SSIA's & SecondHand Cars..

fatboypee

Has this been asked already ?

Do you chaps think that the second hand car market will be flooded with the SSIA capital release ?


FBP

Henry Ford III

No. It's already a wash with product, but prices seem to be firm.

Dealers will only offer reasonable prices on ther very best quality trade ins. It will be impossible or at best very expensive to trade up with anything other than an pristine example.

fatboypee

Henry Ford III wrote:

No. It's already a wash with product, but prices seem to be firm.

Dealers will only offer reasonable prices on ther very best quality trade ins. It will be impossible or at best very expensive to trade up with anything other than an pristine example.

Was wonderin' more along the lines of will alot of people be changing, I'm looking for a Defender, not many about..... maybe when the SSIA's come in there may be more....

FBP.

Henry Ford III

I think more people will probably change than normally, but if you think about it the govt take will be say 50% of the new price in VRT/VAT, which is double any benefit they gave the SSIA saver.

Hardly value is it?

fatboypee

Henry Ford III wrote:

I think more people will probably change than normally, but if you think about it the govt take will be say 50% of the new price in VRT/VAT, which is double any benefit they gave the SSIA saver.

Hardly value is it?

aah but the value comes in the minds of the owners of the new veh-hikkles saying "Up yours mister jones I've a new Punto 1.2 in my driveway"...:D ....

gimme my 94 old banger anyday.... nothing borrowed nothing owing, going like a dream...

FBP.

maidhc

Henry Ford III wrote:

I think more people will probably change than normally, but if you think about it the govt take will be say 50% of the new price in VRT/VAT, which is double any benefit they gave the SSIA saver.

Hardly value is it?

The government will do that anyway when you are buying a new car wherever the source of the money. They will get 21% of it back anyway unless people choose not to spend it (or buy childrens shoes?)

The SSIA can only be about 20k if people invested the max. No one is going to go crazy on it.

I will put some/all of my SSIA towards a new/ish car. I need a car, it is spare money. Fine to talk about 12 year old cars, but time eventually comes to move on too.

pbergin

The Times had an article yesterday and it said that second hand car prices have actually gone up!!

fatboypee

maidhc wrote:

Fine to talk about 12 year old cars, time eventually comes to move on too.

True enough, but if worked wisely and the car treated as a means of transport rather than a nice pricey comfy mobile then there are to my mind two approaches:

1. Buy Nearly New and go for a loan and get an exceptionally reliable practical fuel economic vehic-kle...

2. Buy with cash, from the UK, a low mileage, equally reliable car that you can run to the ground.

Mine is choice 2. Sucessfully purchased all my cars from the UK, paying less than 1500 sterling a time. Each has served me well and cost little to keep going.

Thinking of a defender now as I'm now in a position where I need 4x4 and reliability and incidentally, Defenders are one of the few vehic-kles here that cost more in the UK ....

FBP...

woolymammoth

there was an interesting article on this subject in the Independant yesterday, in
the motoring section of the paper.

It discussed how used cars are actually increasing in value, (say a 3 yr old car
last year compared to a 3 yr old car this year). However, with the advent of
maturing SSIA's, many people will choose to upgrade their existing car, and
there will possibly be a flood of quality used cars on the market in the next
12-24 months. This, along with competition from dealers eager to cash in on
SSIA's, should harden and maybe even drive down prices. the next 12 months
should be a good time to buy a new (used) car.

maidhc

fatboypee wrote:

Thinking of a defender now as I'm now in a position where I need 4x4 and reliability and incidentally, Defenders are one of the few vehic-kles here that cost more in the UK ....

A defender is a wise choice! Probably not the most comfortable though.

I bought my car from a main dealer in 1999 for £6000. It was a 4yo mondeo with 63k miles, a FSH, and in immaculate condition Incidentally it was my mothers old car(!!!) that she bought new and that had been traded in 9mths previous. It was never sold on. I have put 100k extra on it, and it is being handed down to my sister now. I'm looking for a car, but I cant find similar value nowadays.

TempestSabre

pbergin wrote:

The Times had an article yesterday and it said that second hand car prices have actually gone up!!

I'd agree with that. I was having hard time finding a decent cheap car. I reckon if you had a lot of time to trawl around looking at private cars you'd find something but I didn't have a lot of spare time. I found it difficult to get cars to a mechanic to get checked out too. Mechanics generally not interested in travelling to check a car for you. Only decent cars I found were more than my budget or dearer sporter versions which defeat the point of getting a cheap car in the first place.