To tell you if you want to sell your car....

[ByHook0rByCrook]

Do it sooner rather than later.

I work in the automotive retail industry, but not sales. Since Covid and lockdowns, and the loss of HGV drivers due to Brexit, the manufacturing supply chain for cars has been hit hard. This means new cars are taking months rather than weeks to get into the country or be delivered to dealerships, which has put more pressure on the used car market.

As a result, the price of used cars has skyrocketed. I recently sold my car for a bit less than 1k for what it was bought for – but that was 2.5 years ago and 20k miles less.

My used car barely changed in value.

That is INSANE when you know that the profit margin for used car sales is razor thin - £500 max profit for each used car sold. This is because they need to be cleaned, detailed, and checked before they even get on the shop floor, then of course the salesperson gets commission.

If you have a used car to get rid of, sell it sooner rather than later.

If you are in the market to buy, WAIT. The bubble will burst soon, as supply chains get re-established. By the end of the summer, used car prices will go down, I reckon. (I have no financial incentive to share this, just wanted to help anyone during this time of crazy car prices)

I recently sold mine to WBAC

It was on finance and I had 12k to settle. I was paid 23k… 11k in my pocket. Insane!!!

@ABCDEF1234

The chip shortage looks to continue for the next 2 years (atleast) so I wouldn't expect everything to change that quickly

I work in the industry and sadly you're right. I really don't know if I'll be able to cope much longer, work is a nightmare!

This has been the case for a little while, looked at getting a couple of new vans for DP's business last year and it was much cheaper to order new and wait than buy them second hand... much cheaper!
We sold our spare cars and got a lot more than we usually would have, even scrap prices aren't too bad at the moment.

Surely, with people paying the current prices willingly, the car dealers will maintain the current price level even when the conductor issue is resolved?

@greenclock I've PM you

I ordered my new car in September after getting a great price for my 20 plate jaguar epace. I get to keep current car until the new one arrives and the price they quoted is honoured so it is a win win. I’m in no rush and happy to wait.

My dad and husband have also done the same. It’s madness.

Right so I sell my car for more than I bought it 18 months ago but then buy another car that has also gone up in value

Not really any better off am I

Great if you have a car that you don't need but if you don't need it you would have sold it already and be aware prices have gone up unless you've been living under a rock

Yes, my car might get a good price, but I will have to pay a good price for a new car, so no net gain. I will stay put.

@PissedOffNeighbour22 there are loads of other places that will offer good money and be able to collect. Depending on your expectations or why you may want to keep the car, it's worth investigating.

This price increase is estimated to continue for a year or two so no rush as such. There are webinars each month regarding this from industry data suppliers. Very interesting to watch. Next one is March 9th by solera/cap hpi

Demand is high, supply is low because most people are holding on to their cars because they can't bear the thought of paying stupid money for a car that would have been pittance years ago, even if they get more for there's.

It's interesting @ByHook0rByCrook, I recently sold my car using motorway. Absolute bullshit and the way they have handled my 3 star review leaves me tempted to reduce it to 1 star.

Yep just tried it an mines gone up !!

Sadly, I need a car

I work in insurance , people are getting paid out more for their vehicles than they bought them for , one bloke had pd £1495 for his van and had the receipt , the insurance company pd him £4500 !

I just sold my 2012 Fiesta for £500 less than I bought it for SIX YEARS ago.

Right so this surely only works if you’ve got a spare car to sell and you don’t need to buy a new one right away. If you sell your old car for the inflated price that’s going to be reflected in the price of whatever you replace it with. Then the bubble bursts and you’re stuck with a car that’s depreciated like a car has never depreciated before. Or am I missing something?

@Nicknacky

I ordered my new car in September after getting a great price for my 20 plate jaguar epace. I get to keep current car until the new one arrives and the price they quoted is honoured so it is a win win. I’m in no rush and happy to wait.

My dad and husband have also done the same. It’s madness.

I've done exactly the same with my MX5. I ordered my new one in September and should get my new one next month.

My new car is taking 9 months to come.

The whole car/van/motorbike price thing has gone up around 35% over the last couple of years. Mate has been trying to buy a van. Prices have hit the roof.

I bought my car outright for 27k in 2019, paid off 11k on low interest loan so have 16 left. Looking at like for like on autotrader they’re going for 28k… seriously tempted.

Just recently got rid of Dh’s car and I refused to beileve the amount the company had claimed they would pay. I wouldn’t have expected much more than 2.5k.
I told dh that the person who comes to inspect the car will knock lots of money off with every little thing they can find wrong.
However, guy arrived, quickly checked over the car and left. Just over 6k in the bank a couple of days later .
Over the moon he sold it as one car was always sat not being used. Dh works away for weeks at a time.

Bought my car for £4500 4 years ago. Last year webuyanycar were offering 2k for it. Now they’re offering £2200. 🙄 Luckily I’m not looking to sell.

It’s in nearly perfect condition with 64,000 miles on the clock. Only ever failed an mot for a windscreen wiper.

Similar cars are going for around £6k on Auto trader though.

@ericscrantona - I think with many things it's often luck of the draw as to who you deal with.

My car make/model/year was mentioned in the thread, but didn't sell for as much as the pp, it really is random sometimes.

I’ve got an electric Renault Zoe which I bought for £5K in 2017 which is apparently now worth about £8K!

Just sold our car on Motorway.
Was very impressed with whole process of this & got a good price too!

Yep completely agree op. I paid £20k for my car last year. The garage offered me £25k for it last month. With 13k more miles! If I could get the same car in the colour I want I'd have gone for it but there aren't any.

Just traded my Duster in for a new one - due in June (hand old one over then) - £1000 less than I paid 2 years ago - it is crazy

Husband ordered his new car before Xmas and was told it would be November this year when ready. Just received an email saying it will now be January 2023!