Bit of a rant.

On 25th April 2022 WBAC valued my 17 plate RR Sport at £32500
Today 1 year and 11 months later and having taken the mileage from 45k to 60k they have valued it at £13210

It won’t be long before the insurance will cost more than the car

I can see my 30 year love affair with LR coming to an end very soon.
That’s assuming of course anyone will ever buy it!!

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.

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.

In Jan 22 I sold my 19 plate Seat Ateca back to the dealer for just 1,500 less than I paid for it, despite putting on 18,000 miles and having it two years. They put it back on their forecourt for more than I originally paid at the start of 2020.

Agree it's just a price correction in the market due to more supply and less demand. 2012 TDV8 Vogue (L322)

I would say it’s more to do with insurance cost.

Insurance costs have reduced demand and increased supply so it's a classic 'double whammy' 2012 TDV8 Vogue (L322)

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

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.

But more worrying and this is probably down to insurance is my sister is trading her 15 plate Audi Q5 with 89k miles on it and WBAC have offered her £14.5k

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)

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.

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.