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  1. #1
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    Default What is going on in the used car market?

    I'm shopping for a used vehicle between 2 and 4 years old with a value between R400K and R450K.

    Most of the cars I come across are advertised at R50K to R80K above the retail price (book value)! And then they don't have exceptionally low mileage on them.

    I am struggling to understand this, as I would have thought that a downturn in the economy as a result of Covid would drive prices down slightly.

    Are used car dealerships still selling so many cars that they can ask these ridiculous prices?
    2017 Pajero Sport 4x4
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  2. #2
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    Default Re: What is going on in the used car market?

    Quote Originally Posted by Jo Toast View Post
    I'm shopping for a used vehicle between 2 and 4 years old with a value between R400K and R450K.

    Most of the cars I come across are advertised at R50K to R80K above the retail price (book value)! And then they don't have exceptionally low mileage on them.

    I am struggling to understand this, as I would have thought that a downturn in the economy as a result of Covid would drive prices down slightly.

    Are used car dealerships still selling so many cars that they can ask these ridiculous prices?
    There is a shortage of clean used cars in the market currently.
    People seem to be holding on to their cars for longer
    Willie Knoetze

    2019 Nissan NP300 2.5tdi d/c 4x4

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  4. #3
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    Default Re: What is going on in the used car market?

    Quote Originally Posted by FWM View Post
    There is a shortage of clean used cars in the market currently.
    People seem to be holding on to their cars for longer
    Supply and demand then Willie? Is this across the board or only in specific segments?
    Last edited by Estee; 2021/02/10 at 10:43 AM.
    Estee = S T = Sean Towlson

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  5. #4
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    Default Re: What is going on in the used car market?

    Missus has been looking for a car, was hoping for a Rav4. Very few on the market (with auto). Found one: 2017 Rav4 Auto with 37000km on the clock selling for R360k. Retail value: R270k

    ZS5CMA
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  6. #5
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    Default Re: What is going on in the used car market?

    Quote Originally Posted by Estee View Post
    Supply and demand then Willie? Is this across the board or only in specific segments?
    From what I have seen, but I can be wrong. Many people are selling to We Buy Cars and the likes, so dealers have less chance of getting the prime stock. If they have to compete with these guys (read auction houses) they have to pay more for stock which pushes the prices up. One can buy from the auction houses to basically get the car at retail price but these vehicles are not reconditioned properly and you wont have dealer backup if something goes south

    There are plenty dodgy cars in the market currently. Due to the pandemic people are holding on to their cars longer or buying cheaper cars. What I have heard is that a bit later this year there will be a LOT of repossessions due to job losses so that might help with the stock problem but also in many cases repo vehicles get abused and neglected maintenance wise.
    So best is to keep shopping until you find something that meets your needs
    Willie Knoetze

    2019 Nissan NP300 2.5tdi d/c 4x4

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  8. #6
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    Default Re: What is going on in the used car market?

    I bought my 2012 FJ for 460K.
    I sold October 2020 for 335K which I thought was exceptional. (On 71000 kms).
    The guy who bought it from me sold it in less than a month for 450K
    I am speechless

    2020 FJ Cruiser "CementGrey&White RiceBowl"
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  9. #7
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    Default Re: What is going on in the used car market?

    The worst is you need a car and pay the 360K but the insurance will only insure for 270K ,I had this issue recently.

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  11. #8
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    Default Re: What is going on in the used car market?

    Quote Originally Posted by Andrew Rodrigues View Post
    The worst is you need a car and pay the 360K but the insurance will only insure for 270K ,I had this issue recently.
    Which is why we didn't buy it.

    ZS5CMA
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  12. #9
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    Default Re: What is going on in the used car market?

    As another thread stated,the price of new cars is crazy..So many people are buying second hand.Also many people are feeling the pinch and downgrading to cheaper cars and rather opt for preowned as they get a bit more for their money generally

  13. #10
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    Default Re: What is going on in the used car market?

    Its the dealers driving the prices.

    Crap trade ins yet load the resale price when on the floor.

    My Fortuner trades for 414K yet I see very similar vehicles to mine with twice the mileage on it going for 500K plus. One was going for 539K.
    Toyota Fortuner 2.8 GD-6 4x4 Auto

  14. #11
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    Default Re: What is going on in the used car market?

    Used car prices has gone up substantially.

    I've been shopping for a car for weeks now. Slim pickings.
    Current: 2021 Fiat Panda 900T 4x4

    SWAMBO: 2016 Volvo XC60 D4 Inscription Geartronic

  15. #12
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    Default Re: What is going on in the used car market?

    Dealers are getting more and more greedy. Spoke to a friend in the second hand car trade(working for one of the big franchises) about a car I am looking for. Told me they would offer the owner 300K and sell it for 400K. Now they will tell you that they take a risk and the car will spend 3 months+ on their floor but only because of the crazy prices. If they added 30k - 40K, they would have a quicker turnover of vehicles. Selling 3 to 4 cars in the same time they sit with the 100K added vehicle.
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  16. #13
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    Default Re: What is going on in the used car market?

    I have noticed this as well.

    For the past year to 18 months I have been keeping an eye on Jimnys as one option while I waited for the new one and then also getting back into a cheap double cab like an NP300 as my second option.

    The price of the Jimnys second hand has gone up soooooo much!! I cannot believe what people want for them when. To think back 18 -24 months ago, one could get into a new one for around just over 200k. Now a 2 year old one sells for 200k plus.

    Same goes for the cheap NP300 - less than 2 years ago you could have a new on for around 240k now they well over 350k plus. Second hand for a clean one it is around 250k or something.

    I have stopped looking because clearly I dont earn enough to buy even a basic low range 4x4, or my expectations as to what a second hand basic average quality 4x4 like a Jimny / NP300 should cost is not the same as to what the market is telling me.

    I dont want my whole salary going into a car. Most of it I am putting into my house and trying to fix it up to a level where it is perfect ( to me) and worth a lot more than I paid.

    But each year I wait, I see double cabs or low range 4x4s getting more and more expensive that my hopes of ever owning one again is fading.
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  18. #14
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    Default Re: What is going on in the used car market?

    If market value is so much higher than book value, perhaps it's time they (who ever they are) reassess their book values?

    I know now if I write off my 2010 Prado I can't replace it for the R240k they say book is.

  19. #15
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    Default Re: What is going on in the used car market?

    I recently had the displeasure of selling a 2016 4x4 Ranger. Retail about R310K. We Buy Cars offered me R210K as well as a host of other low ball offers. Eventually filtered out a genuine private buyer and let it go for R285K. I advertised on cars.co.za and here but most my responses came from cars.co.za. This site had very little reaction.
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  20. #16
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    Default Re: What is going on in the used car market?

    The inner workings of the economy is a bridge too far for my intellect.

    But one fundamental remains:

    Price "discovery" as a result of Supply & Demand.

    Second hand dealers CANNOT sell used vehicles at perceived crazy prices if nobody is willing to pay such pricing.

    Secondly, profit ain't no sin. Every vehicle a second hand dealer takes in, has a built-in opportunity cost. Opportunity cost works against the dealer from day 1, and gets worse every day after that. Profit has to better opportunity cost.

    I have no ties whatsoever with the industry, have bought new and second hand many times in my life. If you do not like the price you are being offered, walk away. Really that simple.

    As I said, no dog in this fight for me, but I think much painting with a very broad brush going on in general as far as second hand dealers are concerned.
    Jaco Nell

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  22. #17
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    Default Re: What is going on in the used car market?

    Quote Originally Posted by Agteros View Post
    I bought my 2012 FJ for 460K.
    I sold October 2020 for 335K which I thought was exceptional. (On 71000 kms).
    The guy who bought it from me sold it in less than a month for 450K
    I am speechless
    Gee you almost gave the FJ away at that price
    FJ CRUISER 2012
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  23. #18
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    Default Re: What is going on in the used car market?

    Not ONCE in all my years of wandering around used car stealers have I EVER found ANY car being sold close to the retail value of that little book the insurers use to screw us.

    Its ALWAYS way above, (and the worst is overpriced toyotas) yet they also NEVER give you close to the value on trade in when you sell a car to them or trade it in.



    So, that book is utterly devoid of what is going on in real world, and so we are being screwed from both sides. What is the point of that little book? Useless if you ask me.




    my 22c worth
    Willem

    Ford Ranger 3.0Tdci Super Cab 4x4
    (workshop whore)


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  25. #19
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    Default Re: What is going on in the used car market?

    Quote Originally Posted by WAJ View Post
    Not ONCE in all my years of wandering around used car stealers have I EVER found ANY car being sold close to the retail value of that little book the insurers use to screw us.

    Its ALWAYS way above, (and the worst is overpriced toyotas) yet they also NEVER give you close to the value on trade in when you sell a car to them or trade it in.



    So, that book is utterly devoid of what is going on in real world, and so we are being screwed from both sides. What is the point of that little book? Useless if you ask me.




    my 22c worth
    The new trend is no longer the book. They now load it on the "system". When I hear that I walk away. Make me an offer and get on with it. This "system" is only a place where other dealers bid on the vehicle
    Triton 3.2 Auto 4x4

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  27. #20
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    Default Re: What is going on in the used car market?

    Quote Originally Posted by Blikka View Post
    I recently had the displeasure of selling a 2016 4x4 Ranger. Retail about R310K. We Buy Cars offered me R210K as well as a host of other low ball offers. Eventually filtered out a genuine private buyer and let it go for R285K. I advertised on cars.co.za and here but most my responses came from cars.co.za. This site had very little reaction.
    My experience of selling two”desirable “ vehicles matches this. A 2012 Pajero GLX and a Toyota 79 D/C. What people on forums say they are worth, and what one can actually get are worlds apart. Car dealers will offer you about R70 k to R100k less than what they will mark on their lot. It’s their business, good luck to them...

    The best solution is a private sale, which comes with many of its own risks. I eventually sold to friends of acquaintances, reliable buyers, who paid what they said they would.

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