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What happened to half decent, cheap 2nd hand cars/run arounds?


maffo
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You used to be able to pick up something like a 10 year old Mondeo petrol, around 100k miles, for peanuts.
But now they cost thousands!

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TheBlueCat
Just now, maffo said:

You used to be able to pick up something like a 10 year old Mondeo petrol, around 100k miles, for peanuts, now they cost thousands!

Lack of chips leading to a shortage of new cars apparently. 

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TheBlueCat
3 minutes ago, Snake Plissken said:

Heard this a few times but why is there a shortage of chips all of a sudden ?

As I understand it, car manufacturers cut back their orders in a panic at the start of the pandemic and the chip makers mothballed some capacity. In the meantime, people starting buying larger quantities of other stuff that needed chips (sometimes the same ones as the cars) so, when car production ramped back up, there was an overall shortage. I think car manufacturers were particularly vulnerable because of their extreme JIT ordering tendencies. Note that Tesla worked around it by finding alternative chips and porting their software to them in a hurry.

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My Toyota pcp deal ends in 6 month, Toyota have ust offered to extend the deal for another 9 months, citing a shortage of new cars.

My car won't be joining the 2nd hand market anytime soon, and I won't be the only one

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Just now, Carl Fimble said:

Fucking tell me about it.

52 plate, Piece of Shit, loads of miles, partial service history, six owners, some damage as seen in photos, running a bit rough- could be the engine, could do with some new tyres, alloys bit scuffed, two months MOT, £355 road tax, 22MPG, no V5, first to see will buy :

£6750, no offers. 

 

WTF, that is madness, prices have hardened at auction but nowhere near that stupid, the real squeeze is low mileage late year where buyers are chasing those rather than new which is in short supply. 

Are you actively looking to buy something>

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I used to be a real bangernomics man, always picking up cars for around £1k and getting several years from them at minimum cost.

 

I have owned some pretty well specced and comfortable motors, probably the nicest was a 156 JTS Alfa Romeo that I had for three years. Beautiful car, £900!! 

 

I wouldn't have thought that this end of the market would effectively cease to exist!! 😭

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Frank Hovis

IMHO it's more fundamental: everyone now thinks that they are skint.

The old optimism of keep buying a new car has gone which then chokes off the suppky to the people who used to buy three year old cars which then does the same to the people who bought six year old cars and so on.

Ten years ago you could buy a six year old car for three grand; not a prestige model but something perfectly acceptable.  People were changing their cars every few years so wanted newer and anything older was being pushed out for whatever they could get.

Most people I know are now holding onto their cars because they see the price of a six years' younger model as being unacceptable so they're not buying.

During lockdown there were pictures of out of use airfields absolutely jammed with cars but because dealers won't drop prices people aren't buying them and the market has ground to a halt.

Nobody wants to buy at current prices meaning that nobody is selling and we have stalemate.

There is a far better case now for a wholesale scrappage scheme than there ever was last time.

People have been for the last two years refusing to pay the prices for newer cars and the average position is that in two years the average age of cars on the road has simply aged by two years as everyone has sat on their hands.

Everyone has decided to stick.

You need something like scrappage to start everything flowing again or the current stasis will persist with second hand prices so high that nobody is buying them and everyone keeping their cars going in the manner of Cubans.

I want to change my 12yo car now but the prices of 6yo cars are so mental that I'm holding onto it.  As is everyone else.

Stalemate.

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27 minutes ago, Carl Fimble said:

Fucking tell me about it.

52 plate, Piece of Shit, loads of miles, partial service history, six owners, some damage as seen in photos, running a bit rough- could be the engine, could do with some new tyres, alloys bit scuffed, two months MOT, £355 road tax, 22MPG, no V5, first to see will buy :

£6750, no offers. 

 

New cambelt though 

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4 minutes ago, Frank Hovis said:

There is a far better case now for a wholesale scrappage scheme than there ever was last time.

I think the scrap market and the used car market could manage that balance as they always have, government have no place in car (Or housing) markets.  Even with the never-ending legislation the manufacturers and markets have responded.  With all the restrictions imposed a modern car is a marvel of engineering and mass production (Still wouldn't want one out of warranty though)

It isn't very green to scrap perfectly road-worthy cars.

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It's very noticeable that some main dealer Ford forecourts are chock full of 2nd hand cars (of all makes) with an average price about twice as much as they were pre-covid.  No thank you.

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With a crooked smile
3 minutes ago, Frank Hovis said:

The old optimism of keep buying a new car has gone

I would say also I guess most companies prefer to pay car allowance than have a car fleet now. Many people with a car allowance buy something decent between 4-6 years old rather than new. 

I would have thought the personal lease helped new sales but maybe not. 

Availability of credit has pushed new car prices to rediculous level how much is a new Land Rover merc or big Audi yet people seem to own them. I find this crazy. I earn a lot more than most yet wouldn't consider buying one of these cars. 

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I checked auto trader this evening and the car i bought 4 months ago is now worth 4 grand more.

Going to wait 12 months before I sell it and make mad gainz O.o

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We  bought a 2018 fiesta from Evans Halshaw and recently sold it to we buy any car for more than we paid for it, totally mad!

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2 minutes ago, Mouse said:

We  bought a 2018 fiesta from Evans Halshaw and recently sold it to we buy any car for more than we paid for it, totally mad!

Buy 5 and rent them out to people.

 

This is not financial advice. 

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Just now, With a crooked smile said:

Not just cars mate, motorhomes and caravans going same way look at this beaut. I thought it was a joke advert till I clicked on it there's a lot of studs like we will clear inside out for buyer so I guess it's legit. 

Screenshot_20211013_194916_com.android.chrome.jpg

To be fair, it did have a bit part in Snatch.

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28 minutes ago, Loki said:

New cambelt though 

it's ok he's getting some spanners for Xmas :)

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Reckon I could easily find something on eBay for £1k you could get 5 years cheap motoring out of if you’re not too picky and know what’s reliable.

Always best to go for something slightly older there’s loads of even older ones still on the road

If you’re not a car nut or looking to pose probably no need spending more than this actually unless you’re doing big miles:

https://www.ebay.co.uk/itm/2006-GOLF-PLUS-1-9-TDI-2-KEYS-12-MONTHS-MOT-5-DOOR-130K-MILES-TOWBAR-/224640698421?mkcid=16&mkevt=1&_trksid=p2349624.m46890.l49286&mkrid=710-127635-2958-0

 

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21 minutes ago, DeepLurker said:

I can only speak for France - but anecdotally, I got a "bangernomics" Peugeot in 2015 and sold it last year for slightly more than what I paid

sacre bleu! Pugs best cars on the planet, bring back Euro 4, they used to go faster around corners back then too :Jumping:

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personally I think it's all the bankers fault, give the plebs too much money and prices inevitably go up....

some ponsy eCONomist will be along shortly with some other half arsed idea though lol

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