I quite fancy a new (to me) car. But Glass's informs me that prices are dropping 10% per month in the c. £1,000 car market. Kind of blows my depreciation-free strategy out of the water when a car I idly looked at at the end of November books at £250 less than it did then. Ouch!
(And of course, hope of getting anything at all for my own motor recedes rapidly towards the value of the tax - I guess I might be able to sell the tyres on eBay... A very nice man offered me £100 as px on Sunday...)
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At least someone rang you back Mapmaker - even if from ebay.
We had thoughts of swapping the older car for a new one - but wanted a technical enquiry answered first.
Left a message for Sales at dealer one - call not returned
Dealer two - passed from sales to service and referred back to sales - unable to get answer.
Take it from me - the motor trade is currently under no pressure to sell new cars.
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However, if you are carless, and have to have a car to get on with life, then you have to make a decision on your budget and commit.
I don't care what the prices are doing in either direction, when I need a car, and I go and get one. Fannying about to save a theoretical £100 on a £1000 car is costing me more in time and hassle than I'll ever save in £s. Unless that is, you value your time at £nil.
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Well, I can tell you that early January auction prices are thus far way up on December. If you were after a bargain you may have to wait. Even damaged stuff seems to be going over book.
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New car sales are down 25-30% across the world.
Manufacturers probably have 2-3 months' SURPLUS stock - plus.. due to shipping times and other lead times.
So I expect we'll see pressure on new prices for another 9 months.
SO ditto on secondhand.
I want a Lexus LS400 . Prices have fallen 25% in the past 6 months, but many silly silly prices (I'm looking for a 1999 Mark4).
By silly I mean overpriced by 50%.
Reality will happen sometime.
Edited by madf on 06/01/2009 at 15:47
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Guides are totally useless on sub-£1k stuff. Condition and whether they work or not is all that matters and prices are all over the place.
To be honest the sub-£1k market is probably the one area where prices and demand haven't fallen much unless they have huge engines. At this price point whether it belches smoke and has a MOT and 4 good tyres is far more important than what model it is to most buyers.
My gut feeling is that there has been such a big drop that apart from the newer 1 year old stuff prices will stabilise and maybe even rise going into 2009. Buyers are out in strength looking for bargains with sensible price cars selling well.
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