Car prices, in my opinion, are still excessively high. Reductions from previously inflated prices, like £200k for a used GT3, don’t necessarily equate to good deals. It merely indicates a shift from their once exorbitant prices. Even now, they’re more expensive than they were before the pandemic. A genuinely good deal would be something like a 2017 Audi R8, priced at its pre-pandemic rate, plus the normal depreciation rate over the past 3-4 years, and an extra discount for the current high interest rates. Regarding new cars, it’s crucial to note that significant discounts were the norm in the past, barring the last few years. The return to such discounting isn’t extraordinary, particularly as these discounts aren’t much higher than pre-pandemic levels. What’s often missed is the excessive increase in new car prices over recent years, which appears to be more about exploiting consumer spending power than anything else. As a result, many cars are still priced much higher than their 2020 list prices or those of their predecessors, even after accounting for discounts. I’m certainly pleased to see car prices beginning to fall, but I’d hesitate to call them bargains. The economic reality is that most people aren’t financially better off than pre-pandemic, especially considering the current recession, inflation, and high interest rates. For car prices to be truly attractive or indicative of a market crash, they’d need to drop well below pre-pandemic levels. Furthermore, I suggest potential buyers wait a bit longer before making a purchase. A decrease in demand will inevitably lead to lower prices. It’s the basic principle of supply and demand that dictates pricing, not the actual value of the car. High-end models like Porsches, despite their premium price tags, are not overly costly to produce and are assembled relatively quickly. The market prices are still inflated, reflecting what consumers once were willing to pay monthly rather than the actual „worth“. With patience and strategic purchasing decisions, we might see more reasonable and affordable prices in the car market soon that might be real dealzz
I bought a demo (new) Focus ST in august 2023. Got a 21.5% discount on the car. Got it for about £29000. The car I traded in was Focus ST-line X estate 182ps almost fully loaded bought may 2022 new. It was originally priced just sniff under £30000 (todays currency), after discount I payed about £27500 for it. At the trade I had driven it 17200km. I got a fantastic price for it, £25950. The dealer put it for sale at about £28200.. Nothing happened for al most two months. Then in november they started to cut the price. First to £27000, then after just a week to the amount they payed me. Two more weeks and they made a huge cut to £22900. I was shocked.. What the hell where they doing! This wasn’t the end. Late december they cut the price yet again to £20600. Incredible! Now a week ago they removed the car. I was certain it had been sold. But the car has not changed owner. The market is just bonkers! I got my deal just at right time.
When I collected my GTS 4.0 in feb 2022, my salesman in Stuttgart said that I could sell it right now for way more than I paid. ( I got a 6% discount back in 2020 ) After driving it through swiss and Italy it was so much fun that I didn't care about the figures. The depreciation fact flew out of the roof, if there is any. You can't beat smiles per miles 👍
As long as you have no problem with buying it I agree. If someone is forced to sell and going take a huge hit they can't dream of that could be different.
It would be really interesting to compare used car prices with the pre-Covid prices. And surely the correct benchmark for prices would be to use pre-Covid prices less 4 years of normal depreciation. That might be an indicator of how much the current prices still need to fall to be realistic.
Both houses & cars have become too expensive for most Americans these days, most especially for single people and/or single-income households. Even a lot of 2 income households can't afford them.
The industry has driven prices too high for most families. The solution is for prices to align with family budgets, even if it means a market correction. The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on the govt.
What if you don't know how to trade any of these? I mean, see your point some people have the money and are willing to invest, the question is where to.
I agree, that's the more reason I prefer my day to day invt decisions being guided by a invt-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a invt-coach for over 7months+ and I've netted over 480k
Many people tend to lean towards spending money on things that don't generate income, like liabilities, rather than investing in assets that can bring in profits. It's important to understand the long-term benefits of investing in assets and making wise financial decisions.
@@bordersw1239 come again? That’s not a sale is it. It’s still in the trade at that point. 99% is a massive claim and wrong, that’s just a fact. Many are bought that way but NOT 99%. 99% of people reading this are in the bottom 99% of intelligence and the top 99% of brexit supporters. That’s a BS statement just like claiming 99% of all cars are on finance. Just not true
Resale prices for Porsche’s varies widely with model variants. Unfortunately Pete the 4 cylinder 718 Boxster/Cayman is the least desirable series in the Boxster range. If you compare a 718 with an older 981 with more miles the 981 will be listed at a higher price. Same goes for 911’s with the obvious example of 996’s selling way below all other variants in the range although it looks like the 996 is becoming more appreciated and prices have started to increase.
New cars have just got ridiculously expensive but it all seems to have got to the point of how much per month someone can afford on pcp rather than the total cost. I get it, but for someone like me, I like to own my cars so call me old fashioned. Hopefully the prices will stabilise.
To be fair though, it’s always been the case that you get around a 20-30% depreciation hit as soon as you drive a new car off the forecourt. I do feel that there’s certainly been a resetting of the car market however, from the crazy prices we saw a year or two ago.
Bought my Jag FPace V6 S in 2017 for 60k and still they're going for 28k on Autotrader. Not too bad over 7 yrs. Only got 20k miles on it. Will be keeping it for some time yet.
My 911 turbo S cost 127k in 2019. Was 18 months old. In covid, it was worth 120k. Needed to sell last November 2023. Got 77k for it. Absolutely gutted. Will never purchase an expensive car again. Had sports cars since I was 18 years old. Finally, I learnt my lesson at 45 years of age
Been there, it's all down to how the economy is going, I had a Ferrari F355 F1 Spider with 14k on the clock that I owned for nine years but a baby came a long and had to sell, the economy was bad and I took 42k for it, same car now 120k.😢
Why are you "gutted" @Baz1000r ? You bought an object that everyone knows depreciates. How much it depreciates by, is dependent on the marketplace. Today's Porsche marketplace is not the same as it was. No investment is market-proof. I don't think you've learned any 'lesson' at all.
@markwood7045 How can you possibly comment on if I have learnt a lesson. Or what I thought my expectations were. What a ridiculous thing to say. You have no idea what I have or haven't learnt
Good video Pete👍 remember the prices you looked at for the Boxster mostly retail, realistically your car will be late £40’s as a trade in they need a good margin to warrant car etc. Even if you get £48k, £14k depreciation in 2 years is good at this level. See how many 911 Turbo S are at main dealers and for how long! They have much further to come down to shift them. So many more S than non S turbos for sale, over supply.
Used buyers are the real judge of what a car is really worth - which can go either way. When manufacturers overprice a car, the used market isn’t pretty. Don’t forget Pete the online for sale prices you’re seeing are retail prices, so the actual loss to the car owner selling is much higher, as they will only be getting the trade value from the dealer - save for the instances where the dealer bought the car a long time ago, and is now making a loss. In a falling market their margins will be even larger to hedge against falling prices. For your estimated value of your car you mention, you probably need to knock off another chunk if you were to sell to a dealer.
Only in the car trade "In a falling market their margins will be even larger to hedge against falling prices" How about you traders cut your margins making the cars more affordable and sell more cars...
Auto trader , I love it , I’m like a kid in a sweet shop on there , can’t afford a lot of them but it’s great fun looking. Keeps me occupied for hours.
Hi Petrol ped, thank you. I've been looking for a channel that would review nearly new cars. I had a mini clubman cost me silly money as you no. when I had to change due to an accident at work I made a massive loss to me around 10.000 nearly new 6000 miles don't get me wrong my Kia Stonic is pretty much fully loaded better than mini but it was a big loss in a bad time for me but I had to change no choice. So it's nice to see you willing to do more affordable cars your channel keeps me going.
The prices were artificially high owing to the factors you mentioned and really are only returning to where they should be. Interest rates are causing savers to hang onto their capital and borrowers to not bother….both are impacting the car market massively
I got a straight swap on my top of the range CRV a year after I bought it! Mine was a special order colour which a customer of the dealers really wanted but didn’t want to wait 8 months for! I got a brand new model with 5 years free servicing thrown in as a sweetener! Bonus!👍😄
It really depends on where you live. You can’t find a used 2020-2024 Cayman S or GTS within 25 miles of NYC. Here all 911 and Cayman Boxster hold their value like crazy right now with no drop in sight.
I have just cancelled my targa order after waiting two years for a build slot and got my deposit back so will probably wait and see and buy a second hand nearly new one the wait is not worth it and perhaps some dealers can get new build slots quicker than others
I think that is smart, I think that some deductions from list are around the corner even on things like the 911 (in deposit contributions etc) Which will cause nearly new to drop fast, so you will likely save a fair bit compared to buying one at list as you were going to
Probably your best video ever. Incredible. I've been looking at an I Pace, OMG circa £38k for a year old HSE with new cost circa £80+. Keep them coming.
Its an amazing plug-in and interesting to see the price changes, thank you 🤟 - I was looking at V8 F Types 2022 and one dealer has been wildly changing prices - starting at 82k Aug 2023, then down to 69k back up to 90k down to 69k and now up at 72k...🤯
Good video. Supports what I have seen myself. However, in the case of GT3s, I would like to point out that while used prices have indeed come down A LOT, all of those cars you showed still have asking prices above their original MSRPs, even taking options into account.
Yes, the prices are still falling though. Be interesting to see what prices are in another few months. If you look at the price changes for each car on Autotrader it’s quite scary for the dealers holding stock, even on Porsche GT and RS cars at main dealers.
Great content as always Pete. The cars haven't lost the money you mention, but the asking prices have reduced by those amounts. Some of those asking prices were always unrealistic. It's also interesting to see how long some of the cars have been on the market. If you can get £50K+ on your car still and only paid £62K(?), I think you've done extremely well. The fact that in the meantime you've loved owning it is very important too. Now is a good time to trade if you're going up the price spectrum, but you'll lock in a higher APR if you finance the car. I've got a Panamera hybrid, but looking at how cheap the Taycan has become has got me thinking of buying one again as they're fantastic cars for the prices they're now selling for.
As I work for a German car main dealer I have seen this first hand with the price drop and also certain models being sold for over list. Be interesting to know what the prices are for a hot hatch or a sensible daily rather than a dream world super car.
I waited 13 months for delivery on a 2023 718 Cayman S. It was worth the wait, and am absolutely unconcerned about resale value because I plan to keep it and enjoy it for a long time. GT cars will almost certainly retain resale better, but they are much harder to get (still on allocation with dealer markups) and for me are less practical as a daily driver.
Good to see that used prices are steadily coming down from the convid inflation prices. Plus as said above, cars bought on the tick. Interest rates will hit hard.
When a C63 with a 2litre engine is more than a £100k you know the world has gone mad. Buy a car and keep it for 10 years min is my motto. PS , shmee's Senna has reduced by £65k and still no takers. It is tainted history wise though.
Who wants a Senna anyway? It’s a pointless car outside a track, and how often do you get to go to the track if you have a job, family and life to attend to?
@@Nord_Mann they're not for using - they're (mainly) a tax free investment. That's why you'll see many Ferraris and such like with crazy low mils on them. - Same with yachts - no inheritance tax
We bought a Mini Cooper sport ex demo from one mini dealer , 14 months later sold it to a different mini dealer for 3k more than we paid for it against a brand new cooper sport factory order with very high spec , and it cost us only a few pounds more on a new pcp , only went in for a service ,
Interesting and thoughtful (and thought-provoking) piece PP, thanks. The magic letters that have "allowed" (aka encouraged) prices to rocket, I give you: PCP. Nobody looks at or cares what the retail price is any more. The only thing that matters is, "Can I afford the monthly payment?" (or rental, as it should really be termed.). Something over 92% of new cars are acquired on a PCP. If PCPs didn't exist and people had to actually pay the full asking price (whether financed or cash), then the market as it stands price-wise would be plunging even further. The other thing is those prices you quote are mostly dealer retail prices. For a more accurate estimate of real depreciation on your Boxster, pop in to your local Porsche dealer and ask him what he'd actually give for you for it, both in P/X and as an outright purchase! One last little thing Pete. Please, please, don't adopt that irritating telly habit of switching from head-on view of you talking to camera to one of your side-view. If I'm speaking to someone face to face, I'm not interested in their ears!😁
Thank you for this as so relevant to me. I am in an almost identical situation to you - 718 Cayman 2019 plate - have loved it for for just over 2 years - would love a 911 next. Plan to keep it for another 6 months and reassess. Love your channel.
Car prices have been crazy the last few years. I had an m2 comp for 12 months at the beginning of covid. I ended up selling it, I added 10k miles, kept it 12 months, then sold it on at a profit of 12k. Mad. I had to sell it at that price. I've been driving my wife's hyundai i30n for the last couple of years, waiting for prices to go back to normal again. It's finally starting now, and I am finally looking to buy myself something nice again.
The astonishing thing to me is that the asking price for some of the cars you are looking at seem to have been higher than new list price for a 3 year old car, and even with the price drop, it still looks higher than it should be. The used car market post covid was just ludicrous, looks like it is finally starting to correct again, which should also impact new prices if there is more competition. I think the change in the market is nothing more than correcting what was just gouging consumers through covid.
Really interesting vid.Thanks.Used prices are dropping fast.As a matter of interest I priced my car on We buy any car and in the last year the difference in what they are offering me is over £5000.Crazy difference.
A few months ago, my jaw nearly hit the floor when I was walking past a main dealer and seeing £25k for a Fiesta, not a special one, it actually had rear drum brakes.
When new cars were almost impossible to get people turned to used and sadly greed pushed all the prices of used cars through the roof and now the bubble has burst.
I traded my BMW 230xi to a Model 3 two years ago and I don't really regret it. Best daily driver I've ever owned especially since I drive 40,000km/year but there are times during summer weekends when I wish I was in a sportscar. Was considering a Miata as a 2nd car but by heart's been desiring for a Porsche.; even just the most basic 718. Apparently, there's this stigma that most BMW owners tend to desire a Porsche. At this rate, I might be able to eventually attain one 🙏
I still think that there is further to drop, as nobody has confidence in the market at the moment and things are only worth what people think they are worth. The prices were so over inflated by the waiting lists and the lockdown cash people had burning a hole in their banks. As a lot had worked from home and had nothing to spend money on, coupled with historically low interest rates a bubble began to grow. Now rates have gone up along with cost of basic utilities, coupled with the fact that nobody has any money lying around there is a long way to fall. Certain models such as the Porsche GT products have been produced in much greater numbers than previously so there are loads of cars about to ensure supply while demand falls.
Tbf this price correction is happening across the complete board & not just Porsches …. Tbh it was coming & about time too . Paying for overs was ludicrous especially on a deprecating asset
Hi peter Great information as always 👏 My neighbour is a car trader for last 35 plus years And he’s told me if you buy a used car now for say 100k, The price will drop by 15/20% by Dec 2024 He made a cash offer on Porsche for sale in nov 2023 at a Porsche dealership Asking price was 110k, He offered 100k Offer rejected He got a call yday from the salesman and they offered it to him for 100k
It can be a bitter pill to swallow. I paid £30,000 for my two year old Kona Electric 18 months ago and a year later a two year old Kona Electric was £15,000. I took some solace in the fact that I got a slightly higher trade in value for my previous car and my finance rates were low, but I'm still left in a negative equity position, which would not be great if, for any reason, I needed to sell the car. I have an annoying habit of arranging finance over 5 years, then getting bored with the car after 2-3 and changing it at that point, but that's unlikely to be an option this time. I've always preferred to buy cars, rather than leasing, with the view that I will have some value from the old car to contribute to the next, but leasing is beginning to look like a less risky option, especially when wanting to change my car more frequently.
Ped your gen porsche was always gonna be hit hard with that engine. Its kinda like merc building a c63 then fitting a 4 cylinder. Your car is porsches equivalent. Value wise it was never going to end well. I'll be suprised if the 3.8 and 4.0L have dropped much,
The 4.0 GTS cars have depreciated heavily over the last 6 months and being newer had further to fall. I sold my 718 GTS 4.0 to the trade for £70k in July having paid £78k in 03/22. It's trade value now is around £52 - £55k with Porsche dealers retailing for around £65k.
'You can't go far wrong in my view buying a Tesla model Y for thirty five grand'. None of us has a crystal ball but I'd happily put a fiver on it that by the middle of the year you would look back and reflect that you were optimistic. Just my view. We'll see. But, do enjoy your videos, knowledge and opinions hugely. Thanks for another great episode.
To be fair I'd imagine that very few brand new cars are sold outright these days and at least half are company cars. My company car would have cost 52K outright but it costs me virtually nothing in BIK as it's an EV. I'd have never have been able to afford to buy one outright myself. So keep the reviews of new cars coming!
The interesting thing if you could find it out, is how much the dealer has it on their books for? Are the dealers losing money, or were they just over priced in the first place? And are they now back to the correct price. Great video.
Fascinating, No question new cars were getting too expensive and the financing costs that apply today have hit the affordability and depreciation calculations very hard. Good news for used car buyers. How low will some of these lovely cars drop? My opinion is that they will go lower before hitting their real values.
EV Man's channel has recently shown that the market is just going back to some kind of normality after a period of unsustainable second-hand values. Additionally, when Onto went bust, they offloaded a mountain of nearly-new EVs, which has resulted in over-supply. As a driver of a small electric car, I am glad to see this as it opens up ownership to a much wider audience.
Another great video. Very interesting. Nearly new certainly is the way forward. Just got a 72 plate ex demo civic sport trim ehev. Lots of extras too and saved loads of money over brand new. Love the car. Still hoping you’ll do a review soon as would be interested in your thoughts. Your review of the older sport plus actually helped me decide to buy one of those back in 2021. But this was too good a deal to turn down.
Very worrying, I shudder to think how much value I’ve lost on my 10 year old MX5, cost me £8k only a year ago I guess it’s value now would have me in tears! On the plus side I’m not looking at selling so probably best not to worry too much.
Would be interested to do similar with older classics, ie 911 3.2 or Merc 190 or Jag X350 … looking at auctions prices seem to be holding up as people dump complexity for older analogue …?
I’m in the happy camp tbf I’ve been after a 997 gts and they’re starting to come into a decent price bracket now that the market is starting to stabilise!
I got a model3 in 2019, drove 20k and sold it for same price as new. Got a newer model3, done another 20k and its worth 50%. Crazy market, but the plus side is that the Taycans are getting seriously tempting.
Yep been using that plug in for a little while now, I "play" fantasy garage price drop with a colleague, recent spots: for daily; 4-5y old I-pace now £15-20k, weekend; early 540c/570s £65-70k
@@PetrolPed interesting. We had a box of different ones when I was working on the Sabre project. We were instructed not to sell them on as they were exclusives. Seems someone in marketing was doing their usual in spinning BS 😄 gotta love a marketing department
Market forces and all that you mentioned undoubtedly have had an effect here, but I believe these premium brands have always had it good. They’ve very nicely created a demand, and people will pay whatever price is asked within reason. I think most of the brands you mention here had over inflated prices in the first place. The bigger they are the harder they fall after all!! I think what would be interesting is to see the actual profit margins (probably impossible) that would either prove or disprove my theory 👍🏻
A friend of mine is a car transport driver he travels all over the UK. He has told me at Bruntingthorpe there are so many Porsche Taycans lieing in a field youd struggle to count them all.
Local BMW dealer had to eventually knock £9k off a 2019 M5 to sell it at £40k, two months after listing it. I looked at it but 13.9% killed it immediately. Bottom line, something is only worth what the market is prepared to pay for it. That’s the reason why BMW in particular have always struggled with anything over £100k new.
I think your forgetting it’s winter and convertibles always drop some money. I have actually just been looking at 2.5 GTS due to your ownership. However I have just actually swapped my Z4 M40i for a brand new M240i. I got a substantial amount off list price and the finance was much lower a month than even a year old one.
Its interesting to me personally as im looking at F-Type's atm, post 2018 facelift V6 low mieage examples are already dropping into the high to mid 30k, il hold on a while longer 😮
Brilliant video Peter and many thanks for adding the link to view the fluctuations! Will make AutoTrader even more addictive! Keep up the great work, love all of your content. Drive safe!
My GR Yaris was £33,500 new in November '22. By November '23 WBAC were offering £27,000. Now, in January '24 WBAC value it at £32000??? I thought the new GR Yaris launched this week would hit my "old" GR value for six?
Great news if your not px but like most cases when buying a car and trading one in is the price to change cost. And that is what you have to negotiate with your car dealer. Great video Ped. but had to laugh because in the start of the video you talked about affordable cars and £50k is a lot of money to pay, which it is and then migrated onto cars costing well in excess of £140k. Love it
When you were describing some of the 'supercars' for sale and their very low mileages it got me thinking. Are those cars so bad that the owners are getting rid of them, are they even fit for purpose? I know that there are people who can afford to swap cars like fashion shoes, but most of us buy a car to use. The average UK mileage is apparently just over 7000 miles per year, so what is 'wrong' with these supercars. It would make more sense to hiire one for the day / week that the thrill lasts. As for the rest of us, depreciation is important, with the wrong car it can work out a several pounds per mile. Over 25 years ago a BMW 5 series was showing at over £2.50p per mile!!! Buy a car to keep, and write off the entire price against the expected mileage, any residual is a bonus.
What you have to remember is that some sellers do put the cars up for ridiculous prices to start off with so the market adjusts to compensate people will only pay what they personally feel is a good around price
My wife bought her first car right after the first lockdown in July 2020 when cars were still depreciating like rocks and the covid effect had not kicked in. BMW 1 series 118i SE for £14,599 from Available Car (with service pack included). 20 months old and 20k miles. We sold it to Motorway in August 2023 for £14k. £599 loss in 3 years is just madness. The same age, mileage and spec 1 series is now around £10k more. This is all one big correction that has been way overdue. She now has a GR86 which was an absolute steal at £30k compared to so many other new cars these days.
Interesting market. I popped into a VW dealer before Christmas as they had a two year old Up GTi, £2k over original list on the forecourt. I was hassled by a salesman trying to sell me a pre registered ID3 for almost half price! Some bargains out there. EVs are pretty toxic. I'd buy a late ICE you could keep and maintain. Jags, Merc SLs. Avoid anything with a big battery.
Prices advertised in dealers around Yorkshire are still holding up pretty well. I think a 991 is now on the up around here .If they are actually selling is anyone’s guess !
The reduction of values is eye watering but remember the dealers are still making a profit at these lower prices (smaller than they had hoped of course) so bear in mind that the real value of these vehicles is even lower😳😳
On more everyman cars I've kept a record of the PX value A/T put on our Karoq. Last May £17,010, June £16,280, Sept £14,870, Oct £13,270, Dec £13,670, Now £11,020. That's a drop of £6,000 in 7 months and £2,500 in the last month.
I wonder if this will have an effect throughout the industry. I feel that in the last couple of years particularly, car prices have gone crazy. Not just second hand, but new cars in particular. As you say, "cheap" family cars are now £40k+. I feel it is a result of the big increases in prices during covid, and manufacturers seeing what people were willing to pay at this time, and so have crept up the prices since. Now we are at the point where you can easily spend £100k on a BMW 3 series (albeit an M3 touring) that should really probably be a good £20k less than that. I was just trying to compare prices to something I bought 10 years ago. When I bought my brand new BMW 530d Touring M-Sport Plus. Now the 30d engine is no longer available, so I guess the modern "equivalent" to this would be the 30e. A similar level of spec to my old car, which cost me a little over £40k new, is now listing at £66,850. That seem like an incredible increase over 10 years. And puts that car probably closer to out of reach now for me, despite having a significantly higher salary now than I had then. It's getting a bit crazy
These cars are just kept mainly in a garage it seems, have they been run in properly or have just done small mileages of starting and stopping, never good for any engine
Given the propensity of dealers to have most stock held on financing themselves, how long do you think it's going to be before some of the "gravel drive and oak barn" vendors start to hit the wall as the retail value of their stock goes negative against the finance they have on it?
When you look at what your car is worth you have to reduce the Auto Trader garage retail price by 10-15% if PX or 5-10% if you are selling privately. The gap to that next car is always much higher because of this.
Hello mate, I think the whole market has gone loopy. Prices have never returned to normality really since the ‘Covid’ reasoning. Some items have climbed and stayed, some have climbed and subsided a little. Strange times.
I never understood why mass produced new Porsches would even appreciate. GT models yes, but they have made staggering numbers of the modern Porsche, compared to the hand built air cooled 964 and 993. Sure those are grossly overpriced but at least there's some kind of logic in that. It's ironic that they call 996 a "failure" although it sold way more than 964 and 993 combined. Hardly a failure. Production numbers. G 1974-1986: 196,000 964: 63,762 993: 68.029 996: 175,164 997: 212,964 991: 233,540
Looking at the price of the M2 and the last versions that came out they’re still more money to drop out of them. If you ask me. I would definitely have to a 992 GT3 for me. What a car.👍
I’ve got a 987 and been watching Boxster prices for about 3 yrs for a change ,, and prices are rock solid 987s/981 /981s/ dont drop at all ..718, 4 cyl aren’t as popular ..Jan 24. The price drop thing must be on high end Boxsters
Car prices, in my opinion, are still excessively high. Reductions from previously inflated prices, like £200k for a used GT3, don’t necessarily equate to good deals. It merely indicates a shift from their once exorbitant prices. Even now, they’re more expensive than they were before the pandemic. A genuinely good deal would be something like a 2017 Audi R8, priced at its pre-pandemic rate, plus the normal depreciation rate over the past 3-4 years, and an extra discount for the current high interest rates.
Regarding new cars, it’s crucial to note that significant discounts were the norm in the past, barring the last few years. The return to such discounting isn’t extraordinary, particularly as these discounts aren’t much higher than pre-pandemic levels. What’s often missed is the excessive increase in new car prices over recent years, which appears to be more about exploiting consumer spending power than anything else. As a result, many cars are still priced much higher than their 2020 list prices or those of their predecessors, even after accounting for discounts.
I’m certainly pleased to see car prices beginning to fall, but I’d hesitate to call them bargains. The economic reality is that most people aren’t financially better off than pre-pandemic, especially considering the current recession, inflation, and high interest rates. For car prices to be truly attractive or indicative of a market crash, they’d need to drop well below pre-pandemic levels.
Furthermore, I suggest potential buyers wait a bit longer before making a purchase. A decrease in demand will inevitably lead to lower prices. It’s the basic principle of supply and demand that dictates pricing, not the actual value of the car. High-end models like Porsches, despite their premium price tags, are not overly costly to produce and are assembled relatively quickly. The market prices are still inflated, reflecting what consumers once were willing to pay monthly rather than the actual „worth“. With patience and strategic purchasing decisions, we might see more reasonable and affordable prices in the car market soon that might be real dealzz
Very good analysis?
I bought a demo (new) Focus ST in august 2023. Got a 21.5% discount on the car. Got it for about £29000. The car I traded in was Focus ST-line X estate 182ps almost fully loaded bought may 2022 new. It was originally priced just sniff under £30000 (todays currency), after discount I payed about £27500 for it. At the trade I had driven it 17200km. I got a fantastic price for it, £25950. The dealer put it for sale at about £28200.. Nothing happened for al most two months. Then in november they started to cut the price. First to £27000, then after just a week to the amount they payed me. Two more weeks and they made a huge cut to £22900. I was shocked.. What the hell where they doing! This wasn’t the end. Late december they cut the price yet again to £20600. Incredible! Now a week ago they removed the car. I was certain it had been sold. But the car has not changed owner. The market is just bonkers! I got my deal just at right time.
When I collected my GTS 4.0 in feb 2022, my salesman in Stuttgart said that I could
sell it right now for way more than I paid. ( I got a 6% discount back in 2020 )
After driving it through swiss and Italy it was so much fun that I didn't care about the figures.
The depreciation fact flew out of the roof, if there is any.
You can't beat smiles per miles 👍
Same with me. Waiting for the good weather to take it out on the road again. The 4.0 GTS is the one.
As long as you have no problem with buying it I agree. If someone is forced to sell and going take a huge hit they can't dream of that could be different.
It would be really interesting to compare used car prices with the pre-Covid prices. And surely the correct benchmark for prices would be to use pre-Covid prices less 4 years of normal depreciation. That might be an indicator of how much the current prices still need to fall to be realistic.
Both houses & cars have become too expensive for most Americans these days, most especially for single people and/or single-income households. Even a lot of 2 income households can't afford them.
The industry has driven prices too high for most families. The solution is for prices to align with family budgets, even if it means a market correction. The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on the govt.
What if you don't know how to trade any of these? I mean, see your point some people have the money and are willing to invest, the question is where to.
I agree, that's the more reason I prefer my day to day invt decisions being guided by a invt-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a invt-coach for over 7months+ and I've netted over 480k
Many people tend to lean towards spending money on things that don't generate income, like liabilities, rather than investing in assets that can bring in profits. It's important to understand the long-term benefits of investing in assets and making wise financial decisions.
Since 99% of cars are bought on borrowed money, as soon as interest rates go up the price must come down.
Nice stat, it’s wrong but nice effort
How do you think the dealers buy the cars from the manufacturer?
@@bordersw1239 come again?
That’s not a sale is it. It’s still in the trade at that point. 99% is a massive claim and wrong, that’s just a fact.
Many are bought that way but NOT 99%.
99% of people reading this are in the bottom 99% of intelligence and the top 99% of brexit supporters. That’s a BS statement just like claiming 99% of all cars are on finance. Just not true
@@Becausefamilycar Yes they went from 0 to 5,25%. Massive drop 😅
@@StakedWealth369 no they didn’t. Go have a look.
They went up big time many months ago now the rates are dropping a lot
It's basically prices recorecting...The whole PCP model was built on ultra low interest rates, the bubble has burst.
Resale prices for Porsche’s varies widely with model variants. Unfortunately Pete the 4 cylinder 718 Boxster/Cayman is the least desirable series in the Boxster range. If you compare a 718 with an older 981 with more miles the 981 will be listed at a higher price. Same goes for 911’s with the obvious example of 996’s selling way below all other variants in the range although it looks like the 996 is becoming more appreciated and prices have started to increase.
New cars have just got ridiculously expensive but it all seems to have got to the point of how much per month someone can afford on pcp rather than the total cost. I get it, but for someone like me, I like to own my cars so call me old fashioned. Hopefully the prices will stabilise.
Perpetual debt seems to be the norm
To be fair though, it’s always been the case that you get around a 20-30% depreciation hit as soon as you drive a new car off the forecourt. I do feel that there’s certainly been a resetting of the car market however, from the crazy prices we saw a year or two ago.
Bought my Jag FPace V6 S in 2017 for 60k and still they're going for 28k on Autotrader. Not too bad over 7 yrs. Only got 20k miles on it. Will be keeping it for some time yet.
Ouch@@WeAreWatchingU
My 911 turbo S cost 127k in 2019. Was 18 months old. In covid, it was worth 120k. Needed to sell last November 2023. Got 77k for it. Absolutely gutted. Will never purchase an expensive car again. Had sports cars since I was 18 years old. Finally, I learnt my lesson at 45 years of age
Ouch 😣
Totally agree,generally the more the spend the more the loose.
Been there, it's all down to how the economy is going, I had a Ferrari F355 F1 Spider with 14k on the clock that I owned for nine years but a baby came a long and had to sell, the economy was bad and I took 42k for it, same car now 120k.😢
Why are you "gutted" @Baz1000r ? You bought an object that everyone knows depreciates. How much it depreciates by, is dependent on the marketplace. Today's Porsche marketplace is not the same as it was. No investment is market-proof. I don't think you've learned any 'lesson' at all.
@markwood7045
How can you possibly comment on if I have learnt a lesson. Or what I thought my expectations were. What a ridiculous thing to say.
You have no idea what I have or haven't learnt
It’s good to see a correction in the market. Flippers took the mick for so long it’s about time they took the hit 👍🏼
💯 WELL SAID 👍
Good video Pete👍 remember the prices you looked at for the Boxster mostly retail, realistically your car will be late £40’s as a trade in they need a good margin to warrant car etc. Even if you get £48k, £14k depreciation in 2 years is good at this level. See how many 911 Turbo S are at main dealers and for how long! They have much further to come down to shift them. So many more S than non S turbos for sale, over supply.
Someone just showed us this video... that £90k drop on the Ferrari is a bloody good find! But there are even bigger drops to be found ;-)
Great vid.
Won’t fancy being in Tom Hartleys shoes at the mo
Used buyers are the real judge of what a car is really worth - which can go either way. When manufacturers overprice a car, the used market isn’t pretty. Don’t forget Pete the online for sale prices you’re seeing are retail prices, so the actual loss to the car owner selling is much higher, as they will only be getting the trade value from the dealer - save for the instances where the dealer bought the car a long time ago, and is now making a loss. In a falling market their margins will be even larger to hedge against falling prices. For your estimated value of your car you mention, you probably need to knock off another chunk if you were to sell to a dealer.
Only in the car trade "In a falling market their margins will be even larger to hedge against falling prices" How about you traders cut your margins making the cars more affordable and sell more cars...
@@135Ops I’m not a trader lol.
Auto trader , I love it , I’m like a kid in a sweet shop on there , can’t afford a lot of them but it’s great fun looking. Keeps me occupied for hours.
Right on
Hi Petrol ped, thank you. I've been looking for a channel that would review nearly new cars. I had a mini clubman cost me silly money as you no. when I had to change due to an accident at work I made a massive loss to me around 10.000 nearly new 6000 miles don't get me wrong my Kia Stonic is pretty much fully loaded better than mini but it was a big loss in a bad time for me but I had to change no choice. So it's nice to see you willing to do more affordable cars your channel keeps me going.
I think another issue affecting the prices is the very big margin car dealers are making between the p/ex price and sale price
The prices were artificially high owing to the factors you mentioned and really are only returning to where they should be.
Interest rates are causing savers to hang onto their capital and borrowers to not bother….both are impacting the car market massively
I got a straight swap on my top of the range CRV a year after I bought it!
Mine was a special order colour which a customer of the dealers really wanted but didn’t want to wait 8 months for! I got a brand new model with 5 years free servicing thrown in as a sweetener! Bonus!👍😄
It really depends on where you live. You can’t find a used 2020-2024 Cayman S or GTS within 25 miles of NYC. Here all 911 and Cayman Boxster hold their value like crazy right now with no drop in sight.
I have just cancelled my targa order after waiting two years for a build slot and got my deposit back so will probably wait and see and buy a second hand nearly new one the wait is not worth it and perhaps some dealers can get new build slots quicker than others
I think that is smart, I think that some deductions from list are around the corner even on things like the 911 (in deposit contributions etc)
Which will cause nearly new to drop fast, so you will likely save a fair bit compared to buying one at list as you were going to
Probably your best video ever. Incredible. I've been looking at an I Pace, OMG circa £38k for a year old HSE with new cost circa £80+.
Keep them coming.
Glad you liked it!
Its an amazing plug-in and interesting to see the price changes, thank you 🤟 - I was looking at V8 F Types 2022 and one dealer has been wildly changing prices - starting at 82k Aug 2023, then down to 69k back up to 90k down to 69k and now up at 72k...🤯
Hold out brother, it will tank much further. Wait for them to stabilize.
@@TheChaz96agreed. Cars will devalue money won’t so hang on.
Good video. Supports what I have seen myself. However, in the case of GT3s, I would like to point out that while used prices have indeed come down A LOT, all of those cars you showed still have asking prices above their original MSRPs, even taking options into account.
Great point!
Yes, the prices are still falling though. Be interesting to see what prices are in another few months. If you look at the price changes for each car on Autotrader it’s quite scary for the dealers holding stock, even on Porsche GT and RS cars at main dealers.
It’s great to see that the market is correcting for the greedy price gouging prices manufacturers have slapped on new cars over the last 2-3 years.
Great content as always Pete. The cars haven't lost the money you mention, but the asking prices have reduced by those amounts. Some of those asking prices were always unrealistic. It's also interesting to see how long some of the cars have been on the market. If you can get £50K+ on your car still and only paid £62K(?), I think you've done extremely well. The fact that in the meantime you've loved owning it is very important too. Now is a good time to trade if you're going up the price spectrum, but you'll lock in a higher APR if you finance the car. I've got a Panamera hybrid, but looking at how cheap the Taycan has become has got me thinking of buying one again as they're fantastic cars for the prices they're now selling for.
When you do Autotrader searches at the bottom you can choose to exclude CAT S/C/D/N cars from the results so you won’t see them
Thanks for the tip 👍
As I work for a German car main dealer I have seen this first hand with the price drop and also certain models being sold for over list. Be interesting to know what the prices are for a hot hatch or a sensible daily rather than a dream world super car.
I waited 13 months for delivery on a 2023 718 Cayman S. It was worth the wait, and am absolutely unconcerned about resale value because I plan to keep it and enjoy it for a long time.
GT cars will almost certainly retain resale better, but they are much harder to get (still on allocation with dealer markups) and for me are less practical as a daily driver.
Good to see that used prices are steadily coming down from the convid inflation prices.
Plus as said above, cars bought on the tick. Interest rates will hit hard.
When a C63 with a 2litre engine is more than a £100k you know the world has gone mad. Buy a car and keep it for 10 years min is my motto. PS , shmee's Senna has reduced by £65k and still no takers. It is tainted history wise though.
😬
The fact Shmee has owned it seriously decreases it's value.
Who wants a Senna anyway? It’s a pointless car outside a track, and how often do you get to go to the track if you have a job, family and life to attend to?
@@Nord_Mann they're not for using - they're (mainly) a tax free investment. That's why you'll see many Ferraris and such like with crazy low mils on them. - Same with yachts - no inheritance tax
@@GazMoby can't agree more..
We bought a Mini Cooper sport ex demo from one mini dealer , 14 months later sold it to a different mini dealer for 3k more than we paid for it against a brand new cooper sport factory order with very high spec , and it cost us only a few pounds more on a new pcp , only went in for a service ,
Interesting and thoughtful (and thought-provoking) piece PP, thanks.
The magic letters that have "allowed" (aka encouraged) prices to rocket, I give you:
PCP.
Nobody looks at or cares what the retail price is any more. The only thing that matters is, "Can I afford the monthly payment?" (or rental, as it should really be termed.). Something over 92% of new cars are acquired on a PCP. If PCPs didn't exist and people had to actually pay the full asking price (whether financed or cash), then the market as it stands price-wise would be plunging even further.
The other thing is those prices you quote are mostly dealer retail prices. For a more accurate estimate of real depreciation on your Boxster, pop in to your local Porsche dealer and ask him what he'd actually give for you for it, both in P/X and as an outright purchase!
One last little thing Pete. Please, please, don't adopt that irritating telly habit of switching from head-on view of you talking to camera to one of your side-view. If I'm speaking to someone face to face, I'm not interested in their ears!😁
Thank you for this as so relevant to me. I am in an almost identical situation to you - 718 Cayman 2019 plate - have loved it for for just over 2 years - would love a 911 next. Plan to keep it for another 6 months and reassess. Love your channel.
Thanks Darren 👍
Car prices have been crazy the last few years. I had an m2 comp for 12 months at the beginning of covid. I ended up selling it, I added 10k miles, kept it 12 months, then sold it on at a profit of 12k. Mad. I had to sell it at that price. I've been driving my wife's hyundai i30n for the last couple of years, waiting for prices to go back to normal again. It's finally starting now, and I am finally looking to buy myself something nice again.
Oh wow!
The grey M2 at Targa Florio belonged to one of my Petrolhead Tours mates.....he chopped it in against a 992 2S cab...
The astonishing thing to me is that the asking price for some of the cars you are looking at seem to have been higher than new list price for a 3 year old car, and even with the price drop, it still looks higher than it should be. The used car market post covid was just ludicrous, looks like it is finally starting to correct again, which should also impact new prices if there is more competition. I think the change in the market is nothing more than correcting what was just gouging consumers through covid.
Really interesting vid.Thanks.Used prices are dropping fast.As a matter of interest I priced my car on We buy any car and in the last year the difference in what they are offering me is over £5000.Crazy difference.
A few months ago, my jaw nearly hit the floor when I was walking past a main dealer and seeing £25k for a Fiesta, not a special one, it actually had rear drum brakes.
😂😂😂
When new cars were almost impossible to get people turned to used and sadly greed pushed all the prices of used cars through the roof and now the bubble has burst.
I traded my BMW 230xi to a Model 3 two years ago and I don't really regret it. Best daily driver I've ever owned especially since I drive 40,000km/year but there are times during summer weekends when I wish I was in a sportscar. Was considering a Miata as a 2nd car but by heart's been desiring for a Porsche.; even just the most basic 718. Apparently, there's this stigma that most BMW owners tend to desire a Porsche. At this rate, I might be able to eventually attain one 🙏
So new Audi RS3's seem to be depreciating slower than BMW M2's which suprises me.
Audi rs models 99% of the time are much better than m model's
Christ they have dropped,bottoms dropping out off the market. Very well put together video Pete. Keep them coming in 2024
👍
Thanks for AT Price tracker extension advise.
Any time!
I still think that there is further to drop, as nobody has confidence in the market at the moment and things are only worth what people think they are worth.
The prices were so over inflated by the waiting lists and the lockdown cash people had burning a hole in their banks. As a lot had worked from home and had nothing to spend money on, coupled with historically low interest rates a bubble began to grow.
Now rates have gone up along with cost of basic utilities, coupled with the fact that nobody has any money lying around there is a long way to fall.
Certain models such as the Porsche GT products have been produced in much greater numbers than previously so there are loads of cars about to ensure supply while demand falls.
Tbf this price correction is happening across the complete board & not just Porsches …. Tbh it was coming & about time too . Paying for overs was ludicrous especially on a deprecating asset
Hi, The link for the Autotrader Chrome Extension - doesn't work....
Yeah. They stopped it this week 😢
Hi peter
Great information as always 👏
My neighbour is a car trader for last 35 plus years
And he’s told me if you buy a used car now for say 100k,
The price will drop by 15/20% by Dec 2024
He made a cash offer on Porsche for sale in nov 2023 at a Porsche dealership
Asking price was 110k,
He offered 100k
Offer rejected
He got a call yday from the salesman and they offered it to him for 100k
It can be a bitter pill to swallow. I paid £30,000 for my two year old Kona Electric 18 months ago and a year later a two year old Kona Electric was £15,000. I took some solace in the fact that I got a slightly higher trade in value for my previous car and my finance rates were low, but I'm still left in a negative equity position, which would not be great if, for any reason, I needed to sell the car. I have an annoying habit of arranging finance over 5 years, then getting bored with the car after 2-3 and changing it at that point, but that's unlikely to be an option this time. I've always preferred to buy cars, rather than leasing, with the view that I will have some value from the old car to contribute to the next, but leasing is beginning to look like a less risky option, especially when wanting to change my car more frequently.
Ped your gen porsche was always gonna be hit hard with that engine. Its kinda like merc building a c63 then fitting a 4 cylinder. Your car is porsches equivalent. Value wise it was never going to end well. I'll be suprised if the 3.8 and 4.0L have dropped much,
The 4.0 GTS cars have depreciated heavily over the last 6 months and being newer had further to fall. I sold my 718 GTS 4.0 to the trade for £70k in July having paid £78k in 03/22. It's trade value now is around £52 - £55k with Porsche dealers retailing for around £65k.
@@markglover1718 how much did you pay for it though? Did you buy new?
Ordered April 2021, delivered and paid for March 2022 - as above paid £78k new@@DaleSteel
'You can't go far wrong in my view buying a Tesla model Y for thirty five grand'.
None of us has a crystal ball but I'd happily put a fiver on it that by the middle of the year you would look back and reflect that you were optimistic.
Just my view. We'll see. But, do enjoy your videos, knowledge and opinions hugely.
Thanks for another great episode.
My pleasure 👍
To be fair I'd imagine that very few brand new cars are sold outright these days and at least half are company cars. My company car would have cost 52K outright but it costs me virtually nothing in BIK as it's an EV. I'd have never have been able to afford to buy one outright myself. So keep the reviews of new cars coming!
Great point!
The interesting thing if you could find it out, is how much the dealer has it on their books for? Are the dealers losing money, or were they just over priced in the first place? And are they now back to the correct price. Great video.
Fascinating,
No question new cars were getting too expensive and the financing costs that apply today have hit the affordability and depreciation calculations very hard. Good news for used car buyers.
How low will some of these lovely cars drop?
My opinion is that they will go lower before hitting their real values.
EV Man's channel has recently shown that the market is just going back to some kind of normality after a period of unsustainable second-hand values. Additionally, when Onto went bust, they offloaded a mountain of nearly-new EVs, which has resulted in over-supply.
As a driver of a small electric car, I am glad to see this as it opens up ownership to a much wider audience.
Another great video. Very interesting. Nearly new certainly is the way forward. Just got a 72 plate ex demo civic sport trim ehev. Lots of extras too and saved loads of money over brand new. Love the car. Still hoping you’ll do a review soon as would be interested in your thoughts. Your review of the older sport plus actually helped me decide to buy one of those back in 2021. But this was too good a deal to turn down.
Very worrying, I shudder to think how much value I’ve lost on my 10 year old MX5, cost me £8k only a year ago I guess it’s value now would have me in tears! On the plus side I’m not looking at selling so probably best not to worry too much.
Would be interested to do similar with older classics, ie 911 3.2 or Merc 190 or Jag X350 … looking at auctions prices seem to be holding up as people dump complexity for older analogue …?
I’m in the happy camp tbf
I’ve been after a 997 gts and they’re starting to come into a decent price bracket now that the market is starting to stabilise!
sounds like the times are suggesting hanging onto that 718 Boxster GTS for a while longer.
I got a model3 in 2019, drove 20k and sold it for same price as new.
Got a newer model3, done another 20k and its worth 50%.
Crazy market, but the plus side is that the Taycans are getting seriously tempting.
Yep been using that plug in for a little while now, I "play" fantasy garage price drop with a colleague, recent spots: for daily; 4-5y old I-pace now £15-20k, weekend; early 540c/570s £65-70k
@petrolped how did you get hold of that Senna mug? I thought they were an internal MCL thing
Available from Legacy Legends along with a range of Petrol Ped merch 😜👍
@@PetrolPed interesting. We had a box of different ones when I was working on the Sabre project. We were instructed not to sell them on as they were exclusives. Seems someone in marketing was doing their usual in spinning BS 😄 gotta love a marketing department
Market forces and all that you mentioned undoubtedly have had an effect here, but I believe these premium brands have always had it good.
They’ve very nicely created a demand, and people will pay whatever price is asked within reason. I think most of the brands you mention here had over inflated prices in the first place. The bigger they are the harder they fall after all!!
I think what would be interesting is to see the actual profit margins (probably impossible) that would either prove or disprove my theory 👍🏻
A friend of mine is a car transport driver he travels all over the UK.
He has told me at Bruntingthorpe there are so many Porsche Taycans lieing in a field youd struggle to count them all.
Polished turds..hard to sell. Tesla are eating their lunch
great channel and insights bmw i8 dropping too maybe because the batteries are due to be changed
Dealers must be panicking, their stock is depreciating at an alarming rate.
Imagine holding 21,000 cars like Arnold Clark! Depreciation per week could be millions.
would be a good move to feature more affordable cars Pete and I'm sure your subscription numbers will increase
Local BMW dealer had to eventually knock £9k off a 2019 M5 to sell it at £40k, two months after listing it. I looked at it but 13.9% killed it immediately.
Bottom line, something is only worth what the market is prepared to pay for it. That’s the reason why BMW in particular have always struggled with anything over £100k new.
I think your forgetting it’s winter and convertibles always drop some money. I have actually just been looking at 2.5 GTS due to your ownership. However I have just actually swapped my Z4 M40i for a brand new M240i. I got a substantial amount off list price and the finance was much lower a month than even a year old one.
👍
Its interesting to me personally as im looking at F-Type's atm, post 2018 facelift V6 low mieage examples are already dropping into the high to mid 30k, il hold on a while longer 😮
Same! They are quite the bargain
Brilliant video Peter and many thanks for adding the link to view the fluctuations! Will make AutoTrader even more addictive! Keep up the great work, love all of your content. Drive safe!
My GR Yaris was £33,500 new in November '22. By November '23 WBAC were offering £27,000. Now, in January '24 WBAC value it at £32000??? I thought the new GR Yaris launched this week would hit my "old" GR value for six?
for a Yaris?
@@robtheplod not just any old Yaris, it's a GR Yaris...
I really enjoyed this video, thank you. Also I didn't realise this price tracker existed - very handy!
Great news if your not px but like most cases when buying a car and trading one in is the price to change cost. And that is what you have to negotiate with your car dealer.
Great video Ped. but had to laugh because in the start of the video you talked about affordable cars and £50k is a lot of money to pay, which it is and then migrated onto cars costing well in excess of £140k. Love it
Just dreaming 😂
When you were describing some of the 'supercars' for sale and their very low mileages it got me thinking. Are those cars so bad that the owners are getting rid of them, are they even fit for purpose? I know that there are people who can afford to swap cars like fashion shoes, but most of us buy a car to use. The average UK mileage is apparently just over 7000 miles per year, so what is 'wrong' with these supercars. It would make more sense to hiire one for the day / week that the thrill lasts.
As for the rest of us, depreciation is important, with the wrong car it can work out a several pounds per mile. Over 25 years ago a BMW 5 series was showing at over £2.50p per mile!!!
Buy a car to keep, and write off the entire price against the expected mileage, any residual is a bonus.
What you have to remember is that some sellers do put the cars up for ridiculous prices to start off with so the market adjusts to compensate people will only pay what they personally feel is a good around price
My wife bought her first car right after the first lockdown in July 2020 when cars were still depreciating like rocks and the covid effect had not kicked in. BMW 1 series 118i SE for £14,599 from Available Car (with service pack included). 20 months old and 20k miles. We sold it to Motorway in August 2023 for £14k. £599 loss in 3 years is just madness. The same age, mileage and spec 1 series is now around £10k more. This is all one big correction that has been way overdue. She now has a GR86 which was an absolute steal at £30k compared to so many other new cars these days.
Interesting market. I popped into a VW dealer before Christmas as they had a two year old Up GTi, £2k over original list on the forecourt. I was hassled by a salesman trying to sell me a pre registered ID3 for almost half price!
Some bargains out there. EVs are pretty toxic. I'd buy a late ICE you could keep and maintain. Jags, Merc SLs. Avoid anything with a big battery.
excellent. How does one get the autorader price history?
Link in the video description 👍
Here you go…
chrome.google.com/webstore/detail/at-price-tracker/cbecfdegmcppmbpbffdpagongfpbohmd?hl=en-GB
How do I activate price tracker on Autotrader, is it available nationally? Thank you
Use Google Chrome and click the link in the video description. Will work anywhere in the UK 👍
Prices advertised in dealers around Yorkshire are still holding up pretty well. I think a 991 is now on the up around here .If they are actually selling is anyone’s guess !
Watching Macan prices closely for a potential 2024 purchase. Portsmouth and Guildford are my local centres.
The reduction of values is eye watering but remember the dealers are still making a profit at these lower prices (smaller than they had hoped of course) so bear in mind that the real value of these vehicles is even lower😳😳
This is really going to hit those that change their cars mid term.
This crash was called two years ago, many short investors called it ages ago.
On more everyman cars I've kept a record of the PX value A/T put on our Karoq. Last May £17,010, June £16,280, Sept £14,870, Oct £13,270, Dec £13,670, Now £11,020. That's a drop of £6,000 in 7 months and £2,500 in the last month.
We've just bought a new Qashqai. Traded in a 64 plate. Offered £8k in October. £6k last month.
Great news,I would rather see normal cars,either new or a few years old than all the high end and electric cars you have been reviewing recently.
The Ferrari SF90
Prices in the UK are so much less than the USA but we are catching up!
I wonder if this will have an effect throughout the industry. I feel that in the last couple of years particularly, car prices have gone crazy. Not just second hand, but new cars in particular. As you say, "cheap" family cars are now £40k+.
I feel it is a result of the big increases in prices during covid, and manufacturers seeing what people were willing to pay at this time, and so have crept up the prices since. Now we are at the point where you can easily spend £100k on a BMW 3 series (albeit an M3 touring) that should really probably be a good £20k less than that.
I was just trying to compare prices to something I bought 10 years ago. When I bought my brand new BMW 530d Touring M-Sport Plus. Now the 30d engine is no longer available, so I guess the modern "equivalent" to this would be the 30e. A similar level of spec to my old car, which cost me a little over £40k new, is now listing at £66,850. That seem like an incredible increase over 10 years. And puts that car probably closer to out of reach now for me, despite having a significantly higher salary now than I had then.
It's getting a bit crazy
These cars are just kept mainly in a garage it seems, have they been run in properly or have just done small mileages of starting and stopping, never good for any engine
Given the propensity of dealers to have most stock held on financing themselves, how long do you think it's going to be before some of the "gravel drive and oak barn" vendors start to hit the wall as the retail value of their stock goes negative against the finance they have on it?
They are going to disappear like fair weather friends at Zuma, when you credit card gets declined!
When you look at what your car is worth you have to reduce the Auto Trader garage retail price by 10-15% if PX or 5-10% if you are selling privately. The gap to that next car is always much higher because of this.
Hello mate, I think the whole market has gone loopy. Prices have never returned to normality really since the ‘Covid’ reasoning. Some items have climbed and stayed, some have climbed and subsided a little. Strange times.
I never understood why mass produced new Porsches would even appreciate. GT models yes, but they have made staggering numbers of the modern Porsche, compared to the hand built air cooled 964 and 993. Sure those are grossly overpriced but at least there's some kind of logic in that.
It's ironic that they call 996 a "failure" although it sold way more than 964 and 993 combined. Hardly a failure.
Production numbers.
G 1974-1986:
196,000
964:
63,762
993:
68.029
996:
175,164
997:
212,964
991:
233,540
Looking at the price of the M2 and the last versions that came out they’re still more money to drop out of them. If you ask me. I would definitely have to a 992 GT3 for me. What a car.👍
My 15 year old Mercedes E Class and 19 year old Mazda MX5, both working perfectly and both in good condition, should do me until i pop off, i think ?
It's winter. Cars like these always lose value. Wait for the spring/summer and see what happens
I’ve got a 987 and been watching Boxster prices for about 3 yrs for a change ,, and prices are rock solid 987s/981 /981s/ dont drop at all ..718, 4 cyl aren’t as popular ..Jan 24. The price drop thing must be on high end Boxsters
3 dr R’s are climbing in price. Spec out of the usual pcp bunch of R’s are now rare.
The 296 appear to be offered around base price before options...effectively getting options for"free"...except USA where prices holding still