Will used car prices drop?

Maewyn Succat

I'm looking to buy a used car, possibly a 201 or 202 reg Peugeot 3008, and have been watching the prices for the last few months. I was expecting them to drop a little bit after the new year but haven't noticed any drop in prices.

I'm not in a huge hurry to buy just yet but would hope to get something in the next couple of months. Just wondering do people think prices will drop any time soon?

Buddy Bubs

Next few months, unlikely for the entire market to drop. Any particular car could drop becuase it is not selling, overpriced to begin with etc

But if you got the average price of a 201/202 308 now and a 308 in the summer (or indeed any car) they are unlikely to be much lower as long as demand for them is there. I just dont see the supply/demand tables tipping very soon, sorry.Market not as we have known it at the moment.

I was looking at 2018 BMW 5 series and Audi A6 since 2020 and the prices are roughly similar now as they were then

Squatman

https://www.boards.ie/discussion/comment/120094098#Comment_120094098

the likes of your A6 might come down. as these are typical salespeoples cars, adn the bik rate doubled*, there may be an exodus from the market, where salespeople look for electric cars owed to the favourable bik charges. * May not have doubled

CiniO

Im my opinion only option for used cars to drop their price is only when way more used cars appear for sale (increase in supply).

And this is only likely to happen, if suddenly people will start buying plenty of brand new cars (which probably won't happen soon) or for some reason people will decide against owning cars (in which case probably buyuing one wouldn't really make much sense).

So in general - I wouldn't hope for that soon.

Maewyn Succat

Thanks for the replies.

It's not looking like prices are going to drop so I'm considering my options.

I'm debating whether to get a loan and get a 201 or 202 reg car or to get a brand new car on pcp. The repayments would be similar for either option.

Has anyone got any opinions on which option is better?

elperello

Maybe hold on to the car you have and save a bit more which will reduce payments.

Maewyn Succat

Obviously I'd save money by keeping the car I have but it's starting to give trouble so want to get rid of it.

Maewyn Succat

Deleted

Lofidelity

The entry level cars have seen the most dramatic price rises. Some basic mk6 golf's are looking for 10 grand. That would have been 7 or 8 back in 2020.

With all the talk of cost of living in the news maybe the government should reduce vrt to allow used UK imports again. In rural areas a car is an essential part of life. Plus it would get more electric and hybrids onto the road.

elperello

https://www.boards.ie/discussion/comment/120150113#Comment_120150113

Interesting idea.

Do you mean a reduced rate of VRT for electrics and hybrids only ?

Montage of Feck

The used car market is terrible at the moment and I can't see it getting better. Never the prices the choice is depressing, very few interesting cars out there.

Calahonda52

https://www.boards.ie/discussion/comment/120121983#Comment_120121983

But what about the deposit and the final payment, you are not comparing like with like

Maewyn Succat

https://www.boards.ie/discussion/comment/120152410#Comment_120152410

That's true. The figures do include the same deposit but it doesn't include the final payment. The other difference is I would have a 3 year old car with pcp or a 6 year old car with the loan option.

tayto lover

They are trying to rip off the people with the silly prices they are looking for. I saw a 2014 Kuga for 16.5K today. Madness 10 years old.

Lofidelity

https://www.boards.ie/discussion/comment/120152344#Comment_120152344

Reduce vrt for everything but they could target it at electric and hybrids. Nobody's going to be importing diesel a6's etc anymore so most stuff will be low emissions. And maybe a cap on max vrt too.

thebackbar

im no expert on the car market ... but surely the move away from diesel is also impacting car prices ? trying to get a second hand petrol car with low mileage is very difficult at the moment, but there seems to be a lot more diesel cars for sale. It seems if you want a petrol car you pay a premium

User1998

https://www.boards.ie/discussion/comment/120158462#Comment_120158462

Its been like that the past 10 or so years. Hard to find petrols, most cars have been diesel until recently

elperello

https://www.boards.ie/discussion/comment/120158724#Comment_120158724

Hardly any petrol sold in the family car ranges.

We just need to get over ourselves and let the diesels work through the market.

Any attempt to penalise them will cause carnage in the market.

gary550

Asking car dealers there doesn't seem to be much as far as softening, the good cars are selling well, the shite cars are selling well.

I don't think new car sales in Ireland will ever fill the hole of cheaper uk imports pre 2021. We imported a hell of a lot of cars and that has gotten drastically more expensive to do. That essentially propped up the used car market here.

Added that new car prices have also gone up substantially also in the past few years coupled with a period of tight supply and it leaves us in the weird situation there is now. So don't expect anything major as far as price drop soon I'd say.

I sold a van recently for €250 more than what I paid for it nearly three years ago and that was one of the cheapest online for a quick sale!

Bearing in mind what I paid for it back then also included vat! so essentially nearly 2k more than I paid back then!

Nearly 40k km's of essentially depreciation free motoring. Utter madness.

Squeaksoutloud

Plenty of articles regarding US second hand values falling with the slight reduction in supply contraints. Brexit and noxious charge unique to hear though. This might help tho...

https://www.completecar.ie/car-news/article/12173/UK-tax-changes-could-boost-car-imports

rodderss

Car dealers always did and always will get up on the customer. Supply and demand dictates nothing is cheap when there is under supply and the extra cost of importing from the UK has in effect stitched up the irish motorist.

corks finest

I'm looking since Dec

3 I'm interested in have gone up by approx,e900( each)

Trade in price has dropped

Gangster's here in Cork anyway willing to give little in comparison with Dublin car dealers

I've bought one motor locally in 24 year's

Mad_maxx

Used car market peaked in September, significantly cheaper today than then

corks finest

3 cars in watching since Xmas have gone up approximately e750)/900

2 since sold

Epower Nissan Note hybrid( 2017)

Honda fit hybrid ( 2016)/7)

Toyota aqua hybrid

( Each with medium to top spec)

Can't pick a decent one in Cork,trade in prices are shite.

Dublin on the other hand gives more on a trade and obviously a bigger market

Lockheed

I was looking for a Diesel Saab on DoneDeal in late July- August 2022 prices avg 4-5k, out of interest I looked again and comparable models are now around 2.5-3.75k. I know it's a specific part of the used car market but was surprised how it has softened.

Oscar_Madison

I’ve noticed a small drop in prices between Dec 2022 and now- but that’s really about the year changeover - prices of second hand cars are still mad- BUT

Ive just bought a second hand car- traded in a 14 year old car for it - asking price was 28k in main dealer garage and got the car for 24k. I’m delighted.

Here’s my reasons for buying a second hand car now.

1. Both of our cars were very old so needed to upgrade at least one- the other is now in semi retirement but in excellent condition for its age- hopefully servicing will be minimal for next few years as a lot of parts replaced to date
2. Brand new EVs are desperately expensive so while I would save very long term on fuel costs, and indeed servicing, the price gap is just too great for the EV cars I’d be looking at driving - ionic 5 or VW ID4 etc - I don’t think our current Milage rates would justify the additional expense
3. Current high car prices will be here to stay for another while as second hand supply of good low mileage cars are not near what the market is demanding and given new car sales since 2019 and Brexit challenges of importing uk cars, that’s going to remain a fact of life for a good while more
4. I got well more off the price than my car merited - so it’s softened the blow a bit- eventually though, older cars won’t command such value so my advice is, use it to trade in while you can
5. I’ve had not-buyers regret for the last year- I didn’t want another year to go buy and see prices move even further up- if I’ve brought at the top of the market, feic it, I don’t care, but I honestly don’t believe I have.
6. Final bit of advice is- if you’re after a particular car, wait till there’s a few similar on offer- this helps stabilise the price a bit - dealers will be more willing to negotiate if you’ve told them this is one of a few you’re going to be looking at.

Idbatterim

https://www.boards.ie/discussion/comment/120122261#Comment_120122261

Spending tens of thousands to " save" a few hundred on another used car, is bad economics

elperello

https://www.boards.ie/discussion/comment/120254171#Comment_120254171

Often you will be better off fixing up the car you have and getting a bit more out of it.

But the time comes when you need to make a move.

If it's only a runaround you can stick it out longer but if you need something for longer journeys a change might be needed sooner.

Squatman

https://www.boards.ie/discussion/comment/120150113#Comment_120150113

dont think so bud. electric and hybrid VRT isnt taxed as heavily

ofcork

https://www.boards.ie/discussion/comment/120158724#Comment_120158724

Yes wanted a petrol avensis back in 2014 used couldnt find one ended up with diesel.