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Used Car Price Crash – Bad news for my Porsche or an opportunity for us all ?

What are the reasons for the used automobile rate crash and what does that mean for my Porsche. Is it problem or could it be an opportunity? After several year of inflated worths the secondhand and truck market seems to be changing back to typical. In this video I take a look at what that suggests for Porsche and some other manufacturers that generally have actually had strong recurring values.

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Video Contents
00:00 – Factors for the Rate Crash
06:10 – Impact on my Porsche
10:53 – Trade approximately a Spyder or GT4?!
14:15 – EVs remain in freefall!
17:17 – A great time to buy an M2
19:26 – MC20 … OOPS!
21:23 – Ferrari aren't immune!
22:38 – My 2 dream Porsches!

#PetrolPed # #PriceCrash

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Comments

29 responses to “Used Car Price Crash – Bad news for my Porsche or an opportunity for us all ?”

  1. @andrewhurstcars Avatar
    @andrewhurstcars

    Used buyers are the real judge of what a car is really worth – which can go either way. When manufacturers overprice a car, the used market isn’t pretty. Don’t forget Pete the online for sale prices you’re seeing are retail prices, so the actual loss to the car owner selling is much higher, as they will only be getting the trade value from the dealer – save for the instances where the dealer bought the car a long time ago, and is now making a loss. In a falling market their margins will be even larger to hedge against falling prices. For your estimated value of your car you mention, you probably need to knock off another chunk if you were to sell to a dealer.

    Reply
  2. @richardwells1709 Avatar
    @richardwells1709

    Interesting video. The problem is that interest rates have significantly increased. So buying these expensive sports cars on finance is a lot more expensive
    So you have a situation where there are lots of sellers in the market and a shortage of buyers. End result is all second hand cars are falling Also a lot of buyers a couple of years could buy one of these sports cars and thiought they could keep for a year then sell it on with no financial loss. This is no longer the case 😢

    Reply
  3. @CASFAN Avatar
    @CASFAN

    To be fair though, it’s always been the case that you get around a 20-30% depreciation hit as soon as you drive a new car off the forecourt. I do feel that there’s certainly been a resetting of the car market however, from the crazy prices we saw a year or two ago.

    Reply
  4. @paulmitchell2316 Avatar
    @paulmitchell2316

    I think your forgetting it’s winter and convertibles always drop some money. I have actually just been looking at 2.5 GTS due to your ownership. However I have just actually swapped my Z4 M40i for a brand new M240i. I got a substantial amount off list price and the finance was much lower a month than even a year old one.

    Reply
  5. @S2000Y Avatar
    @S2000Y

    When a C63 with a 2litre engine is more than a £100k you know the world has gone mad. Buy a car and keep it for 10 years min is my motto. PS , shmee’s Senna has reduced by £65k and still no takers. It is tainted history wise though.

    Reply
  6. @philiphawkins4684 Avatar
    @philiphawkins4684

    Since 99% of cars are bought on borrowed money, as soon as interest rates go up the price must come down.

    Reply
    1. @Becausefamilycar Avatar
      @Becausefamilycar

      Nice stat, it’s wrong but nice effort

      Reply
    2. @Becausefamilycar Avatar
      @Becausefamilycar

      Also interest rates dropped massively

      Reply
    3. @bordersw1239 Avatar
      @bordersw1239

      How do you think the dealers buy the cars from the manufacturer?

      Reply
    4. @Becausefamilycar Avatar
      @Becausefamilycar

      @@bordersw1239 come again?
      That’s not a sale is it. It’s still in the trade at that point. 99% is a massive claim and wrong, that’s just a fact.
      Many are bought that way but NOT 99%.

      99% of people reading this are in the bottom 99% of intelligence and the top 99% of brexit supporters. That’s a BS statement just like claiming 99% of all cars are on finance. Just not true

      Reply
    5. @StakedWealth369 Avatar
      @StakedWealth369

      ​@@Becausefamilycar Yes they went from 0 to 5,25%. Massive drop 😅

      Reply
  7. @mikadavies660 Avatar
    @mikadavies660

    I think if you look at EVs there are some really great nearly new models out there. Clearly their best use is as a local family runabout, so that range and charging isn’t an issue. Vauxhall Mokka EV 2022 can be as low as £12,000 to £14,000…. Why look at Tesla for £35k when there are nearly new EVs for half as much.

    Reply
    1. @peterrolt6403 Avatar
      @peterrolt6403

      £15 gets a decent one which makes sense if you have swallowed the EV line

      Reply
    2. @mikadavies660 Avatar
      @mikadavies660

      @peterrolt6403  What is the problem with a family runabout that cost £100/yr for servicing and £15 to £20/mth for fuel??? How is saving money “falling for the EV line?”… Our previous family car cost £150/mth in fuel and £500 to £1,000/yr for maintenance…. 🤔

      Reply
    3. @malph9216 Avatar
      @malph9216

      How much is a ‘bargain’ used EV going to be worth when you try and move it on in a couple of years as a 3rd hand EV………not an awful lot to nowt would be my guess.

      Reply
    4. @mikadavies660 Avatar
      @mikadavies660

      @malph9216  Reasonable thought…. Old Nissan Leaf (as an example) say £5k…. 2022 Vauxhall Mokka EV at £12k… saving £1,200/yr (compared to a petrol car) … kept for 5 years. Sell it for £5,000 (leaf money)… Approx … paid for itself.
      £12k petrol car kept for 5 years.. Sell it for £7k (being super generous) but you have lost £5,000 and it didn’t pay for itself…. Even £800 car… with £1,000/yr service & repairs… Will have cost you £5,000 over 5 years… It didn’t pay for itself, it costs.

      Reply
  8. @davidlee4966 Avatar
    @davidlee4966

    An interesting video, I am also doing my research using the AT extension and in general seen a 10 – 20% rebalancing. Interesting to note the point about your observation about EV owners trading IN and opting for petrol or diesel this does seems to be a trend, with the ramping down of EVs, it would seem the BIK, and salary sacrifice schemes being the only Prop holding up a declining sector. I was the waiting for you to feature the Mercedes’ EQC, readily available at 26k, the only car I can think of with similar depreciation was the Citroen XM

    Reply
  9. @jakehammond7972 Avatar
    @jakehammond7972

    For me I’m not sure it might make that big a difference as new cars lose more than older ones.

    Reply
  10. @Tristanbirdyt Avatar
    @Tristanbirdyt

    Very interesting video. Another thing I would add on to the video is the insurance factor with electric vehicles and also range rovers. Especially if you live near London there be difficult to ensure and Range Rover have now released their own insurance. I’m not too sure how it works. Absolutely fantastic video thank you very much

    Reply
  11. @DarrenJMHughes Avatar
    @DarrenJMHughes

    As I work for a German car main dealer I have seen this first hand with the price drop and also certain models being sold for over list. Be interesting to know what the prices are for a hot hatch or a sensible daily rather than a dream world super car.

    Reply
  12. @s10lucky Avatar
    @s10lucky

    It’ll be interesting see if all this filters through to classic cars. They seem to be going up and up but surely they’ll be affected at some point too.

    Reply
  13. @nigel.w Avatar
    @nigel.w

    Good video. Supports what I have seen myself. However, in the case of GT3s, I would like to point out that while used prices have indeed come down A LOT, all of those cars you showed still have asking prices above their original MSRPs, even taking options into account.

    Reply
  14. @MrChrishawley Avatar
    @MrChrishawley

    It is all very bewildering and clearly supply and demand operating as defined by Adam Smith back in 1776 !!! I am immune with a 987 Boxster 2005 that has been worth £7k for the last 9 years 😂😂😂 and it is a great everyday driver with that gorgeous 6 luring away behind you. 😊😊

    Reply
  15. @nigel.w Avatar
    @nigel.w

    I will also add that among the cars I am monitoring, some of the the price drops have been reversed at least somewhat, possibly indicating market correction and stabilization.

    Also, in the case of some older cars, like 997 Porsches, AFAICS prices haven’t dropped and some have actually increased, and the usual seasonal drop in prices for 997 Cabriolets has also not happened.

    Reply
  16. @stu4181 Avatar
    @stu4181

    I still think that there is further to drop, as nobody has confidence in the market at the moment and things are only worth what people think they are worth.

    The prices were so over inflated by the waiting lists and the lockdown cash people had burning a hole in their banks. As a lot had worked from home and had nothing to spend money on, coupled with historically low interest rates a bubble began to grow.

    Now rates have gone up along with cost of basic utilities, coupled with the fact that nobody has any money lying around there is a long way to fall.

    Certain models such as the Porsche GT products have been produced in much greater numbers than previously so there are loads of cars about to ensure supply while demand falls.

    Reply
  17. @AndrewBurns-gq3kn Avatar
    @AndrewBurns-gq3kn

    Brilliant video Peter and many thanks for adding the link to view the fluctuations! Will make AutoTrader even more addictive! Keep up the great work, love all of your content. Drive safe!

    Reply
  18. @andrewdavis2325 Avatar
    @andrewdavis2325

    Looking at the price of the M2 and the last versions that came out they’re still more money to drop out of them. If you ask me. I would definitely have to a 992 GT3 for me. What a car.👍

    Reply
  19. @Yorkshiremadmick Avatar
    @Yorkshiremadmick

    Good to see that used prices are steadily coming down from the convid inflation prices.
    Plus as said above, cars bought on the tick. Interest rates will hit hard.

    Reply
  20. @caffinemc1 Avatar
    @caffinemc1

    Its an amazing plug-in and interesting to see the price changes, thank you 🤟 – I was looking at V8 F Types 2022 and one dealer has been wildly changing prices – starting at 82k Aug 2023, then down to 69k back up to 90k down to 69k and now up at 72k…🤯

    Reply

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