THE CURRENT CRISIS IN THE UK USED CAR MARKET | JULY 2024 UPDATE

Discover why the UK used car market is facing a crisis in 2024! 🚙📉 In this comprehensive video, we analyze the falling prices, key factors causing the lack of demand, and how current affairs such as the general election impacts the used car market. Stay informed and make the best decisions in these challenging times.

🚗 Have you recently bought or sold a used car? Share your experience in the comments below!

📉 What do you think about the current state of the market? Let me know!

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Buysellcars TV:

[stanthesteelguitarman]

Prices of cars - new or old, are far too high! We are today expected to pay as much as £3, 000 for vehicles which are due for the scrap heap. Costs of maintenance, due to modern technology, are also too high. It seems to me that everybody other than the very rich are being driven off the road altogether!! A superb, so well explained video - it tells it all.

[Hermantrueman]

Insurance prices are way higher then the cost of the car😢

[snowman]

What you and others forget is that cars keep going up with inflation but incomes have stagnated falling behind inflation for the last 14 years. Wonder why that is? U.K. GDP per capita in 2007 was £39 000 and in 2023 falling to £37 600. Simply we as a Country are getting poorer.

[joetodd]

The problem is a lot of new cars are crap and cost a lot to repair

[michaeledwards]

the problem is, cars are overpriced and this stems partly from the auction houses artificially inflating their prices, which trickles down the line and some dealers putting a huge mark up on their cars, buy for 3 grand, sell it for 6 grand, the buying public are getting wise and staying off the purchase or buying at auction themselves, or searching them out privately using valuation services for an accurate price, small profit, large turnover is the way forward

[barriewilliams]

I'll be keeping my 14 year old petrol powered Toyota car as long as possible. New cars are way to expensive, to big, too many gadgets, and generally a pain in the arse!

[sammbaldwin]

The insurance and road tax also gone up, those Range rovers are expensive to run, 20mpg max, £700 a year to tax and £5k+ to insure, you don't have to be Poirot to workout they will depreciate heavily

[lpvksnk]

Near enough everything is a problem in the UK!

[ddguitars]

Cars are the worst thing to spend money on.... You lose when you buy and sell. Its not worth spending £400+ a month on a metal box which you spend an hour a day

[andrewcairns]

I generally think people are keeping there cars longer, cars in general are made better these days so people hold on to them longer… great video👍🏻

[CFreeJ]

If i wasn't a mechanic i wouldn't even be trading cars, what i dont spend on a mechanic a month is wage every month for me if i dont even sell a car!
I dread to think how much dealers pay a month on their mechanical bills, if your doing things correctly your going to spending alot!
The biggest mistake is paying to much for the car in the first place, this has caught alot of dealers out recently and they have lost alot of money.
Im sat on the auctions bidding on cars and im thinking well you aint making any money, neither are you and neither are you, i dont why they put themselves in such positions.
I'd rather spend no money and make no money than spend money and not make any or worse lose money.

[kokoskokis]

Cars are very expensive at the moment, also with high interest rates average price is about £16000. With interest could cost you over £20000. On a five year plan .after 5 years, your car may not even be worth the interest you paid..thanks George.

[tristonblake]

The real problem is that there is too much debt in the system, it's the elephant in the room, governments either default, or hyper inflate the debts away, I don't see any way out, at least that's my opinion.

[susanlewis]

Used prices are too high - same issue in America. Rows and row of new cars unsold. Thanks for the video, Sue 👍

[tobymaltby]

20 years ago, the bulk of sales of cars over 5 years old were either private, or via auctions. It was only the odd tradein that appeared on a dealer's forecourt at over 5 years old.
Auctions now don't generally allow public..

So people are just going back to private sales.

[Mr.GeeKhan]

Never borrow money to buy a depreciating asset. Financial common sense.

[Venmaylove]

This chap is actually very informative and eloquent in how he gets to the point and addresses so many issues right off the bat; without even having to do any cuts. A lot of other car ppl seem to inject too much Top Gear type digressions. I'd rather this kind of setup. Earned a sub, for what it's worth.

[Sussex_Seagull]

No mention of insurance, fuel? People are keeping their cars as long as possible. Are dealers dropping their prices? I have yet to see any evidence.

[parvinkukar]

Very good points and I agree with them. However, I think you forgot to mention habits are changing, especially in big cities. Many people are just not buying a car but using car sharing platforms or hiring a car when they need it. Why have a £50k car on drive that’s depreciating day by day, cost of insurance, car tax when for a fraction have a budget to hire a car or car share when you need it

[upjeoqo]

Anyone buying a new car isn’t reading the room