More on second hand values....

[TAS1981]

Soooooo......more crystal ball gazing....

New car prices seem to be dropping considerably, most recently Ford, Skoda and Opel have shaved money off the price of a new car. MacLaren did 100k off a new car (market share capturing move though), Porsche have done it etc etc so most car brackets are cutting prices...

I think this is definitely having a knock on effect int eh second hand car market too as both looking and now trying to sell my MX-5 is revealing....also it seems the small profit to be had from importing pre-89 cars has eroded now too even taking into account the strong Aussie dollar you'd be buying it with.

So are we seeing the beginning of what happeneed in the UK or is this just a small correction from car companies adjusting to the high dollar?

[Colonial]

Small correction from car companies IMO

Most of the deals are finance based so they don't erode to much of a cars value.

Isolated manufacturers always do some form of price reduction. I remember Alfa slashing nearly 20k off the GT 3.2 a few years back.

[Hasbeen]

If you are thinking of a young or new import, I'd do it sooner rather than later.

I'm seeing predictions of the Oz dollar getting down to 70c US. While we know that the cost of new import car is more a matter of what the market can stand, rather than what it cost top get into showrooms, it is sure to push prices up a bit, IF IT HAPPENS of course.

[randomwalk]

I am in UK returning to Australia and with our strong dollar I expected there to be some import opportunities for pre 89 cars. However, comparing UK and Australian prices, even with our still relative high AUD:GBP exchange rate, after costs there is nothing in it. Better to just get an Australian delivered example unless its something rare. Even with a rare car you dont save any money by importing it from UK. I would have loved to import a Mercedes SL Pagoda or a De Tomaso Pantera, but prices same in Australian as UK.

[james280779]

randomwalk said:

I am in UK returning to Australia and with our strong dollar I expected there to be some import opportunities for pre 89 cars. However, comparing UK and Australian prices, even with our still relative high AUD:GBP exchange rate, after costs there is nothing in it. Better to just get an Australian delivered example unless its something rare. Even with a rare car you dont save any money by importing it from UK. I would have loved to import a Mercedes SL Pagoda or a De Tomaso Pantera, but prices same in Australian as UK.

The main reason is there are hundreds of companies importing pre-89 cars so the Australian market pretty much reflects the UK market plus shipping and a small commission. Reality is that its so easy almost anyone can do it- so they do. This keeps prices on par removing almost any profit.
I am returning to the UK next year for a few years. First job is an AM DB9 V12, hopefully an F355 also (money pending). Then when I return in a few years I will hopefully make a few decent dollars.

[TAS1981]

The purpose of the thread was not really aimed at importing...it was more a holistic view of the second hand domestic market. The import point was more just part of a price theme that prices "feel" like they are coming down and I wanted to gauge the general impression.

It sounds like there are individual reasons for prices moving southward, lots of importers pre-89, manufacturers needing to stay competitive with lower priced options, general feeling that there is a large amount of gouging occurring.

So rather than a depression on the market in general there are pockets that are seeing limitde reductions.

Anyone else selling a car? Struggling? Market conditions increasingly favouring buyers? I have just put my MX-5 on the market. Not heard anything yet but feel even though I got it at a good price the market has come down in a year.

[james280779]

TAS1981 said:

The purpose of the thread was not really aimed at importing...it was more a holistic view of the second hand domestic market. The import point was more just part of a price theme that prices "feel" like they are coming down and I wanted to gauge the general impression.

It sounds like there are individual reasons for prices moving southward, lots of importers pre-89, manufacturers needing to stay competitive with lower priced options, general feeling that there is a large amount of gouging occurring.

So rather than a depression on the market in general there are pockets that are seeing limitde reductions.

Anyone else selling a car? Struggling? Market conditions increasingly favouring buyers? I have just put my MX-5 on the market. Not heard anything yet but feel even though I got it at a good price the market has come down in a year.

nothing on my 911 or Lotus as yet- some stupid offers. I think people seeing them on the market for a while are trying their luck thinking I might be desperate. I have had over 2600 detailed views on the Lotus and only three offers, its priced well so I cant see the issue.
The 911 is priced fairly high comparitively to some in the general market, it does however have a FSH from new and receipts dating back over 20 years. All original items as well as being fully restored. Compared to others of this ilk its nearly half the price. Still no offers

[custardtart]

Lotus dropped their price massively about a year ago.

I was listening to the boss of Holden talk about how the big mark on BMW's/Audi's is just profiteering by those companies. They realised Aussies were swallowing he prices so kept them high and there's plenty of opportunity for prices here to drop across all the major european marques.

Here's hoping!

[Hasbeen]

I got a call from a bloke selling a TR7 convertible the other day, asking if I was at all interested. These are very rare in Oz, & were bringing low to mid teens just a few years back, about 6 to $8000 more than the FHC.

I thought about this car & as it is 1100Km away, I had my son look at it for me, as a daily driver, over 2 years ago. He reckoned it was pretty good, & worth the money.

I finally decided I had enough Triumphs, & bought an S2000 for daily use.

This car is still on the market, now at less than $10,000 & must have no takers, or he wouldn't have called me.

I think anything a bit different is getting hard to sell.

[TAS1981]

http://smh.drive.com.au/motor-news/fiat-500-price-...

$10k off a new Fiat.... Ok so the distribution structure is now sorted out and the base model is more base but thats a LOT to take off a car that does not cost much in the first place.

This is why I can see 2nd hand prices coming down at a faster rate in the coming months.....

[PomBstard]

TAS1981 said:

Anyone else selling a car? Struggling? Market conditions increasingly favouring buyers? I have just put my MX-5 on the market. Not heard anything yet but feel even though I got it at a good price the market has come down in a year.

I'd be interested to hear how you get on. I've been trying to sell my MX5 for 6 months, and, other than the usual desultory offers ("I'll take it off your hands for $5000 cash" type of thing) I've had nowt, nada, zip. I took the ad down from Carsales when it reached 500 detailed views, and is currently on about 200 views from its new ad on Gumtree. I reckon well over 1000 views in total.

Price looks about right compared with other ads, and I don't live in the Outback. Its not been modified, and comes with nearasdammit full history, factory hardtop and new softtop. Not bad for a 15 year-old car.

I paid what I thought was a good price for it 2 years ago, but currently looking at losing over 30% of that, if not, more.

On the broader topic, prices have dropped noticeably in the ten years I've been here. Seven years ago we bought a brand new Forester cos a 2-y-o one was only about $2k cheaper than a new one - now, plenty of deals around.

[XB70]

I was looking at W140's back in November when we moved back and made inquiries on a few back in January.

Virtually all of them are still for sale.

[200bhp]

Its good old new car syndrome - Whilst every dealer is offering 0% deposit low rate finance, a lot of people would rather have a new car than a used one. Here in WA it feels just like pre-2008 UK, every hour on the TV there is an advert for cheap new car finance or a 1% deposit mortgage.

[james280779]

200bhp said:

Its good old new car syndrome - Whilst every dealer is offering 0% deposit low rate finance, a lot of people would rather have a new car than a used one. Here in WA it feels just like pre-2008 UK, every hour on the TV there is an advert for cheap new car finance or a 1% deposit mortgage.

hmmm cheapest mortgage I have found so far I can get up here is 20% deposit! Dont have a spare 95k lying around unfortunately. 1% sounds far more interesting.

Do they just cover Perth or Oz wide?? got a number??

thanks

[TAS1981]

PomBstard said:

I'd be interested to hear how you get on. I've been trying to sell my MX5 for 6 months, and, other than the usual desultory offers ("I'll take it off your hands for $5000 cash" type of thing) I've had nowt, nada, zip. I took the ad down from Carsales when it reached 500 detailed views, and is currently on about 200 views from its new ad on Gumtree. I reckon well over 1000 views in total.

Price looks about right compared with other ads, and I don't live in the Outback. Its not been modified, and comes with nearasdammit full history, factory hardtop and new softtop. Not bad for a 15 year-old car.

I paid what I thought was a good price for it 2 years ago, but currently looking at losing over 30% of that, if not, more.

On the broader topic, prices have dropped noticeably in the ten years I've been here. Seven years ago we bought a brand new Forester cos a 2-y-o one was only about $2k cheaper than a new one - now, plenty of deals around.

Well a couple of saved a number of viewed and a few searched so far. But no calls. Have you got a link for gumtree?

Tom

[Hitch78]

The low deposit mortgages require payment upfront of 1.5 to 3% of purchase price which is paid to the lender to cover the risk of you having no skin in the game. I think 10% is pretty standard once you have PR or Citizenship though.

[Colonial]

james280779 said:

hmmm cheapest mortgage I have found so far I can get up here is 20% deposit! Dont have a spare 95k lying around unfortunately. 1% sounds far more interesting.

Do they just cover Perth or Oz wide?? got a number??

thanks

Yeah, I've seen a 5%, but with much higher fees etc. Most are 10-20%

[Bibbs]

james280779 said:

hmmm cheapest mortgage I have found so far I can get up here is 20% deposit! Dont have a spare 95k lying around unfortunately. 1% sounds far more interesting.

Do they just cover Perth or Oz wide?? got a number??

thanks

http://vimeo.com/67267443

Nicheliving.com.au

I rented an apartment where they were the rental company. I'll never, ever have anything to do with them again.

The packages are miles out the CBD with no infrustructure.

I've just bought a place. 20.1% deposit to avoid the insurance. They wanted minimum of 10%, but that's down to me being self employed.

Niche said:

• This information may not be appropriate for your individual needs and you should seek advice from your financial advisor before making any decision to purchase property. Australian Property Alliance Pty Ltd t/a Nicheliving ACN 102 889 896. Assumptions: Maximum Income limits apply for singles $90,000. Couples $110,000. Families $130,000. The maximum debt to income ratio: 10% for Singles, Couples and Family. Maximum property purchase price $450,000. Deposit & Genuine Savings Requirements: 2% deposit required and 1% genuine savings required. 1% deposit assumes you are a first home buyer using proceeds from first home owners’ grant. Other terms and conditions apply. The above is subject to lenders normal lending criteria.

Edited by Bibbs on Wednesday 12th June 04:14

[200bhp]

The 1% deals advertised all apply to new house and land packages. As we've got no dollar savings we thought we'd look at them and called the sales team to see what it was all about.

Despite finding positive reviews of them online the nice friendly salesman wouldnt take no for an answer. Despite me saying I wasnt going to buy anything for a few months he got rather grumpy when I refused to organise a time with his salesman and financial advisor to come round and do a credit check on us!

To get the 1% deal you need to fall into some fairly tight guidelines, the main problem for us was that as a single income household without children, you cant earn more than $90k. If you have a child that goes up to about $130k which still wasnt workable for us so that was it.

Permanent visa holders are eligible for a $7k grant from the government though and thats not means tested.

A "normal" mortgage will require a 20% deposit as already said.

EDIT: Bibbs has the correct figures above already!

[james280779]

200bhp said:

The 1% deals advertised all apply to new house and land packages. As we've got no dollar savings we thought we'd look at them and called the sales team to see what it was all about.

Despite finding positive reviews of them online the nice friendly salesman wouldnt take no for an answer. Despite me saying I wasnt going to buy anything for a few months he got rather grumpy when I refused to organise a time with his salesman and financial advisor to come round and do a credit check on us!

To get the 1% deal you need to fall into some fairly tight guidelines, the main problem for us was that as a single income household without children, you cant earn more than $90k. If you have a child that goes up to about $130k which still wasnt workable for us so that was it.

Permanent visa holders are eligible for a $7k grant from the government though and thats not means tested.

A "normal" mortgage will require a 20% deposit as already said.

Thats the pain- Darwin is the most expensive place , for anything you would even consider living in it cost a fortune. The 2 bed unit we were renting last year (built in late 80's nothing updated, windows leaked so flooded everytime hard rain, 3rd floor with no lift, parking for one car) just sold for $590,000. Adelaide here we come!

EDIT: Bibbs has the correct figures above already!