Got offered 11k for my x over the weekend, I paid 21k less than 6 months ago it has 2,500 miles on the clock ! Was against a 36k car! I'm just a bit surprised
General X don't hold it's value
- Thread starter Duffish
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General X don't hold it's value
twobigdogs
Member
It all depends on what main dealer you try. If you stick with same brand it's not normally to bad but going upmarket quite often low part ex prices.
I don't know of any new modern car bought new (other than strictly limited supercars with long waiting lists) that do not massively fall in value once they leave the forecourt.
It has often been said that new cars are for "mugs". Actually often an unfair and unqualified statement.
Whilst not for everyone buying a new car and keeping it for over 5 years and preferably 10 years you are in a much better overall cost scenario.
At 10 years if buying new again you will get a minimum of £1000 against a new purchase almost regardless of if it is a Fiat, Jaguar, etc.
This makes the maths really simple. If you buy a £15,000 Fiat and run it for ten years the your capital cost per year is £1,400. Buy and 30K BMW and your capital cost per year is £2900 per year. If the BMW had double the residual value of a Fiat then your capital cost per year is £2480. If you got £5K for the BMW then we are talking £2500.
The car value depreciation curve is a reverse exponential and it drops like a stone in the early years regardless of make or model (other than strictly limited supercars with long waiting lists and/or those beyond our £50K to £100K+ budgets.)
Tough but pretty accurate and factual. So it is not that the 500X (or any other) is a crap value retention vehicle but a simple fact that they all drop like a stone.
Hint. Keep the baby in good condition for 20 to 30 years any you will probably at least double your original invest in £ value and taking inflation into account you will end up with potentially more than you paid!
It has often been said that new cars are for "mugs". Actually often an unfair and unqualified statement.
Whilst not for everyone buying a new car and keeping it for over 5 years and preferably 10 years you are in a much better overall cost scenario.
At 10 years if buying new again you will get a minimum of £1000 against a new purchase almost regardless of if it is a Fiat, Jaguar, etc.
This makes the maths really simple. If you buy a £15,000 Fiat and run it for ten years the your capital cost per year is £1,400. Buy and 30K BMW and your capital cost per year is £2900 per year. If the BMW had double the residual value of a Fiat then your capital cost per year is £2480. If you got £5K for the BMW then we are talking £2500.
The car value depreciation curve is a reverse exponential and it drops like a stone in the early years regardless of make or model (other than strictly limited supercars with long waiting lists and/or those beyond our £50K to £100K+ budgets.)
Tough but pretty accurate and factual. So it is not that the 500X (or any other) is a crap value retention vehicle but a simple fact that they all drop like a stone.
Hint. Keep the baby in good condition for 20 to 30 years any you will probably at least double your original invest in £ value and taking inflation into account you will end up with potentially more than you paid!
gar074
Prominent member
Better still, buy a car which drops in value like a stone in the first year or so, but buy it secondhand at one year old, and you get the balance of the warranty and avoid the high initial depreciation. So someone remind me why I bought my Panda Cross new? D'oh!!
Yeah, there wouldn't be any used cars to buy if no one bought new cars. New car buyers do eventually provide the inventory for the used car market.
If you look at it from a strictly economic utilitarian perspective, buying new does not make much sense. But that assumes that you do not value having a new card or getting the particular car that you want.
twobigdogs
Member
I love having new cars... I don't want to go back to fixing them or doing mot etc. I would rather just pay each month for peace of mind. As long as your happy with the monthly payment it makes no difference really ....
It's going to be interesting to see how residuals for the 500X are going to shape up.
I'm still quite shocked at how expensive the 500X range is generally, there are plenty of models well into the £20k+ territory. I know it wasn't ever going to be dirt cheap by any means, but it appears to be significantly more expensive than the 500L which is, by all accounts, the same sort of size.
If it sells well then used prices will hold up fine I'm sure; you only have to look at the 500 to see what is possible in that regard.
But if it doesn't and it is heavily discounted in 12/18 months time (like the Panda and 500L have been), then it's not going to be great for all those people who put their faith in the new model.
Unless you keep your car forever of course!
I'm still quite shocked at how expensive the 500X range is generally, there are plenty of models well into the £20k+ territory. I know it wasn't ever going to be dirt cheap by any means, but it appears to be significantly more expensive than the 500L which is, by all accounts, the same sort of size.
If it sells well then used prices will hold up fine I'm sure; you only have to look at the 500 to see what is possible in that regard.
But if it doesn't and it is heavily discounted in 12/18 months time (like the Panda and 500L have been), then it's not going to be great for all those people who put their faith in the new model.
Unless you keep your car forever of course!
gar074
Prominent member
I can't see the 500X emulating the 500 for residuals. You only have to look at all the pre-reg ones for sale on AT at knock-down prices to see that.
OP
OP
Think I will just stick with it now! Get my money worth , when it's 3 years old I have a future value of £8,600 so makes sense really
