Home > General > How the mighty have fallen |
|
|
ReggieMac Member Since: 10 Sep 2023 Location: Wolverhampton Posts: 175 |
Mate, I feel your pain, last July I paid just over £50K for an immaculate 2019 AB 4.4 with 53K mileage. To date I have only put an additional 3K miles on it and a couple of random valuations from the usual online suspects puts it at around £38K at best. £15K down in less than 12 months is painful and leaves me with no choice but to keep it for at least 3 years now to try and offset at least a bit of the depreciation. |
||
23rd Mar 2024 1:00pm |
|
Full-fat-Lance Member Since: 06 Feb 2022 Location: Essex Posts: 119 |
Don’t forget that the last couple of years have seen inflated used car prices compared to where they would normally be. They are going through that correction now.
|
||
23rd Mar 2024 4:34pm |
|
JayGee Member Since: 27 Jul 2021 Location: London Posts: 3162 |
Agree it's just a price correction in the market due to more supply and less demand. 2012 TDV8 Vogue (L322) |
||
24th Mar 2024 2:24pm |
|
Philip Member Since: 05 Jan 2010 Location: UK Posts: 2557 |
I would say it’s more to do with insurance cost. |
||
24th Mar 2024 10:15pm |
|
JayGee Member Since: 27 Jul 2021 Location: London Posts: 3162 |
Insurance costs have reduced demand and increased supply so it's a classic 'double whammy' 2012 TDV8 Vogue (L322) |
||
25th Mar 2024 9:00am |
|
Arch Stanton Member Since: 26 Apr 2012 Location: chavshire Posts: 445 |
the market should recover reasonably quickly once insurers resume offering cover, even if it is at a higher rate than previously. A £1k pa increase in insurance cover is offset if the purchase price is £5k cheaper so I expect to see a new supply of buyers into th market soon. We were subject to a bit of a shock to the market and those who were perhaps a bit close to the bone on finances had to offload at a loss. I'd guess that by the end of this year the market will be more stable and prices have stabilised albeit significantly lower than the inflated covid times prices. First time FFRR owner |
||
25th Mar 2024 9:17am |
|
SS.Lyria Member Since: 01 Dec 2016 Location: London Posts: 243 |
The only trouble with the price correction is the trade seem to want the consumer to take the big hit. I can easily find 20 very similar to mine on autotrader. 2 of them are £19995 with both having covered well over 100k miles. Average price is about £24k and a couple of dealers are still asking £30k with slightly lower mileage than mine. Nice profit if you can get it.
|
||
25th Mar 2024 3:39pm |
|
Phill322 Member Since: 13 Jan 2024 Location: Wiltshire Posts: 6 |
Best not to go anywhere re near these sites such as WBAC or motorway. For my X3 they are offering far less than the BMW main agent ( not part ex) |
||
7th Apr 2024 6:51pm |
|
Richie N Member Since: 29 Dec 2023 Location: Kent Posts: 328 |
I wouldn’t take any notice of the prices on autotrader. Some of those listed have been on there for ages with many price reductions. Mine was originally listed last summer for £25k and I bought it in January for £19k. I think you’ll find they’re just not selling. |
||
7th Apr 2024 8:11pm |
|
Proftinkerpot Member Since: 22 Dec 2022 Location: County Antrim Posts: 177 |
Dealer prices are still very strong on Range Rover models but I suspect sales will have fallen due to high insurance and ULEZ charges. I bought my L322 in January 2023. Prices seemed to fall after that but I have also seen similar cars from dealers at more than I paid. Older cars seem unpredictable in pricing but newer ones are more grouped probably due to numbers available. Higher interest rates can't be helping sales either. Anyone financing a £50k car at 13% is mad. |
||
7th Apr 2024 8:12pm |
|
|
All times are GMT |
< Previous Topic | Next Topic > |
Posting Rules
|
Site Copyright © 2006-2024 Futuranet Ltd & Martin Lewis