Why are second hand cars now so expensive? | Fifth Gear

[@leeandjancruise]

They might be more expensive on the dealer's forecourt but when trading in they still want to give you way less than you expected.

[@chrishart8548]

They usually want a £2k margin. So expect £2k less than you think it's worth. If its not worth that they need your car for free to make it worth wile. If they give £200 they could have probably knocked £200 off anyway.

[@samlawts1193]

Not true Lee. The offers on PX values have gone up by a similar margin.

[@IceMan-il7dx]

Not so easy to be a dealer these days. Have some sympathy for the devil

[@chrishart8548]

@@samlawts1193 they will always want their margin on your part ex either way.

[@chrishart8548]

@@IceMan-il7dx don't think it ever was. People are really hard to please with their expectations. They think thier cars are worth forecourt prices and forget those cars have to be preped and warrantied. And make a living of the profits.

[@MZMLYFE]

I am from Pakistan, we have the same situation going on here. Car prices have gone up more than 30 to 40% within this Covid. Manufacturers are increasing prices of New Cars after every few months or weeks at times which in return affects the used car market aswell.

[@megapangolin1093]

"Chips are the car's brains". When I started driving a car only needed one brain- mine. The world was a simpler place then, no chips, except with fish. Fix your own car, enjoy happy memories. Great video, Rory, as usual.

[@can-uc-wakeup]

Exactly, people are their own worst enemies. Everyone now buys cars; no, not buys cars, rents cars; and in doing so, allow themselves to believe that the dream is real, when in actual fact, the manufacturers, the finance companies, and the dealers, have convinced the people that the huge prices that they pay for cars, are actually affordable. It is like all people see, is that they can afford the monthly payments, they don't look at the real price, or at the effects that their decisions are having on others. We live in a 'I want it now' society, and the dealers have told the people that they can have whatever they want, as long as they go into debt for it. The 'new vehicle' market and the second hand market are a construct for manufacturers to survive. If real supply and demand, without debt were to be looked at, they could not charge anything like the prices that they do. Credit and debt, and people's willingness to absorb huge risk, same as with the housing market, has destroyed real price discovery. People just do not understand the game that is being played against them; a game of survival, at any cost. Too many chips, too many computers, too many trusting people; people are being robbed in broad daylight. If only they could see it. The people are their own worst enemies, and are making life harder for everyone in the future. How many people understand, that they bet their homes against a piece of metal that sits outside it? It is all about the numbers; what do they teach in school now?

[@parsonk4041]

That is very true. But to be fair, microchips also made cars better.

[@can-uc-wakeup]

@@parsonk4041 For who? The people or the dealers? Microchips by their very nature have built-in tolerances, and because of that, have a built-in obsolescence. Modern-day cars and their computer brains leave the people vulnerable, and the dealers empowered to rob the people. Without the knowledge, what does the person on the street know about modern-day cars? Something goes wrong, "take out a bank loan to fix it". According to the dealers, a problem is a 'feature' that people just have to live with. Our life in their hands; can we trust them to look after it, when their survival depends on people's ignorance, and their willingness to pay?

[@parsonk4041]

@@can-uc-wakeup chips have been in cars since the seventies. Unless you want to drive a car from before that, they will have microchips. They make cars safer and more efficient. It is not a conspiracy.

[@petesmitt]

​@@parsonk4041 I have a 90's Mazda Bongo van made in Japan.. no computer, no chips, no sensors.

[@stanwilson8089]

Saying used car prices have gone up is a con,they haven't.If you expect to pay more,it increases the dealers prices and profits.The question is,what do people want and need a car for?Do we need a chip to steer the car?Do we need a chip to operate the handbrake?Is a car for most people a convenience to get from A to B,or do they want needless high spec rubbish that is way too expensive?

[@montyloads]

I been looking for a used car to replace the car i owned for 13 years.....ive been amazed how expensive the marketplace is and now I know why.... my sister brought a hyundai i10 4 years ago and when checking she can sell that car for roughly what she paid for it after adding 40k miles... when I was telling her I assumed I must have been searching for the wrong spec etc... Absolutely crazy prices

[@alfsmith4936]

I had a 2004 Ciroen Xsara Picasso hdi for 6 years. I payed £400 for it, used it like a van and sold it last year for £1200, with 190.000 miles on the clock, rather than put it through another test. I almost felt bad for the buyer but that's the modern world.. He didn't seem bothered.

[@jasonmadelin3633]

A sensible person drives an old car pays off the mortgage and invests in property and drives a car they own that isn't worth more than they can afford to lose, when you have a fancy car people don't think you're cool, a Landrover don't make you a Gangster or rich or a hard nut we all know you're in debt and don't own the car (in most cases), if you invest wisely and save you can retire easily in your 50s and be secure if you don't buy into the must-have it bullshit. Fact. Having that new car may make you happy for a short time but honestly, it won't last for many reasons.

[@eddy45686]

Probably the most sensible thing I’ve read here. But can I follow the advice … wish I could it takes willpower

[@jasonmadelin3633]

@@eddy45686 Thanks ed, you can do it. Best wishes J

[@drro2020]

Great advice!

[@chriswhamilton]

I bought my Golf in 2011 for 7k, it was 4 years old at the time. A 4 year old Golf today is almost 4 times that price in my country! Its insane. Been looking to get a new car for nearly 3 years now, I keep holding off hoping price will drop....they are doing the opposite.

[@colinspc]

Tbh its all wooden dollars. Yes prices have went crazy but the money you have "supposedly made" is mirrored in the car you are buying. Plus same trading a used in for a new car. Very little if any dealer discounts on new cars. Its like saying you bought your house 25 years ago for 15k and its worth 200k now. You have made nothing if you look to sell and buy another as the same house now costs 200k.

[@ln5747]

Not if you 'downsize'.

[@roi354]

Don't forget also that if you didn't drive your car for a year it'll have a whole year's worth of mileage less than you were expecting it to have by now. That's another good reason to hang on to what you've got for longer.

[@n0w3lly90]

I still averaged 11-12,000 miles throughout the pandemic

[@carlosoruna7174]

Worried I haven't driven my 84 e30 in 3 years .. ohh well. Maybe air travel will open again

[@qrogueuk]

I worked my way through out. but I'm only got 55k on a 2013 plate, most years I do 5 to 6K

[@offsnotagain]

Yeah your seals will dry up & your tyres might flat spot good idea I suggest giving it a little run now & again just to charge the battery.

[@MrGMawson2438]

We need more farmers to grow more potatoes to make more chips 🤠

[@trevorastley1727]

I am surviving OK on fish thanks.

[@Red-Army1975]

Doesn't farming cause global warming 🤣🤣🤣 so Greta says anyway 🤣🤣

[@Althemusicman1]

Very good Mr Mawson!😂

[@JamesD-HB]

Fritos please.

[@TheManLab7]

That's a REALLY bad dad joke 🤨

[@jasonk7072]

There’s so much uncertainty right now which will stifle new demand. Diesel cars are a huge risk in terms of residuals now, electric cars are for many a scary long term ownership prospect and most probably a dead end that will be replaced by something like hydrogen. Petrol cars look like being the least risky option but even then why drop £20-30k on something that will be obsolete in 10 years. I shall stick with what I already have, it suits my needs, it works just fine and most importantly for me it’s completely paid for.

[@johnstonlee]

Absolutely spot on 👏

[@lancethrust9488]

EV ARE THE BIGGEST HYPE SINCE FRANK BRUNO SO MANY CONS AND LITHIUM IS HIGHLY VOLATILE VERY DANGEROUS BUT EVEN MORE DANGEROUS IS HYDROGEN , WHEN HYDROGEN TANK BURST THE GASES RELEASE FASTER THAN THE SPEED OF SOUND , BASICALLY WITH LITHIUM ARE TICKING TIME BOMBS , DO SOME RESEARCH ON HOW MANY HYDROGEN STATIONS EXPLODED AROUND THE WORLD AND ITS COMMON SO HYDROGEN ISNT THE SOLUTION , PETROL AND DIESEL IS THE SOLUTION ITS CONSIDERED THE PERFECT FUEL WITH ENERGY DENSITY ITS A VERY SAFE SYSTEM , I HAVE THEORY WHY THERES A WAR ON CARS AND COULD BE WITH THE MARXIST IDEALOGY OF A BAN ON OWNING PRIVATE TRANSPORTATION AND FORCING US ONTO A STATE CONTROL PUBLIC TRANSPORT SERVICE BY 2040 , TAKING OUR RIGHT OF FREEDOM OF TRAVEL AS ITS MORE CONTROL OVER THE POPULATION LISTEN TO THE LANGUAGE OF THESE POLITICIANS www.am-online.com/news/market-insight/2021/12/10/uk-must-move-away-from-car-ownership-says-transport-minister THERE USING CLIMATE CHANGE AS EXCUSES TO CHANGE MANY LAWS IN OUR LIVES , THERE GOING TO MAKE CAR OWNERSHIP VERY EXPENSIVE TO THE POINT WERE WE EVENTUALLY GIVE UP THE CAR , AS CARS FUTURE CARS ARE PLANNING TO BE DRIVERLESS TAXIS AND TRAMS AND TRAINS EVERYWERE YOUR RIGHT TO ROAM WILL BE OVER !!!!

[@carlosoruna7174]

Answer is efficiency. Iregardles of fuel. Electric , gas or oil.

[@lancethrust9488]

@@carlosoruna7174 MOST EFFICENT IS DIESEL

[@carlosoruna7174]

@@lancethrust9488 yup. 1.9 tdi 94 Jetta going on 500k kilomètres 5 speed and yup 6 litres To thé 100k. Maintenance hog. Prefer my 84 320i 2 liter inline 6. Stored in Spain

[@ustaadjiyassar1763]

By the time I found the used car I wanted the price was so high it made more sense to buy new as the price wasnt much different. Fortunately I found a dealer with some decent deals...but that was December 2020.

[@dunhillsupramk3]

i would never pay that much for a used car AND i would NEVER pay over MSRP for a new car.. remember ppl you're the ones that decide the price as a consumer..

[@aluxtaiwan2691]

"Why are old car are more expensive now?" BECAUSE PEOPLE FIND OUT THEY WERE BETTER

[@rahuljayachandran4128]

Huge fan of fifth gear,keep them videos coming😍we need more car reviews from the team😍.

[@emilrijsemus4178]

No, they are extremely biased in their reviews

[@ChrisHooperOnCars]

@@emilrijsemus4178 can’t agree. They are the least biased of all the car reviewers. Straight up opinions 😊

[@DarkAngel-oq5ox]

@@emilrijsemus4178 how so? Please explain.

[@daddymulk]

@@ChrisHooperOnCars as long as you buy electric that is, paid by Government to promote the garbage

[@Tom55data]

Some clarification on the chip shortage. 1) The traditional car sector uses legacy chip designs, they don't need state of the art chips. The profit margin on these are lower than state of the art new chip designs. 2) When the car sector dropped the supply on chips, the chip FABS (fabrication companies) moved over to the more profitable market of modern designs (and then there was the flooding of a FAB in Asia that did not help). Like GPUs, games machines etc.. So now the FAB's don't really want to go back to legacy chip production as the profits are not as good, so the traditional car companies are struggling to get the numbers back up. Interestingly, the Chinese EV sector and Tesla don't use legacy chips (ever wondered why the info systems in these cars are so responsive), which means they don't have such a problem obtaining chips for their cars, in their case it just a problem of factory saturation - just the throughput of car production.

[@johndoe-qg7jp]

Thank you

[@Zero1Zero1]

It's profiteering plain and simple. No one who was going to buy a new car is buying a 5+ year old one due to a chip shortage. The dealerships are trying to claw back money lost in lockdown as are many industries who are also inflating prices

[@stuartpringle913]

Yep the excuse is either the scamdemic or the bullshit war in the Ukraine. Those at the top absolute raking it in while the opportunities are there. The richest 2/3k made more money in the last 15 month then they had in the last 15 years! Go check the evidence!.

[@davzer3773]

Spot on! During covid new car sales fell from 161k per year to just 4K, the main dealers needed to make up for the huge loss of profits, so they just put up the prices on used and everyone else followed suit. Pure profiteering and greed

[@stuartpringle913]

@@davzer3773 yep. I actually paid 3.5k less for a car on 10,06,20 - the day the first bullshite lockdown was over. 11k instead of 14.5. The scamdemic had done peoples heads in. And Im glad. Now people are taking the piss.

[@williamfence566]

Kept my current car for 7 years which is the longest I've ever done. It's going up in value ( has full service history ) and meets my needs perfectly Did look to sell it but not just the ridiculous prices but I don't want an SUV so choice is limited.

[@carlosoruna7174]

Go for more. E30 coupe in europe. An 84 with 100k ..

[@andybennett1133]

@@carlosoruna7174 u got a great car m8...👍

[@Rongturn777]

Had my mondeo 3.0 Ghia x 15 years and it still looks new ‘ if anything ever goes wrong I can fix it myself , recently been offered same money I paid for it in 2007 🤣🤣🤣🤣🤣 “ might have a ford sierra next 🤔

[@DC3Refom]

@@Rongturn777 how much did you pay in 2007 and what mileage

[@Rongturn777]

@@DC3Refom Paid £8950 with 14 thousand miles on it ‘ now done 34 thousand , been offered £7600 last year 😁

[@MadIIMike]

The Automotive industry has a lot of "middle managemant syndrome" going on, meaning the moment covid hit and sales went down, a lot of people glued to their seats paniced for their own jobs and called off the orders while trying to figure out how to save on "human resources", since it goes hand in hand with buying less materials to build cars with. Had the industry not hired the same type of people in middle management for decades, then they'd simply kept the orders going at least for some months and wrote off the losses for having too many chips on hand. Might also not be too far fetched to expect a model change to be delayed by 1-2 years to get rid of old inventory (chips), in the past there have also been plenty of models in production in other markets years after production stopped in the main market. Personally, I stick with very cheap used cars. Paying just a few hundreds for a car makes you look at it with different eyes than something that lost you thousands the second you signed the contract. While a old car might use more fuel, you could still see it as something very economical to keep it on the road compared to the emissions it takes to produce a new one.

[@crxdelsolsir]

So glad they are as we have been undervalued over time making the case to throw away and causing accelerated damages to the environment. Maybe now cars will be cherished, makes repairing, refurbishing and retrofitting upgrades a clearer financial decision. This is what we need to reduce the throw away mentality, getting into debt, pollution from waste and the pollution in making new cars. All prevented by prolonging the use.

[@soundseeker63]

Or at least it would be...IF manufacturers built cars in a manner that made them repairable over the long term, which unfortunately they don't. The entire industry has become very geared towards the same "throw away culture" as can be seen in other consumer product sectors.

[@crxdelsolsir]

@@soundseeker63 Glad you can see that as many claim or paid narratives by manufacturers as conspiracy theories. We can tell them to make making honest cars/equipment by chosing products that are designed honestly, able to be repaired and suppprted by suppliers for a long time. But the other problem is people do not value durability and longevity as new generations have been trained to become bored, uncaring for old items and pursue new fashionable items others do not have. We the people have also created this problem and only by reeducating and changing consumer mentality will the manufacturers change their mind set too.

[@deathtdow]

You environmental nut cases need to be institutionalised. The reality is this will just seriously hurt poor people and have a negliable effect on the environment.

[@soundseeker63]

@@deathtdow What a very silly comment. "Poor people" don't buy new cars on finance every few years! They drive old cars, usually until they break and become uneconomical to repair. This will have little to no impact. The only people it is causing problems for is more affluent people who are coming to the end of their lease contracts and wanting another new car but unable to get one because of limited production, and in those cases they do not "need" a new car anyway they just want/expect to have one. So what if they have to wait a little longer than the usual 3 years this time around?

[@BarryShite25]

I have a 09 plate Titanium Mondeo 2ltr diesel, 136k on the clock cost me 1900 Jan 2021 and drives like a dream, has all the mod cons of most modern day cars and a great Sony sound system. Been very tempted to get new but I keep asking myself why? Why opt to pay 3 to 400 extra a month to get ultimately the same? To keep up appearances? To portray the image I've got money? I just can't honestly justify doing it and I can get some pretty good deals through a salary sacrifice scheme too. Think I'll stick with the Mondeo 👍🏻

[@Strider9655]

09 Mondeo too, it feels like it's built to fall apart right? but all these years it still hasn't. Like all of my cars, I own it, no finance, no debt, if the gearbox went tomorrow i'd be facing a £1000 bill, which may sound expensive, but that still only 2 months worth of finance on a new status mobile. The car has cost less that £50 in repairs over the last 5 years and mine is a 2ltr petrol, so no DMF or DPF issues.

[@BarryShite25]

@@Strider9655 agreed. Mine costs me little over £50 on insurance and tax a month. Ive had an ecomap and the dpf removed on mine as I do with all the diesel's I've owned. Transforms the car and runs as smooth as a dolphins beak. Not legal technically speaking but I know my mechanic and we know they're a scam (DPFs) so we politely turn a blind eye come MOT time and i never have any issues with it 😉

[@Strider9655]

@@BarryShite25 Essentially DPFs just collect the bad stuff and then kick it all out later, kinda like taking a shit in the woods, versus taking multiple shits in a bag and then throwing it into the woods. They started showing up on cars around the time when using cooking fat as fuel was gaining popularity and funnily enough you can't use alternate fuel in a car with a DPF.

[@Mexxx65]

A separate comment; I simply do not believe that parent car manufacturers were all caught out by a shortage of semi conductor chips. What are all the car manufacturers getting their chips from the same sweat shop in China or something? I believe parent car manufacturers would have had contingency plans to cover it. Just as they would have contingency plans set for the plethora of other items they source from all over the world. I'm convinced this "oh its the chip shortage" excuse, is yet another way car manufacturers are creating "fake" market demand for their cars, and an excuse to charge us even more for them.

[@bluedogtransportwa]

maybe look into whats happened in the PC space in the last year

[@stu4181]

I believe there was probably an initial shortage of chips and a backlog of orders, initially I do think they could have done a lot more to reduce the waiting lists, but as you say suits the manufacturers to get full list price ok everything so they aren’t in any hurry to bring down the order times to the level there is loads of pre registered stock like there used to be pre covid

[@qrogueuk]

@@bluedogtransportwa Miners / scalpers and greed all over the place. I got lucky and build 2 new PC in Dec 2019 and Jan 2020 for my house hold. I've seen the GPU prices nearly triple over the last 26 months, from what I paid for them. Prices are slowing dropping this month but still way over MSRP.

[@simonthomas5367]

Rory is such an informative presenter. Great report. Clearly our reliance on technology has completely backfired upon us and the industry. For now, I'm sticking with my reliable 'old' 2018 Series 1. And a 25 year old Honda Dominator that I brought back to life during lock down!

[@andybennett1133]

Nah, he's a bell-end

[@JamesSmith-vz8yr]

ok Rabbi.

[@andybennett1133]

@@JamesSmith-vz8yr who's that to..?

[@JamesSmith-vz8yr]

@@andybennett1133 Simon Thomas. Are you one too Andy?

[@andybennett1133]

@@JamesSmith-vz8yr no, I'm English

[@CrowdControl2K8]

I bought a 45k car in 2020 drove it 11k miles in a year, then sold it to We Buy Any Car for £44k. I was expecting £35k from a dealer like them.

[@Dan.Burcea]

I think they shot themselves in the foot by raising the prices of second hand cars. Less people will be eager to by one and the dealerships will struggle to sell them and 2030 is just around the corner... I can't wait to see that massive drop in prices soon 🤣😂

[@Aussiemarco]

Unfortunately the lockdown had the opposite effect on my poor old Avensis. Not driving it for 4 months made the old girl go wrong. The brakes were never the same, and the cylinder heads went very bad, so it ended up burning truckloads of oil. Probably parking her up in the damp southwest 😓 So a year after the lockdown I had to buy a new (used) car, just before their value soared. Lucky timing.

[@joshooahh]

Why didn't you drive it

[@Aussiemarco]

Because I stupidly did the right thing and followed the rules in England, unlike the British government that partied like there was no tomorrow. We couldn’t leave our towns or villages, or your local area of your city, except for work, essential shopping or medical treatment. I live in a small town and I could walk to the supermarket. I was furloughed from work for 5 months. £10,000 fine for leaving your local town for non-essential reasons. Obviously I should have done what the Prime Minister and all the cabinet did and was like “f..k you” and did whatever I wanted, and gone for spring and summer drives every day as the weather was brilliant. Stupid me obeying the rules.

[@Aussiemarco]

Because I stupidly did the right thing and followed the rules in England, unlike the British government that partied like there was no tomorrow. We couldn’t leave our towns or villages, or your local area of your city, except for work, essential shopping or medical treatment. I live in a small town and I could walk to the supermarket. I was furloughed from work for 5 months. £10,000 fine for leaving your local town for non-essential reasons. Obviously I should have done what the Prime Minister and all the cabinet did and was like “f..k you” and did whatever I wanted, and gone for spring and summer drives every day as the weather was brilliant. Stupid me obeying the rules.

[@Alexander_l322]

You should have driven it but I suspect it wasn’t just down to it sitting for four months. Probably a good engine service would have sorted it out or made it good enough to keep driving.

[@Mashmarriner69]

So happy to have Rory back on TV.

[@Namron137]

Another couple of reasons why people may be “hanging on” to their “old” cars is the vast improvements in corrosion protection made in the last 20 years with the increasing use of aluminium, galvanised steel and plastics/composites for body panels, wheel arches, etc! This, together with better paint techniques where body shells are “dipped” for complete protection of inaccessible areas which has resulted in increased longevity and subsequently less necessity to scrap one’s “old rust bucket”. This was the very reason why car manufacturers were happy to see their cars disintegrate into a pile of rust, more sales for their new products! Built in “obsolescence” was the term used! Another reason would appear to be confusion and reluctance to commit oneself to a particular power unit, be it petrol, diesel, electric or hybrid. They all have their advantages and disadvantages and until the battle between them leaves a clear winner people would either prefer to hold on to their old one or trade up to a newish second hand car. There is also, in my experience, a certain reluctance to be continually “trading up” to the next new model which are being designed to be ever more complicated to service and repair, with “electrical” faults being by far the most common!

[@jackwarren3080]

There’s Peugeot 309’s that have been stood up for 20 years that are less rusty than 5 year old German cars so anti corrosion is nothing new.

[@mooseyman74]

Scrap yards used to be full of rust buckets, could poke your finger through the panels. Cars would fail mot's and need welding. Not anymore.

[@petesmitt]

@@mooseyman74 It's failing electronics that kill cars now, not rusty bodies.

[@alfsmith4936]

@@jackwarren3080 20 years is relatively new.. I remember when there were 3 year old Sierras and Cavaliers driving round covered in gaffa tape. The French were pretty much the first to make cars that didn't rust but everything else went wrong (Apart from the PSA 1.9 Dwp and 8v 2.0 hdi engines)

[@CarLifee]

I see it has a good thing that we keep our older cars on the road rather then buying new all the time just because most people want to impress other people they never meet keep old on the road less new ones being made which = better for the environment.

[@tomdecat4009]

THIS, this is what a lot of people fail to realize. Governments wanting us to switch to EVs, and not mentioning any plans really on what to do with previous owned cars, or ICE cars since they wanna ban them in the future. Recycling? Pfft. They always mention that yet there's no progress. EV drivetrain swaps? Well they wanna ban modifications. Governments will always talk about climate change and eco friendly alternatives to combat it but in the end, they aren't gonna proceed with those solutions because money is more important for them. GG Earth.

[@cmartin_ok]

It's quite bizarre. In January 2021 the chip manufacturers told us that the chip shortage would be over by July 2021. Yet here we are almost a year later and there are still allegedly shortages. In April 2020 new and used car prices collapsed because we couldn't go anywhere under lockdown when the government took our freedom away, yet a couple of years later used cars a few years old are worth almost as much as they were when new.

[@alexmcwhirter6611]

No certainty today. Impossible to make accurate predictions about more or less anything !

[@justsomeone9267]

All part of the "Plan"

[@amirdiabe]

2 things Rory forgot to mention, the amount of household savings went up during the pandemic, as people were limited in where they can spend their money, plus the whole uncertainty regarding the economy made people decide to keep money away for a rainy day. Then another major factor, is all the clean air zones that started in late 2021 and coming into force throughout 2022. ULEZ in London, and similar schemes in Birmingham, Manchester, Bath, Bristol, etc etc. All these schemes also created further demand for people to upgrade their cars, so that they are compliant with the new rules.

[@carlosoruna7174]

Bullshit. Savings didnt go up at all .. call it delayed expenditures due to high prices and low availability

[@carlosoruna7174]

And spending it is at outrageous prices

[@can-uc-wakeup]

How so easily people are fooled into believing a propaganda narrative. The governments want people's savings, they want them to spend; and by offering cheap, and seemingly affordable credit, people can be lured into spending their cash reserves. Governments work against the people not for the people; contrary to popular belief. How much money do people think they really have? Our channel and our blog opens the door. More people need to step through and awaken themselves; the world would know, and the games would have to stop. Don't be asleep! Most are. If no one cares, what happens to us all???

[@greva2904]

Not quite. Half the population worked from home, saved a fortune and bought new jaguars. The other half stared disaster in the face, lost pretty much everything and their lives are only getting worse. Covid split peoples fortunes straight down the middle.

[@Bucharestguidedtours]

With all this Ulez farce, these cities will be ghost towns, business will move to retail parks, where you can actually park! Bring Back Four Star!

[@georgevavoulis4758]

Because EVs are way to expensive and overhyped and we're forced to buying used cars as they are the only affordable cars

[@PHILIPWATSON82]

New cars look hideous compared to 90s cars

[@lesrogers7310]

Agreed.

[@drunksupportcharacter]

I just dont understand why they dont have an option to have a car without the tech because by the time you get it its old and unsupported anyway.

[@adityagauba630]

Especially in south asian countries, inflation is so high paired with the high tax rates of the government and the COVID impact, the resulting hikes in new car prices were about 35% to 42% in india for most budget segment hatchbacks and so-called compact SUVs. Therefore the used car market grew.. plus the chip shortage..

[@CynicalFish]

In the UK it is not only this that is the problem. In the last few years as people have felt the pinch those who can have been putting off buying newer cars which has also led to more older cars on the road and higher prices for them too

[@frisco-2.0]

My 2001 Opel Vectra's value raised from 1300€ in 2019 up to 2750€ in 2022. In the past i would have never payed that much money for an old banger. My First car in 2001 was a 1986 Opel Ascona C which cost my nothing, because there was no market for a nearly 15 year old car.

[@alfsmith4936]

My first car was a Mk1 Fiesta, in 2000. I payed £150 and swapped it for a mk1 Golf, that ended up in the scrapyard lol. They were good days. I had allsorts of 'classics' for next to nothing. Wish I had them now..

[@frisco-2.0]

@@alfsmith4936 So do i! 😂

[@gofres]

I lucked out and bought a 4 year old car just before prices went crazy. I could sell now for a £6k profit or so having added 12k miles over the last year or so, but would then have to spend the extra on the next car. It's the same as houses, it's all relative. The reality is, your £ is losing value. The printing of money is the main reason, among many other factors like the covid limitations on trade. I hope everyone reading this can learn the bigger picture of market cycles to understand the bigger picture. I highly recommend watching Ray Dialio's stuff on here to get to grips with it. This downturn has been a long time coming that intelligent economists have been predicting for a long time.

[@leeallen7585]

MY 21 year old rover 45 is now worth £460 part ex..before covid it was worth nothing

[@stuartpringle913]

😂😂👌🏼

[@raymondvaughan6262]

Yes but second cars have gone up alot so there won't be any difference might be worse off if putting it part exchange

[@simonhodgetts6530]

If you sell it in London, and it’s a petrol engined model, it might be worth more - some 1.6 engined Rovers bypass the ULEZ charge! Who’d have thought it!

[@yesman2755]

Paid £8000 for a five year old Skoda Yeti 4x4 in 2015. A 5 year old Yeti is now going for 14k plus. WTF ???

[@nickanonymous1578]

As usual the dealers are still ripping the 💩out of the situation . I myself will not buy a new car for a long time now until the rip off price go back down .

[@amuxpatch2798]

well stick to your horse and cart, lol

[@bigdogcars3277]

Poor old Rory. He listened to an expert for this as he totally dissed the new Mustang on Top Gear. He told us it would bomb in the UK 😂

[@johnstonlee]

I hope these cars rot on their forecourts and dealers lose plenty of cash. Some greedy people out there.

[@mannarmylie4195]

2nd hand cars are more expensive because idiots are willing to pay higher prices for them instead of putting off the purchase.

[@flybobbie1449]

40 year old light aircraft prices have gone up 50%. No one knows why, other than the world thinks it's awash with covid furlough cash and grants.

[@dunhillsupramk3]

its not like that was a hot market to begin with... but i can see the problem here, its inflation and everyone is seeing whats coming and wants to get ahead of the drop but they just all made it worst..

[@FranHeAl]

I am from Spain, and an additional critical factor here, and I suppose also in UK and obviously in the whole UE, in the problem of falling car sales, in addition to those of job deterioration, or lack of components, is legal insecurity. Even worst than technology uncertainty, in my opinon. It is difficult to face such a high investment when you do not know what technology to bet on that the authorities then allow you to use it without prohibitions, limitations or future taxes, in the coming years. Or in which degree. Those enviromental regulations and fines, also did the new cars more expensive, and the car brands are obviously putting that charge on consumer.

[@pugpete1]

Completely agree, especially having fallen foul of that exact situation with diesels in the past. I bought when they were telling us diesel is the answer to everything. Only to pay more than older petrols in road tax and fuel because of THEIR mistakes. That's a relatively minor financial impact, I see the potential for a far worse version with BEV's.

[@WisdomToAll]

They don't sell car now days they sell electric battery powered mobile toys with 4 wheels which don't have even basic secondary charger which takes hours of waiting to run daily basic routine trip at pathetic high price of new chip technology ..same like high price of TV when introducted first

[@effervescence5664]

Nice to see Rory on 5th Gear now. Some really good information and quite like the jacket.

[@AmmarKhan666]

The most important reason is cheap money. Because of Corona people who got cheap money are driving the authentic buyers out of the market . Cars, houses, rent everything is going up because of cheap money being flooded

[@Angry-Lynx]

What cheap money ... I hope you dont mind whole cryptoscam thing or other 'get rich quick' schemes

[@AmmarKhan666]

@@Angry-Lynx near zero borrowing rates, no questions asked. People getting money in the mail. Cryptocurrency is still vodoo for me and I don't understand it lol that could be one of the reasons too. If the rates were 5% lol all the prices would be on the floor

[@focusedman5759]

I'm currently looking for an F30 type beemer, when doing checks on the ones I like I've found that they're £1500/£2000 more expensive than they were on sale for last year, think I'll just hang on a bit longer, not paying over the odds.

[@juanpablocorreiaecheverria2857]

I have a Ford Ka and it’s still going STRONG!

[@tangerinedream7211]

Happy to keep my 2007 series 1 twingo I bought new in Paris,180000 miles on it,original clutch, no need to swap it now I'm semi retired.

[@sweetfreedomGB]

Prices falling now in the UK

[@dogmadogma5398]

Let ME explain...........The government paid millions of people to stay at home and these people ended up with extra money especially those who know how to play the system. Those key workers who had to go to work ended up worse off. Everyone else spent their money on lovely cars. I HATE THE WEST RIGHT NOW

[@eddievanbasten1751]

That’s why there’s so many new Range Rovers and Audis on the road.

[@Alexander_l322]

@@eddievanbasten1751 there is always brand new range rovers and other cars on the road. That hasn’t changed at all.

[@topfuelteddy]

Spot on Dogma , we've been robbed blind .

[@ivanashley7875]

Don't you think the likes of We'll Buy Any Car have had an impact on car prices? The public seem to be choosing to sell to them (a) because of the speed and convenience (b) because the price they offer is often more than the seller can realistically hope to get by selling privately. Hence the dealer network working with the online purchasing companies can inflate their prices, knowing their customers are faced with a depleted private market as an alterative.

[@johnoneil4456]

Money is tight, people moving towards second hand cars. Car trade know this and they have hiked up the prices to maintain their profits. Robbers

[@Nick_G7IZR]

It's not going to get better this year. There's a 20-30 week lead time on popular networking switches and wifi access points all due to the chip shortage. That's half a year taking us in to the latter end of 2022. All sectors are fighting to source the same components so unless chip manufacture ramps up (and the supply of raw materials ramps up), there's no end in sight this year...

[@volt8684]

Got 15 yr old Citroen Berlingo 1.6 petrol. 75000 miles runs perfect, no rust topside or underside. Downside 1st April tax gone from £170 to £290, government scum. Poor people have old cars, i drive 5000 miles a year. I shall be keeping mine till its 40 yrs old then no tax. View it as a 2 cv. Will preserve it and repair it mostly all myself. I dont want these ipad on wheels. We need old renault 4s and 2cv and beetle. Safety crap but longevity and cost zilch. The manufacturesr will be on their backsides.

[@award9912]

yes dealer second hand prices are high but they dont want to give you much more for your car .. i have 2019 skoda superb ( low milage ) retail £30 k , we buy any car want to buy for £20 k do main dealers work on 30 percent profit ?

[@entropy5431]

Pretty much, minus the prep work needed to make look tidy for a few weeks after sold on.

[@fivish]

My dealer called me to ask if I wanted to sell my three and a half year old 30K miles car back to him for what I had paid for it. I said no! With manufacturers ramping up building BEVs at luxury prices their market is drying up and more affordable cars are not being built in any great quantity. Then no petrol cars being built from 2030 and no cars being built at all from 2050.

[@captainross4706]

Furlough money, covid Loans, working from home. the poor got poorer but the middle class who could work from home saved and and ready to spend.

[@ar12.]

Yeah in Australia it isn’t good the prices have gone up mental people selling stuff for 13-15k that’s only worth 10k not great buying a first car now was going for an s60 t6 but their over budget now.

[@MarceloDinoYT]

Ordered a new RRSport in October, because of the shortage it won’t come with LKA, 360 Camera, Automatic Parking etc… but I figured I barely use those things anyway.

[@mrburgess1698]

We are hanging on to our 64 plate focus diesel as has free road tax. Why upgrade when there’s nothing wrong with it and any newer models will be subject to a yearly £150+ charge.

[@andrewobrien2749]

October 2020 I bought a Vauxhall corsa 2019 griffin (69) plate 2900 mile on clock good high spec I paid £9000 cash. After 6 months I started to regret it and finally decided to sell it 12 months later October 2021. At this point there was 15,000 miles on it I done at 12,000 miles in that year, I looked at some car buyer sites and Vauxhall offered me £10,500,thought it was a joke. When I went they offered me £10,300. I took it straight away. I still can’t believe it.

[@jackwarren3080]

Don’t think I’d swap my 18 yr old 1.4 Clio for anything anytime soon!

[@qrogueuk]

I see quite a few on the roads still

[@jackwarren3080]

Yessss! Plenty of spare parts. Don’t rust like crappy German cars for example.

[@ahmadmelhem1499]

4 cylinder cars price has increased 40% where I live talking used and new, I was looking for suzuki Dzire for my younger brother (for fuel consumption saving) where car cost 12,500 $ as new fully loaded ( car was cheaper), the dealer said, you have to wait for 2 months minimum to get yours, wow 2 months for a suzuki!!

[@spider_hoss]

My 5 year old car is worth way more than it was pre COVID. I’m tempted to just sell it and drive my 22 year old extra car around.

[@chrishart8548]

I've got a 14 year old car with 66k on it I'm just using it because I have it. I doubt it's even worth anything,

[@lucasbarton1773]

That’s a good idea, what car is it?

[@spider_hoss]

@@lucasbarton1773 it’s an old Ford Ranger. I’m in the US. Those things are workhorses. I’m looking to get rid of a Ford Fusion (same thing as a Mondeo in the UK).

[@lucasbarton1773]

@@spider_hoss ahh yes, I have seen those Ford Fusions. They stopped selling them a few years ago in the UK. Those Rangers last for a long time, it’s incredible!

[@Jim-lv6jc]

I still don’t understand why people would ask more for a Datsun 120Y it was crap new and now it’s really crap but people are asking lots for them

[@yesman2755]

Agree. People paying thousands for mark 2 Escorts aswell. Why ? Search me. At the end of the day they’re just piles of rusty old metal and crap to drive too.

[@Jim-lv6jc]

@@yesman2755 The escort is heaps better than a Datsun so it’s worth more but it’s a Ford not a Holden so it’s still crap

[@graememckay9972]

I traded in my VW camper for the same price I paid for it 3 year's before. My wife's Ford ranger lease ran out. Can't get another car from anywhere before May. She contacted Ford to extend her lease and they wanted double the monthly premium. She gave it back. The leasing company want the cars back to sell them at these inflated prices. I got a 59 plate vovlo as a run around until things settle down again.

[@EtonieE25]

So as of March 2022 do we know when car prices are likely to reduce back down to normal levels of price ???

[@MrElliebeli]

Chips should be on my plate not in my car. I like the sound of one of those new cars where they are putting the old analogue instruments back in!

[@simonhodgetts6530]

I bought my current car during the first lockdown for £3500 cash. Similar cars with the same spec and mileage are fetching £4k plus now. However, I’m not rushing back into monthly payments any time soon - whilst there is so much financial uncertainty around, I’d rather own a car outright.

[@Angry-Lynx]

And now fuel prices! And who will suffer the most from all of this? As always, working middle class people 😥!

[@fivish]

70% of UK cars are company cars bought at huge discounts which are not available to the 30% of private buyers. This distorts the used market and trade in prices.

[@stuartpringle913]

😂🤣😂 Don’t you mean the worse off ? That is not the middle class you muppet its the majority that earn pittance wages!! 12k to 20k. That is not middle class now is it! And don’t be confused with the average wage scam ! Because the extortionately rich pull that average right up !!

[@Angry-Lynx]

@@stuartpringle913 lower class have lot of discounts help, tax relief etc so imo it's the middle class that is the most fooked

[@stuartpringle913]

@@Angry-Lynx I don’t want to be rude but these ‘discounts’ you talk of are delusional. The poor includes many different kinds of people in many different situations. These ‘discounts’ are because their poor or poor working class. Whatever you say bro.

[@ChrisHooperOnCars]

Yup-know all that, Rory. That said, a fantastic explanation for the unaware👍👍

[@martytdd1606]

You already 'knew'? I don't think he's going to loose any sleep over it bud😂

[@MeganeMondeoMX5]

What a weird comment on a video 🤣

[@nahnatsnotme937]

Waited 9 months too take delivery of my brand new cupra 300 but whilst waiting purchased an M2 which had gone up £6-7k

[@Strider9655]

Don't worry about it dude, 7k is nothing, it'll be worth 1/3rd of it's price in just a few years.

[@Sweaty__Sheep]

Well, because people seemingly can't afford new cars yet keep buying them (or more accurately - renting them) which bumps up second hand too. Plus, people.keep paying these prices. If people didn't buy, they'd soon drop

[@Mexxx65]

Only on point comment I've read here today!!!!

[@shanepatrick641]

Totally agree! I drive a 2004 fiesta diesel. Nothing wrong with it, it’s way cheaper fixing stuff that goes wrong (which isn’t often) than rent a car that I can’t afford to buy all out. Don’t understand why people spend a ridiculous fortune on new cars when the current ones work just fine. Sadly most just want to show off to people and that’s it.

[@robertapenay]

@@shanepatrick641 all hail the fiesta, no show plenty of go

[@karl-erikengstrom2625]

Why change? Bought a Volvo S80 T6 1998 now with 400 000km on the meter. Still running. Its all about maintenance.

[@davidcoleman6032]

Doesn't help when you don't even get a proper spare wheel, just a crappy gel kit! Not good enough for a new car 25 grand plus!

[@tino897]

Here E90s and Other cars from that era now become crazy prices. A base model 2.0d ( the bad one thats 177hp ) goes well over 4-5k euros. For a base model again from 2007. Puntos go up, alfas even go up ( i know cuz i have my third ). Might be logical to wait the market to calm down.

[@intunewithcars9484]

i bought a 2003 325ci sport e46 bmw for £5250 tbh i thought it was worth every penny....well built goodlooking fully loaded...compared to others in its class the bmw e46 m sport is levels above and becoming rare and classic now

[@Pat14922]

Manufacturer's can't get enough chips. I never get enough chips either. Is there such a thing as enough chips?

[@romb1818]

They are more expensive now. I am from an eastern european country and the prices rise here, also.

[@amuxpatch2798]

solution horse and cart power

[@eddievanbasten1751]

Because the media said so.

[@-DC-]

Massive money printing has real world results, Who Knew 🤷

[@lkearney7299]

Exactly. Every £ (or $ etc) which has been multiplied in number at the press of a button, will be worth that much less - so you need more of them!

[@bellakorty1334]

Its now 2023 Feb a d prices are just going through the roof, greedy car dealers and manufacturers.

[@ZE308AC]

Time to buy a old school car or truck and hope to get a decent deal

[@Paulo-ov4yo]

My Lexus NX has only lost £750 in the last 2 years according to a recent valuation. We'll see how long that lasts 😃🤣

[@micheals1992]

My 2012 Toyota Aygo I bought 8 years ago for £5,500 is now selling for £4,500 with the mileage I have, if I look at 2012 Aygos with the original mileage I bought my car at they're going for £7,000-8,000

[@1066gaz]

New cars were not selling before the pandemic. Honda in swindon was shut down for so long, as people were not buying cars, because they were too expensive. Most people now also do not want hybrid & electric cars with weedy small engines, this is why new cars are not selling. in 2022 you now have speed control in new cars making you go the speed limit. New cars are still expensive and too expensive to fix, this is another reason why are lot of new cars are not selling. Also lack of manual cars as well with manufacturers making most new cars automatic. Manual cars are still favourite with most people in the uk. My father last year wanted to buy a new audi a1 35 tfsi with a manual gearbox, audi only make this model with an auto gearbox only now, so he ended up not buying a new one.

[@jamesaughney8470]

New car may be dearer but your trade in is also more valuable and dealer can shift it on quickly

[@Skimbo3]

Realistically aside from electric cars, motors haven’t really changed that much in the last 10 years

[@TheSpudlyMcgudly]

What doesn't help is people's expectations.. if everyone reads their car is worth 20% more they are going to price it accordingly. It's an inflated market at the moment, even taking into account supply issues.

[@stuartpringle913]

Exactly. Those that really want rid of their cars will also price accordingly. Anyone that knows about cars would keep watching and be patient. Greedy pricks/sheep/bandwagon posse.

[@osmaks1518]

I'll tell you a why, because the new cars are crap and way to expensive! 90s & early 00s is the sweetspot for all the creature conforts, cheap maintenance and cheap purchase price.

[@linazaako6705]

Hi

[@khramen]

Well I'd imagine now that people can't even afford to heat their homes etc that not many people will be splashing out on cars. prices will have to come down cause people just can't afford to pay well over the odds for an old jalopy with a big bill attached to it!

[@C.Fecteau-AU-MJ13]

You vill own nothing and you vill be happy.

[@gedhoughton9523]

I would NEVER buy a PCP car. There’s no point. It’s daylight robbery but that’s why they want us to have these deals so they can rip more money from us. Plus newer cars aren’t fun, like cars used to be. They’re bland and boring. Keep an older car going. Better for the environment and more fun.

[@hoagiesherlin7732]

Used cars prices in the U.S. are up 47%

[@dunhillsupramk3]

and no one is buying right now... the used car market crashed along with new car sales..

[@Meduk]

My car went from 7k to 11k haha. Traded it in for a new EV, MG ZS. Gonna have to wait till July with no car but be worth it as my old car won't hold its value for much longer.

[@front2427]

Haha you're causing inflation, haha.

[@MeganeMondeoMX5]

Coulda saved 30k and bought a proper MG ZS 180 V6 from back in the day

[@Meduk]

@@MeganeMondeoMX5 Couldn't afford to turn the car on mate haha and forget about the insurance.

[@CherylCold]

Its hit the rental market too. Travelling to the UK next week for the first time since covid and the rental prices are extortionate.

[@johnstonlee]

Blame the government for that they have done nothing but hammer landlords 3% extra stamp duty, no tax relief on interest, paying to improve EPC rating it all costs money. And who do you think will pay for that? Rental yields have gone from 8% to about 4% average with possible changes to capital gains tax so landlords are leaving the market creating a supply and demand issue. Welcome back.

[@MeganeMondeoMX5]

That's rip off Britain for you. Nothing new there.