The Upward Spiral of Used Car prices

[bus_ter]

I run two cars at the moment. I have a Summer Sports car, and my little Jazz that I use exclusively over the Winter, and also all year round for supermarket trips and other daily local tasks.

My intentions have been to replace the Jazz with something more modern as it's really getting on now, plus I've had two breakdown events in the last year (Exhaust fell off while driving, and more recently a coolant pipe popped off when a clip had corroded to nothing). Both issues fairly cheap to sort and both a result of rust/corrosion.

Anyway I digress. If anyone has noticed used car prices have gone bonkers recently, especially anything in the 'fairly new' category. Some cars even selling for as much as new cars simply because they can't be ordered or come with long wait times. The low end of the market doesn't seem quite as affected. Our early Jazz's seem to remain worth very little and priced on condition. Realistically my Jazz probably isn't worth much more than £1000, despite all the new parts I've installed on it in recent years.

So is anyone else considering replacing their Jazz at the moment? How are you playing the market?
I'm thinking it might be sensible just to wait 6 months and re-evaluate the market? The balloon has to pop at some point surely? So I would hate to buy a 'new' used car and get burnt by sudden heavy depreciation after buying at the market peak!

[E27006]

I know of too many people facing uncertainty for work and employment, I see retail shops which closed due to Covid and have never reopened,  my brother works in  digital printing, a service industry which is a barometer for business activity and business confidence, their workload stalled a few weeks ago,  I foresee the next few  months of  abrupt changes as the economy readjusts from  the cushion of  Govt funding to self-sufficiency.
I would hang on to your car until  a buyers market returns,  provided your Jazz continues to perform a decent job of meeting your mobility needs.

[fashionphotography]

actually older cars are keeping there value more than newer cars.. plus its trendy to ask stupid money for non runners and cars with little or no mot.. the trades gone nuts.. although a friend informed me a lot of new cars are behind in construction as theres a shortage of chips and software components hence the rise in the used car market .
about a year ago i sold my old 2001 auto Subaru forester. yep old but great car . only because the tax and unsurance was starting to kill us. i paid £950  about 5 years previous yet sold it for £1050. pretty good depreciation id say lol.. but looking now at old forester ones that need attention are making towards 2 grand . got to admit i had to pay more than i wanted for my recent 2007 jazz

[UKjim]

I too have the Jazz as a family runabout and a fairly new sports car for fun/ days out etc. I paid £20,500 for my other car in July 2020 from a main dealer (it's a March 2019 car), the price of the same car with the same spec from main dealers at the moment is approx. £25,000 and that's for a car that it is twice as old as mine was when I purchased it, I'm just glad I bought it when I did!

Our Jazz is in very good shape with relatively low mileage and I love it's design, simplicity and reliability, I shall keep it going as long as I can.

[degzi]

Just keep the jazz running, it won't cost thousands to keep on the road.

My back box has fell of twice already but that because I used mega cheap euro car parts and expected it after a couple of years.

Same as cheap suspension parts, every car will go through them every few years with all the speed bumps etc.

[Geordielad]

Just tried webuyanycar and my Jazz, bought in March, is apparently worth £1000 more than I paid. Crazy!

[Kremmen]

My Honda dealer is taking my car as p/x for £300 more than WBAC top quote.

Being as WBAC would no doubt reduce the price then a bigger bonus.

[Crankyhorse]

I wanted to sell my Qashqai that was on finance, the best offer I got 6 months ago was £6700.  I auctioned it on Motorway last month for £8200.

[MartinJG]

I run two cars at the moment. I have a Summer Sports car, and my little Jazz that I use exclusively over the Winter, and also all year round for supermarket trips and other daily local tasks.

My intentions have been to replace the Jazz with something more modern as it's really getting on now, plus I've had two breakdown events in the last year (Exhaust fell off while driving, and more recently a coolant pipe popped off when a clip had corroded to nothing). Both issues fairly cheap to sort and both a result of rust/corrosion.

Anyway I digress. If anyone has noticed used car prices have gone bonkers recently, especially anything in the 'fairly new' category. Some cars even selling for as much as new cars simply because they can't be ordered or come with long wait times. The low end of the market doesn't seem quite as affected. Our early Jazz's seem to remain worth very little and priced on condition. Realistically my Jazz probably isn't worth much more than £1000, despite all the new parts I've installed on it in recent years.

So is anyone else considering replacing their Jazz at the moment? How are you playing the market?
I'm thinking it might be sensible just to wait 6 months and re-evaluate the market? The balloon has to pop at some point surely? So I would hate to buy a 'new' used car and get burnt by sudden heavy depreciation after buying at the market peak!

I would hang in there. Last time I looked there was oversupply among the new car manufacturers at optimum output with prices falling over time in real terms. That is one of the reasons why Honda has pulled out of the UK. Nothing has fundamentally changed despite the hamfisted efforts of the funksters who are trying to inflate the economy into life under the guise of the protracted lockdowns. More debt to come to counter the real underlying worry of economic deflation and that will force the issue on car prices. There are simply too many producers.

PS - For anyone thinking of buying a 'debt fuelled' Teflon from Elton Munch, tread carefully. De Lorean has already been there and dunnit. Although unfashionable, the simple laws of physics and the principles of natural selection have a habit of prevailing.