Falling car prices

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Mon 31 Dec 2001 18:05
Falling car prices - Anthony Farrar
I recently investigated buying a new (newer) car. But when I was told that the the trade-in value of my car a Renault Megane with all the extras was £4000 lower that what I paid last January I shelved the idea. One dealer said I hadn't necessarily been ripped off last January, but that all second-hand car prices had fallen dramatically - never those on the forecourts though. Is this something other people have experienced? At this rate my T reg megane will be worth £1000 next January.
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Mon 31 Dec 2001 20:27
Re: Falling car prices - Kev
Its what you pay for having a nice, new shiney car on your drive. You'll loose a bucket of cash as soon as you drive off their forcourt.
It does level off though, it may be worth £2000 less next year, then £1000 less, then £500 less, etc.........
As eventually the differance between a 'T' reg and a 'V' reg wont be much, and cars will be bought on condition.

I'd stick with what you've got, like you're thinking, its a nice car and worth more than what you may get for it. Unless its a heap of junk..........

I think it could be a bit of sales patter too, last thing I heard was that used car prices had, on average, gone up about 2% to 3%

No doubt an expert will say better, but thats my opinion

Kev
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Mon 31 Dec 2001 20:29
Re: Falling car prices - Andrew Hamilton
Go to a car auction and see how little old or unpopular models get. I notice the traders are very consistent on their prices they bid even when the same car comes around again for another try! At least your depreciation will be small from now on!
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Mon 31 Dec 2001 20:33
Re: Falling car prices - alan
Hi


Prices have fallen but more so when you try to trade in! Even the almighty mercs are dropping quickly. I have an almost 3 year old one with 15,000 miles on it. I aim to keep it,,but was told from a trustworthy dealer that it is now only worth about 35% of the new price!!

It seems to me as though the more expensive cars drop by a lower percentage but the monetary loss is much worse.

I would not sepnd a fortune on a new car...better to get an import
alan
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Mon 31 Dec 2001 21:47
Re: Falling car prices - Moosh
Your lucky that it is a low mileage Merc !

The latest news on 3 year car depreciation is about 50% average.

It would also depend if you were trading in or not.
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Mon 31 Dec 2001 20:30
Re: Falling car prices - Honest John
Used car prices usually rise in January to between 10% and 20% higher than they were in November. All depends on how much optimism there is around. If Osama comes up with another mega stunt, forget it.

HJ
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