Why Now is the WORST Time to Buy a Used Car
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- čas přidán 28. 02. 2021
- Thinking about buying a used car and wondering why the prices are so high?
In this video I explain all of the reasons why now would be one of the worst times to buy your next car given the current state of the car market.
Great video. Hopefully interest rates stay low for when I’m ready to upgrade my car. Looking forward to the video on the R8!
Great to have a new video from you, mate! Looking forward to seeing the SLK 55 replacement.
Thanks, coming as soon as some decent specced cars hit the market!
Another great video. I have seen prices of cars going up on the forecourt due to lack of supply. A used 5 series went up £1k overnight the other day. Discounts are none.
Another good one thanks, the Vantage one will be interesting as those prices have gone up too. Even the old DB7s have been snapped up! Definitely a bad time for buying cars - unless you see that magical perfect spec one that appears once in a blue moon!
Thanks for sharing this.
Currently on the end of a personal lease car, but have extended it by 6 months with the plan to get a newish used car around October when the prices hopefully have stabilised.
Hopefully my logic is sound.
Thanks again.
It's even worse now Jason ! Big waiting list for new cars .I'm two years in to a pcp deal and instead of being in negative equity i am in equity . I got a valuation on the car six months ago yesterday it was worth 5k more , crazy !
You're spot on. Same with houses. Due to the low interest rates on savings account, people are spending their money on house, car and electronics. House prices and used car prices have gone mad. People are paying way more than the value.
Almost a year later and nothing has changed
Thanks v much for doing this. Do you think this November prices will drop or rise (5 months after your video) please?
Im due to sell my car now as it’s very Impractical for me. I’m going to buy a runaround until prices steady, I got a feeling if I buy now and sell in 2 years I will lose a lot.
Thoughts on a pre registered GTC4Lusso T, £240k new as specced but 50 miles at £190k. I do think another major depreciation hit to come ie 160k in 1 year but stabilise now it’s discontinued?
Ps enjoyed finding your videos!
Would love some updated advice on buying a car right now
If you need video ideas, talk about electric cars, depreciation, how well they hold value, costs included in owning etc hp vs pcp. Large deposit pcp vs low etc :)
My friend works for Lexus and they've essentially been working part time for the past year, however he's also had the best year ever in terms of sales. I actually think people are buying as they are spending less money on other things like holidays..
Would love an update video. When came we emerge from the woods and buy a car?
Hi Im watching this past 6months, would you say its low now? very useful video
I think this is a very closed view and not looking at the bigger picture... good petrol cars have also had a good recognition as this is now last of the breed before we go electric. In terms of cars for the drivers, were now only getting more muted, smaller displacement, automatic box cars and therefore leaving petrol heads to look into the past to find something driver focused. I also think social media has brought a lot of attention to the used car market too. There’s more to it than what you’re saying and the reasons that I have suggested wouldn’t necessarily mean that used car prices will crash... I have quite a few friends buying up barns and farm land to then fill with lots of collectible cars before we go electric. I believe that has nothing to do with the pandemic. Although granted I do think the pandemic has increased prices in the ways you have suggested and more.
What would I rather buy, a new BMW i3 for £37k which will be old tech in 5 years or a used Jaguar F type?
I enjoyed this bit. However, I would add that the question: “who should buy a car right now” is a bit different in the USA.
Third party dealers are over paying for used cars and selling them at very high prices. Therefore, Instead of buying, many are leasing and flipping cars. Leasing affords you a chance at greater discounts, while giving you a bargain buyout price at the start of the lease.
We are living in a time where a new car can be sold for more than it was bought for.
Another thing also you forgot is the 2030 Electric Car movement , in 2025 if you buy a new Petrol or Diesel car that’s low or mid range it’s likely to have drastically lower value 5 years later than ever before because most big cities will have congestion zones and people will be looking into buying only mid-high and higher end cars that retain value or electric and hybrid cars . So pretty much right now I guess more higher range cars are being collected before they start getting rare .
That's true, but it is only the sale of new petrol/diesel cars in 2030, so there will still be a used market. But I agree this will have an impact on the prices to some extent.
Thanks for sharing. Do you think 911 carrera t will hold it's value or 911 carrera gts will be better? Both for 991.2
I think it will be about equal. I'd say the GTS is the more recognisable model over the T and looks-wise has the nicer wheels which is associated with the top-tier models, so if I was pushed for an answer it'd be the GTS.
Dad owns a carrera T and prices are on the rise. I think there’s only a couple in the dealer network currently and it’s only 4K down on its 2018 list price. Not bad 🤷♀️
I have been in the market for an e92 M3 for over a year now but I cannot find the right car and for the right price. This video has confirmed my own feelings about the economy and that buying a car right now is a bad financial decision, and I actually sold my car 6 months ago because I wasn’t driving it, and while it was worth a pretty penny! However, do you think M3’s will plummet with the rest of the cars out there? I sure hope so, I just can’t warrant 23k for a 8 year old car on 50k miles with multiple owners etc, but I could warrant that same car if it was £16k maybe. Cheers
Honestly... yes and no. So if the government continue to print money then the value of money will fall and push prices up even further. Since posting this video Johnson & Johnson, Unilever and Coca-Cola have announced they're increasing their prices for staple goods which I assume is to adjust for inflation. You may find that the prices of the e92 M3 continue to go up, owners on forums will tell you it's because it's such a great car as they haven't realised that every car is going up. Then one day, it will come crashing down. My guess is that won't happen for another 12-24 months though. Post-covid they will stop going up. It really just depends if you're able to be patient.
@@fullyplantd Hi thanks for your response! Yes I think I can be patient, as you say it’s a bit of a enthusiast driven market hence inflated prices but give it another 2 years and the old M4’s will have also trickled down in price also affecting the E92 and E46’s. As much as I love cars a bad deal on a car is a bad way to start your ownership. Cheers for the advice!
That’s the thing, do you wait two years? I’ve been waiting for a while and I just can’t get myself to pay the extra for an older car.
I am actually in the market and looking for an SLK55 AMG - How much did you sell yours for? Do you think £17k for a Low mile example with perfect full-service history is a sound price?
Sold for £14,250 with 60,000 miles on. I think £17k is a good price yep, that's if you really do need a low mileage example. I found that most of the wear and tear came from age-related issues rather than mileage, such as electronics, seals, the roof, corrosion etc. All of the wearables are cheap to replace. So nothing wrong with finding one that has miles on and has a nice spec and a good history.
hmm, seems like prices are staying up
Covid-19 will never end and there will be a ban or discourage for petrol cars especially in big cities like London.
...don't forget that "we'll own nothing and be happy"
lol, getting out once the country is fully vaccinated, im not getting vaccinated, and there are millions like me.
Bit confused and a contradiction, over pay for a car now? But surely it will be worth less on future when used car market picks up and prices crash..I'd say wait 12 months....
I’m looking to buy in a month a bmw 3 series 3L xdrive with body kit max £15k what is your opinion
Nice, I've driven a 335i RWD and I liked it, it is much more exciting than the Mercedes or Audi equivalent. The runflat tyres will take a bit of getting used to and the petrol models have engine sounds pumped through the speakers, that didn't bother me though. It depends on the mileage and spec but it seems like it would be a good purchase. It will depreciate though, check out where a 2010 car is at now and that'll be the price you'll get for yours in 3-4 years time.
@@fullyplantd cheers that’s pretty useful to know. What I love the most about them is the bodykit I don’t think Iv seen a car I prefer under 15k with the same specs that looks better.
Why did you sell the SLK55 you got board of it?
Yeah, it was very much a muscle car and I'd like something with a little sportier handling.
@@fullyplantd other then that reason would you recommend buying a SLK55?
@@batman-oq1vc Yep, it was fun, sounded great, reliable, unique, held its money. I enjoyed owning it.
You didn't mention the semiconductor shortage. That's the most important issue here
Yep. That news came out after this video
What about ULEZ? Prices are up for petrol engine cars ... if you compare 2010 Petrol and diesel... then diesel will be cheaper... as noone wants it in London!
So in summary people have cash but are not driving a harder bargain or saying NO I WILL NOT PAY THS ! Trouble is you dont mention how the motor trade stopped the vast swathes of nearly new cars parked on disused airfield crashing the market ?
This true for all cars? Or just certain ones? anything to check prices from before or just your knowledge from looking
All cars yes, but sports cars between £15k - £35k especially. The best way of checking would be to use Auto Trader's car valuation feature and you'll find that the guide price is almost always £5k less than what the car is advertised for. It was pretty accurate around 12 months ago.
You can also go on to Collecting Cars which is an auction site and search for the make/model in their sold section as they keep the listings live after the auction has ended.
@@fullyplantd thanks for the video and your comment.
So in other words its the best time to sell a used car and sit on the money and wait for the crash?
Yep. Some speculate there won't be a "crash", but the prices will just ease back down over time.
@@fullyplantd So what are you meant to drive in the meantime...?
Yeah money not gold 😉
Motorhomes and caravans are also making good money.
no they aren't, the pound is devaluing, open your eyes.
What's your thoughts on buying a brand new car?
In general, I don't think it's a good idea as you lose so much money as soon as you drive it away (I recently learned that this is because new cars have VAT added to the price but used cars don't). However, if you are someone who likes buying new cars and see the benefit in paying the extra then I think it is a perfectly fine time to buy one. I have no idea how long they are taking to arrive due to covid though.
@@fullyplantd Thanks much appreciated
Due to the computer chip shortage, brand new cars are heavily affected. Both in terms of lack of supply and also available ones having systems downgraded or digital screens swapped to analogue.
You might find dealers trying to punt you poorer spec cars or systems that were standard are now "upgrades".
Used car prices are way too high, even older cars that would sell for a couple
of thousand are now over three thousand.
I think that if you can wait, used prices will drop, one problem might be a shortage
of new cars, this is due to a world shortage of the microchips that the latest cars
ar full of.
The question is, do you realy need a car, unless this covid situation suddenly clears
there are few places that you can go to in a car.
Yep, it could go either way. I made this video in a full lockdown, everyone is now out and about yet the car market has held strong. I'm putting this down to the fact that people have been locked down on furlough but haven't had anything to spend their money on so have a lot of savings.
Please can you reference your sources. This is the second video of yours I have watched and I am trying to say this politely but your information is either out of context or incorrect. The graph you put up at 4:50 is not of inflation. I have no idea what it is. You then go on to say inflation is at an all time high and your money is now worth a lot less. "your money in the bank is rocketing down". This is simply not true. Inflation is actually LOW. Between 0.9% and 0.7%. Historically this is closer to 2.5%. Please, please research and understand your subject matter before putting out information that you don't fully understand.
Watch inflation spike massively next year!
Printing money = stimulus
Hyper inflation is coming, check out Neil McCoy Ward, et al
@@therealunclevanya Even if it is - you cant go on a public forum telling people that their money is rocketing down in value at this moment. Because its not. Its misleading people and whilst I accept probably not done on purpose its irresponsible to produce content and not even fact check it before publishing.
Very well said auwz66 and in regards to the replies to this post... who the hell has said we have been printing money? We have NOT been printing more money willy billy. The UK has been selling bonds and borrowing money... therefore needs to be repaid. My money I believe isn’t worth any less. I can still go into a shop a buy a packet of bourbons for 45p. I could 2 years ago and I still can.... make sure the video sticks to the car market and not in general.
Not overpriced if they sold
sure, over-inflated would have been a better term to use.
@@fullyplantd yea I still agree with you, how many comments I've read about how expensive the mk8 r is or the new M4 is, it's more a reflection of purchasing power of the consumer