Used car prices going mad

[Pondrew]

I was reading a thread on another car website about the prices of used cars increasing. They were using WBAC as a benchmark, as it's so easy to get an instant valuation with no strings.

So I thought I would give it a go on two of my cars.

The offer on the Z4 came out from WBAC at £705 MORE than I paid for the car just 4 months ago from a main dealer. That's a 7% rise.
The offer on my Focus came out from WBAC at £600 MORE than I paid for the car just 6 weeks ago from Ford Direct with a full 2 year warranty.

There is only ONE Focus of the same model as mine for sale in the whole of the UK and it is £7,300 more than I paid. That's circa 30% more for exactly the same car with same mileage, spec and age (different colour). Ford Focus's are not known for being rare!

I wonder why this is happening when the economy is subdued and loads of people have been laid off or about to be once furlough ends?

[TitanTim]

Think its down to the pandemic daft as it sounds, i.e. people can't stretch to a new motor due to harder times, wanting to use public transport less so increased demand in second hand cars, I think its smaller cars that are doing the best for resale value at the moment and I've heard there is global shortage of microchips slowing down new car production, longer waiting/delivery times although I don't know how true that is.

I know the prices of M140/240i's have been rising by £500-700 every 2 weeks or so

Good time to sell

Tim.

[EssexZed]

I bought a used car on Monday after a search that saw me previously miss out on five examples because others were quicker off the mark to put holding deposits on. Sales people at two dealerships said the supply of new cars have dried up due to the shortage of silicon chips and that they were putting up the prices of their used stock by £1000 on each vehicle. One said where their used stock usually was in the region of 250-300 cars they currently had just 67. So the old story of supply and demand driving up prices!

[Mr Tidy]

Yes, used car prices do seem pretty strong just now and they seem to sell pretty quickly.

Shame I don't have one to sell!

[golfgeezer]

There’s definitely a strong used car market now compared to just a few months ago. Back in January I stuck the details of my E89 into WBAC just for an idea of its rock bottom value. Needless to say I didn’t use their services and sold it on this forum instead. I still get emails from them with an ‘updated’ valuation and it’s now nearly £3k more in the space of 4 months
I also got contacted by the local main BMW dealer yesterday asking if I wanted to sell my 2 series as they need the stock to meet demand. Not a chance but certainly unusual times.

[Rucky]

WBAC have just valued our 07 E85 3.0si at £5650 condsiering it has got 70K miles that puts its market value at say £6K
which is what I paid for it 2 years ago with less than 50K.
(Mind its got new tyres, brakes, roof motor, ABS pump,Cruise control, rear springs , discs, pads, foglights which would have cost a few grand had I not been able to DIY)

I am pleasantly surprised - not that I am selling!
So yes they are holding better value but then its spring - convertables alwasy go up a grand in May!

[enuff_zed]

Has anyone actually sold to WBAC though?
Given that used cars are becoming more sought after, is it possible they are increasing their quotes just to get the punters in, knowing that once most people turn up with the car they will accept a lower offer rather than go back home?

Just a theory...................

[Argyll Andy]

Has anyone actually sold to WBAC though?
Given that used cars are becoming more sought after, is it possible they are increasing their quotes just to get the punters in, knowing that once most people turn up with the car they will accept a lower offer rather than go back home?

Just a theory...................

And on the back of that, has anyone turned up with a fully spec’d motor and had their offer increased? As they don’t give you any facility during the input process to specify this

[TitanTim]

From reading other forum experiences, the value WBAC quote will be for an absolutely spot on unmarked mint car, FSH, 6 months plus MOT so any stone chips, dings, wheel scrapes then expect the quote to tumble like a rock which most cars will have to some degree. Understand they don't like modifications either.

Out of interest asked for a quote for my 16 year plate M140i with 780 miles on the clock, still factory fresh and they've quoted £16100. I would imagine they would get 20/21k selling it on so would make a nice fat profit.

I've heard Motorway offer higher values but end of the day they will entice with a juicy quote then knock the value down upon inspection.

Still it's a good way disposing of a motor quickly if selling privately doesn't appeal.

Tim.

[Nictrix]

From reading other forum experiences, the value WBAC quote will be for an absolutely spot on unmarked mint car, FSH, 6 months plus MOT so any stone chips, dings, wheel scrapes then expect the quote to tumble like a rock which most cars will have to some degree. Understand they don't like modifications either.

Out of interest asked for a quote for my 16 year plate M140i with 780 miles on the clock, still factory fresh and they've quoted £16100. I would imagine they would get 20/21k selling it on so would make a nice fat profit.

I've heard Motorway offer higher values but end of the day they will entice with a juicy quote then knock the value down upon inspection.

Still it's a good way disposing of a motor quickly if selling privately doesn't appeal.

Tim.

Careful Tim, you are racking up the miles there, in another 2 year it might be over 1,000 miles

[SiJar]

I would not get too excited about WBAC as they always quote you a higher price than what they actually give you. Their technique is to get you into one of their centres and then knock a substantial amount of money of it for such minor things. A single stone chip or minute scratch identified which you did not declare will have a substantial amount of money knocked off that figure.

[Pondrew]

Has anyone actually sold to WBAC though?

I have a good friend who did, it was summer last year, though.
He wanted to sell his '66 plate 530D estate with roughly 30k miles and not buy another car. He firstly got a buy price from local BM dealer. It was £12k. He got an online offer from WBAC which was £13k. He took the car to them and after an argument was offered £12.5k. He said no and went home. Over the next few weeks (with the car being used and the mileage increasing) he got a few more valuations from WBAC. They went up to £14k. So he took the car to them again on the £14k and after another argument and him telling them this was their last chance he sold it to them for £14k.
I thought it bizarre at the time.
He didn't want to sell privately because he's a lazy git

[Ming]

It's a bit like insurance renewals. Never accept the first price, say you're going elsewhere and the price magically comes down. It's a game really, and like it's been said, they play on the fact that some people just want to get rid and they can make decent money off the back of that.

[Nanu]

Never been tempted to ask WBAC for a quote but assume they will offer high just to get you interested then reduce the price when you actually turn up for the inspection by looking for even the smallest fault and reason to reduce the quote.

[TitanTim]

From reading other forum experiences, the value WBAC quote will be for an absolutely spot on unmarked mint car, FSH, 6 months plus MOT so any stone chips, dings, wheel scrapes then expect the quote to tumble like a rock which most cars will have to some degree. Understand they don't like modifications either.

Out of interest asked for a quote for my 16 year plate M140i with 780 miles on the clock, still factory fresh and they've quoted £16100. I would imagine they would get 20/21k selling it on so would make a nice fat profit.

I've heard Motorway offer higher values but end of the day they will entice with a juicy quote then knock the value down upon inspection.

Still it's a good way disposing of a motor quickly if selling privately doesn't appeal.

Tim.

Careful Tim, you are racking up the miles there, in another 2 year it might be over 1,000 miles

I'm treating it to an outing this Sunday as the weather looks to be nice, back it out the garage and back in again

Tim.