Used car prices going up???

Kashkai

I bought my 2009 car in 2011 for €17,000. However current 2 year old models of the same car (ie 2011 reg) are retailing for on average €22,000. I know that new car sales have all but collapsed in the past few years and so there is a dearth of good second hand examples being traded in but an increase of €5k in price for the same used car (similar age and spec) is a little puzzling.

Are these current prices being sought by dealers realistic or optimistic??

rocky

Did you buy private?

What car is it?

asking prices are not retailing prices...

ba_barabus

I predicted this after the budget as the price of new cars has increased and good used cars are rare

Kashkai

I bought my current car from a main dealer. I never buy privately as I was badly stung years ago.

My 2009 reg is a Renault Laguna Privilege 1.5D with just 45,000 miles on the clock (it only had 10,000 when I bought it which explains the relatively low mileage on it now). Best car I've ever owned, both in terms of reliability, fuel economy and all the niceties like cruise control, keyless entry etc etc.

The current top spec Laguna is the Initiale model that has leather interior, sat nav and 2 litre diesel engine, none of which is a must have for me (don't like leather seats as you slide around on them, my iPhone has great sat nav and economy is more important to me than top speed). However it's that or a lower spec model which I don't fancy either. So I'm in a bit of a quandary about whether to keep my now 4 year old car which I love or to trade up to a 2 year old that I think is overpriced and would probably have a higher fuel consumption and road tax/insurance. Then again, if I keep my 4 year old car, it'll be harder to trade it in next year and the years after.

heathersonline

Why trade if you're happy with your current setup? Keep the cash and enjoy your current car no?

bazz26

Anyone looking for €22k for a 2 year old Laguna these days is a bit deluded. Here is one asking €20500:
http://www.driving.ie/used-cars/Renault/Laguna/3-2.0/31413535306674160/

The Laguna has also now been discontinued by Renault so resale values of them will probably start to fall steeply as they get older.

Kashkai

bazz26 wrote: »

Anyone looking for €22k for a 2 year old Laguna these days is a bit deluded. Here is one asking €20500:
http://www.driving.ie/used-cars/Renault/Laguna/3-2.0/31413535306674160/

The Laguna has also now been discontinued by Renault so resale values of them will probably start to fall steeply as they get older.

Saw that car alright but that price of €20,500 is a cash price. he wants €22,000 if you're trading in.

Didn't know the Laguna had been discontinued. New model on the way or is Renault concentrating on small - medium cars like Clio/Megane?

As for keeping my current car, yes its a great car but the last time I kept a car beyond 4 years old, I found it very hard to sell on as everyone (both dealers and private buyers) wanted cars less than 4 years old.

bazz26

Prosperous Dave wrote: »

Saw that car alright but that price of €20,500 is a cash price. he wants €22,000 if you're trading in.

Didn't know the Laguna had been discontinued. New model on the way or is Renault concentrating on small - medium cars like Clio/Megane?

As for keeping my current car, yes its a great car but the last time I kept a car beyond 4 years old, I found it very hard to sell on as everyone (both dealers and private buyers) wanted cars less than 4 years old.

But the €22k trade in price is a distorted price and not the true market value of the car. The cash price is a more realistic figure to the market value of it.

The Laguna is not directly being replaced, Renault are replacing it eventually with a crossover type thing. Being honest whether your car is 4 or 6 years old trying to sell on a discontinued model at decent money will be difficult. I would not use that as a sole reason to trade up. I think you would have a better chance of getting more money for it by selling it privately.

rocky

Prosperous Dave wrote: »

As for keeping my current car, yes its a great car but the last time I kept a car beyond 4 years old, I found it very hard to sell on as everyone (both dealers and private buyers) wanted cars less than 4 years old.

Surely there are buyers for cars of all ages, as long as the price is right?