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Discussion Starter #1
I took my Leaf in this morning expecting to walk away with the "guaranteed" quote of £19,000. I have used WBAC before and found them to be very good. But on arrival was told that overnight they have had to reduce all current offers due to disruption to car auctions. So my new offer was £12,750! Obviously I declined.
So I have had to cancel my Tesla Model 3 order which I had been really excited about, as I was due to collect it next Tuesday.

All a bit shit at the moment. Still, there are many people in a worse situation right now.
 

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Have you not tried any of the specialist EV buyers at all? I'd bet they'd be at least significantly better than WBAC anyway... Bit late though if you have properly cancelled the Tesla order though :(
 

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Sounds like I got out of my Picasso just in time... even if the Superb PHEV that was supposed to replace it is stuck indefinitely on the wrong side of the North Sea!
 

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Auto trader has some movement generally too. We have a perfect storm - many organisations coming to end of FY and a dearth of people wanting to commit during uncertainty. As always, cash flow (or failing that, cash) is king to live to fight another day.
 

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My car's value has dropped by 20% in a week according to WeBuyAnyCar.com, ha! Hopefully all this will be over by the time I have to sell it. MOT and car tax is only £50/yr but having to insure it will be annoying.
 

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People say that your car is "worth" so much but that is a false figure. Yes, right now, perhaps you would get a lot less than last week but if you can wait until this disaster is over then I am sure prices will bounce back.
 

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Valued my GTE a couple of months ago - £14,800 (paid £15,800 for it, so very little depreciation over 18 months/17,000 miles).

Now - £9,100

Good time to be a buyer! Luckily I have no reason to be selling now.
 

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It is the difference between price (worth) and value to you. You will only buy if the value to you is greater than the asking price.

At any auction, the price it goes for is just what the last under-bidder is not prepared to pay, irrespective of its value to the successful bidder.
 

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It isn’t surprising- people are worried about their jobs, paying their mortgages , their health etc. Buying cars whether new or second hand really isn’t a priority. Demand has fallen and hence prices.
 

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WBAC isn't a desperate seller's only option. Why not phone around local used car garages? Or don't sell if you'd feel uncomfortable with low offers.
 

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Presume it's a Leaf40? Have you run the valuation on the autotrader website? Just checked a 24month old Leaf40 and the p/ex is £16k, private sale £17k. Even in a buyers market, at the moment I think I'd be nervous about taking a personal loan for that amount of cash on a car. Leasing has the negative of not owning the asset, but that may be a good thing for a couple of years?
 

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Given we are entering a worldwide recession the values of everything are likely to take a hit. Cars are no exception.
 

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Discussion Starter #16
Presume it's a Leaf40? Have you run the valuation on the autotrader website? Just checked a 24month old Leaf40 and the p/ex is £16k, private sale £17k. Even in a buyers market, at the moment I think I'd be nervous about taking a personal loan for that amount of cash on a car. Leasing has the negative of not owning the asset, but that may be a good thing for a couple of years?
It's a 15 months old 40kw Tekna with only 4500 miles so even £19k would have been low, but I was happy to go with that until everything changed
 

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They’re cancelling appointments with people too.

I think their revaluation is more a sign of the state of their business - They’re simply not buying anything.

Auctions are dead to the point Manheim have zeroed their online fees.

Dealers are reporting naff all foot fall and customers cancelling orders/refusing to take delivery of what they’ve been waiting for.

Trade was already in trouble with the whole diesel thing.

Not sure I’d be quite so optimistic as to suggest prices will “bounce back” to what they were 4 weeks ago as some have suggested.
They’ll undoubtedly see some recovery but that’s dependent on how many of us end up redundant, or with no employer to go back to.

As the market’s now confirming, now is not the time to be putting lumps of one’s own cash into cars.
 

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Yes, but it is a sign that the manufacturers will have a hard time restarting production if people's equity in their car is significantly reduced. It is an opportunity though for people to trade up, although they have to be able to sell their existing car first and hope that this is the bottom of the market. A bit like people talking about shares elsewhere in this thread .....
It's a 15 months old 40kw Tekna with only 4500 miles so even £19k would have been low, but I was happy to go with that until everything changed
Why do you say that £19k was low? The previous valuations were a bubble, and new LEAFs were selling for £23.5k. As you say everything has changed and it will be a while until there is a new normal. Hopefully at that point the differential that you have to pay to get an M3 will be affordable.
 

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Of course now manufacturing has all but stopped, at some point these cars will become valuable, as there will be no new stock.
 
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