Sorry to be the profit of doom here but is anyone else shocked by the plummet in second hand values?
I thought I would recount my recent experiences regarding M2 values...
I bought my well specced car new a year ago and I had intended to keep it a long while. But ,after my circoumstances changed regarding what I needed from the car, I decided it was time for something more extreme and exotic and I strted to consider upgrading.
I thought I would wait until august 18 to change but a conversation with a friend in the trade two months ago encouraged me to consider jumping quicker. He reasoned that there were about to become a lot of low mileage used M2's for sale as many dealers had put cancelled orders pre LCI into demo/ company vehicle stock.
I approached my supplying dealer and after a fair amount of arm twisting we settled on an acceptable price. I had been tracking values on We Buy Any Car (WBAC) leading up to that time and thigs were pretty stable and predictable. I was happy enough.
Roll on six short weeks since I returned my car and it has dropped in value by a further £5K on WBAC, my dealer is now selling it for less than he paid me for it! My car was manual. He has a slightly newer lower mileage DCT on offer as well (Ex demo, high spec 3K miles) which according to WBAC has lost £6K in the same time (its now worth less than the older manual) and he has slashed the price of that car by £5K! Still can't sell it though... He is now stuck with three low mileage cars less than a year old, a brand new registered pre LCI car and an unregistered new one in the showroom...
And while WBAC isn't the bible it is still indicative of market trends.
I think I had a lucky escape here but I would caution anyone that if you are thinking about getting out of your car, I wouldn't if you can avoid it just yet. And, If I were about to pull the trigger on a new one, I just wouldn't... Or I would make a very silly offer, you may well be lucky!
My supplying dealer is pretty peed off by this sitution too and in a candid conversation he is totally hacked off with BMW pushing cars at the dealers pre LCI. Its very poor really, they have sold loyal customers down the road here. I have to say that Audi have doe a lot better at managing the supply of RS3's and as a resut values have held up much more strongly despite the recent power train upgrades in that car.
Great car the M2 and I thouroughly enjoyed mine but I won't be buying another M product in a hurry. This is the sort of behaviour you expect from Fiat, Citroen or Hyundai! Not a so called "premium" manufacturer...
Controversial maybe? But just my two peneth....
T
I thought I would recount my recent experiences regarding M2 values...
I bought my well specced car new a year ago and I had intended to keep it a long while. But ,after my circoumstances changed regarding what I needed from the car, I decided it was time for something more extreme and exotic and I strted to consider upgrading.
I thought I would wait until august 18 to change but a conversation with a friend in the trade two months ago encouraged me to consider jumping quicker. He reasoned that there were about to become a lot of low mileage used M2's for sale as many dealers had put cancelled orders pre LCI into demo/ company vehicle stock.
I approached my supplying dealer and after a fair amount of arm twisting we settled on an acceptable price. I had been tracking values on We Buy Any Car (WBAC) leading up to that time and thigs were pretty stable and predictable. I was happy enough.
Roll on six short weeks since I returned my car and it has dropped in value by a further £5K on WBAC, my dealer is now selling it for less than he paid me for it! My car was manual. He has a slightly newer lower mileage DCT on offer as well (Ex demo, high spec 3K miles) which according to WBAC has lost £6K in the same time (its now worth less than the older manual) and he has slashed the price of that car by £5K! Still can't sell it though... He is now stuck with three low mileage cars less than a year old, a brand new registered pre LCI car and an unregistered new one in the showroom...
And while WBAC isn't the bible it is still indicative of market trends.
I think I had a lucky escape here but I would caution anyone that if you are thinking about getting out of your car, I wouldn't if you can avoid it just yet. And, If I were about to pull the trigger on a new one, I just wouldn't... Or I would make a very silly offer, you may well be lucky!
My supplying dealer is pretty peed off by this sitution too and in a candid conversation he is totally hacked off with BMW pushing cars at the dealers pre LCI. Its very poor really, they have sold loyal customers down the road here. I have to say that Audi have doe a lot better at managing the supply of RS3's and as a resut values have held up much more strongly despite the recent power train upgrades in that car.
Great car the M2 and I thouroughly enjoyed mine but I won't be buying another M product in a hurry. This is the sort of behaviour you expect from Fiat, Citroen or Hyundai! Not a so called "premium" manufacturer...
Controversial maybe? But just my two peneth....
T