[Shaun330d]

Bought the car at the beginning of May for £29500 + Tyre insurance £200 + Seal and protect £200.

It is a 330d M sport, black Dakota leather, automatic, elec folding mirrors, M sport steering wheel with paddle shifts, Seat heating with part elec seats, Professional navigation, Bluetooth phone prep + Telematics and rear privacy glass.

Bought with 1430 miles on and trying to sell at 3200 miles

I have done 1770 miles and decided due to a business opportunity to try to sell it, was offered £22500 back £7500 in under 2 months is this really how bad BMW is now.

[MOB]

General state of the used car market I think - see my earlier thread where I was recently offered £17k for my 07 plate 325d MSport

[gIzzE]

Advertise it for £26k privately and it should sell, it is a nice spec.

What do you expect at the moment from a dealer?? They have too much stock and things are not selling, welcome to the credit crunch!!
To be fair though I think you probably paid a little bit too much at £29500, and paying for insurance and seal protection is always throwing money away, if you had paid £27500 and got £26k back in a private sale it wouldn't seem as bad?

£22500 just shows how much things have changed out there in a short space of time, and this is hitting home to more and more people. I have mates that were saying a couple of moths back that all this talk of a recession is exactly that, just talk. However, they have since tried to move their credit cards to another 0% card and can't and they have tried to add it to the mortgage, but can't and now they are realising that because of that they are in a bit of trouble.

Things are only going to get worse. I was offered an 03 plate SMG M3 with nav and only 43k miles on it for £13800 last week, now back in Feb when I was deciding whether to buy another one or get the 320d and be Mr. Sensible, they cheapest 03 plate with sub 30k miles was over £18k and that had no nav!!

Things are getting tough out there and your purchase price shows this.

[booforty]

Sell privately...

[Porscha!]

Very true the used car market is shocking at the moment, so is the new car market.

I worked in the motor trade only a month ago and came out of it due to earning next to nothing, now last year it was great and plenty of people were buying cars.

Try selling privately and good luck with it!

[scooba0010]

I was listening to the radio while driving the other day and they said secondhand car sales where down 40 % .I did think that strange 40% down on what last month last year ?? .I was worried i wouldnt be able to sell my Mini but she sold straight away.

I for one are glad that some sense is returning to the property market and credit has tightened up its about time .That said there seams to be plenty of 08 cars on the road so someone still has some money or a line of credit .

I have two boys 21 and 22 at least they may have some chance with a bit of help from us to get on the property market if prices do drop by 20 or 30% .

[Porscha!]

Interesting point of view Scooba.

Maybe I'm very young and naive but I don't like what I hear about this "credit crunch" I am trying to develop my own business and really feel it is a very tough time to do so, yet am told by my mum and dad actually that it's no harder than any other time and "we've had harder than this in the past"!

Perhaps I should stop listening to the media so hard and just get on with it?!

Also down 40% but if we don't know from when it is pointless knowing sales are down 40%! I can say though if they meant from last year I'd say they are about correct as my sales were down about 30% from last year when I was in the motor trade (only just got out of it!)

[Carrera RSR]

Originally Posted by scooba0010

I was listening to the radio while driving the other day and they said secondhand car sales where down 40 % .I did think that strange 40% down on what last month last year ?? .I was worried i wouldnt be able to sell my Mini but she sold straight away.

I for one are glad that some sense is returning to the property market and credit has tightened up its about time .That said there seams to be plenty of 08 cars on the road so someone still has some money or a line of credit .

I have two boys 21 and 22 at least they may have some chance with a bit of help from us to get on the property market if prices do drop by 20 or 30% .

To be honest you do not want house prices falling 20 - 30% as that was the problem in the states which was the catalyst to all these problems. If we have a big drop people are going to be in the shit with no equity and defaulting on the mortgage. With more bad debt the banks will feel more pain. Mortgage products are half of what they were 12 months ago. With next to no mortgage products on the market your boys will need to be finding 50% deposits to secure a deal and still won't be able to buy even with lower prices.

Then everyones cars are going to be worth jack. Painfull thoughts but true. This is before they increase the base rate in July!!!

[Raggie]

Originally Posted by Shaunp505050

Bought the car at the beginning of May for £29500 + Tyre insurance £200 + Seal and protect £200

I assume the dealer paid VAT on that sales price.. so the amount they got from the sale was.. in the region of £24,337...

They have offered you £22500.. if they sell on at 10% Gross margin.. (£22500/0.9) + Vat means they retail it back out at £29375...

So doesn't sound a too bad an offer to me..

But i do agree for the best return sell private..

[Carrera RSR]

No VAT on second hand

[gIzzE]

You have to pay the vat on the profit only.

They buy the car for £22500 and advertise it for £26000 but manage to get £25000, that means they pay £427.50 vat.



I agree, house prices dropping is causing the lenders to go into a panic, which in turn means the deals are getting worse and worse, a lot of first time buyers are now paying 8% on their mortgage and having to find a 20% deposit, plus they are only getting loans for 25 years, where as over the last few years 30 or even 40 year mortgages were easily available with 5% deposit and at 6%.

Prices are falling, but only 10% or so, even at 20% the extra deposit needed plus the higher % rate is balancing things out repayment wise each month.

[scooba0010]

To be honest id be happy for prices of houses to drop by 50% .I paid 190k for my house 12 years ago and they now sell for 500k that works out at a monthly increase of £2,152 or £506 per week ,who honestly thinks that is realistick .

My house is paid up and will always be worth more than nothing that i owe on it ,Young kids starting out havent got a chance .my way of thinking is everyone who has drawn on the equity on there houses are the ones who need to worry with the falling prices /negative equity .

news at ten tonight headline was mortgage take up 56% down on last year and typical mortgage deals now running at 7% plus and rising lovely my savings rate will be climbing