Has the Market changed drastically?

[Patt]

and once we have all adjusted - the governments will surely take advantage by keeping them high to pay for their mistakes and corruption...but that's another topic now isn't it.

[ATM]

15 minutes ago, jimmy p said:

People just have to adjust to the new normal and what is affordable to them.

Bingo 

You have not adjusted 

You need a buyer who has also not adjusted 

Generally sellers are slower to adjust 

Buyers adjust fast

Even a total moron of a buyer can not know about interest rates increasing and that the cost of living is going up and all the bad news being thrown at us

[jimmy p]

15 minutes ago, ATM said:

 

You need a buyer who has also not adjusted 

No, I just need a buyer who agrees with my valuation and sees the value in such a lightly used car. Interest rates only matter if you have to borrow money, not everyone will do.

Like I've said I'm not a motivated seller,  I don't need to sell just always get itchy feet for something new every 12 months or so.

 

Anyway, like I've also said, we can all have our opinions. No one knows the future. 

[ATM]

26 minutes ago, jimmy p said:

Interest rates only matter if you have to borrow money

Wrong

 

If I have 50 grand in the bank earning zero interest I could buy a car to enjoy instead

 

If interest rates go to 10% I could get 5k leaving it in the bank

 

That's the simple stuff

 

Interest rates affect absolutely everything 

 

House prices

Jobs

Salaries

Cost of manufacturing 

Cost of goods

 

If I have a business with an over draft facility it will become more expensive 

 

If businesses charge more money for stuff prices go up

 

Interest rates are a price

 

A price to borrow money

 

Everything is based on money 

 

Getting money is now more expensive 

 

The economy crashed 15 years ago and the only thing which kept it all going was super low interest rates

 

That has now stopped 

 

This will affect everything, everywhere in the economy and in everyone's lives

 

 

[½cwt]

1 hour ago, jimmy p said:

The fact they will not be building ice boxsters any more, so if you want a 6 cylinder Boxster that's like a new car there will be less and less choice. Not everyone wanted a 4 cylinder 718 boxster let alone an electric car. This in the long term will stabilise prices of low mileage cars.

I get the interest rate thing but people were buying cars and financing them 20-25 years ago when interest rates were very similar to what they are now. People just have to adjust to the new normal and what is affordable to them.

No one knows the future, we just all have our opinions on it!!

But in that 20 -  25 years the higher interest rates were a 'normal' in life so people budgeted to them.  these rate are a new norm back to the traditional levels having had a low norm for nearly 15 years so you have almost a whole generation who are not used to high rates either borrowing or saving.

[½cwt]

That £5k interest, unless in ISAs, is only £4.2k if a 20% tax payer and 3.4k if a 50% tax payer (and you could well be if you have £50k in cash savings). You only get £1k allowance of tax free interest.  This is going to catch a lot of people out as interest rates have been so low that the interest has been negligible and don't think that HMRC are not watching.

 

[Mattman42]

Its quite simple - sellers are asking high post-Buttercup prices and not willing to move, buyers don't particularly want to pay those rates and are waiting for the increase in the cost of living to push the prices down again. As others have said, you only have to look on the usual selling sites and nothing is moving unless its priced right. Its still the same, if its not selling, its priced too high.

If you've gone a far as listing your car, you want or have a need to sell it - not many people decide to keep it and wait it out while getting hit with more depreciation.

And we are talking about a relatively small niche market here - we are lucky that these cars are generally 2nd or 3rd cars in a household, they aren't a daily that someone "needs" for work or business, they are aspirational, so we have different market forces at work.

The market is also a little odd, perhaps driven a little bit by the lack of a real "bargain basement" option - cheap cars that were £500 pre-Buttercup with an MOT now seem to be £1250+ which is pushing everything else up - 986's seem to have bottomed out and still relatively high in some cases (4-12k), 987.1 are getting squeezed in the middle (7-15k), 987.2 (13-22k) and 981's dropping as low as 20k for high milers. If it stays like that, it has to be good news for owners of the older models - just my view of the market i can see.

Its interesting to watch though

 

[iborguk]

Or use the darn things before the last of the petrol or incoming efuels are £Toomuchmoney per litre: 

[Scubaregs]

Quite simply, you only know the value of your car if you HAVE to sell and that value is set by the market/buyers, not by the seller. 

If you don't have to sell it's different, you can wait and hope a buyer meets your valuation.

[moospeed]

On 9/1/2023 at 12:23 PM, jimmy p said:

No, I just need a buyer who agrees with my valuation and sees the value in such a lightly used car. Interest rates only matter if you have to borrow money, not everyone will do.

Like I've said I'm not a motivated seller,  I don't need to sell just always get itchy feet for something new every 12 months or so.

 

Anyway, like I've also said, we can all have our opinions. No one knows the future. 

I just bought one last month like you describe, 2014 but feels like a new car, same miles.

I probably paid a bit over what the market should be more given the current money issue. But when I went to see the car I had that “this is the one” feeling so I’m fine with it. So yeah, stick with it and you may get a buyer like me.

I didn’t “need” to buy and equally I didn’t need to sell the previous one. In fact I hadn’t even advertised it, it went to a fellow BoXa member. The price was mutually agreeable obviously, given those listed on the classifieds it would’ve been better priced than most and so maybe would’ve sold but either way it’s still a premium purchase so may well have stuck around for months.

Some of the cars I was looking at back in March are still there. Furthermore some have reduced by thousands and are still sticking fast.

Definitely the market has stalled this year compared with 2020 which was the last time I was actively looking - back then despite the inflated prices cars were selling faster it seems.

[Wish]

I looked at a special mini the other day, dealer turns down my offer that was £300 off the asking price. It has been in stock over 200 days. 
this week he put the price up £1000…. 

[Cocky]

If you have a car for sale and there's 5+ folk all checking WBAC using your reg it's bound to have an impact on their valuation, I remember selling a van and it did the same and people even started offering me based on WBAC prices despite it being the cheapest van on the market with half the miles of all the dealer + vat vans. They all got ignored 😂 

 

[½cwt]

1 hour ago, Wish said:

I looked at a special mini the other day, dealer turns down my offer that was £300 off the asking price. It has been in stock over 200 days. 
this week he put the price up £1000…. 

Boy, he must like that car. He obviously doesn't want to sell it.

[½cwt]

OK, this isnt a 981, but still a rarer and desirable section of the market.  I think the deal I did yesterday with a private buyer for a replacement car for The Better ½ reflects this well.  He listed it at retail for a perfect car. He then dropped the price £2k, on a £9.5k listing, after having no interest to a level that was fair given the poor paintwork and yet he still had chances and dealers trying to chip him another £1000 in messages or on the phone. I know what I've bought and have time to address the issues and know the current value of the car once sorted as it replaces a written off model exactly the same except no Sat Nav, both Golf Cabrio Tech GT spec, that was 26 months older and 26k more mile that the insurers settled at £7320.

If you don't seek perfection you can work on attaining it, if you don't have perfection, you can't price as if you have.

Edited September 3, 2023 by ½cwt

[Simon]

1 hour ago, ½cwt said:

Boy, he must like that car. He obviously doesn't want to sell it.

Probably just to stop all the time wasters and shyate kickers he was getting 😅

[½cwt]

1 hour ago, Simon said:

Probably just to stop all the time wasters and shyate kickers he was getting 😅

Do you recognise yourself in that statement?

[EXY]

1 hour ago, ½cwt said:

Do you recognise yourself in that statement?

He just wishes he did

 

[EXY]

On 9/1/2023 at 12:23 PM, jimmy p said:

No, I just need a buyer who agrees with my valuation and sees the value in such a lightly used car.

Like I've said I'm not a motivated seller,  I don't need to sell just always get itchy feet for something new every 12 months or so.

 

Anyway, like I've also said, we can all have our opinions. No one knows the future. 

We sold our 986 in 2018 for a smidge under £10k which was exceptionally strong money at the time.

I lost count of the "what will you take cash' offers etc.

Ultimately it sold to the first fella that actually took the time to view it and this was despite the fact he really wanted a 996TT.

When he paid for it (by cheque) his wife accompanied him and I offered to let her see the car, she thought it was new.

It sat in our garage for some time after the cheque cleared. Was probably close to an ideal sale and he only lives a couple of hundred yards away so I see him occasionally and he is still happy as a clam.

So it is entirely possible your buyer is out there GLWTS 

 

[EXY]

On 8/30/2023 at 10:20 AM, Patt said:

I spent about 30 mins looking at both cars as the GTS ticked all my wishes except paint and lights...not once was I approached by a condescending salesman, so they must still be counting their pennies from the last 7 months of commission.

I came into a bit of money recently (redundancy) which it just so happened coincided with the launch of the MG4 X-Power so I called into my local MG dealer late July and explained that I would be in a position to buy a car immediately. Dealer seemed quite keen and mentioned they have a MG4 Extended Range coming in in the first week of August IIRC. I said I would love to test drive it and if it was as quick as it looked on paper that would be the car for me and if not then the X-Power would be.

As I mentioned that was the first week in August, haven't heard a tap since but did notice the same dealer (different branch) had a brand new MG4 in white, which is my preferred colour, they are obviously still getting enough to do them and have more customers than cars it seems as the white one has dropped off Auto-Trader.

Dealers, you couldn't love the kents, even if you reared them 

 

[Ringmaster999]

7 hours ago, Cocky said:

If you have a car for sale and there's 5+ folk all checking WBAC using your reg it's bound to have an impact on their valuation, I remember selling a van and it did the same and people even started offering me based on WBAC prices despite it being the cheapest van on the market with half the miles of all the dealer + vat vans. They all got ignored 😂 

 

This makes a lot of sense. I do it. Just lately the WBAC Price has dropped like a stone. Literally 25k about a mth ago to today’s valuation of 18.5k. 😳 I’d never sell at that. I’d just keep it as a garage ornament with occasional use. 

[ATM]

19 hours ago, Ringmaster999 said:

This makes a lot of sense. I do it. Just lately the WBAC Price has dropped like a stone. Literally 25k about a mth ago to today’s valuation of 18.5k. 😳 I’d never sell at that. I’d just keep it as a garage ornament with occasional use. 

That is a big % move in 1 month so clearly something has changed.

[andygo]

I think what has changes is that WBAC, which is owned by British Gar Auctions don't want any more soft top cats for the autumn. Remember that it takes a little time for the cars to be sent for auction and then the garages that buy from auction  have to prep them (EG wipe them with a damp rag) for sale.

[alank]

been offered 30k for my White S, 28000m, most options, by Ashgood , which is 150£ less than WBAC did on friday ??

[Simon]

On 9/3/2023 at 6:24 PM, EXY said:

I came into a bit of money recently (redundancy) which it just so happened coincided with the launch of the MG4 X-Power so I called into my local MG dealer late July and explained that I would be in a position to buy a car immediately. Dealer seemed quite keen and mentioned they have a MG4 Extended Range coming in in the first week of August IIRC. I said I would love to test drive it and if it was as quick as it looked on paper that would be the car for me and if not then the X-Power would be.

As I mentioned that was the first week in August, haven't heard a tap since but did notice the same dealer (different branch) had a brand new MG4 in white, which is my preferred colour, they are obviously still getting enough to do them and have more customers than cars it seems as the white one has dropped off Auto-Trader.

Dealers, you couldn't love the kents, even if you reared them 

 

You dodged a bullet there, you wouldn’t want to be seen dead in a POS like that.

[EXY]

On 9/5/2023 at 3:33 PM, Simon said:

You dodged a bullet there, you wouldn’t want to be seen dead in a POS like that.

Maybe I'll buy a MINI then they're really cool