what with the 2nd hand car market?

[bigshout]

I'm in the market to purchase a X5 2004-2005, within a month prices seem to have risen by £1-2K also M3's look like they have gone up quite a bit. With this recession and less buyers you would have thought procies would have fallen not gone up, so what is causing the price hikes?

[Black Sabbath]

I think owners are caught in negative equity situation,there is only so little people can afford to take before they might as well keep it,therefore shortage of the usual cars,prices will go up

[marksg]

I've been watching 2004/5 X5 4.8iS prices for around 6 months now - just before Christmas there were a number of <50,000 mile cars for £16-17k; now a similar mileage vehicle seem to be around £19-20k.

I think that fuel prices, anticipated VED and congestion charges, and the credit crunch hit the big engined 4 wheel drive cars more than most. Prices have since recovered, but for the 4.8, there are starting to become more unsold vehicles on the market, fuel prices are increasing, and X70 prices are coming down. I wouldn't be surprised if prices started to fall again as a result.

Gary

[lumus]

With house prices rebounding a bit and the media talking up the economy some confidence is returning to the markets as a whole it seems.

In reality there is no real reason prices should be going up, it's just that when sellers get a sniff that things are turning around they are very quick to hike the prices back up (but very slow to reduce them when it's the other way around!).

[Styler]

Recession caused people to panic a bit and prices we too cheap end of last year. I was getting silly offers for my vert in December when i had it for sale hence i kept hold of it.

A lot of people sold their cars too cheap especially M3s and X5s etc, due to others selling cheap and buyers demanding lower matched prices. But now the panic is over and a lot of the cheap deals are gone. New 2nd cars going up for sale have a higher bench mark to price against, hence prices going back up to a reasonable price again (for sellers that is).

[litchy]

I'm in the market to purchase a X5 2004-2005, within a month prices seem to have risen by £1-2K also M3's look like they have gone up quite a bit. With this recession and less buyers you would have thought procies would have fallen not gone up, so what is causing the price hikes?

I agree but prices are being set high but no ones buying them at these prices. Bit like the house market, nobodys buying so no ones selling. Many people can't get loans anymore or are holding onto their savings just in case. All things just ground to a standstill. I'm ready for a change but not prepared to give mine away to then have to pay over the odds for my new car. Hence I'll keep mine until the market changes again.....

[MEGA]

Jan/Feb was the time to buy.

I paid £14k for this car in Jan and tbh now I can't find the same spec for less than £17k :D

If rates hold then I'm already out of the finance equity so can sell up and move on whenever I want :) A nice feeling. Thing is, I won't sell up - because the car I'd replace it with has gone up by equal value... But it has been great for me in terms of monthly outgoings, catching the values at their worst as I seemed to have.

Strange times

[bigshout]

I agree with what is being said, the thing is most of the cars for sale are trade and very few are private. I think I might hold off for a while, buy a banger and wait until the markets pick up. Funny though as you would have thought people would need to be selling up in alot of cases or downsizing.

Fuel looks like its going to peak again this summer, this always brings prices down, fingers crossed.

[MEGA]

Fingers crossed the fuel prices go up? :eek:

Must say thats not an opinion I've heard before on here :D

[KissMyRs]

Dec/Jan was the best time to buy.

I bought my 911 in Dec for 40k, awesome spec, 2007 with aerokit... i traded it for the Gallardo and got 45k for it. They then sold my car within about a week for 47k.

[beemarman]

Bought my X5 4.8is for £17k in July last year, still seeing it for that price now.

I remenber people on this forum saying it was too much and the prices will drop further.

I think prices will drop if the petrol prices keep going up, but not as bad as it did at the end of last year. The only bad news is that the next car i want (M5) is also the same price as it was last year, so i might save little here.

[SpeedTrap]

I am surprised as I was checking on a car, and prices have actually gone up a bit...

[mysticm3]

from reading the news because new car sales were extremely poor for the past 12-18 months, dealers are finding it hard to get decent examples of used cars to fill their forecourt hence the recent price rise in the 2nd hand car market which is good news to me as I am thinking of ridding the porker :)

[MEGA]

next 2 months ideal time to sell i think Teddy

[Scholesy]

I checked on mine and there are a few available at the minute, all at what i paid in December but mine has alot less mileage than the others about so would hope to get slightly more!:D (not that im considering selling!)