• New Patreon Tier and Early Access Content available. If you would like to support AVForums, we now have a new Patreon Tier which gives you access to selected news, reviews and articles before they are available to the public. Read more.

P/X value down by nearly 50% in 6 weeks !

V70SES

Banned
6 weeks ago I asked for a P/X value on my Volvo V70 against a new car , I was quoted £3500 . Went back today to try to finalise some details , I was quoted £1800 !

Needless to say I walked out after telling the salesman to call me when he was serious about doing a deal .

Is the credit crunch that bad , or not , in cars sales !
 

eric pisch

Distinguished Member
its terrible

getting car finance is very hard unless you have excellent credit scores, loads of people have been made redundant so thats dumped alot of extra cars on the market and those who can buy are worried about strapping themselves up with huge finance and that there p/x is worth a crap load less than it was 6 months ago

p/x a car like yours will 99% of the time involve the dealer selling it to a second hand dealer who will under write a value, with alot of unsold stock at all levels p/x values will continue to crash. Hi end luxury cars have been dropping 50% + in 18 months, you can get 911 turbos for under 2 years old with 60k of list price.

and then there's another problem, the car industry is making cars to well, most cars will last 10 years and if maintained properly will pretty much drive like they did when new, this makes it harder to justify replacing them.
 
Last edited:

zAndy1

Distinguished Member
I checked Parkers the other day for a P/X value on my W reg nissan primera 2.0 Sport+ with 85000 miles on, £590! It drives fantastic, air con, electric this that and the other. Even a good private sale was only about £800, not worth selling it for that. Must say I haven't seen many real bargains in the car dealers around here, P/X values might be dropping like a stone but that doesn't seem to have been reflected in the price of used cars at dealerships. Gonna be after a car this year, mine's a W reg and the wife's is a T reg peugeot 206 (which I use for travelling to work as it's a lot more frugal than the nissan and it drives fantastic as well). I'd like to think we could pick up a couple of year old Vectra for about £5-6k, must admit I haven't looked that much as we don't have the money saved up yet (can't get finance) , I suppose these downturns do have their benefits, a nice cheap fairly new car would certainly be one of them!
 

SteveTDCI

Active Member
its bad, i've lost £7000 on my A3 in 1 year, if I keep it until march thats another £750 !
 

Ian J

Banned
Needless to say I walked out after telling the salesman to call me when he was serious about doing a deal .

Is the credit crunch that bad , or not , in cars sales !

The credit crunch is bad for car dealers and what your dealer was telling you in a roundabout way was that as much as he would have liked to sell you a car he didn't want to take something unsaleable in part exchange unless at a price that he wouldn't lose money at.

Try selling it privately and you will soon find out for yourself what the market for large cars is like.
 

V70SES

Banned
The credit crunch is bad for car dealers and what your dealer was telling you in a roundabout way was that as much as he would have liked to sell you a car he didn't want to take something unsaleable in part exchange unless at a price that he wouldn't lose money at.

Try selling it privately and you will soon find out for yourself what the market for large cars is like.

I gathered as much due to the extremely low value he placed on it . I did point out too him though that his £17,000 car from 6 weeks ago is still £17,000 & still in his showroom ! His reply was " credit crunch for ya "

What focuses the mind is that the V70 is a minter & it has made me realise that I should just keep it & use it as I do like it , sometimes you just feel like a change though .
 

gordon115

Active Member
Some dealers are using the credit crunch though as an excuse to take the P when it comes to part exchange values. They assume everyone is stupid enough to fall for it.(some are)
I had a similar experience at a Skoda dealer,made me decide to keep my car another couple of years and save my money.
 

RB5 Paul

Active Member
Some dealers are using the credit crunch though as an excuse to take the P when it comes to part exchange values. They assume everyone is stupid enough to fall for it.(some are)
I had a similar experience at a Skoda dealer,made me decide to keep my car another couple of years and save my money.

Unfortunatly it's not an excuse, most dealers would love to be able to give you what you wanted for your part ex as this would mean you will be buying a car, which strangely enough is what they want you to do.
The reason part ex's value's change is because they are based on what people are prepared to pay for them.
 

un1eash

Distinguished Member
We were looking at selling out C2 VTS for something different as we're had it from new, its a 2007 56 plate and on autotrader are fetching anything around £6-7k. We were offered part-ex values from £5k - 5,750 which isnt to bad really, bmw offered us £5.5 as part of a deal on a 1 series.

My new Z4 was only 20 months old and i paid half what it was new.
 

eric pisch

Distinguished Member
Some dealers are using the credit crunch though as an excuse to take the P when it comes to part exchange values. They assume everyone is stupid enough to fall for it.(some are)
I had a similar experience at a Skoda dealer,made me decide to keep my car another couple of years and save my money.

Dealers are screwed, they cant sell new cars and second hand car prices are dropping daily. Dealers have to shift stock but they cant do deals that loose them money, when the manufacturers let them lower prices they do. One of the problems they have is the pricing structure for cars most franchises have, they actually make very little money on a new car (5-10%) but they get large cash bonus's for hitting sales targets, which of course is now impossible. Running a main franchise costs a fortune easily 50-100k a month

If this continues like this for another 6 months expect 30-50% of the dealerships in the uk to go bust (or double service rates). Honda have not shut down production for 4 months for fun :(
 

Drd

Well-known Member
). I'd like to think we could pick up a couple of year old Vectra for about £5-6k, must admit I haven't looked that much as we don't have the money saved up yet!


In the Telegraph motoring section at the weekend one of the car supermarkets was selling 08 1.8i Vectra estates for £5995!A bargain for a good family car with a warranty.Get a move on:)
 

lmccauley

Well-known Member
6 weeks ago I asked for a P/X value on my Volvo V70 against a new car , I was quoted £3500 . Went back today to try to finalise some details , I was quoted £1800 !

Needless to say I walked out after telling the salesman to call me when he was serious about doing a deal .

Is the credit crunch that bad , or not , in cars sales !
I've been offered over book (Glass) to p/x my car by two dealers - but that was against second hand cars that were over-priced. I decided I'd rather have the cash to either buy privately, or be in a better bargaining position with a dealer. After a couple of weeks trying to sell privately, I sold to a dealership miles away that specialise in cars of a similar type to mine, and have a good turnover at reasonable prices. Again, I got over book price and within a few hundred of what I had it up for privately. Their driver is due to pick it up Wednesday.

The price of cars I'm looking at has dropped by about £1000 since Xmas (I've seen more than one dealer knock £2k off a car that hasn't shifted since before Xmas), and since I'm in France next week, I may wait a few more weeks before buying.
 

eric pisch

Distinguished Member
I've been offered over book (Glass) to p/x my car by two dealers - but that was against second hand cars that were over-priced. I decided I'd rather have the cash to either buy privately, or be in a better bargaining position with a dealer. After a couple of weeks trying to sell privately, I sold to a dealership miles away that specialise in cars of a similar type to mine, and have a good turnover at reasonable prices. Again, I got over book price and within a few hundred of what I had it up for privately. Their driver is due to pick it up Wednesday.

The price of cars I'm looking at has dropped by about £1000 since Xmas (I've seen more than one dealer knock £2k off a car that hasn't shifted since before Xmas), and since I'm in France next week, I may wait a few more weeks before buying.

until bank confidence, bank reserves and bank lending go up and consumers feel they have job security I cant see the market doing anything other than nose dive for along time to come.
 

lmccauley

Well-known Member
until bank confidence, bank reserves and bank lending go up and consumers feel they have job security I cant see the market doing anything other than nose dive for along time to come.
Yeah, I guess the sensible thing for me to do would be to run a very cheap car for several months.

But, the devil on my other shoulder says "Buy a Porsche now!" :devil:
 

andyrj1

Active Member
We had a Freelander 2 It was bought it 9 months ago for £25,500.

My wife did not like it so we thought we would get something smaller we went for a Skoda Fabia Estate our local dealer gave me £18,500 for the Landrover and the Skoda was £13,000 with a few options added so we got the new car and £5,500 in cash. I thought it was a good deal in the present climate.

He said that there sales are actually up on last year so they seem to be bucking the trend. He told me his friend works for a honda garage and they had not sold a new car in 6 weeks and he was very worried for his job im not surprised mind they offered me £13,000 for the freelander.
 

andykn

Well-known Member
You can check Glass guide p/x values on the Servicing and Finance section of the Vauhall website:

Servicing & Finance Home | Finance & Services | Vauxhall Motors UK

I've been keeping an eye on the used 2.0T Sportback DSG A3 market recently and there are far fewer used ones at main dealers (less than 10 down from about 20 six months ago) and they seem to discount them much quicker and turn them over faster.

Not sure if this is because they are getting fewer in p/ex against new ones or they can't get money to finance a large stock.
 

V70SES

Banned
You can check Glass guide p/x values on the Servicing and Finance section of the Vauhall website:

Servicing & Finance Home | Finance & Services | Vauxhall Motors UK

I've been keeping an eye on the used 2.0T Sportback DSG A3 market recently and there are far fewer used ones at main dealers (less than 10 down from about 20 six months ago) and they seem to discount them much quicker and turn them over faster.

Not sure if this is because they are getting fewer in p/ex against new ones or they can't get money to finance a large stock.

Thanks for the Glass' link , according to that my car is worth £2950 .
 

andykn

Well-known Member
Don't take it for gospel, though. The dealer I sold my car to gave me nearly £900 more than Glass quote for an excellent condition p/x.

One dealer made a very good point when I asked for a rough p/ex valuation on mine. He said that it's not the price of the car you're buying or the amount you get for trade in that counts, its the amount of cash you have to bring to the deal.

So a dealer may give you more than book but not discount the car you're buying as much.
 

V70SES

Banned
One dealer made a very good point when I asked for a rough p/ex valuation on mine. He said that it's not the price of the car you're buying or the amount you get for trade in that counts, its the amount of cash you have to bring to the deal.

So a dealer may give you more than book but not discount the car you're buying as much.

In my case the amount of cash was the same from the visit 6 weeks earlier , just the P/X value was lower so he wanted more from me for the privilage of his car that should have dropped in price accordingly , but hadn't .
 

andykn

Well-known Member
In my case the amount of cash was the same from the visit 6 weeks earlier , just the P/X value was lower so he wanted more from me for the privilage of his car that should have dropped in price accordingly , but hadn't .

Well done for walking out, you may not have the car you want but it'll make things that bit better for the rest of us.
 

lmccauley

Well-known Member
One dealer made a very good point when I asked for a rough p/ex valuation on mine. He said that it's not the price of the car you're buying or the amount you get for trade in that counts, its the amount of cash you have to bring to the deal.

So a dealer may give you more than book but not discount the car you're buying as much.
Sorry, I didn't make myself clear - I sold the car to the dealer, I didn't part exchange it. I haven't bought a car from him. He gave me £900 more than Glass' said a dealer would give me p/x.

But your point is correct - when I was offered even more as a p/x by another dealer, it was against a car that was very overpriced. He must have thought I would be tempted by the good trade-in value he'd given my car, whereas I was looking at the cost to change.

Now that my car is sold, I can go to dealers with cash and barter for a good price, as they aren't having to worry about shifting a p/x car.

Anyway, my point to the OP is that you won't automatically get the value in Glass' from a dealer. He may offer significantly less or more. You definitely did the right thing walking away. Try some other Volvo dealers, or stick it on Autotrader and see if anyone is willing to give you what you want (and then barter hard with the Volvo dealers because you won't have a trade-in).
 
Last edited:

eric pisch

Distinguished Member
Yeah, I guess the sensible thing for me to do would be to run a very cheap car for several months.

But, the devil on my other shoulder says "Buy a Porsche now!" :devil:

you have no idea how hard it is to say no to that devil, especially as porker turbos are going for GTR money :rolleyes:
 

nheather

Distinguished Member
I saw on the news last night that Ford US are forcing the Ford UK to raise its prices by an average of 4.7% across the whole range.

GM (Vauxhall look set to do the same).

They give the reason as the poor exchange rate with Euro but it seems absolutely ludicrous to me.

Car sales are falling sharply and the reseponse is to increase prices - yeah that will stimulate sales!!!!! Sometimes I wonder just how thick the supposedly bright leaders of large companies can be.

Perhaps it's just the US being out of touch and thinking it can continue to milk 'rip off Britain' - but all that has changed.

Don't they realise that when in recession the company goal has to change from making a profit to survival. The aim needs to be to make enough money to pay the bills and keep the workforce so that you can survive to fight another day.

If the government goes ahead and bails out the car industry if this is all the industry is prepared to do to help itself then it will be criminal.

Cheers,

Nigel
 

The latest video from AVForums

Guardians of the Galaxy Xmas Special, Strange World, Bones and All, and Cabinet of Dr Caligari in 4K
Subscribe to our YouTube channel

Full fat HDMI teeshirts

Support AVForums with Patreon

Top Bottom