Are Used Car Prices Dropping Quickly

pajosjunkbox

I'm in the market for a runaround ( 2nd family car). Stuck to Done Deal and it seems that ....

1. Cars are not moving very fast

2. A lot of prices are being reduced

Will this continue on in to 2024 ? Is it worth waiting a few months to buy. Not in any major rush.

Thanks

Higgins5473

Honestly, I have not seen a drop from dealers, at all, for ICE cars anyway. Whole other story with EV. I’ve been looking at about 4 different makes and have not seen any kind of drop from this time last year.

Allinall

There’s an age old saying- “Never try to catch a falling knife “.

My advice would be to buy what you need at the time you need it, and don’t worry about what might have been.

pajosjunkbox

I'm looking at 2013 - 2015 Toyota Prius. A lot of Jap imports but they don't seem to be moving at all. In negotiations with a few sellers and there is no way any of them are getting anywhere near what they are asking.

mickdw

Yes it would appear things have very much peaked.

New vat rules from UK for the last few months have opened up alot of uk stock for import for car traders here so that will help with demand.

As well as that, by all accounts prices are down down down at auction in uk so that says alot about the market over there and will be reflected in prices here.

Local independent garage is selling very poor numbers.

It's a simple fact that cars are just way over priced now and people have copped on.

chrisd2019

https://www.boards.ie/discussion/2058328186/are-used-car-prices-dropping-quickly

Bought a car through DD last May after 9 months of looking, May was the NCT expiry for my old car that I was running into the ground.

Your observations were equally valid this time last year. Selling cars takes time, unless you looking for a very specific rare model in a specific trim, there are plenty to choose from. Overprices ones always sit there for month until reduced, or the seller is not too pushed.

Important to study pics well and view anything you serious about, amazing how many sellers, including dealers that advertise cars as being different versions that which they actually are or use stock photos, masking damage to the actual on on sale.

pajosjunkbox

Anyone have any idea what a 10 year old Prius would have made before prices went crazy. I'd love to know how close or far away they are now.

Widdensushi

https://www.boards.ie/discussion/comment/121531499#Comment_121531499

Be prepared to move on, the last car I bought I made an offer on three of the same model that were turned down, fourth car offer was accepted, slightly better spec etc than the previous

pajosjunkbox

Yep. I have about 10 saved on done deal and seeing which one is willing to go low. It's just a runaround so not overly fussy. Low price, service history and average km is what I'm looking for.

Flinty997

The Irish market has just that much separation from other markets that it reacts much more slowly than say the UK market.

bazz26

Lots of uncertainty in the car market - both used and new. High interest rates, high cost of living and frequent new car price rises contribute to make many people keep what they have for longer. Also with supply catching and overtaking demand now, manufacturers are struggling to sell overpriced new cars.

Also a 10 year old car will already have suffered most of it's high depreciation at this stage of it's life so depreciation now will be slower than when it was much younger. I wouldn't be hinging on resale values of such cars to fall drastically any time soon.

poker--addict

Also waiting for a second used car. Struggling to see value.

looked at a Pugeot 5008 and it was the same price as it was new in 2021. I think we will wait as long as we can.

tesla the only cars down in price, good value new (and most cars are not good value new), but no second hand supply so used prices also unsustainably high

supply from UK is key in Ireland

Flinty997

UK import market is gone. We are seeing a new wave of Japanese imports coming in.

HazeDoll

If we made the big switch to right-hand drive prices would drop rapidly. We could easily import used cars from mainland Europe and we would no longer be a minority market for new cars.

Akrasia

https://www.boards.ie/discussion/comment/121532433#Comment_121532433

And if we all grew wings we wouldn't need cars at all

KaneToad

https://www.boards.ie/discussion/comment/121531900#Comment_121531900

Is it?? I think the new Windsor agreement vat treatment is having an impact.

Nickindublin

https://www.boards.ie/discussion/comment/121532461#Comment_121532461

No need to. Eamonn will have us all on 2 wheels 🤣

hoodie6029

https://www.boards.ie/discussion/comment/121532433#Comment_121532433

We couldn’t get rid of daylight savings time here because the North wasn’t going to do it. There’s a snowball’s chance in hell of changing the side of the road we drive on 😂😂

mickdw

https://www.boards.ie/discussion/comment/121531900#Comment_121531900

Not for dealers its not.

They can claim the uk vat on vat qualifying cars as they always could however they can now take a non vat qualifying car from uk and get a reclaim from uk revenue of 1/6 of the uk invoice they paid.

This opens up the entire uk market to car dealers here with only the 10 percent duty to worry about compared to before brexit.

Uk is finished under current rules for private imports though.

HazeDoll

https://www.boards.ie/discussion/comment/121532461#Comment_121532461

Not a valid analogy.

One thing is impossible and one thing is possible. You're right though, both would probably reduce the price of second hand cars. Maybe your contribution isn't as inane as it first appeared.

Back to the real world...

Importing used cars from France and Germany etc. would greatly increase availability and reduce prices.

I would say driving on the right is inevitable and I'd prefer it to come sooner rather than later. I don't want to be 75 and trying to adjust to it. I managed ok driving abroad but I had the constant worry that if something happened suddenly my reflexes would kick in and I'd go the 'wrong' way.

creedp

https://www.boards.ie/discussion/comment/121532782#Comment_121532782

So you dont care about current 75 year olds

Buddy Bubs

https://www.boards.ie/discussion/comment/121532782#Comment_121532782

But someone will always be 75

Not a hope in hell we will change sides for driving. What would that achieve? Easier importation of used cars? That's not in Ireland's interests at all, maybe some individuals but not the population as a whole. It's sending more money out of the country.

Removing vrt and taxes would do the same job and might not even be more expensive when the dust settles. Or just allow cars with steering wheel on the left is also easier. Because overnight we would close to a million cars with steering on wrong side anyway that would also no be sales proof. Every car in a dealership would be devalued overnight, they'd all close down.

What you're proposing is so expensive and will result in so many accidents the insurance companies could up and leave overnight or charge so much it's unviable. Junctions and roads would all need to be reconfigured to suit. Road signs too.

It was done in Samoa in the 70s or something but not even remotely comparable

HazeDoll

https://www.boards.ie/discussion/comment/121532831#Comment_121532831

Ireland doesn't have an automotive industry. We have automotive retail. Every single car is imported.

If we drove on the right then new cars could come into Ireland through mainland Europe as part of that vast market, instead as part of a minority market that drives on the left. That would reduce costs, reducing the amount of money leaving the country to import new car stock.

If we could import used cars from Europe in greater numbers the dealers now struggling to sell overpriced used cars would be selling reasonably priced used cars. Their businesses would adapt to accommodate changes in the market. It's not reasonable to assume they'd close down overnight.

Any car (with the exception of rarities) is a depreciating asset. New cars depreciate spectacularly quickly. All that money leaves the country and the owner is left with something that is instantly worth a lot less than they paid. Because of the current price of used cars it makes a certain amount of sense to throw money at a brand new car, I can see why people choose to do that. An increased market in quality used cars would encourage drivers to buy used cars, which has environmental benefits as well as reducing our spend on vehicles overall. This leaves us with more disposable income which is good for the economy.

HazeDoll

Look, I get that it seems wildly impractical to switch to driving on the right. I think we'd manage it, but I can see why others are reluctant. You can say it's a stretch but you can still accept that it makes sense economically.

Tiger20

Great idea, but might take a while to catch on. We could introduce driving on the right but just apply it to HGV and commercial vehicles initially and allow cars a grace period of a few years before eventually applying it to everyone!

HazeDoll

https://www.boards.ie/discussion/comment/121532983#Comment_121532983

See - with compromise everything is possible!

What could possibly go wrong?

Flinty997

https://www.boards.ie/discussion/comment/121532737#Comment_121532737

I'm seeing a lot of new Japanese imports in dealers. Cheaper, a lot less mileage, and better equipped than UK cars.

creedp

https://www.boards.ie/discussion/comment/121532983#Comment_121532983

How would this work. Im driving along in my car on the left hand side and I see a HGV coming at me driving on the RHS. What to do next?

HazeDoll

https://www.boards.ie/discussion/comment/121533002#Comment_121533002

Tiger20 is joking.

creedp

https://www.boards.ie/discussion/comment/121532969#Comment_121532969

In all fairness you've already stated you wouldn't want to make the change when you're 75 but you think because l you would like to do it now then everyone else should suck it up and participate in a bout of motoring mayhem.

How many deaths and serious injuries would be an acceptable price to pay for being able to import cheaper lhd cars?

Flinty997

https://www.boards.ie/discussion/comment/121533021#Comment_121533021

What deaths?

"...Indeed, fatal car-to-car and car-to-pedestrian accidents dropped sharply as a result, and the number of motor insurance claims went down by 40%.[citation needed]

These initial improvements did not last, however. The number of motor insurance claims returned to "normal" over the next six weeks and, by 1969, the accident rates were back to the levels seen before the change..,"

https://en.m.wikipedia.org/wiki/Dagen_H#:~:text='the%20right%2Dhand%20traffic%20reorganisation,logistical%20event%20in%20Sweden's%20history.