Has the bubble burst on used performance car values? @dadcars speaks to @JayEmmOnCars to discuss the used car market right now and what may be next.
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There’s another factor here … it’s use of your assets. If you’ve got a 911 3.2 in the garage which you own outright and it’s worth £60,000 it costs about £1000 a year to service, insure and tax.
A year ago that was it, the money in the bank wouldn’t earn any more money anyway.
That £60,000 now earns you £3600 a year at 6%.
So sell the car, save £1000 a year in costs and earn £3600 and you’re £4600 a year better off ….
There are people realising that the “can’t go wrong” approach of sitting on a classic now has other options (believe me 🙈🙄)
Brought my 2019 a5 in aigust last year with half cash half bank finance for 7.99% interest rate with. 17.3k loan, glad they be comi g down. Hooefully my car eilk hold its value
Casually signing off whilst furiously palming an Aston into what seemed like a tricky parking space. Pure class!
there is the longer term issue for investors that technological acceleration and environment changes are actually moving things far more unpredictably for long term investment than in the past. And will likely make these vehicles un-usable except for shows and special events, due to effect of 6g on semi automated road networks. All cars will need to be electric and network capable i.e you cant just buy and dry store anymore then expect its going to work out. At the moment your only concern with an old classic is lack of crash safety and running costs.. but you can still use it on the road network.
This is not the case in Switzerland. Used car market is rather pricey.
I work in the property market and the issue is similar – BUT remember it is always relative, prices will not be a probalme if you trade in the same market.. So if you want to buy a car, do it.
Your better off getting a low interest loan, and buy a car that way, instead of financing a car.
Yeah so true my mate went to buy amg bk in day with 8 ground down your get it for like 450 ! Now they want 670
Two most recent acquisitions.
A 90k 03 Corolla T Sport £900. Flew threw a test, £400 to heater matrix , service & blow the bumpers over.
03 325ci, manual M sport. 120k new test. Mint! £1500. £500 refresh cooling system, big service, loads of gasket.
I’m keeping them.
How come those damn 4 runner used price are not coming down?
So much sense spoken in this video! Well done @Jayemm for the sound advice and support
Buying high priced items like property when interest rates are very low is always a bad idea.
I don’t believe we have seen the bottom of the market yet.
Used car values have been crazy for the last three years since Lockdown. They’re gradually settling down now.
At the dealership I work at, we’ve sold cars this year, which we had sold previously.
I’ve seen many examples where we’ve sold cars two or three years later, with higher mileages, for more!
One had 20k more miles and sold for £2k more than the previous time!
Interest rates are definitely higher for all the reasons you state!
Not just cars. I've struggled to get any interest in the motorbikes I've tried to sell despite sharp pricing and them being bith popular models and in exceptional condition. No hardship. Need the space more than the money.
There well over priced anyway. The more they come down the better.
You don’t buy sports cars for investment but for pleasure! Of course the prices always going down!
Good. Sellers have been taking the total p*ss for too long. Greed.
Very interesting piece. The car market has been built on finance for the last decade or two and the blame should be split between car manufacturer and consumer. The former wants to make too many cars and will seduce the consumer into 'purchasing' a car they don't really need and the latter largely wants a new car every few years, even when they often cannot afford to do, hence the finance option. Where we go from here I'm not sure, but it is likely the average consumer will retain their cars for longer.
I purchased a jag xe 19 reg 16 months ago for £22.000, i only done 4.00 mls in the first year, and was offerered £10.000, infuriating !!!
"Shopping basket 50 quid now 80 quid" can we trade wives mine can never bring it in under £250
Sad to say the classic market crashed back 30 years ago. Thanks
I work for a German car dealership and the amount of people getting knocked back on finance is ridiculous also footfall has fell off a cliff.
They are INCREASING car values by decreasing price. Lower the price the higher the value of ownership if you buy low.
Interest rates aren't ever going down
Maybe when I walk into a dealerships asking for discount for cash I won't be told to fuck off anymore.
I’m old and I’m listening to this conversation slightly agog that this all appears to be a revelation. Honestly guys, it’s not. It’s happened before and it’ll happen again. And the next guys YouTubing (or whatever it is then) will cover this topic again and you’ll be “huh, why is this a surprise?”. But, enjoyable nonetheless.
Days of cheap money is gone.
5% is nothing, the problem is a large portion of the country thought they could have free money forever and have loaded themselves up to the eye balls with debt, that's the problem, god help those people if they were doing that in the 90's with black Wednesday when it was around 16%. This day was always going to come, people need to stop living beyond their means, and save for something rather than going out and getting it straightaway.
If you love to drive sports cars this is good news for the ordinary Joes. For the investors who buy to make money it’s bad news , they will end up exiting the market. Not everyone wants an SUV or Hybrid or EV , it’s a personal choice.
A correction is well overdue. Hence, a price crash is round the corner
Quality video boys, thanks this is lTV quality for sure love it keeping it real more interesting then top gear 👏🏾👍🏾🥂👊🏾
I use buses, taxis, home deliveries and Shanks' pony.
pirces of high milage old beaters have not and will not likely drop because as people are forced out of what they can no longer afford they will have to head to the lower rungs to find something that they can afford, so demand will keep the low end supported while the upper end of used cars should drop substantially.
By the grace of God can Viper GTS values take a huge drive please 🙏🙏🙏
Interesting one, "investment cars" seem like the ones most likely to drop.
I'm pretty sure a lot of them were bought on finance due to low-interest rates, as people believed, often rightly, they could make money.
Supply likely to outstrip demand and prices fall. But, time will tell!