Are used cars more expensive than they used to be?

[Time Waster]

OK, in 2013 we got an 08 seat already xl for about 5 grand. Before that car I got a 4.5 grand astra estate that was 4 or 5 years old. We've been looking at decent sized cars like the altea xl was when we got ours and tbh 5 year old SUV or estate cars seem a lot more these days. We saw a 7 year old vw caddy selling for 18 grand online! That's like a slightly better kangoo I think.

Anyone know what the used ICE car market is doing? Are we in a period of time when used cars are especially expensive? Why?

 

[gbb]

It's been like it since the pandemic for several reasons...
Suddenly, people didn't want to commute on buses and trains for fear of covid. Demand for cars went up.
Covid in China caused problems with microchip supply, several car manufacturers had to curtail or stop car production . This in itself pushed up prices, less availability, more demand.
Car manufacturers then realised that demand allowed them to hike prices...all of a sudden. ( according to an article I read) they were massively benefitting from limiting supply, making billions in some cases, managing to achieve what only prestige manufacturers had done...because they don't turn out millions of cars.
That drove manufacturers to in some cases, stop manufacturing low profit and small cars, hence the demise of the Fiesta etc.
Supply and demand, it's that simple, limited supply drives up prices. There's no incentive for manufacturers to return to the old ways either so not much prospect of cheap cars in the future.

My grand daughter recently brought a 12 year old Citroën C1, cost her over £2k. Pre pandemic, that car would have been less than £1k.
The upside is, we value cars more now, previously I think we thought of them as pretty disposable. It costs more undoubtedly but no doubt better for the environment

 

[oldwheels]

@gbb in the past they were disposable because they fell to bits mostly after very few years because of rust.
I remember one rep telling me in his opinion his company car was probably made from the same material as pie dishes.
I could only afford used cars and I became so adept I could weld bits of metal which were more like tinfoil when patching up sills for example.
Nowadays generally they last a bit longer I think due to better rustproofing.

 

[Time Waster]

Decades ago certain ford models were made in UK and Germany. The German ones were better.

Other times certain model of Ford, I think escort or fiesta, were uncommon in certain registration. The simple reason was when steel prices went up Ford switched to cheaper steel. This steel rusted sooner so after a few years they tended to be scrapped hence not many on the road that age.

There's loads of such quality issues back in the day. These days cars are built so much better. It's why you can buy cars with 7 years guarantee! When I was a kid you'd never get anywhere near 7 years guarantee.

So, if you could get a 4 year old seat xl in 2012 or a 5 year old astra estate in 2006 both for 4 to 5k. What sort of money would you need to get the equivalent 5 year old car now? I'm thinking nearer 15k than 10k. I think I saw a few 8 or 9m year old medium SUVs like hyundai i35 for 10 or 11k.

 

[Jameshow]

Look at Skoda karoq
5 yo one with 55mls for £12k
https://www.ebay.co.uk/itm/36490028...tixoXeJTeO&var=&widget_ver=artemis&media=COPY

https://www.ebay.co.uk/itm/16670970...tixoXeJTeO&var=&widget_ver=artemis&media=COPY

Or a SEAT Ateca even cheaper.

 

[screenman]

The average price of a used car sold in he UK is now over £17,000.

 

[slowmotion]

The average price of a used car sold in he UK is now over £17,000.

I very much doubt that data from banger enthusiasts was included in the data that came up with that daft number.

 

[vickster]

Look at Skoda karoq
5 yo one with 55mls for £12k
https://www.ebay.co.uk/itm/36490028...tixoXeJTeO&var=&widget_ver=artemis&media=COPY

You mean 55k. Cat S and diesel. The dodgy dealer couldn’’t have hid the Cat s bit better if he’d tried No thanks!

 

[Electric_Andy]

Diesels have also held their value a great deal, which started around the time I was looking for one just after covid. They do offer more bang for buck; 140hp that'll do 60mpg on a run, and £30/year ved. However, I'm still seeing Diesels for sale with 120k miles, 12 years old, asking as much as £7k. Coupled with the fact that dealers now more than ever will not entertain using up forecourt space for anything under £5k.

 

[fossyant]

If you want a cheap used car (ie depreciation) get the electric version.

I'm looking at a few vehicles and a one year old electric version is the same price as a five year old ice version.

 

[Slick]

If you want a cheap used car (ie depreciation) get the electric version.

I'm looking at a few vehicles and a one year old electric version is the same price as a five year old ice version.

Probably tells a story in itself.

 

[Drago]

Probably tells a story in itself.

It tells a story of oversupply. With the likes of Tesla and BYD cutting back production accordingly the blip won't last long.

The big legacy players such as Ford restricted supply during the pandemic to artificially maintain demand.

It's market manipulation at the manufacturing end driving this, and it won't last forever.

 

[gbb]

Probably tells a story in itself.

Battery life being a big consideration for lower end, older (and therefore affordable) EVs.
I can buy a relatively low mileage Renault Zoe for instance for around £6k. The equivalent ICE will be more expensive. But, the key is range and more importantly (for me) range left available once its a dew years old. Often its only 60 miles stated, which might mean 50 ? I considered one for work commuting but id HAVE to charge every day.
Not a big deal in itself I can charge at work. Bilut what in 2, 3, 4 years ? Will I end up with a worthless lump of metal unless I spend thousands on a new battery ?

It may well balance out in the end.. may ?, that's the unknown and that no doubt drives the price down

 

[Drago]

Older Zoes are to be avoided and, ironically, not because of the battery.

They can suffer HVAC problems, and the parts alone - Renault only, no one else sells them- can be enough to write the car off and take months to arrive. Been a few disgruntled used Zoe owners moaning about ot to the Gruinard.

The average ICE car in the UK has a lifespan of only 10.5 years. Other than the original Leaf, which had quite a crude battery set up (no active cooling, no charging BMS, etc), we're seeing traction batteries easily outlast this, so talk of battery life longevity concerns are (aside from the early Leaf) is completely without foundation.

Indeed, if it came to it a new traction battery for my Mini costs less than a new crate engine for the petrol version, and the petrol version is many times more likely to need it. On top of that most give an 8 year warranty on the battery anyway, so it's a total non event.

 

[Slick]

It tells a story of oversupply. With the likes of Tesla and BYD cutting back production accordingly the blip won't last long.

The big legacy players such as Ford restricted supply during the pandemic to artificially maintain demand.

It's market manipulation at the manufacturing end driving this, and it won't last forever.

I know there's an entire huge thread about it, but I'm not entirely convinced we are not still at the beta max stage.