should i buy second hand car now, or wait til January ?

[LouisCribben]

For second hand cars, e.g I'm looking at a car registered in March 2007, is it better to wait until January to buy.

Are dealers forced to drop the asking prices of used cars when a new calendar year begins in order to sell them ?

Is the changeover in year (and introduction of a new number plate) the time of the greatest depreciation in second hand cars ?

The car I'm looking at has an asking price of 27'000 (which is the correct current market value), is it likely to be worth much less on the 1st January ?

 

[tosullivan]

what kind of car is it? It must have been over 40k new

 

[chrisboy]

a lot of dealers have the price reduction factored in at this time as they're tryin to clear the forecourts for the '09 cars.. As for 27k being the correct market value? Well, in the current climate, i'd be offering a lot less than the market value.. A lot of dealers struggling and you'd be amazed at what they'd accept..

 

[UpTheBanner]

Hi,

cars typically depreciate 15-20% per annum, based on that dealers then have a monthly decpreciation figure e.g. 1-2% and they might try and convince you that Dec to Jan is just another month !!

That argument might work in the UK as the number plates are not tied to the start of a calendar year.

My advice is to offer the dealer Januarys price this month and see what happens.

 

[tosullivan]

the current market value for my car is just under 29k for a 07. That doesn't mean it will sell for that. In fact its not even selling for 25k

 

[Frank]

Go in with 22 grand cash.

If dealer says no simply walk away.

Just be bold as brass.

 

[Caveat]

Hi,
cars typically depreciate 15-20% per annum

I thought a more accurate figure was 30% after the first three years then 10% per annum thereafter?

 

[Ray_Con]

Go in with 22 grand cash.

If dealer says no simply walk away.

Just be bold as brass.

what he said ..... you'd be amazed how eager dealers are to get cash in the tills at the moment