The rise of the used car market

[nigw]

It is if you have a 4200

Haha, yes - only for low risk stuff they can flog quickly!

 

[Contigo]

Yes, I offered to buy but @Contigo wants a little more for it.

Bit unfair, it's at a massive discount to the market rate. I sold it today to WBAC. I realise that dealers want stuff with a massive margin in it but it's not always the way it works out. I reckon that's a £50k car all day long in the current condition.

 

[dgmx5]

I know it's a quick way to sell, but a forum member may have been prepared to offer you what you got from WBAC rather than feeding the monster.

I am sure the eagle eyed, @MarkMas , will spot its appearance on the market in due course

 

[dgmx5]

Bit unfair, it's at a massive discount to the market rate. I sold it today to WBAC. I realise that dealers want stuff with a massive margin in it but it's not always the way it works out. I reckon that's a £50k car all day long in the current condition.

I think we know @dickygrace invests far more time and money in preparing a car than other dealers do and that has to be accounted for in the margin.

Certainly more time and effort than the dodgy dealers we see on here that have acquired a Maserati at BCA thinking it gives them a veneer of credibility when selling their usual stock of **** Euroboxes and 4x4s.

At the end of the day, not every time two parties walk into a room or get onto the phone will it result in a deal.

You got the price you wanted so that's good news.

 

[Silvercat]

I agree with you but this should impact more the main stream second hand car market than the "luxury / sport" market in my opinion. I have been looking at two cars that I really like, the 997 and Maserati GTS for the last 6-12 months, both have increased very strongly in price, especially the 997 from what I have seen. For me, it is either because these cars were undervalued before (it was a lot of car for app. £25k) or there is currently a small bubble for these cars due to summer and spare cash after lockdown. Which assumption is correct, I am not sure? I am very tempted to make a move to buy one although might be worth waiting for 6 months...

I think the market impact of the supply shortages is affecting the whole car market , not just mainstream. So it's a general wider impact which is washing through all of the 2nd hand market to. I guess the impact may vary a bit, but the trend is the same.

 

[dickygrace]

Bit unfair, it's at a massive discount to the market rate. I sold it today to WBAC. I realise that dealers want stuff with a massive margin in it but it's not always the way it works out. I reckon that's a £50k car all day long in the current condition.

We’ve discussed in private, I think it’s a £48k retail car, with a £1000 warranty inc and a £1500 service due, so long as it requires zero further spend, as well as collection, detailing, and that filthy word, profit. If I’d paid you more than WBAC for it, it’s possible I may have been able to make £2000 pre tax (£1230 post) on my £46k investment. That’s IF it requires zero spend, and IF I sold it for £48k. I honestly believe nobody on this forum would think that’s a massive margin.

 

[Devonboy]

Just curious, how is that worked out? From finance company, using genuine calculations, or the selling dealer, finger in air and them taking the **** in their favour?

It will be a proper settlement figure I suspect - from the finance company- this will ensure the dealer receives a clear title for the vehicle so that it can be sold on… as, at this stage it will still technically be your vehicle, you too can ask for a settlement figure as well.

 

[Sam McGoo]

We’ve discussed in private, I think it’s a £48k retail car, with a £1000 warranty inc and a £1500 service due, so long as it requires zero further spend, as well as collection, detailing, and that filthy word, profit. If I’d paid you more than WBAC for it, it’s possible I may have been able to make £2000 pre tax (£1230 post) on my £46k investment. That’s IF it requires zero spend, and IF I sold it for £48k. I honestly believe nobody on this forum would think that’s a massive margin.

Seems pretty fair to be honest. Also, we all know that while the service and inspection is being carried out, there's a reasonable chance of things being picked up requiring further expenditure.
I suppose that's why SOR works well, as both the dealer and owner share that risk/cost.

Also can't blame Phil for wanting to get the most he can for his car. As said above, a deal can't always be struck and sounds like it worked out fine in the end.

 

[c4sman]

We’ve discussed in private, I think it’s a £48k retail car, with a £1000 warranty inc and a £1500 service due, so long as it requires zero further spend, as well as collection, detailing, and that filthy word, profit. If I’d paid you more than WBAC for it, it’s possible I may have been able to make £2000 pre tax (£1230 post) on my £46k investment. That’s IF it requires zero spend, and IF I sold it for £48k. I honestly believe nobody on this forum would think that’s a massive margin.

Very, very fair and a very thin margin if something cropped up, or a buyer doesn’t materialise quickly as the “cost of money” held in that £46k would eat that post tax margin in a month or two.

 

[Delmonte]

We’ve discussed in private, I think it’s a £48k retail car, with a £1000 warranty inc and a £1500 service due, so long as it requires zero further spend, as well as collection, detailing, and that filthy word, profit. If I’d paid you more than WBAC for it, it’s possible I may have been able to make £2000 pre tax (£1230 post) on my £46k investment. That’s IF it requires zero spend, and IF I sold it for £48k. I honestly believe nobody on this forum would think that’s a massive margin.

What year is the car?

 

[dickygrace]

What year is the car?

2014 Gt Sport Auto in Bianco Eldorado with Nero, 10500 miles.

 

[outrun]

I didn't realise but WBAC was bought by BCA Auctions and BCA also own Cinch (probs seen those annoying adverts crop up recently). So they have a smart end to end model but I feel as though they are trying to screw indie dealers which sucks. i.e Car sold to WBAC, goes to BCA. If car is deemed good then they sell it to retail on Cinch. If it doesn't meet their requirements they push it through the auctions for other dealers and keep the cream. Getting good stock is going to be harder and harder for the indies I think .

It's even more than that, they also some of the arrival ports where imported and exported vehicles sit in bonded status. So they know exactly what models and numbers are coming and going, allowing them to further predict markets and pricing.

Senator Palpatine would be impressed.

 

[Delmonte]

2014 Gt Sport Auto in Bianco Eldorado with Nero, 10500 miles.

Sounds expensive for year, even with those miles IMHO

 

[Sam McGoo]

Sounds expensive for year, even with those miles IMHO

That's because of the 'rise in the used car market'... Hence the thread. Lol.

If you look on auto trader, you'll see that's about right at the moment.

 

[Delmonte]

That's because of the 'rise in the used car market'... Hence the thread. Lol.

If you look on auto trader, you'll see that's about right at the moment.

Shame its not the 'rise of the used market for the Maserati 4200' lol havent seen that occur yet

 

[safrane]

Interesting the valuation I had on my 4x4 last week is now down by £4k

 

[Delmonte]

Interesting the valuation I had on my 4x4 last week is now down by £4k

Its mad isnt it? Like the Mini values I got... spammed almost daily with increasing values, eventually up by nearly 20% on what they originally offered... then, suddenly, they send an offer 10% below their original lowest offer. All in the space of a month....

 

[Felonious Crud]

Its mad isnt it? Like the Mini values I got... spammed almost daily with increasing values, eventually up by nearly 20% on what they originally offered... then, suddenly, they send an offer 10% below their original lowest offer. All in the space of a month....

I think WBAC is part price-algo, part psych-algo. I wonder how many people panic at the low-ball, head to the valuation centre, get told great news, we'll pay you over that last valuation, and leave relieved, cash in hand.

 

[hashluck]

As a couple have recently sold their GTs to WBAC at prices they are very happy with, I thought I would put my 780 mile 2011 Stradale in and see what popped out - £33K! Hmmm, the car is not for sale of course but their algorithms can do one in this case anyway

 

[mjheathcote]

The value of my M140i is still increasing, updated yesterday.
Worth more than two and a half years ago, with over double the mileage!
So so tempting to get out with the equity, however I can only see the advantage if trading into new, but then you are paying for the depreciation, if used, everything else has gone up too.
Not sure I can run around in my 20 year old Pinin for business usage for long, to wait if the market collapses, or not.
Hopefully the market for my M140i will remain strong for BMW never replaced it with a rear wheel drive, 6 pot turbo, with a 3 door plus manual box option which mine is.