MX5 ND - Dealers asking FAR higher than guide prices
Discussion
Hi there,
I'm looking to buy a second hand car (a 2015 Mazda MX5 2.0, ND shape)
There are LOADS or these for sale. Most are not selling. Far more supply than demand.
We Buy Any Car for such cars current valuation £9,500 on 8th Nov 2021. (Their figure was £13,300 as recent as 20th October 2021, so a big recent drop).
Parkers Guide say valuation £12,990 to £13,775 on 8th Nov 2021.
All dealers are asking £15,000 to £17,000!!
My guess is that they have bought stock too high and are stuck with it.
I would like to buy soon but only at market value.
Am I wasting my time making offers at sat £13,775?
Any ideas how long it will take dealers to wise up and correct their asking prices?
Many thanks!
I'm looking to buy a second hand car (a 2015 Mazda MX5 2.0, ND shape)
There are LOADS or these for sale. Most are not selling. Far more supply than demand.
We Buy Any Car for such cars current valuation £9,500 on 8th Nov 2021. (Their figure was £13,300 as recent as 20th October 2021, so a big recent drop).
Parkers Guide say valuation £12,990 to £13,775 on 8th Nov 2021.
All dealers are asking £15,000 to £17,000!!
My guess is that they have bought stock too high and are stuck with it.
I would like to buy soon but only at market value.
Am I wasting my time making offers at sat £13,775?
Any ideas how long it will take dealers to wise up and correct their asking prices?
Many thanks!
newer second hand car prices are stupid at the moment. my brother bought a 19 plate Skoda last year or so for 19k (don't quote me on exact figures, I'm just making a point), and the dealer he got it from called him a couple of months ago and asked if he wanted to sell it and offered him 24k for it.... My wife bought a 17 plate Astra estate 3 years ago for £11500 from the main dealer and we were looking at second hand prices for these expecting it to be worth about 9k now being a Vauxhall and 8000 more miles on the clock bare in mind they depreciate like a stone....nope! the prices for a like for like 1.4 17 reg 150ps Astra estate 2 weeks ago was, get this around £11,000 so sounds about right really
Parker's don't buy or sell cars. Their guide isn't worth the paper it's printed on. Dealers generally set prices from a combination of cap and experience of the market, the market is very buoyant at the moment and has been since the start of covid.
If cars are out of your budget you have 3 choices, find a car that's in budget (private, older, lower spec), increase budget or wait till the car you want drops in to budget.
For what it's worth quite a few people me included are predicting a big drop in used values. As chip supply allows new car orders to be fulfilled more easily, money starts to dry up and potentially a big recession hits then used car prices will take a bit tumble. But it may never happen. That's the gamble you take.
If cars are out of your budget you have 3 choices, find a car that's in budget (private, older, lower spec), increase budget or wait till the car you want drops in to budget.
For what it's worth quite a few people me included are predicting a big drop in used values. As chip supply allows new car orders to be fulfilled more easily, money starts to dry up and potentially a big recession hits then used car prices will take a bit tumble. But it may never happen. That's the gamble you take.
highway said:
My BBR 220 Mx5 ND is in the classifieds. I paid a few k over WBAC in October when I bought it. The value, by WBAC has dropped £10k in literally 2 months.
Don’t think WBAC like MX5’s at the moment.
Unfortunately you bought at the peak of market, it won't bother you if you love the car (and you should) and intend to keep it for a decent amount of time. But it's a dangerous time to buy a car for a short term bit of fun. We are in a once in a lifetime set of circumstances which have resulted in a hugely artificially inflated used car market. When it does go down it will go down hard, albeit only to the level it should be at, but that will be a bitter pill to swallow for those who paid over the odds during the situation. Don’t think WBAC like MX5’s at the moment.
It will also quite likely crucify some dealers who hold their hand of cards too long, at the moment they are paying well over the odds in the hope they can sell over the odds. Imagine being stuck with 30 or 40 cars that the book value drops overnight several k. The only positive is its looking as if we can at least see a light at the end of the tunnel, any effect on prices seems to be gentle at the moment at least.
I take your wider point but the drop on my MX5 is only reflected by wbac. You can’t buy an ND2 with low miles for sub £16k unless it’s a cat car. The BBR market is more specialised still. The conversion was about £7k.
Some people wouldn’t want a car that had been modified at all.
For others, it’s a bargain letting someone else shoulder that cost as a BBR car is so much more fun to drive than a standard one.
My dads 2018 340 Touring is still bid very high on WBAC whereas all convertibles have taken a big, probably seasonal hit.
My 981S is still for sale after over 4 months at the dealer I sold to.
I’ve been keenly watching Elise prices which haven’t moved at all since all post 17 cars apparently became worth £40k plus.
They don’t sell fast at that level. But they do sell. Prices aren’t coming off at all despite the fact the same cars have been listed for months.
New car supply remains limited and no other factors have changed significantly in 12 months. Those wanting to buy something now pay current prices or buy nothing.
Some people wouldn’t want a car that had been modified at all.
For others, it’s a bargain letting someone else shoulder that cost as a BBR car is so much more fun to drive than a standard one.
My dads 2018 340 Touring is still bid very high on WBAC whereas all convertibles have taken a big, probably seasonal hit.
My 981S is still for sale after over 4 months at the dealer I sold to.
I’ve been keenly watching Elise prices which haven’t moved at all since all post 17 cars apparently became worth £40k plus.
They don’t sell fast at that level. But they do sell. Prices aren’t coming off at all despite the fact the same cars have been listed for months.
New car supply remains limited and no other factors have changed significantly in 12 months. Those wanting to buy something now pay current prices or buy nothing.
Its winter so very few people want to buy an open top sports car.
local dealers told me they are struggling to sell anything over £10k right now. They cant afford to pay anything like the prices dealers in the south are paying for PX either.
Many will have bought cars at last year's at inflated summer prices while the sun was out and people were spending money on aspirational items instead of holidays.
I guess you've got to wait for dealers to need a quick sale or realize the market has drop and they need shot. Some may want to try and hang on until the weather picks up but i doubt they'll ever get back what they paid given some of the silly prices offered by the car buying service last summer.
local dealers told me they are struggling to sell anything over £10k right now. They cant afford to pay anything like the prices dealers in the south are paying for PX either.
Many will have bought cars at last year's at inflated summer prices while the sun was out and people were spending money on aspirational items instead of holidays.
I guess you've got to wait for dealers to need a quick sale or realize the market has drop and they need shot. Some may want to try and hang on until the weather picks up but i doubt they'll ever get back what they paid given some of the silly prices offered by the car buying service last summer.
Used prices are unlikely to start dropping significantly until the new car market recovers - which isn't happening anytime soon. December will have dropped a bit as most dealer groups stop buying in the run up to Christmas. Bet the valuations you recieve will be higher by the end of Jan. I work in the industry and would happily sit on any convertible for a few months. Prices unlikely to change as per above and desirability will be through the roof once spring has sprung.
I thought I was going potty when I had to look up the value of my NC '09 plate 2.0 with about 26,000 on it yesterday as part of filling out a form about my assets. I paid I think, just over £6000 for it 4 or 5 years ago and similar spec cars on Autotrader on forecourts were £9000.
Been thinking of selling it this spring as its getting on a bit now. Maybe a good time to do it.
But not such a good time to pick the replacement Z4/SLK maybe.
Been thinking of selling it this spring as its getting on a bit now. Maybe a good time to do it.
But not such a good time to pick the replacement Z4/SLK maybe.
I bought a 2013 mazda mx5 kuro edition in May 2017. I paid £10500 for it. After reading the threads on here about the crazy prices being offered by WBAC I entered the details purely out of interest. This was late summer 2021. They offered £12500, £250 was knocked off for a few stone chips and a small fee for instant payment. I walked away with just over £12000. Out of interest I entered the Reg number at the end of last year and the offer was abut £8000.
Gassing Station | Mazda MX5/Roadster/Miata | Top of Page | What's New | My Stuff