Used car bubble?

Interesting topic.

The whole thing is contradictory though.

On the one hand we have a hape of articles telling us how there is a chronic shortage of new and nearly new cars, on the other hand the same people are telling us people are holding off on buying new cars because they cant decide whether to buy another ICE car or go some form of hybrid or EV.

So which is it 🤔 are people holding off or is demand strong?

I personally wouldn't be afraid to buy at least one more ICE car. The only issue with them is between the increase in the cost of the car and petrol/ diesel in the budget we are successfully being taxed out of ICE cars when there isn't an EV option available for so so many people it's going to make for a long and painful transition.

At the same time, i dont think EV is a one size fits all solution to the climate issues we are facing. I can see a lot of reasons as to why people may like them but it wouldn't be for me, right now at least and plenty of other people the same.

There certainly is a shortage of good used stock out there in my observation. I've seen a good few large dealer forecourts down my way that would normally be full of trade ins, noticeably emptier now. I've also seen used cars selling before the dealer even has a chance to take photos and post them online. People buying without even seeing the car too. Prices have certainly increased a lot in the last 12 months too, people selling their existing cars for more than they paid for them, of course this is offset by the increased price of the car that replaces it.

There is certainly a bubble at the moment and nobody knows how long it will last but like the property market during the celtic tiger we know it will burst and I have a feeling people paying over the top for cars now may get a nasty shock when it does burst.

Whatever about the short term supply chain issues, Brexit will still restrict supply and keep second hand values at a higher level than we have been used to. New cars kept for a long time will be the order of the day.

UK used cars are getting priced closer to what we’re paying here, so importing to Ireland is doubly more expensive since the brexit rule changes. They have a lot of control over their new car supply, with domestic manufacturing, so It’ll be interesting to see medium term what happens - will it stay down because of brexit, or bounce back when supply chain issues are rectified

Not one Skoda Fabia on DD meets that criteria.Theres 4 or 5 under that milage but are 2009s and 2010 ranging from €3500 to €4900.

Matches your criteria the best,I don't know anything about them in general.

What about Japanese supply or is the typical Irish car buyer turned off by Jap imports?

Also is it still the case that you can import from Northern Ireland and only be liable for VRT but not VAT given they are still in the single market?

Do you know have prices in the north risen substantially as well due to the extra demand? I presume they have, we have basically gone from a used car supply market of 60m people in the UK down to just 1.7m in Northern Ireland.

But also wouldnt it mean that dealers in NI can massively expand their operations now given that it is a back door to get cars from the UK without VAT being slapped on them? Or maybe it is the case that the average buyer just cant be bothered to go through the VRT hoops and will gladly pay more for cars in the market here.

New car prices are nuts,toyota sent me a brochure over 29k otr for a corolla now!!!

Over 15 years old probably best weight it in.

Dealers are starting to take the pis.s

Spotted a car in a dealer in June for 10k.Not the most common of yokes and bordering on Luxobarge type territory.

Did a cartell and the dealer has had it a few years.

It dissappeared from the forecourt for a few weeks and has now reappeared with an extra two grand on the price.

I mean they coudnt sell at a lower price ...what makes them think they will sell at a higher price.

What was it?

Given the high prices for used cars at the moment, the real value to be had is selling privately resulting and buying new. A larger deposit can be acheived now than before Brexit & the Pandemic. Whilst new car prices have risen (along with little or no discounting), this is generally more than compensated for by the price obtained for a used car in reasonable condition.

Nearly 3 year old Mx5 ,31k

Same spec brand new ,33k

I know this is only one example (and that seller will get the 31k) but there's similar cases across the market.

I also think the increased prices of new cars is reflected by greater trade in values for used cars and therefore a higher price for second hand cars on the forecourt. For example, the price of a new Sportage is creeping towards 40k, so therefore the Sorento takes a leap to well over 50k. Therefore much better value in a Sorento trade in. I have seen first hand a 2019 Sorento for sale for 43k, this car only cost 48K brand new, but I guess this used price can be charged as it's still 10k cheaper than a new Sorento. Is there logic there?