Used Car Values !!

Petriix

Like I said @JKenH, I don't treat WBAC as an authority on the value of a particular car. They just don't want to build up EV stock right now so are offering low. Ultimately, though, it's better if prices do fall so that EVs become more affordable to more people. 

diystarter7

Hi
It's a simple equation. Supply Vs demand = Price

Thanks

Flight3287462

An interesting article on the deterioration of the US Car Loans market, which I suspect is being mirrored over here to a greater or lesser extent.

https://oilprice.com/Energy/Energy-General/Americans-Are-Struggling-To-Pay-Car-Loans.html

fred990

Flight3287462 said:

An interesting article on the deterioration of the US Car Loans market, which I suspect is being mirrored over here to a greater or lesser extent.

https://oilprice.com/Energy/Energy-General/Americans-Are-Struggling-To-Pay-Car-Loans.html

I wondered recently if PCP would be our version of sub-prime mortgages/loans etc.

The resident forum know-it-all about everything stated no way since it was asset backed by big in house finance divisions....nothing could possibly go wrong. 

Bozo had probably convinced himself printing money and negative rates was the new normal...lol

[Deleted User]

legionare64 said:

Just thought I would share this as I was shocked at value drop.
So story is June 21 I bought a new Fiat panda 4x4 for £12500 decided I would like to change to EV so in Jan22 I traded it in for a pre reg (3 weeks old) Nissan Leaf + the one with 62kwh battery and 230 mile range cost £30500, got £14k for panda so more than I paid. I enjoyed driving Leaf but always had a bit of range anxiety so decided to sell it back to dealer in October for ££29500 which was also what We buy anycar were offering. So it cost me £100 a month for 10 months motoring.
Thought I would see value today with we buy anycar and it is worth £18175, that is over £11k less than I sold it for 3 months ago. Is the market now dropping ??

WBAC are having a laugh there, that car would easily go for thousands more than that if you threw it on AT.

JKenH

JKenH said:

A Tesla Model 3 performance I looked at in May 2022 was valued by WBAC at the time at £43,000. This week the same car, with same mileage is down to £26,295.

WBAC messaged me again as the old valuation had expired and today it was down to £23,195! That’s £3,100 down in less than a week.

JKenH

Video report from Car Dealer on the state of the used car market with particular reference  to EVs.

https://youtu.be/dcGTwZ4gjmM

I think the headline should refer to Model 3 not Model Y.

These monthly reports from the motor trade are useful in that they report what is actually happening with used car values. All markets tend to be cyclical and we have seen this with used EVs. They will bounce back but the report suggests they may go lower first. 

JKenH

This graph of used EV inventory is the US illustrates why oversupply may be driving down used EV prices.


https://insideevs.com/news/633386/us-used-ev-market-triples-prices-falling-notably/

Herzlos

[Deleted User] said:

legionare64 said:

Just thought I would share this as I was shocked at value drop.
So story is June 21 I bought a new Fiat panda 4x4 for £12500 decided I would like to change to EV so in Jan22 I traded it in for a pre reg (3 weeks old) Nissan Leaf + the one with 62kwh battery and 230 mile range cost £30500, got £14k for panda so more than I paid. I enjoyed driving Leaf but always had a bit of range anxiety so decided to sell it back to dealer in October for ££29500 which was also what We buy anycar were offering. So it cost me £100 a month for 10 months motoring.
Thought I would see value today with we buy anycar and it is worth £18175, that is over £11k less than I sold it for 3 months ago. Is the market now dropping ??

WBAC are having a laugh there, that car would easily go for thousands more than that if you threw it on AT.

They promise to buy any car, not give a good price on any car. They must just be wary about how well it'll sell, or have too many in stock already.

Herzlos

fred990 said:

Flight3287462 said:

An interesting article on the deterioration of the US Car Loans market, which I suspect is being mirrored over here to a greater or lesser extent.

https://oilprice.com/Energy/Energy-General/Americans-Are-Struggling-To-Pay-Car-Loans.html

I wondered recently if PCP would be our version of sub-prime mortgages/loans etc.

It could well be; people are buying a car for a reasonable monthly payment but regular posts on here a lot of people have no real plans to fund the balloon payment so will just continue in the PCP cycle because they can't really afford to get out.

It's also made it easier for people to buy cars far more valuable than they would otherwise, on much longer contracts, so there's a fairly real risk that should affordability problems happen like huge increases in mortgages, fuel bills, food, or even unemployment, will mean that a car that was perfectly affordable when the finance was signed now isn't.

That doesn't just apply to PCP of course, HP and leases will have the same issues, but it's only PCPs that let the customer VT at 50%.

Of course, the crazy car prices likely propped things up for a while, because less people than usual would be VT'ing or reposessing cars with negative equity.