Second hand value and depreciation

Pullingteeth · Post by **Pullingteeth** » Mon Jun 05, 2023 6:37 am

I’ve had the new software fitted, it was away for a week .
But I’m thinking of changing back to ICE , I’m 2 years in on a PCP , first time for me , and looked at paying it off it or alternatively,trading it in .
I’ve been very surprised by the low value ascribed to it .. ‘71 plate less than 9k miles .
Maybe better keeping it another year and handing it back ?
Anyone else been surprised by depreciation?
When I spoke to my supplying dealer they said they had enough it stock atm .. so no thanks they didn’t want it

Abadgermac · Post by **Abadgermac** » Mon Jun 05, 2023 6:50 am

Can I ask what you were offered?

Pullingteeth · Post by **Pullingteeth** » Mon Jun 05, 2023 7:03 am

Tbh I was in two minds as to post this question , let’s just say less than anticipated considering low mileage etc .
I don’t want folk to worry, just interested if anyone else was similarly disappointed?Its a great car , our streets in London are full of them , ULEZ on the way , I thought it would be more popular .

sidehaas · Post by **sidehaas** » Mon Jun 05, 2023 7:41 am

I've seen lots of reports recently of people unable to sell because dealers had enough supply already and didn't want to buy unless at very low prices. I think it's a mixture of the cost of living crisis, unwarranted negative stories about EVs in the press and more competitors coming on to the market (although, there are lots of other EVs similarly affected). It may also be that dealers lost a lot when Tesla dropped their prices and used values dropped overnight, so are are trying to claw that back with bigger margins now. Either way, it's a bad time to sell at the moment.

gailjon · Post by **gailjon** » Mon Jun 05, 2023 8:51 am

Why would you change back to an ice? I would have thought that being in a ulez zone would have been a no brainer to remain in a bev? One of the plus points for me of using a bevv in town is that I am not poisoning the local population as I drive by. (Yes, I know about electricity generation, etc but I am talking specifically about the area that I drive around in and can do something about, as opposed to ensuring generation of green energy, ect.)

In terms of value. out local VW dealer seems inundated with ID3s at the moment. Good news for anyone who wants a nice low mileage version for not much cost (relatively speaking of course).

In your situation I would just keep running the ID3 and see what happens when approaching the end of the PCP. You can always hand it back then without penalty.

Chris · Post by **Chris** » Mon Jun 05, 2023 2:14 pm

Prices have crashed in recent months, where lucky that’s ours is a work car so doesn’t affect us but when I’ve been noisy our July 21 tour with 30000 is only getting £18000!

Less than half its cost in under two years

sidehaas · Post by **sidehaas** » Mon Jun 05, 2023 2:28 pm

Chris wrote: ↑Mon Jun 05, 2023 2:14 pm Prices have crashed in recent months, where lucky that’s ours is a work car so doesn’t affect us but when I’ve been noisy our July 21 tour with 30000 is only getting £18000!

Less than half its cost in under two years

That's surely not a serious price though, it just means they don't want it...
The cheapest Tours available to buy on Autotrader are £27k and they both have nearly 40k miles on the clock. A used Tour with average mileage still can't be bought for £30k - even at two years old.
This silly situation will work its way through eventually but lots of dealers obviously have too much stock and are trying to maximise margins from the few people who are desperate to sell.

Chris · Post by **Chris** » Mon Jun 05, 2023 5:38 pm

Last time I was in the dealership the sales guy said that the tour’s aren’t the easiest thing to sell due to only having four seats and most people don’t want to pay for the extra spec

Pullingteeth · Post by **Pullingteeth** » Mon Jun 05, 2023 9:01 pm

Chris wrote: ↑Mon Jun 05, 2023 2:14 pm Prices have crashed in recent months, where lucky that’s ours is a work car so doesn’t affect us but when I’ve been noisy our July 21 tour with 30000 is only getting £18000!

Less than half its cost in under two years

I was offered less for a 8k mile PRO
I think it’s oversupply , I reckon I’ll keep it until PCP comes to an end .
I love driving it btw

MotMot · Post by **MotMot** » Mon Jun 05, 2023 9:10 pm

A French poster on the id FB pages was saying his is worth more than he paid for it.. so I’m in the ‘it’s a blip’ camp. Prices went silly last summer and now they’ve over corrected the other way… boom- bust driven by supply shortages then over supply.

Up the jumper · Post by **Up the jumper** » Tue Jun 06, 2023 6:26 am

Yesterday, I had a call from the supplying dealer saying they had noticed I had significant equity in my car (22 Family Pro) and would I consider trading it in for the latest model. I have no intention of doing so, but asked about lead times, and was advised that it would be about 6 months.

I guess their motivation was to create a new sale, (and in effect extend the pcp) but even so there must be a demand for this variant.

N21 · Post by **N21** » Tue Jun 06, 2023 10:42 pm

MotMot wrote: ↑Mon Jun 05, 2023 9:10 pm A French poster on the id FB pages was saying his is worth more than he paid for it.. so I’m in the ‘it’s a blip’ camp. Prices went silly last summer and now they’ve over corrected the other way… boom- bust driven by supply shortages then over supply.

I wonder if ULEZ will have a positive effect too

Second hand value and depreciation

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