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  1. #1
    Isle of discombobulation Joe 90's Avatar
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    Second-hand car prices surge amid new car shortage

    IMAGE SOURCE,GETTY IMAGES

    Second-hand car prices are rising at "unprecedented rates", the AA has said, as more people consider buying used cars amid a low supply of new vehicles.


    Research by the motoring group suggests the price of the UK's most popular cars have increased up to 57% since 2019.


    Three to five-year-old Ford Fiestas, the most popular on its AA Cars website, were now valued at £9,770 compared to £7,448 two years ago.


    Industry figures said "nearly new" used cars were in particular high demand.


    Price rises have been driven by a number of factors.


    A global shortage of computer chips used in car production, as well as other materials such as copper, aluminium and cobalt, has led to fewer new vehicles rolling off production lines.


    That has meant more buyers turning to the used-car market.


    AA Cars, which compared the prices of three, four and five year-old cars between 2019 and 2021, said demand for some models was so strong that they are increasing in value with age.







    Analysis from the motoring group's website found the price of a three-year-old Mini Hatch in 2021 was 57% higher (£15,367) than a model of the same age in 2019 (£9,811).


    Meanwhile, research said the price of a five-year-old Mini Hatch had jumped 15% compared to what a three-year-old model was worth in 2019, meaning the car gained in value despite getting two years older.


    Audi A3s saw the biggest jump in prices since 2019 (46.09%), followed by Ford Focuses (43.11%), which were the second most popular car on the AA's website.


    The motoring group said the first easing of coronavirus lockdown restrictions in summer 2020 had "unleashed demand" that had been "pent up" during the early stages of the pandemic.


    It said a shortage of new cars for sale led many drivers to buy used rather than new, with "demand pressures pushing up second-hand prices at unprecedented rates".


    James Fairclough, chief executive of AA Cars, said some popular cars were growing in value "even as they sit on the driveway".


    "With the exception of houses and some classic cars, things rarely go up in value as they age," he said.




    Mr Fairclough said despite the price growth in used cars, it was "still possible to get a good deal" if people shopped around.


    Besides new car supply issues, used-car dealerships have also experienced a shortage of stock as trade-ins have been reduced, according industry figures.


    The rise of online dealers with large advertising budgets such as Cinch, Cazoo and We Buy Any Car has also changed the market.


    The used-car price surge along with rising energy, grocery and transport costs has contributed to the UK's higher inflation rate.


    It has led to the Bank of England warning it "will have to act", suggesting interest rates may rise soon.


    Fewer cars for more money

    Peter Smyth, director of family business Swansway Car Dealers, told the BBC "nearly-new cars" were now a "desirable product" because of the slow supply of new ones.


    He said "the more expensive cars" on his forecourts such as Audi Q7s and Land Rovers, were "selling the fastest".


    "We are selling less cars for more money," he said. "You cannot replace the stock you have got."


    "We look at our prices of our cars on a daily basis and we move them with the market place."


    Mr Smyth said he expected prices to remain high for the next six to 12 months. He added he had been told by manufacturers that next year was going to be "tight" due to the shortage of materials such as computer chips.


    "What you will find is manufacturers will have more supply of luxury cars next year than lower end stuff," he said. "They are going to put the chips in the high-value cars where they make the most margin."


    In August, the Society of Motor Manufacturers and Traders (SMMT) said second-hand car sales in the UK had more than doubled.


    Petrol cars made up most of the sales, with Ford Fiestas, Vauxhall Corsas, Ford Focuses and Volkswagen Golfs being the most popular models.


    Mike Hawes, SMMT chief executive, said that while a buoyant used-car market was "important, as strong residual values support new car transactions", it was "critical we have a healthy new car market to help accelerate fleet renewal by allowing motorists to replace older, less efficient vehicles with the latest, cleanest models".
    Shalom

  2. #2
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    Been that way for the past 8-12 months - mostly dues to chip shortages and production difficulties meaning new car production has reduced so the numbers coming on the 2nd hand market have nosedived.

    You'd have to be a mug to buy now

  3. #3
    Isle of discombobulation Joe 90's Avatar
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    Mines worth a grand more than when I bought it 6 years ago.

  4. #4
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    Its debateable atm - with rising fuel costs which will only continue given the drive to move away from fossil fuels, the push for electric vehicle although their prices are still high - if its worth buying a new petrol / diesel vehicle if you have to pay for it yourself.

    I get mine paid but if i didn't i'd buy 2nd hand now and run it into the ground. I will say now i have never purchased a new car myself, except in Thailand and Germany the former because its cheap, the latter because i could buy it drive it for 1 year and sell it for more than i bought it for (thanks HMG) - never in the UK.

    With Battery vehicles it makes more sense to lease atm.

  5. #5
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    "Mines worth a grand more than when I bought it 6 years ago."

    Don't thin it's worth that until you have the dosh in your hand.

  6. #6
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    It won't be now Chitty has been using it for knee tremblers, not unless he washes the foot prints off the headliner

  7. #7
    Isle of discombobulation Joe 90's Avatar
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    Quote Originally Posted by malmomike77 View Post
    It won't be now Chitty has been using it for knee tremblers, not unless he washes the foot prints off the headliner
    The suspension springs have gone

  8. #8
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    I have been discussing Mercan suspension with Snubs and he tells me that in the last year or two they have discovered that there are alternatives to leaf springs - he's quite excited by the whole thing.

  9. #9
    Isle of discombobulation Joe 90's Avatar
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    Snubs old ride...



    Fooking wrongun'

  10. #10
    Thailand Expat Backspin's Avatar
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    Its all inflation. This is in effect, how much money central banks have printed. The same amount of goods and production or even less with covid, but far more money bidding on it. This is why the government cant just print money so that we can all retire. But the political pressure to print money is too great, so we do it anyway. This is why Japan had a lost generation and the west has a lost generation now too.


  11. #11
    Thailand Expat Backspin's Avatar
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    Quote Originally Posted by malmomike77 View Post
    Its debateable atm - with rising fuel costs which will only continue given the drive to move away from fossil fuels, the push for electric vehicle although their prices are still high - if its worth buying a new petrol / diesel vehicle if you have to pay for it yourself.

    I get mine paid but if i didn't i'd buy 2nd hand now and run it into the ground. I will say now i have never purchased a new car myself, except in Thailand and Germany the former because its cheap, the latter because i could buy it drive it for 1 year and sell it for more than i bought it for (thanks HMG) - never in the UK.

    With Battery vehicles it makes more sense to lease atm.

    Its not going to work that way. Electric cars aren't sold at a profit. In a sea of easy money, it doesn't matter. But if interest rates go up a bit bc of inflation, this will put an end to the fantasy.

    According To James Dyson, All Current Electric Cars Are Sold At A Loss

  12. #12
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    They will be 2% in the US shortly and Canada will follow suit as its a province of Merica

  13. #13
    Thailand Expat Backspin's Avatar
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    Quote Originally Posted by malmomike77 View Post
    They will be 2% in the US shortly and Canada will follow suit as its a province of Merica
    The overnight fed funds rate ? I doubt it. They would rather just throw everything to Weimar hell before they jack rates up 50 basis points for the next 4 meetings

  14. #14
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    Watch this space

  15. #15
    Thailand Expat AntRobertson's Avatar
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    Quote Originally Posted by Backspin View Post
    Its not going to work that way. Electric cars aren't sold at a profit. In a sea of easy money, it doesn't matter. But if interest rates go up a bit bc of inflation, this will put an end to the fantasy.

    According To James Dyson, All Current Electric Cars Are Sold At A Loss
    There is literally no topic that socal can't/won't make stupider.

  16. #16
    Thailand Expat Backspin's Avatar
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    Quote Originally Posted by AntRobertson View Post
    There is literally no topic that socal can't/won't make stupider.

    Why don't you shut your fucking trap about things you know nothing about ?

    Lets start with the #1 electric car company of them all. It made a profit one time in its 18 year history and that was from selling carbon credits. It still lost money on every car made.

    Tesla Loses Money On Every Single Car: Here's Where The Profit HidesNext. Lets look at GM

    Stunner: GM May Be Losing $50,000 On Each Chevrolet Volt

    Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts.

    Ahhh the article is from 2012

    Lets find a recent one.

    GM doesn'''t expect to make money off electric cars until next decade
    GM is going ‘all-electric,’ but it doesn’t expect to make money off battery-powered cars until early next decade

    Next decade in corporate speak means never.

  17. #17
    Thailand Expat AntRobertson's Avatar
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    Thread: Second-hand car prices surge amid new car shortage
    There is literally no topic that socal can't/won't make stupider.
    Quote Originally Posted by Backspin View Post
    Why don't you shut your fucking trap about things you know nothing about ?

    Lets start with the #1 electric car company of them all. It made a profit one time in its 18 year history and that was from selling carbon credits. It still lost money on every car made.

    Tesla Loses Money On Every Single Car: Here's Where The Profit HidesNext. Lets look at GM

    Stunner: GM May Be Losing $50,000 On Each Chevrolet Volt

    Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts.

    Ahhh the article is from 2012

    Lets find a recent one.

    GM doesn'''t expect to make money off electric cars until next decade
    GM is going ‘all-electric,’ but it doesn’t expect to make money off battery-powered cars until early next decade

    Next decade in corporate speak means never.
    Q.E.D.

  18. #18
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    Quote Originally Posted by Backspin View Post
    The overnight fed funds rate ? I doubt it. They would rather just throw everything to Weimar hell before they jack rates up 50 basis points for the next 4 meetings
    It is increasingly apparent that a little knowledge is a dangerous thing. Especially in your case, where it is connected to an astounding lack of understanding.
    Knowledge without understanding, (and increasingly littered with angry responses from you) is a sure way to demonstrate that your inherent stupidity is spread over several political and economic threads, and you actually have no idea what you are talking about.
    The subjects you have chosen to post on, are not subject to the whims of your childish opinions.
    Try looking for a forum inhabited by 12 year old conspiracy theorists from another lost generation. Your shallow knowledge and appallingly low level of understanding might be better suited to them.

  19. #19
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    Quote Originally Posted by AntRobertson View Post
    There is literally no topic that socal can't/won't make stupider.
    I agree, but Whingey McFlounce is definitely not far behind...

    Quote Originally Posted by malmomike77 View Post
    I have been discussing Mercan suspension with Snubs and he tells me that in the last year or two they have discovered that there are alternatives to leaf springs - he's quite excited by the whole thing.
    You have to be in the running for one of the most fucking dumb posters on this forum. Definitely someone who knows fuck all about cars.

  20. #20
    Thailand Expat Backspin's Avatar
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    Quote Originally Posted by malmomike77 View Post
    Watch this space

    The logical side of me agrees with you. But there's nothing logical about economics anymore. They will raise interest rates and continue quantitative easing at the same time somehow. And it will work at least temporarily. And then another year will drift by.

  21. #21
    Thailand Expat Backspin's Avatar
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    Quote Originally Posted by Switch View Post
    It is increasingly apparent that a little knowledge is a dangerous thing. Especially in your case, where it is connected to an astounding lack of understanding.
    Knowledge without understanding, (and increasingly littered with angry responses from you) is a sure way to demonstrate that your inherent stupidity is spread over several political and economic threads, and you actually have no idea what you are talking about.
    The subjects you have chosen to post on, are not subject to the whims of your childish opinions.
    Try looking for a forum inhabited by 12 year old conspiracy theorists from another lost generation. Your shallow knowledge and appallingly low level of understanding might be better suited to them.

    This whole drawn out post was nothing but a cringe ad hom.

    Do you even know what the fed funds rate is ? Or what basis points are ?

  22. #22
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    Quote Originally Posted by Backspin View Post
    This whole drawn out post was nothing but a cringe ad hom.

    Do you even know what the fed funds rate is ? Or what basis points are ?
    It describes you, your thoughts, and life perfectly. A loser moron stuck where he sure as hell does not want to be. Karma.

  23. #23
    Thailand Expat Backspin's Avatar
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    Quote Originally Posted by aging one View Post
    It describes you, your thoughts, and life perfectly. A loser moron stuck where he sure as hell does not want to be. Karma.

    Another quality contribution to the topic at hand. Thanks for that.

  24. #24
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    Glad you liked it. Maybe think about it.

  25. #25
    Thailand Expat Fondles's Avatar
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    Quote Originally Posted by Joe 90 View Post
    Mines worth a grand more than when I bought it 6 years ago.
    Friend back home purchased a LC79 Landcruiser mid 2018 for 85k.

    Sold it last week for 117k.

    Covid Tax !!

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