Used car values - wow!

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Mon 24 Oct 2022 10:48
Used car values - wow! - Mike H

Our son's Kia Cee'd was written off in a no-fault accident back in July this year. He paid £13,300 for it back at the end of 2017. He's now received the remaining payment for the car from the insurance company. The total payout was £12,700........ he's not replacing it thanks to a new job, so it won't cost him the corresponding amount to find another similar car

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Mon 24 Oct 2022 13:54
Used car values - wow! - Engineer Andy

£600 total depreciation over 5 years - not bad, alomst Boxsteresque!

They might find that within a year's time second hand car prices have come down due to the inevitable big recession that's on its way (perhaps a lot less so for new cars, as the chip/parts shortage and increased labour and power costs etc are not going away) any time soon.

Given I'm not using my ageing car much (probably worth about £1500 or so, just a guess), I actually contemplated at one point cheeckily selling it to some nearby dealer, hoping that they wouldn't be able to shift it in 6-12 months, then I turn up with an offer to buy it back for half as much (fully serviced, MOTed and the battery shown to be fine, of course).

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Mon 24 Oct 2022 14:05
Used car values - wow! - Andrew-T

You're probably not the first to have thought up this wheeze, Andy .....

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Tue 25 Oct 2022 11:38
Used car values - wow! - HGV ~ P Valentine

I have a 2008 ford focus, looking to change it when it gets to 200, if cars are cheap then it would suit me perfectly, selfish of me I know.

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Tue 25 Oct 2022 11:48
Used car values - wow! - pd

I would not expect any significant drop in prices at the lower end.

It isn't just the supply of new cars but that they are so much more expensive. I doubt they'll go back to 2020 levels ever so that will naturally drag up the cost of used cars. Furthermore a lot of manufacturers are dropping the cheaper end.

You also have to take into account ever more stringent MOTs and the cost of things like tyres and parts which are meaning anything with a year's ticket is worth more.

I reckon the upper end will soften but the days of having a selection of £1000 cars to buy with a year's MOT are probably over for good.

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Tue 25 Oct 2022 20:33
Used car values - wow! - Steveieb

Perhaps the days of Bangernomics are gone forever ?

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