{"id":52,"date":"2023-10-01T10:22:59","date_gmt":"2024-10-01T09:22:59","guid":{"rendered":"https:\/\/know-yourcar.co.uk\/blog\/?p=52"},"modified":"2024-08-28T11:29:23","modified_gmt":"2024-08-28T10:29:23","slug":"used-car-prices-something-big-happening","status":"publish","type":"post","link":"https:\/\/know-yourcar.co.uk\/blog\/2023\/10\/01\/used-car-prices-something-big-happening\/","title":{"rendered":"Used Car Prices \u2013 Something big happening?"},"content":{"rendered":"\n

Have you dipped your toe in the used car market recently? If so, you’ve probably raised an eyebrow at some surprisingly low prices. Sure, it’s normal for vehicle sales to slump in the last couple of months of the year, but we’re witnessing something extraordinary right now \u2013 a market teeming with bargains.<\/p>\n\n\n\n

Our depreciation data, which typically follows a predictable pattern, has unexpectedly taken a nosedive. It’s a bit like watching a steady drizzle turn into a sudden downpour \u2013 unexpected. For the first time since the pandemic, prices are dropping faster than ever. Dealers in the mid-to-high range (we’re talking cars over \u00a33k) are reeling from the sudden shift. September was all sunshine and sales, but come October, the bottom fell out. The slump was so drastic that we\u2019ve heard of some dealers, already straining under pressure, have decided to throw in the towel.<\/p>\n\n\n\n

So, what gives? This is now unarguably a buyer’s market, and we couldn’t resist delving deeper to bring our users the inside information.<\/p>\n\n\n\n

Let’s look at some examples:<\/p>\n\n\n\n

Take this premium BMW 530d M Sport Saloon we found on Auto Trader:<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Listed in mid-September for\u00a0\u00a324,390<\/strong>, it’s still unsold, now languishing at\u00a0\u00a320,890<\/strong>. That’s a whopping\u00a015% saving, or \u00a33,500 off<\/strong>!<\/p>\n\n\n\n

And in the high-end luxury market: A Range Rover Autobiography<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Originally tagged at \u00a368,000<\/strong> at the end of August, hasn’t found a new home and is now priced at a jaw-dropping \u00a356,000<\/strong>. That’s a staggering drop of 17.6% or \u00a312,000<\/strong>. Yes, you read that right.<\/p>\n\n\n\n

But let’s not forget the more attainable end of the spectrum: An Audi A4 2.0 TFSI Se<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Initially up for \u00a314,250<\/strong> in August, is still waiting for a buyer at \u00a312,950<\/strong>. That’s a 10% saving of \u00a31,300<\/strong>. While we noticed drops in this bracket, they were not as dramatic as in the higher tiers.<\/p>\n\n\n\n

Interestingly, at the lower end of the market, prices are holding steady or even inching up slightly.<\/p>\n\n\n\n

Admittedly, these are some extreme examples, but they reflect the current buzz among dealers at car auctions \u2013 it’s the talk of the coffee stalls.<\/p>\n\n\n\n

So, what’s driving this trend? It’s a mix of speculation and educated guesses from our end, but here’s our take: Post-lockdown, the vehicle market boomed due to supply chain hiccups in new car production, leading to a used car frenzy. This bubble seems to be correcting itself, but other factors might be at play. Could it be the squeeze from the cost of living crisis, hesitation in anticipation of the evolving EV landscape, or the increasing tax burden on combustion cars? Not to mention, the added complexity and maintenance costs of newer combustion cars meeting EURO 6 standards.<\/p>\n\n\n\n

We’re eager to hear your take on this.<\/p>\n\n\n\n

But one thing’s crystal clear: if you’re in the market for a used car, now is an opportune time. The market is brimming with potential, and we’re dedicated to ensuring your car-buying journey is both smooth and secure. Our app doesn’t just offer market-leading, comprehensive used car history checks for peace of mind; it also includes a detailed section on the relative ownership costs of any model you’re considering. Furthermore, we invite you to explore our articles that delve into the nuances of smart, safe used car purchasing:<\/p>\n\n\n\n