GolfGTIforum.co.uk
Model specific boards => Golf mk8 => Topic started by: Sootchucker on 20 September 2021, 16:13
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I know there has been a lot of talk lately about the prices for good secondhand cars and them actually increasing in value quite substantially from just say 6 months ago, but what the hell is going on with dealers second hand prices.
I was just browsing the VW used site when I came across a number of examples of used cars selling for much more than a brand new factory order car ! To give you an example, there's a Lapis blue MK8 R from Listers Stratford, with DCC, Sunroof and 19" Estorils, March 21 with over 6000 miles on it, up for £49,990 - compared to a brand new factory order that's a £6,560 increase on a brand new factory order (at £43,430).
Are people really willing to pay nearly 15% more for a second hand car than a brand new one just to avoid the wait ?
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Its nuts! Clubsport with 5,000 miles on it completely boggo and thats up for £39,999 thats at least £5k more than what it should really be worth I suspect
https://www.autotrader.co.uk/car-details/202101107833970?radius=1500&include-delivery-option=on&postcode=wn73lu&aggregatedTrim=GTI%20Clubsport&model=GOLF&make=VOLKSWAGEN&sort=price-desc&onesearchad=New&onesearchad=Nearly%20New&onesearchad=Used&advertising-location=at_cars&page=1 (https://www.autotrader.co.uk/car-details/202101107833970?radius=1500&include-delivery-option=on&postcode=wn73lu&aggregatedTrim=GTI%20Clubsport&model=GOLF&make=VOLKSWAGEN&sort=price-desc&onesearchad=New&onesearchad=Nearly%20New&onesearchad=Used&advertising-location=at_cars&page=1)
Dealers are clearly dining out on the general public's desperation. I suppose if the chip shortage is making the lead in 40 plus weeks then they can try their arm at pricing it at a premium!
Just feels wrong though glad I managed to get mine when I did
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Quite a lot of it about.... but someone was quoted a 57 week lead time the other day I saw...
Also, dealers themselves have very little on the forecourt too...
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The CS I drove on Saturday had no options and was £40k. Crackers.
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Anything and everything is only worth what someone is prepared to pay for it. Dealers aren't a charity. With the shortage of cars to sell some of them may go out of business so they need to earn more on fewer cars.
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If someone’s so desperate to avoid having an extremely long wait (12+ months) for a factory build, then they may be prepared to pay a premium for one of the few in-stock new cars at dealers. I personally wouldn’t.
Many dealer’s used car stocks are extremely low. I was waiting at my dealers a couple of weeks ago while my car was being serviced and I had a chat to the salesperson I dealt with when I bought it. He told me they’d taken to parking their depleted used car stock diagonally on the forecourt to give the impression they had more cars for sale than they actually do. I’ve heard of other dealers doing this too. He intimated to me that they’d offer me more for my car now than I paid for it a year ago - it’s not for sale though!
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Prices are getting sillier, even when you thought they couldn't
I see the highest priced demonstrator Mk8R appears on the VW website at just under £56k, for a spec that isn't laden with options either.
If this stock shortage persists into the new year, it'll be the case that those (myself included) who've ordered via DTD or similar who've got between 10-15% off inclusive of finance deposit allowance could be able to trade them back almost immediately to dealers at higher prices than you bought it for and 'gain' that discount back in PX prices
Academic of course if you have nothing else to drive and your next car is also marked up in cost with no discount!
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I've spoken to DTD today and there's apparently a 34 week wait for a Clubsport if you ordered this month. Surely that 34 could turn to 50+ quickly though!
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I've spoken to DTD today and there's apparently a 34 week wait for a Clubsport if you ordered this month. Surely that 34 could turn to 50+ quickly though!
34 weeks sounds almost too good to be true in the current climate.
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There’s a mk8 2.0 150ps diesel Golf Style with 500 miles on the clock on VW’s website that’s up for sale at £39,999 :shocked:. Admittedly it’s got quite a few extras on it, but at most it has a new list price of circa £35k including extras, so the dealer’s asking a premium of £5k over the new list price.
£40k for a run of the mill used Golf is just madness IMHO.
(https://i.postimg.cc/K8y6Fr8v/2374-C9-D2-916-C-4-FE8-BA52-1-B7-C6-C1-E44-ED.jpg) (https://postimages.org/)
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Their demo cars from the first wave will be six months old now.. So expect them to be for sale now... For more than new rrp...
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There’s a mk8 2.0 150ps diesel Golf Style with 500 miles on the clock on VW’s website that’s up for sale at £39,999 :shocked:. Admittedly it’s got quite a few extras on it, but at most it has a new list price of circa £35k including extras, so the dealer’s asking a premium of £5k over the new list price.
£40k for a run of the mill used Golf is just madness IMHO.
(https://i.postimg.cc/K8y6Fr8v/2374-C9-D2-916-C-4-FE8-BA52-1-B7-C6-C1-E44-ED.jpg) (https://postimages.org/)
Woahhh! :shocked:
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Another group of companies “racking it in” will be the lease and PCP companies, when the cars hit the auction houses at 3/4 years old, if there’s not much for sale, they’ll be getting higher sale values.
If anyone has had a PCP quote recently, in light of the secondhand market, I wonder what VW are predicting? Are they basing the residuals on the same as before (approx £17k for my CS 45) or are they allowing larger final payments to reduce monthly cost?
It’s not just “nice” cars being hit either, my missus is looking for a C4 spacetourer (aka mummy’s space bus, as I call it :grin:) to replace her Astra, these are now approx £3K more than when we looked before the summer. We’re planning on keeping the Astra until things settle.
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Its nuts, We have a Skoda Kodiaq (Mummys Space Bus!!!) according to WBAC its worth exactly the same as we paid for it 12 months ago with 7,000 miles on it.
I hope in three years time the residuals could be quite strong on used cars as they won't be flooding the market as the new cars aren't coming in as quick now so there will be less used cars about unless the manufacturers go nuts when the chip shortage is resolved and flood the market with cheap new cars to catch up driving down the value of used cars.
I suppose the used car value is largely irrelevant unless you are taking delivery of an already ordered new car as there is so little about and the next car will have an overinflated value anyway!
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The interesting counterweight of course will be the demand for BEV... it will ultimately cause ICE car values to bomb.
One of the other things thats pushing second hand prices is the introduction of the ULEZ's - London in particular.
There has been a big scramble to buy ULEZ compliant cars - new and second hand. I've seen it from my mates in London.
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Drove over Avonmouth Bridge yesterday. Usually a large stockpile of new cars and vans in the vast port car parks, just shipped in. Looked distinctly threadbare.....
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I will tell you where this all get a bit crazy, I recently rejected my Golf 8 R-Line which I'd had for just shy of three months. The RRP of the car including extras is £33400 - take off the deposit contribution of £1250 leaves £32150 (there may have been something put in from dealer but cannot find any documents or an order form, but suspect by the amount I was paying, there wasn't.
At the time of rejection I'd made one payment and the settlement figure was £29761. The dealer wanted financial support from VWUK/VWFS to support the rejection - I have no idea what this amount was, could have been anything. For arguments sake lets say they wanted £2k in total, means they valued my car, after turnaround at £27761.
I seen it on their website with 1415 miles on it selling for £32999 which is slightly less than the RRP so not bad compared to some cars quoted on here. I suspect though, the dealer could sell for slightly less as they ultimately have already made £4 on me rejecting it.
I am sure there is much more involved than I make out above, however it is still easy money for the dealer.
I have noticed as well that the car has now sold, despite the dealer knowing about a number of faults on it. They show no shame at all - some poor soul has paid top end money for a car another customer has rejected. That car should be sent back to VW before it is re-sold imo.
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Thats perhaps why VW seem so happy to allow cars to be rejected and don't seem to be fighting it very hard! :shocked:
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I guess they are betting on a couple of things. Some people have a higher tolerance of 'irritation' than others. Maybe buyer 2 doesn't actually give a hoot that the climate doesn't sync or whatever. And second, most of the issues with golfs seem to be software related - and sooner or later they will crack the majority of the bugs and the complaints will be sorted.
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Bought my MY19 GTI new in December 2018 for £29K, £3K off list - nearly 3 years later the price on WBAC is £26K - that’s a depreciation of just over 10% - mad.
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If this persists well into 2022 its going to cause me an issue as around May have to choose my next lease or pass and go solo, or buy my current lease, which is what planned to do, and in a normal world that exchange is perfectly amicable, the lease company get more than auction and i get a car know and at competitive price.
Lease company is going to do well, mileage will be about 9000 less than expected due to Covid and they likely going to ask a ton more for it.
If its silly money will definitely be passing and may have just go for a much older car that miss the clamour due to age, till some normality returns.
Could lease again, but with the price increases, the extended lead times and the now borderline onerous BIK, its not my favoured option.
It might seem great that get back nearly what paid for a car 3 years on, but you only win if not replacing or going old enough to avoid the clamour,
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If this persists well into 2022 its going to cause me an issue as around May have to choose my next lease or pass and go solo, or buy my current lease, which is what planned to do, and in a normal world that exchange is perfectly amicable, the lease company get more than auction and i get a car know and at competitive price.
Lease company is going to do well, mileage will be about 9000 less than expected due to Covid and they likely going to ask a ton more for it.
If its silly money will definitely be passing and may have just go for a much older car that miss the clamour due to age, till some normality returns.
Could lease again, but with the price increases, the extended lead times and the now borderline onerous BIK, its not my favoured option.
It might seem great that get back nearly what paid for a car 3 years on, but you only win if not replacing or going old enough to avoid the clamour,
Since you mention BiK, I presume it’s company?
I’m currently on company car too and have also opted out, quite lucky tho as we have a decent opt out cash allowance scheme which I’ve put towards funding my 45 on order.
Anyway, we use LEX, in “normal” times, a few colleagues have purchased their company cars at the end of the lease, they paid “bottom book value” for them and LEX never even checked the condition (mileage is recorded through MOTs and services obviously). Maybe worth the question to the lease company, although, I have heard the the “book” value (or WeBuyAnyCar that’s used nowadays) has increased too.
That being said, according to others at work, LEX prices haven’t gone up much for new cars and depending on your company’s agreement, LEX (in our case) are very willing to let the be existing car roll on until the new one arrives.
The boring focus I’m driving is over 4 years and out of contract, but it’s been agreed that I can use it until my new car arrives, at which time the focus will return to LEX.
In case you’re wondering, I’m driving the focus because my GTD (that I chose) was written off following an accident :embarrassed: and the focus was spare after someone had left.
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You would seriously want a Clubsport ED45 now to pay £47,999 :shocked:
https://www.autotrader.co.uk/car-details/202109157390839?advertising-location=at_cars&include-delivery-option=on&radius=50&postcode=wn73lu&model=GOLF&make=VOLKSWAGEN&price-from=19000&sort=relevance&aggregatedTrim=GTI%20Clubsport%2045&onesearchad=New&onesearchad=Nearly%20New&onesearchad=Used&page=1 (https://www.autotrader.co.uk/car-details/202109157390839?advertising-location=at_cars&include-delivery-option=on&radius=50&postcode=wn73lu&model=GOLF&make=VOLKSWAGEN&price-from=19000&sort=relevance&aggregatedTrim=GTI%20Clubsport%2045&onesearchad=New&onesearchad=Nearly%20New&onesearchad=Used&page=1)
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One owner ten miles?
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One owner ten miles?
Probably dealer registered with delivery miles. I do think it looks good in white.
It’s a shame VW decided to use an image of a standard GTI on the infotainment screen rather than a CS45.
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Bought wife a 68plate Fiesta two weeks ago from a Ford dealer, costing £9800. Just looked on We Buy Any Car--offering £10500---Bonus!