I think I ballsed up with my car purchase
Discussion
So I bought a Focus ST back in September.
2016, 57k miles, FSH. All for £14.5k. I knew prices were high, but was keen on ditching my diesel, which wasn't really serving a purpose any more. Plus, you know, the 'itch' got me.
So I went 50% down on a finance deal. It's as high as I'll go with finance.
I've put 1,000 miles since buying and out of curiosity, did a WBAC check and had a look at AutoTrader values.
£8k
Eight. Sodding. Grand.
Granted, I can see prices are slipping somewhat. Similar cars, 10k less mileage in some cases, are around £1-£1.5k cheaper. All in the space of four months. But I was mortified. Mainly because at this rate, I'm in danger of slipping into negative equity with the damned thing. Which has prompted me to chuck more cash into it quicker, which albeit is never a bad thing, but just an unforeseen cost.
And the mere reason for looking at its value was........Those RS 300 Trophy's are looking all the more tasty to me!
2016, 57k miles, FSH. All for £14.5k. I knew prices were high, but was keen on ditching my diesel, which wasn't really serving a purpose any more. Plus, you know, the 'itch' got me.
So I went 50% down on a finance deal. It's as high as I'll go with finance.
I've put 1,000 miles since buying and out of curiosity, did a WBAC check and had a look at AutoTrader values.
£8k
Eight. Sodding. Grand.
Granted, I can see prices are slipping somewhat. Similar cars, 10k less mileage in some cases, are around £1-£1.5k cheaper. All in the space of four months. But I was mortified. Mainly because at this rate, I'm in danger of slipping into negative equity with the damned thing. Which has prompted me to chuck more cash into it quicker, which albeit is never a bad thing, but just an unforeseen cost.
And the mere reason for looking at its value was........Those RS 300 Trophy's are looking all the more tasty to me!
You bought retail and are now comparing private/trade prices to that.
Plus some of these cars may not be in as good condition as the one you have.
And there’s been a marked change in some car prices recently.
So it may not be such a massive ricket as you are thinking.
But all you can do now is turn it into a valuable lesson for the future.
Plus some of these cars may not be in as good condition as the one you have.
And there’s been a marked change in some car prices recently.
So it may not be such a massive ricket as you are thinking.
But all you can do now is turn it into a valuable lesson for the future.
If you don’t snap up a private deal that’s closer to trade price then expect to lose a good chunk, especially in the first year.
I’ve tried to sell a few cars privately over the last few years, and as almost everyone uses finance these days, it’s an incredibly slow process. Meaning I get inpatient and end up selling to the best trade offer.
Crazy how things have changed, unless you’re lucky or incredibly patient and/or open to multiple different models, you have to accept that you’re going to take a big hit driving off the forecourt.
I’ve sold 2 cars over the past few years with multiple years of the manufacturer’s warranty remaining. The phone hardly rings other than dealers, I end up selling to the trade, they add 5-10% and it’s back on auto trader a few days later.
In addition the used market is saturated due to a slow down in consumer spending, so WBAC are pricing at the bottom and relying on convenience. You may be better off speaking to a local dealer to see what they’ll offer or looking at a trade in.
I’ve tried to sell a few cars privately over the last few years, and as almost everyone uses finance these days, it’s an incredibly slow process. Meaning I get inpatient and end up selling to the best trade offer.
Crazy how things have changed, unless you’re lucky or incredibly patient and/or open to multiple different models, you have to accept that you’re going to take a big hit driving off the forecourt.
I’ve sold 2 cars over the past few years with multiple years of the manufacturer’s warranty remaining. The phone hardly rings other than dealers, I end up selling to the trade, they add 5-10% and it’s back on auto trader a few days later.
In addition the used market is saturated due to a slow down in consumer spending, so WBAC are pricing at the bottom and relying on convenience. You may be better off speaking to a local dealer to see what they’ll offer or looking at a trade in.
Perfectly normal. If you buy retail and sell to the trade within a short period it's going to cost a lot.
FWIW, WBAC values now (as in most winters I guess) are very low as it's not a good time to be selling cars, so they won't offer good money for stock.
Keep yours, and take a look again at the value in April / May - it'll be higher.
If you really must sell now, consider a private sale or even try the auction route (with a reserve) via Collecting Cars or Bonhams Cars Online (formerly The Market).
FWIW, WBAC values now (as in most winters I guess) are very low as it's not a good time to be selling cars, so they won't offer good money for stock.
Keep yours, and take a look again at the value in April / May - it'll be higher.
If you really must sell now, consider a private sale or even try the auction route (with a reserve) via Collecting Cars or Bonhams Cars Online (formerly The Market).
Depends which model. Here's an ST2 fir sale privately.
http://www.autotrader.co.uk/car-details/2023122350...
Probably a bit ambitious price wise but I'd say they should get 11-12k easily enough.
If I were you I'd just keep it until the finance is cleared and you've saved a bit more towards the next car.
http://www.autotrader.co.uk/car-details/2023122350...
Probably a bit ambitious price wise but I'd say they should get 11-12k easily enough.
If I were you I'd just keep it until the finance is cleared and you've saved a bit more towards the next car.
t advice of course but generally insulates you from losing more money on a car than you need to. I’ve lost apx £4,300 in 3 months on a £9988 car , next doors car brought 6 months ago at £19,500 are now being advertised at £15/ 16 k , god knows what he will loose , I believe he said he’s paying apx £250 pm with a £8,000 payment at the end of finance agreement
He’s happy enough , I just look at it , I need a car , and £4,000 ( £10000 apx ) is not a lot of money these days in the grand scheme of things ,,
He’s happy enough , I just look at it , I need a car , and £4,000 ( £10000 apx ) is not a lot of money these days in the grand scheme of things ,,
Its must be clear, paying dealer money for a car they are putting a chunk of profit onto then going to a website designed to buy cars cheap and sell on at a profit isn't going to show the true equity you have on the car?
Its a 2016 with 57k miles on it, once it is older and more miles yes it will be worth less, the difference you have calculated is not correct in real terms if you sell privately for instance. Even going into a dealer and pricing the car up you would probably get more than WBAC offer.
Its a 2016 with 57k miles on it, once it is older and more miles yes it will be worth less, the difference you have calculated is not correct in real terms if you sell privately for instance. Even going into a dealer and pricing the car up you would probably get more than WBAC offer.
Edited by coldel on Friday 12th January 09:18
The 2016 ST IMO is a great car, but the 2nd hand values I think are a bit nuts. We had a ST2 of the same car, registered October 2015 and after discounts at that time paid a little over £19k brand new, was a brilliant car and only sold on as our needs changed.
The fact that dealers were \ are asking £15k for a 7+ year old car at such a high percentage of its original sale price would have been enough to put me off.
I know car prices have been very high post covid but I couldn't bring myself to buying something that in the trades asking prices had retained 80% of its value when buying retail but 40% when selling back to the trade.
The fact that dealers were \ are asking £15k for a 7+ year old car at such a high percentage of its original sale price would have been enough to put me off.
I know car prices have been very high post covid but I couldn't bring myself to buying something that in the trades asking prices had retained 80% of its value when buying retail but 40% when selling back to the trade.
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