriced? ( I think I know the answer!)

It massively depends what Jazz this is - the top spec Jazz at that time was around £18k and discounts were never that great so, maybe, someone would get for £17k OTR.  So, £6k saving for 4 years and 15k miles is £1.5k/year or 40 pence per mile in depreciation.  Given it will have been traded in and then added warranty etc., and the current climate, it is not outrageous.

My Nephew is currently looking for a 2017-ish Octavia and can't locate a good example anywhere near £11k.

My Niece's Citigo is even more absurd:

Grumpy_chap said:

When my Niece was 17, my BiL purchased her a brand new Citigo at £7.3k.  She will be 21 this year (2022) so that makes the car 4 yo.  A week before Christmas WBAC offered her £7k.  That means only £300 in depreciation.  

Did you challenge the insurance company valuation?

havingaball74 said:

So, I'm shafted unfortunately. My car was 2008 and had 70,000 miles on the clock. The insurance payout was £1500.

ontheroad1970

havingaball74 said:

So, I'm shafted unfortunately. My car was 2008 and had 70,000 miles on the clock. The insurance payout was £1500.
I'm struggling to get a car like it for that price in the current market so my choices seem to be:
Get a similar one but a bit more expensive to see me through until the market adjusts?
Buy a newer car, same mileage for £8000?
Buy a much newer one, much lower mileage for £11000?
A stop-gap car is still going to cost me a few thousand and may have issues that are expensive (and I might not get much in part exchange).
The £11000 car is lovely and an upgrade but it's price may tumble in the coming months. 

I don't mean to be rude, but how many times can you ask this question across three different threads?

havingaball74

ontheroad1970 said:

havingaball74 said:

So, I'm shafted unfortunately. My car was 2008 and had 70,000 miles on the clock. The insurance payout was £1500.
I'm struggling to get a car like it for that price in the current market so my choices seem to be:
Get a similar one but a bit more expensive to see me through until the market adjusts?
Buy a newer car, same mileage for £8000?
Buy a much newer one, much lower mileage for £11000?
A stop-gap car is still going to cost me a few thousand and may have issues that are expensive (and I might not get much in part exchange).
The £11000 car is lovely and an upgrade but it's price may tumble in the coming months. 

I don't mean to be rude, but how many times can you ask this question across three different threads?

I apologise. I wasn't sure where it would best be seen. Situation solved now so thank you for everyone who has given me advice. Very much appreciated.x

Grumpy_chap

havingaball74 said:

ontheroad1970 said:

havingaball74 said:

So, I'm shafted unfortunately. My car was 2008 and had 70,000 miles on the clock. The insurance payout was £1500.
I'm struggling to get a car like it for that price in the current market so my choices seem to be:
Get a similar one but a bit more expensive to see me through until the market adjusts?
Buy a newer car, same mileage for £8000?
Buy a much newer one, much lower mileage for £11000?
A stop-gap car is still going to cost me a few thousand and may have issues that are expensive (and I might not get much in part exchange).
The £11000 car is lovely and an upgrade but it's price may tumble in the coming months. 

I don't mean to be rude, but how many times can you ask this question across three different threads?

I apologise. I wasn't sure where it would best be seen. Situation solved now so thank you for everyone who has given me advice. Very much appreciated.x

So, which one did you go for?

And how did you conclude all this between 8:20 pm and midnight on a Sunday of an extended Bank Holiday weekend?

havingaball74

Grumpy_chap said:

havingaball74 said:

ontheroad1970 said:

havingaball74 said:

So, I'm shafted unfortunately. My car was 2008 and had 70,000 miles on the clock. The insurance payout was £1500.
I'm struggling to get a car like it for that price in the current market so my choices seem to be:
Get a similar one but a bit more expensive to see me through until the market adjusts?
Buy a newer car, same mileage for £8000?
Buy a much newer one, much lower mileage for £11000?
A stop-gap car is still going to cost me a few thousand and may have issues that are expensive (and I might not get much in part exchange).
The £11000 car is lovely and an upgrade but it's price may tumble in the coming months. 

I don't mean to be rude, but how many times can you ask this question across three different threads?

I apologise. I wasn't sure where it would best be seen. Situation solved now so thank you for everyone who has given me advice. Very much appreciated.x

So, which one did you go for?

And how did you conclude all this between 8:20 pm and midnight on a Sunday of an extended Bank Holiday weekend?

Hiya, rather than 'situation solved' I should have put 'situation improving' as I'm still confused but gradually narrowing options down. I'll let you know!😊

havingaball74

Did you challenge the insurance company valuation?

havingaball74 said:

So, I'm shafted unfortunately. My car was 2008 and had 70,000 miles on the clock. The insurance payout was £1500.

Yep, they initially offered £1300. I've rejected the £1500 and am waiting to hear back.

jimjames

Ibrahim5 said:

molerat said:

Strange times, the first time ever that I have had a car where the dealer will give me more than I paid them for it !

Not for me. I paid over £16K and they offer me £245. Disgusting.

Been doing some research for a video and looking at prices for Golfs. There are 20 year old cars for sale that are around 50% of the price when sold new. That's crazy money! Why would you pay £7k for a 20 year old bog standard Golf?

forgotmyname

jimjames said:

Been doing some research for a video and looking at prices for Golfs. There are 20 year old cars for sale that are around 50% of the price when sold new. That's crazy money! Why would you pay £7k for a 20 year old bog standard Golf?

Because in another 20 years it will be worth its new price at least and probably still on the original engine even with moon and back mileages.
It may have had a few front wings though, silly place to put water absorbing sponge.