Second hand market coming to its senses?

[candida]

Because I was bored today I clicked on update valuation from WBAC for my M3P.

This was today



This was 3 weeks ago


Last October it was £51k! (I've put 3k miles on it since then but it's only at 12k now).

2nd hand market finally showing some sense or oversupply with WBAC overwhelmed with 3 owners selling for a Y?

(Before anyone suggests it, I'm not complaining, nor am I planning to sell. But I am interested in the jumping about)

EDITED to insert model and variant

 

[roadcred]

Because I was bored today I clicked on update valuation from WBAC for my M3P.

This was today

View attachment 771247

This was 3 weeks ago
View attachment 771249

Last October it was £51k! (I've put 3k miles on it since then but it's only at 12k now).

2nd hand market finally showing some sense or oversupply with WBAC overwhelmed with 3 owners selling for a Y?

(Before anyone suggests it, I'm not complaining, nor am I planning to sell. But I am interested in the jumping about)

EDITED to insert model and variant

Thats why I sold mine end of January

 

[Limey]

You have a few of the early models coming off leases too

 

[imstitch]

Depends on age I think. I have a 2021 M3LR and a quote from this week was still within 2k of the purchase price. I imagine a 2019 car doesn't get the same price while still being the same model/car.

 

[pdk42]

It's supply and demand. There are a lot of people trading in Model 3s for Model Ys.

 

[Mr H]

Mine is 44k with WBAC, same as Tesla but 47k with Motorway which is £500 less than last week

 

[s7gpt]

my landrover ( gone now ) lost a grand in about 2 weeks during February, but our audi has remained same - both similar age but mileage much less on audi !

 

[plisken]

Depends on age I think. I have a 2021 M3LR and a quote from this week was still within 2k of the purchase price. I imagine a 2019 car doesn't get the same price while still being the same model/car.

Just done mine just now, Dec 2021 M3LR 900 miles £45k boom, just like that. 3 weeks ago was offered £49k by a dealer

 

[SpareHeadOne]

It's almost March, there will be a glut of trade-ins soon (same as September), that'll depress prices.

The question is whether they go silly again in a couple of months.

 

[Mrklaw]

It's almost March, there will be a glut of trade-ins soon (same as September), that'll depress prices.

The question is whether they go silly again in a couple of months.

If new orders are out in November then yes possibly even worse than before - normally 4 months wait max so far

 

[UrbanSplash]

Just done mine just now, Dec 2021 M3LR 900 miles £45k boom, just like that. 3 weeks ago was offered £49k by a dealer

Tesla trade in for my Dec 2019 LR with 20k miles is £42k. Was happy with that. Same as motorway. Think I paid £48k for it.

 

[Temper Tantrum]

Prices are always down at this time of year. After March you will see them start to creep up again.

 

[SpareHeadOne]

If new orders are out in November then yes possibly even worse than before - normally 4 months wait max so far

Oh yes, Tesla had three cars of the same age and specification as mine last month that were all up for more than new prices.

They're all gone, presumably sold. I wouldn't pay more than new prices for a second hand car, but there clearly are people who will.

 

[JimMay]

No, it’s seasonality. New models coming out in Q4 coupled with the turnover into a new year (making your 1 year old car now a 2 year old car based on calendar year). Expect used car prices to go up again in Q2 through Q3.

Why? Because none of the macro externalities depressing chip supply and logistics has changed and will continue to lead to a cycle of -> less new cars (by some measure 2021 new cars produced were nearly 2-3MM fewer than in 2019) -> less used cars, which will face constant or higher demand as we go into spring and summer.

 

[UrbanSplash]

Of course if people will pay these prices for a second hand car is another matter. Real squeeze in the UK. People might stop buying cars

 

[candida]

Should’ve done more research before I posted… Motorway indicative price is £49k

 

[Undecided_2]

Thats why I sold mine end of January

Me too. I knew that this couldn’t last. I sold my Tiguan in January on Carwow as soon as I ordered the Y. They paid me more than I paid for it in 2020 so happy days! Gave me a nice big deposit for our Y. Even happier days!

The only other time that this has happened to me was when I sold a 2008 RS Turbo and the chap was desperate. Although if I had kept it I would have made a nice fat profit today… oh well!

 

[plisken]

What really makes me sad is seeing the my old that I traded in with Tesla in Dec last year, selling for £6000 more than they gave me, which was in turn £2500 more than I paid for it in June last year but the saddest part is that I miss it so much, I'm considering trading the Tesla and buying her back or one very much like her.

But the thought of paying some £8000 or so more than I did almost a year ago for a car that is now a year older, not to mention what I'll lose on the Tesla, kind of makes me ill.

It's actually worth more than my Tesla now, crazy...

no wonder I partake of a small drink on a school night

 

[JonB]

Some time later... I've just asked for a price from Cazoo for my M3 LR with tow bar, 6 months old with 5k on the clock. As new condition, they quoted a mere £46,525. The same car new is just under £60k... and I would not get it until Q1 2023. Disappointed!

 

[Lord Farquad]

Some time later... I've just asked for a price from Cazoo for my M3 LR with tow bar, 6 months old with 5k on the clock. As new condition, they quoted a mere £46,525. The same car new is just under £60k... and I would not get it until Q1 2023. Disappointed!

Sounds low. WBAC are offering me £43k for a Sep 21 SR+ with 9k on it…..