Used Car Prices

[Rac20]

So as some of you are aware, my little car was stolen mid-April (and subsequently found).

The insurance company have today informed me that it is being written off so I’m awaiting a settlement figure.

Due to us going away in Summer, we are thinking of holding off until we return before buying a car.

Used car prices are currently astronomical. 🙈 Does anyone who works in the industry have any prediction on whether they’ll drop anytime soon? Or more worryingly, that they’ll rise even more?

Thanks.

[Essex Benjy's!]

My opinion is they’re starting to drop slightly now. It’s a supply and demand issue of course. Even if the insurance company are writing your vehicle off you can still keep it ( buy it back ) and get it repaired if you choose to. You should be pleasantly surprised at how little you will have to pay for it.
I haven’t read about your vehicle or any damage but always worth considering ( I’ve done it ).
As for the original question nobody can truly know the answer I’m afraid

[Rac20]

Originally Posted by Essex Benjy's!

My opinion is they’re starting to drop slightly now. It’s a supply and demand issue of course. Even if the insurance company are writing your vehicle off you can still keep it ( buy it back ) and get it repaired if you choose to. You should be pleasantly surprised at how little you will have to pay for it.
I haven’t read about your vehicle or any damage but always worth considering ( I’ve done it ).
As for the original question nobody can truly know the answer I’m afraid

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Thank you. 👍🏻

[Ariel85]

My husband is a car salesman for bmw and as far as I can tell, there are still major issues woht sourcing new cars due to the microchip shortage and also wiring harnesses (as a lot come from Ukraine). Therefore I wouldn’t expect second hand prices to start dropping until new car availability improves, and that is still a big issue at the moment.

With regards to buying back the car from insurance company, it can obviously be done but I think it would then be classed as a write off and may be more difficult to sell in the future.

[Pinchy]

There's a 15 month waiting list for the new car I want so I looked at nearly new and they are more expensive than the new ones.

[kaytronika]

Bought mine in July 2021 for £13300, just drove past one six months older on the forecourt for £15k

[buryboy]

I think we are seeing small drops now . More related to the impact of cost of living prices and people scared to buy and commit to long term expenditure

New car supply is still very poor which is counterbalancing . Some new cars predicted to come 2nd half of the year are now expected next year , so no immediate end .
When / if there is a glut of new cars on the market , as mentioned above that’s when the used cars will hit their main dip.
But I do wonder if a lot of people who ordered new cars months ago will be cancelling

[sully301]

DS just passed his test and the same car that we paid 1200 for when DD passed had cost 3 times as much!

[Rac20]

Thanks all. Maybe I’ll have to wait a little longer.😬

[Rossi_Fan]

We bought our 20 plate car last year for £17k with 1,100 miles on the clock. Looking just now at the same dealer, an identical model but a 69 plate with 10,500 miles on it is £18k. Prices are not coming down as far as I can see.