And yet the prices of used cars in the UK is higher than it has ever been in my lifetime. Mostly now driven by the huge increase in new car costs IMHO. Covid started it with a lack of new cars at all, now manufacturers have hiked their new prices by 30-40% in may cases.
This is true, my mate in the UK just paid 13k for a 5 year old Toyota Yaris with around mid 20s to 30k on the clock. A few years back I was selling 3 year old Yaris with a lot less miles for around 6k! But still prices in the UK are way lower than anywhere in Europe or anyone else for that matter. You should still consider yourself lucky.Pondrew wrote: ↑Sat May 13, 2023 7:39 pmAnd yet the prices of used cars in the UK is higher than it has ever been in my lifetime. Mostly now driven by the huge increase in new car costs IMHO. Covid started it with a lack of new cars at all, now manufacturers have hiked their new prices by 30-40% in may cases.
I've been looking at 5 year old cars that are 90% of their original retail cost due to a new version of the same car being 35% more than the cost 5 years ago.
There was a 'rule of thumb' for used prices in the UK until quite recently:
40-50% depreciation in 3 years
50% of the 50% residual in 6 years
And so on until everything was a few hundred quid then stayed there. Then 'desirable' or exceptional cars started rising from there.
Not anymore. That rule has been torn up and it's "get as much as you can. Some idiot will pay it". And they do!
I see you have the N54 engine.....smiles may not last too long, though. They tend to be a very demanding mistress.Christopher72 wrote: ↑Sat May 13, 2023 10:55 pm Fixing up an older one is still significantly cheaper than a new one... and the new ones.. well just don't make me smile like the e89... It's a fun little car and I'm not handing out $60k to have that fun.
