USED CAR SALES ARE DEAD - WHAT IS GOING ON ?

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Join me in this video as we talk about the declining sales at the car pitch 👍

Filmed JULY 2024

00:00 Intro
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01:45 Video Start

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[billakis]

They are too expensive. car insurance is also out of control, mine almost doubled for no apparent reason, im doing only 3000miles per year and have never had a claim...

[Hermantrueman]

Car insurance is now very expensive put this with high car prices people can not afford the luxury of a car anymore

[paulinetinsley]

To be honest its the prices. At one time, a ten year old car would be scraped or cost you £100. Now garages want £1000 for a 20 year old car

[BaudBits]

second hand car prices are ridiculous at the moment.

[modmod]

It’s quiet in the restaurants, retail, car sales, house sales…. It’s all fcuktus!!

[mrpugster]

The UK is Insurance, new car prices, fuel/energy....we're heading down the shitter for sure.

[robwallace]

Cars are too expensive now as well. I was staggered at the prices being charged for second hand cars.

[bunzbe]

The world is in a bit of a spin at the moment, your price point cars and what with all the prep you put in will support you and all your galant hardworking employees through this worrying time. So hang in there my man!

[stogmot]

motorcycle sales are dead new and secondhand

[Maddpunx]

I've definitely noticed a slow down, less decent stock to buy also, people are keeping hold of good cars.

[ryanboardman]

our currency is being diluted by the BOE with endless money printing, everyone having to raise prices because of this but wages aren't matching these raises. Everyone is skint and stuff is too expensive. 5k gets you a 10 year old car with 100k miles these days what a joke.

[abberationify]

The lag effect of interest rate rises over the last year or so is only maybe now beginning to be felt in the wider economy and this trade, dealing with expensive items, is beginning to feel the chill. The caravan and motor caravan trade have been really hammered, with some big dealers going out of business. The uncertainty of a new Labour government doesn't help either. I'm old now and was in the trade for 30yrs and well remember the savage recession of the early 1980's, with 1981 being really grim. At that time franchised dealers were sending brand new unregistered cars to auction to be sold for whatever they could get for them, and our dealership sales dropped by 60 - 70 %., with many people losing their jobs.I certainly hope we're not heading down that path again.

[liamegan]

Hello Lee, well over here in Ireland the Insurance companies are taking the Piss. They won't even take care of the Customers they have. God, I was checking out your Cars on Facebook, and they were lovely. And not a fortune. Lovely Corsa, keep up the great work, Lee 🇮🇪 👏👏👏👏💯

[WheelieMacBin]

It goes very quiet here in London now, as 65% of the population travels back to the home country for six weeks. Money is still very tight and people are feeling the pain, the cost of living crisis just goes on and on and wages are falling behind, year after year.

[darrianwilson]

My Kia Ceed, which I bought at five years old for £6300 six years ago would still retail about the £5k mark.
A five year old one now is between £11k and £12k.
It makes more sense to take the hit of wear and tear repairs now it's in the high 70k miles than to spend silly bollocks cash (probably £9k) to replace it.
We're holding on to your ideal stock for a few years longer.

[flodareltih]

Country is broken from top to bottom, the invasion is now affecting all avenues of business for various reasons.

[stanneh]

Wanted an RS3 for the wife last August eventually got one 2 months ago. Main reason it took so long is that I did due diligence on every single seller of them and if they started during COVID or if they were based in Midlands or Birmingham I refused to buy it. Basically if they answered the phone and sounded even slightly foreign I hung up.

[garyhockaday]

I think the bottom line is, a lot of people are skint … my road tax on my old bmw e46 330ci is more than the insurance, who would ever think that ?

[NUFC]

Well if cars WERE sold for fair prices the trade might pick up.

Its ridiculous what some are charging for secondhand cars.

[distilledgogilba]

Thanks for the update Lee!

Sales might be slow but my hunt for a reasonably priced small Japanese automatic with ~50k on the clock still goes on.

My 57 plate Colt is almost in pieces but I just can't get myself to spend the kind of silly money people are asking for small autos, even when its 10+ years old with 60k miles!