Buy now or wait? Second-hand market struggle is real...

designnerd · 12-01-2022 2:50pm #1

Beloved 18-yo hatch Corolla was written-off late Nov. Looking to replace with another hatch, max 10 years old and bit of spec on its bones for <€12k but the second-hand market is just so slow at the moment. Even NI isn't looking too hot.

One dealership I was at last weekend says their delivery of ~120 new cars is now pushed out to April due to the semi-conductor shortage.

Looking at the likes of an Auris, A3, Golf, etc. Not exactly stuck for it but I will be buying regardless this year, so the dilemma I could use some advice on is sit tight for 2-3 months or buy and get it done?

GRMA

Summer2020 · 12-01-2022 2:52pm

I think there was a permanent price adjustment after Brexit. Prices are never going to return to what they were pre Brexit. I don't think there will be any benefit in waiting.

User1998 · 12-01-2022 2:53pm

Prices aren’t going to drop in the 3 months and supply isn’t going to get any better

Leonard Hofstadter · 12-01-2022 3:05pm

The chip shortage isn't going anywhere for at least another year so until that is resolved there isn't going to be a meaningful supply of second hand cars, simply because there won't be enough new cars available to satisfy demand. People can't trade in what they can't buy.

Even then, the price of new cars is unlikely to return to what it was before Covid; Brexit (though prices in the UK have gone up dramatically, too so even that wouldn't be as cheap as it used to be pre-Brexit), changes to VRT, the switch to EVs (despite the massive taxpayer handouts and stupidly low levels of VRT) and the simple fact that manufacturers have realised that the chip shortage hasn't really cost them any money (they've just raised prices, meaning they're able to make the same levels of profit but on fewer cars, so their margins are rather better than they used to be) means that the value we saw before Covid and Brexit is unlikely to return any time soon.

designnerd · 12-01-2022 6:55pm

Prices seem like they're going to stay put and fair shout on the chip shortage not changing any time soon. If only we weren't putting them into literally everything!

Buying a second-hand car nearly as bad as trying to buy a second-hand house at the moment!!!

Weird times. Thanks for the perspective, appreciated.

HBC08 · 12-01-2022 11:37pm

I think we can't be far from importing from mainland Britain making financial sense again.

I believe prices have gone up there too but not as much as here.It might balance out and of course you will have better choice and selection.

landmarkjohn · 14-01-2022 12:06pm

I'd start looking now, it could take 2-3 months to find something decent that matches your budget.

AMKC · 14-01-2022 11:02pm

Don't be afraid to look outside the box maybe a Seat Leon or a Renault Megane, or a Kia Ceed or a Hyundai i30 maybe might suit you.

sk8board · 14-01-2022 11:14pm

Prices will come down eventually, as the market rebalances itself - for example, a 1yo car costing the same as it did when new isn’t going to go on for long once the chip shortage ends and manufacturing is increased.

3yo cars will be losing 35% of their value again eventually just like they did a few years ago. As others have said, that’s not going to happen in Ireland in 2022, especially as our new car sales are lopsided into Q1 and July

15-01-2022 9:49am

Start looking now OP and also, open your mind to other car manufacturers and models- good second hand cars go fast- so be ready to buy once you’ve checked out the car-you’re in a position that you need a car, so you don’t have the luxury of “wait and see”- there won’t be significant changes to the second hand market in the next 3 months and when there is there will still be all that pent up demand so if you see something you like, buy it.

HBC08 · 15-01-2022 11:22am

I'd advise anybody that has a car that currently works and does the job you want to hang on to it for as long as possible. The market isn't going to right itself in the next 2-3 years and to be honest and I can't see how it ever will even after that.Many of us on here saw this coming a few years ago with Brexit ( the chip situation whilst a lesser issue to Irish consumers came out of the blue,for me anyway)

I see you're in the unfortunate position of absolutely needing a car now.I think in that situation I might buy the car I want and just accept that its going to cost alot more than it would have in the recent past,just take the hit and enjoy the car.The way inflation and price rises across the board outside of motoring are going,then in a couple of years cars might be considered decent value again.Not that they will have come down in price but that everything else will have caught up to them.

designnerd · 16-01-2022 2:52am

Second Saturday spent looking and test driving. Hard to justify spending more to get above the 10yo reg especially for something with the preferred extras like cruise control.

Going to broaden the field as suggested here but so far it’s a Japanese import A3 TFSI that has my attention. Cousin mechanic flagged the potential timing chain issue but ultimately, I’m ok with spending a bit* to get things up to scratch but wondering if there’s any drawbacks to that type of import? Or model in general (2012).

PatrickDoherty · 18-01-2022 9:54pm

The market is absolutely nuts I offered 24k for a Passat last week to private seller he had it up for 26, told me a dealer offered him 25k so I left it alone, car has turned up on a dealers page for 30k.. Feel I missed out but even 24k to private seller with no warranty worried me, 30k is the price now rip.

designnerd · 08-03-2022 6:39pm

Very much the long tail on this but ended up with a 2012 Auris 1.8L Hybrid. Sub 80k miles on it and an Irish-bought car, pretty content even though it ate up the whole budget.

Market hasn't changed a whole heap since so glad I just bit the bullet and got on with it. Thanks for the advice and chatter.

MayoForSam · 11-03-2022 12:40pm

Just another comment to add - I've found it hard to sell on a second hand Kia Ceed estate, advertised for the last 6 weeks. Nice car, great condition and reasonably priced compared to similar cars from dealers I've seen but obviously folks are still looking for particular models. Looking outside the box slightly may still offer some value.

Killer K · 11-03-2022 6:57pm

https://www.boards.ie/discussion/comment/118767469#Comment_118767469

Did you try sell to a dealer?

MayoForSam · 11-03-2022 11:33pm

https://www.boards.ie/discussion/comment/118769582#Comment_118769582

Yup, got offered 2-3K below market value.

Killer K · 11-03-2022 11:40pm

What year is it if you don't mind me asking?

Buy now or wait? Second-hand market struggle is real...

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