To wait or not to wait...

ZOZO93

I am in the market for a used car after my trusty c1 only just got through its last MOT and after changing jobs I suddenly need to do a lot more driving. I need to spend around £400 to keep it going another year for trouble free motoring.

So I have been looking around at used cars and can find some nice reliable 5yr old yaris's/ jazzes for ~7.5k. the issue is of course these are a lot more than normal as it seems cars in general are overinflated right now. 

At the risk of asking 'please predict my lotto numbers' I am interested to know Mse's general feel on when prices will fall. 

Richard53

If you like the car (you call it 'trusty') and you can get another year out of it for £400, why hesitate? £7-8k on a newer car might still bring you problems, just different ones. Usual advice on here is, if you like the car and you can keep it running for a reasonable amount, that's the best way. At least you know what is good and bad about it - any 'new' car will be possibly trouble-free and possibly a nightmare - you take the gamble.

Grumpy_chap

In the other thread, the OP said the C1 was on its way out:
https://forums.moneysavingexpert.com/discussion/6297385/most-reliable-used-cars-for-5-7000/p1

If you can get a year of trouble-free motoring for £400, then I'd spend that on the C1 and be happy with it while saving so I can buy something else at whatever time it is needed.

As for what will happen with used car prices, I was of the view there would be a swift drop back.  That has not happened and supply challenges for new cars now seems to be a longer-term issue and set to stay for a bit longer. 
In 2020, fewer brand new cars sold because everywhere was closed.
In 2021, fewer brand new cars because they can't be built.
So, the guess is what will happen in 2022?  If brand new sales remain deflated for any reason, then there will be three further years with supply of ex-lease vehicles to the used market suppressed.  That has to ripple through all years.

maxsteam

ZOZO93 said:

I am interested to know Mse's general feel on when prices will fall. 

When you start looking elsewhere. There are plenty of dealers who will tell you a tall story about rocketing prices and limited supply. In the real word, you should be able to get something really really nice for £7k.

tommyedinburgh

I’d say wait. Basically in an identical situation that you’ve described and folk on here said not to buy. Not regretted it at all, my wee banger is chewing up and spitting out the miles and the bank balance is getting healthier every month. 

ZOZO93

Thanks all for the replies as a little update I've given it some thought and have decided to bite the bullet and got for it. I think I've taken the non mse attitude of deciding to go for a bit of an upgrade. I've been offered £1k part ex for my c1 which I think will be the best I can get and I've decided after driving s few that I would actually really value the luxuries of air con, Bluetooth and central locking. 

born_again

maxsteam said:

When you start looking elsewhere. There are plenty of dealers who will tell you a tall story about rocketing prices and limited supply. In the real word, you should be able to get something really really nice for £7k.

February 2021

https://www.thisismoney.co.uk/money/cars/article-9277951/Photos-Rockingham-used-store-thousands-unwanted-cars.html

Wonder how many are still there now?

Wonder if it's lets hold them back, just sell a few a week to keep prices high...