Effect of credit crunch in used car market?

[mladen]

Im just wondering what the effect of the credit crunch will be on the used car market?

Will prices go down due to lack of demand?

or, will prices go up because of reduced supply?

im looking to buy something at the moment but am unsure of whether it is worth holding on for a little while?

[Mickey]

Id hang on till after December matey
1 the vat is being reduced on December 1st
2. Get xmas over and theres not much spening only in the January sales

[Brock]

There's a lot of cars not selling and prices are dropping especially the sportier type of car which is great if you are buying but just the opposite if you are trying to sell. I have seen people gradually reduce their cars by a £1,000 just to shift them.

[Argyll]

My cars worth £14,000 but I'd be lucky to get £10,000 for it just now. I'm waiting until spring and hopefully it'll move then.

I'd buy now if I were you especially before xmas as garages are always slow this time of year.

[B B Leo]

deffo wait till the first of December (well thats tomorrow) where has the year gone i think thats the lack of new cars sales will get worse and people will start to go for the second hand market and push the prices up again

[God is a DJ]

You can get some great deals on big german cars atm. Just have a gander at autotrader's website.

[Mario87]

Yup, its a buyers market right now, no better time to buy, but not a good time to sell.

My bro has been trying to shift his M3 E46 (I think) for a while, when he first advertised it he wanted a quick sale and said he wanted £18,000 for it (at the time most other places were wanting about £22,000 for one just like his), he has now dropped the price to £16,000 ono and still doesn't have any interest in it.

[Spennyboy]

Friend of mine had a 2.5 beemer compact up for 6k.

Autotrader and lack of interest ended up it going for 3.5 after a month of no interest.

[XBOX4LIFE]

Friend of mine had a 2.5 beemer compact up for 6k.

Autotrader and lack of interest ended up it going for 3.5 after a month of no interest.

I might give him 4.. Looking for a new motor myself and sort of decided on a Civic type R but still not 100%

[liveseytowers]

I might give him 4.. Looking for a new motor myself and sort of decided on a Civic type R but still not 100%

JDM all the way, get a Type R

Its an interesting question though, if new cars are not selling then that means people are buying more 2nd hand cars or are people just not changing cars as much?

[BertRoot]

Had a car up for 7 weeks now at a reasonable price and barely any interest. The car I bought was up for a grand more than I paid for it on Autotrader when I first saw it.

[Roach-Rampino]

One of my cousins buys cars for his sites thorugh "Cars Wanted" ads and is flat out at the moment, phone is ringing off the hook.

I am looking to buy a second hand diesel auto (new Golf or BMW Touring) but am going to hang on a few months as I'm not desperate and the prices of second hand motors are still falling.

In response to the OP I'd wait mate, nothing to lose as they are never going to go up in price.

[wtaylor]

I bought an 08 Civic Type R 2 months ago for a snippet over 12k with with 3800 miles on the clock !!! Had a few extras aswell, I have the original invoice from April when the bloke bought it and he paid over 20k!!! Thankyou credit crunch, and petrol has dropped Defo wait of offer a silly price you might just get lucky

[ant3b]

I wouldnt buy a new civic.. old design new car.. but they are very cheap and reliable

[wtaylor]

old design?

[ant3b]

Yeah mate, all chassis etc.

The rear suspension used to be a double wishbone on the Ep3 set up but now gone for the torsion beam axle set up so handles like a shopping trolly compared..

its heavier. less economical. seating position is poo. and well i thought the suspension was hard on the the ep3 but the fn2 my god.. but if you like it that's what matters mate sorry to rant.

[XBOX4LIFE]

JDM all the way, get a Type R

I was looking for a 54ish Type R, It's the only type of car I can't kill.. already got a 08 civic but that's mainly for the wife and I need something with a bit more ooomph and a R badge a think

[ant3b]

yeah xbox4life get the JDM it has LSD etc. and an extra 10bhp,

[spinneymede]

some good buys in 4x4's especially petrol versions

i've had a diesel 4x4 and would never bother again

despite the 'claims' that Range Rover sales are dropping - i asked a dealer recently for delivery time on a new one - 3 months

and discount - very, very little!- maybe a few 'extras' thrown in!

[Clarkey110]

Used car prices will come down. At the minute no one is buying anything so there will be very keen deals. Alos however there will be some serious deals on the new stuff. Which means they will have to reduce used prices so they dont end up with used cars more expensive than new cars.
Garages will be giving far worse px prices though so if you are buyin your first car then will be cheap. But if you have a px it will get less.

The deals garages will be doing though at the minute will be pretty good.