Used Car Values !!

Petriix

You're having a giraffe if you think my car is only worth £13k. WBAC is not an accurate valuation, it's just what one company are willing to pay. The only MG5 SR Exclusives available to buy at all for under £18,500 are cat S. Yes, second hand EV prices have come down, but that's against a backdrop of far higher new EV prices than in 2020 when there was still a grant and major discounts available - case in point the MG5 is now over £10k more expensive for the basic spec.

In any case I'm really not worried about the long term depreciation. I anticipate that I will upgrade to something 'better' in a few years. Greater overall depreciation means that the differential between what I have and what I want will be lower so it's actually beneficial. Low cost EVs can only be a good thing so I'm all for it, I just feel a little sorry for the people who bought new at the peak of the market as they may get stung a little.

Herzlos

Normally rental companies would have taken it out of circulation by about 1 year / 15k miles but it seems like they still haven't replaced the older stock - I had a 2019 car for a work trip earlier in the week.

So either they've decided to keep older ones in use due to the pricing, or they just haven't been able to replace the stock yet, but either way it means there's still a large source of used cars still missing from the market.

JKenH

Used EV prices are getting quite close to used ICE prices now. These are the ICE and EV Corsas which popped up today at the same local dealer close to me. Amazingly they we’re listing a Corsa-e at £12,900 with 3k miles this morning but it disappeared before I had chance to enquire about it. 

Example:
EV 2020/70 46k miles £14220.
ICE 2020/70 45k miles £14,300.

Sea_Shell

That's still quite a wodge of cash for a 3 yr old Corsa. 

I wonder what the price of a similar 3 yr old Corsa would have been, say, 5 years ago?  


And what is that the equivalent of that would be now, taking into account inflation.

Grumpy_chap

JKenH said:

Used EV prices are getting quite close to used ICE prices now. These are the ICE and EV Corsas which popped up today at the same local dealer close to me. 

I have noticed that Marshall Group seem to have quite a number of used EV's across their network - perhaps they have seen an opportunity and gap in the market and decided to take advantage.  Many of the EV's they are listing seem to be by manufacturer's different to that Dealership site's new car brand offering.

The used ICE prices are remaining stubbornly high.

JKenH

Grumpy_chap said:

JKenH said:

Used EV prices are getting quite close to used ICE prices now. These are the ICE and EV Corsas which popped up today at the same local dealer close to me. 

I have noticed that Marshall Group seem to have quite a number of used EV's across their network - perhaps they have seen an opportunity and gap in the market and decided to take advantage.  Many of the EV's they are listing seem to be by manufacturer's different to that Dealership site's new car brand offering.

The used ICE prices are remaining stubbornly high.

I did notice a lot of Teslas appearing on Marshall’s stock lists at around the same time a lot of cheap Teslas disappeared from Tesla’s own CPO listings and the Marshall’s listings were cheap. Of the 91 used cars listed on AutoTrader by Marshall Scunthorpe, 11 are Teslas. Examples of today’s offerings (including a decent Long Range for you).

https://www.autotrader.co.uk/dealers/south-humberside/scunthorpe/marshall-approved-used-scunthorpe-10035554

Edit: I had a look at all Marshall’s listed Tesla stock and of the 61 Model 3s listed I think 39 were “just arrived”. It seems either they are buying in bulk or being part of the same Constellation Group are getting them from WBAC or BCA. 

Grumpy_chap

It seems as though prices for cars are high at present even for cars that are a bit less than A1 for age and mileage.  So far, I've seen:

• a premium brand car at a main dealer (of the car brand), but then it turned out was likely previously used as a taxi (which cast doubt on the claimed low 17k mileage for 4-yo car).  This should be as good a provenance as you can get.
• Then a supermarket car, advertised on 53k miles but the HPI showed it had >60k miles a year ago.
• Then I saw an older car at a local independent dealer, but history showed it had previous accident damage.
• Next a car at another independent dealer, but only 6 weeks' MOT remaining - why would a dealer offer that without getting a proper MOT duration?
• Now, a private sale, cherished car, 1 very careful owner, 2017 car with 20k miles but the advert says faulty O2 sensor (though it doesn't cause any issues allegedly) and a comment stating that the mileage is definitely genuine and there is a full service history but the owner has apparently "lost" al the service paperwork and service book.
  

What is the way to find an honest car?
I am staring to think that back to bangernomics is the way to go as then you get a car, judge on condition today and it works, history is unknown but at least you are not paying a premium for a history.

I am watching the one with the short MOT as the advert has been on since early February, it may be worth viewing if the car remains unsold and the Dealer then puts a full year MOT on it.  By then, they'll also have had it as stock for 4 months so price may become more negotiable.

Ectophile

Grumpy_chap said:

I am watching the one with the short MOT as the advert has been on since early February, it may be worth viewing if the car remains unsold and the Dealer then puts a full year MOT on it.  By then, they'll also have had it as stock for 4 months so price may become more negotiable.

The dealer isn't going to bother to MOT it until they have a customer.  That way, it will come with a full year's MOT.

Grumpy_chap

Ectophile said:

The dealer isn't going to bother to MOT it until they have a customer.  

A bit chicken and egg I suppose.

Herzlos

Grumpy_chap said:

Ectophile said:

The dealer isn't going to bother to MOT it until they have a customer.  

A bit chicken and egg I suppose.

Not really, no buyer is going to be put off by a short MOT from a dealer, because a fresh MOT will be part of the deal.

It's a concern from a private seller though, because you'd be concerned they were worried it'd fail on something expensive.