Lunatic used car valuations

[Black]

Thanks for letting me know about wbac and PCP. Their website says they don’t but it is good to know real examples and I really can’t see why they couldn’t do that. I guess with PCP you don’t own the car but so long as the finance company get sorted then why not. We once sold a Mini back to a dealer under pcp and when you trade in for a different make it is the same arrangement.

https://www.webuyanycar.com/sell-my-car ... g-finance/

Just wondering if now with the bubble going on the finance companies also want in on the elevated value action now and are getting funny with wbac?

[Utumno]

I'm trying Motorway first, then falling back to WBAC if I need to (that's what I meant by "usual suspects")

I think I'm more likely to bump into "bored and annoying motor trade valuer" than I am Phliip Schofield Though to be fair I did bump into Tom Cruise earlier this week, which was a bit unnerving (they're filming something or other with him in it just up the road, the road closures are murder and so are all the helicopters). So you never know.

Anyway both Motorway dealers and WBAC will clear finance for you, and this includes PCP. Our outgoing Focus is on a PCP - with Ford Credit you can just go online, get a PDF of the finance settlement, and then simply give that to whoever you're selling the car to in the motor trade. I'm expecting to sell the car quickly and trouser the balance between the settlement figure and the amount the car is "worth" in the next few days.

[Utumno]

If it balances it out much, my old Volvo is worth a lot less now than it was last year

Sorry to hear that !

[sausageroll]

If it balances it out much, my old Volvo is worth a lot less now than it was last year

Sorry to hear that !

It's 15 years old, but in January the WBAC and Part Ex was triple what it is now

I assume the used prices positively affected (for the sellers) are only nearly-new (up to 3 years old)

[MotMot]

Same with my old Volvo. Jist kept dropping. Old oil burner.

[Utumno]

Just sold it for just under £19k to WBAC, a solid £700 more than Motorway’s highest offer

[Leccy]

We thought we’d get 10-11k for our V40 T5, but got £14k trade in to VW and were probably too easy in accepting that. When we picked the ID up, the VW salesman said they had mainstream dealers near them wanting it but would retail it themselves, such a difference to the usual story of not being able to retail your trade in. We only paid £21k for it ex-demo 4 years ago, wouldn’t be surprised if it’s retailed at £17k, some bubble!

[nfiner]

Can also recommend Motorway - sold Audi TT ad Honda Jazz effortlessly and for more than reserve. Really easy - they put details out to dealers who then bid. I understand WBAC is owned by the biggest car auction company so ......

[Id3x2-21/71]

We bought a seat arona 2018 start of the year for 10K just sold it back to Volkswagen for £10,600 after throwing 6k miles on the clock.

Before we signed week after this post I ended up selling it for £11,500 to a different dealer result

[peterg]

So it is true that used car prices are crazy at present because everyone wants decent secondhand rather than buying new as the bubble is about to burst as everyone goes electric over the next few years.
Saying that, who would buy a car right now. ID3 lease prices 200 to 250 a month with decent mileage allowance a year. Just a case of grazing the deals which change every week it seems. So on the basis of saving £2500 fuel costs a year it is free motoring then you just hand it back having the advantage of a new car with all the gadgets....oh and saving a few polar bears from global warming at the same time.
Love the car

[monkeyhanger]

So it is true that used car prices are crazy at present because everyone wants decent secondhand rather than buying new as the bubble is about to burst as everyone goes electric over the next few years.
Saying that, who would buy a car right now. ID3 lease prices 200 to 250 a month with decent mileage allowance a year. Just a case of grazing the deals which change every week it seems. So on the basis of saving £2500 fuel costs a year it is free motoring then you just hand it back having the advantage of a new car with all the gadgets....oh and saving a few polar bears from global warming at the same time.
Love the car

That's not quite right. Decent recent cars are in huge demand right now because tge semiconductor chips shortage has seriously stifled new car production and lead times are huge as a result. Once new car production gets back to normality with semiconductor availability back to normal, those nearly new car prices will take a tumble as people revert back to buying new rather than paying virtually new prices for a 1 year old car.

People without the means to charge at home aren't generally that eager to get into an EV. Big fuel savings are if you can get on the likes of Octopus GO. If you're fully reliant on fast chargers and paying 30-45p.per kWh away from home, your fuelling costs are the same as diesel, with the added disadvantage of waiting around 30 mins at your nearest fast charger every time you want to fill up.

[JonS]

Agree it's a good time to sell a good used car....if you can source something to replace it with, that is.

Sadly I've abandoned waiting for the ID.3 I ordered at the start of June as the build date was still not confirmed 10 weeks later, and VW could not give an indication of when I might receive it. I'm at the end of a PCP on my current car (Mini Convertible) and was shocked to find that its trade in value with another brand was now over £6K more than the price I'd been offered by VW in June (which I thought was about right at that time). So I've bought an alternative car which is in stock as it is somebody else's cancelled order, and which was out of my price range a few weeks ago - all made easier because the used car prices have gone berserk.

In effect, my Mini has depreciated at a rate of about £1k per year which is, as the original poster said, "lunatic"! And whoever buys it at what will presumably be an inflated retail price may not be too happy at the hit I think they might take in a year or two's time.

[Daveion]

More on used car prices.
I tested the water with my ID3 and found 8 months into my PCP contract I have £3,050 equity in the car. Long story short. I have ordered another life pro performance this time in white, 19" andoya alloys with a £100 deposit paid. Cost on a 36 month contract reduced by £30/month.
The vehicle px valuation is guaranteed despite an anticipated January/Feb delivery. If the valuation versus settlement at the time of completion of the contract increases the monthly cost can reduce but gauranteed not to increase.
Too good to be true?
If I cancel I get my £100 back!

[monkeyhanger]

My Life bought in May is apparently worth £1500 more than the new DTD price right now (according to Motorway.co.uk.

[MotMot]

Wow - my lowly life pro is worth £4500 more than I paid for it 10 weeks ago! Not that I could get a replacement for it straight away though…..

[tomstring]

I got an amazing equity value on my May 2019 SEAT Ateca xcellence Lux when ordering my Pro Performance Family last month.

[Utumno]

Wow - my lowly life pro is worth £4500 more than I paid for it 10 weeks ago! Not that I could get a replacement for it straight away though…..

The world’s gone mad…

[RS6484]

In 40years I've not seen anything like it. I sold a 2016 Discovery Sport when I took on a lease for my ID3 and accepted just £500 less than I paid for it a year before. The private dealer managed to sell it for £3k more that I paid originally - I was very happy for us and them.

[monkeyhanger]

Worst thing about this bubble is that when it bursts (new car production can ramp up again), people having bought nearly new at new prices will lose a bundle. Also, I see the new car companies using the current situation to justify inflation busting hikes in new car prices.

[Daveion]

I think thats about right although I see the new car market staberlising quickly when it comes followed by the bottom falling out of used car market.
Its one of the reasons Im changing my ID3 after only 8-9 months. I change around 20-24 months on a 36 month PCP plan so should avoid that period of the market stabilising.