Lots of talk generally about inflated used car sales at the moment, but how much are we talking about in reality? How much does the summer premium add to things?
I’ve just seen a 09 2.0 Sport Tech, 44k miles, 1 owner, loads of paperwork, v clean for £8700. Does this seem excessive? A quick search puts it at a good price in today’s market, but do you feel this will fall dramatically in the autumn?
Hi Timmy… Market for used cars is strong across the board, and as MX-5’s are a niche product and not produced in the high numbers as “Ordinary cars”, the market is even stronger… Combine that with the affects of Brexit, Covid, new emission regulations all of which fuel higher prices.
I bought my 2018 ND2 2.0 (184) Sport Nav+ exactly a year ago and can confidently say it’s value has risen by around £1500… 
Values tend to drop as the days shorten and winter approaches, but my advise is, when you buy, just find the nicest one you can… and one you really like…
Rob
I’m finding pricing is around 20% more, probably a good deal more for some cars.
I had a budget recently of £10-12k for an NC2. Now we are talking possibly an 8 year old car, limited edition model might just get you one for that budget. Some of them, not so special ones are on sale for anything between £12-14k.
Even private sellers are upping the prices naturally to reflect dealer prices.
I’ve given up looking for now, still keep my eyes open though for the right one.
Same here - still looking for a MK1 that represents value (to me) as the ones seen so far are beyond budget. No harm waiting until winter (if buying) but certainly a seller’s market it seems.
…everything seems crazy at the mo. I have a Yeti which I was going to change last year (just pre covid), and the WBAC price offered was £10.5k, every month this year it has gone up, and the last price I had was £12.7k!!
We had also been looking at compervans pre covid, no everybody seems to want one, and what we had been expecting to pay was £25k, but now all those vans are nearer to £34k, so we will be waiting until the silly season is over.
The used car market over in the states is up 45% year on year, on average. Not quite so crazy here but I think prices are only going up in the medium term. Don’t forget to factor in the summer tax, I saw mk2 prices on eBay go up about 50% after a week of sun in the south east.
For sure no one knows if or when the bubble will burst. But I bought an SUV at a car auction last week for below the WBAC offer price. There were a lot of low prices sales made that day. So not sure if the market is turning or if I was lucky.
I recently sold my BMW, and have been watching the WBAC valuation on it for a few months, and this week was the first time the valuation went down, only a couple of percent, but still down.
If and when the supply chain for silicon chips catches up, there will be a huge number of new cars being shipped which means trade in numbers will be up and the supply constraint supporting used values will diminish.
So not really MX5 related for reasons already stated; but if you have a spare care, I would sell now.
I agree entirely McT, having also sold my BMW and bought my 30AE earlier in the year.
I’m not directly involved in the trade, but the word amongst friends who are, and in the trade comics is that these prices are set to become the norm, partly fuelled by large increases in RRP /reduction in spec of new cars which will remain when production eventually ramps up.
My view is simply if you want an MX5 of any description don’t wait. Life is too short. There maybe a dip in prices at the end of the summer as usual, but some of this is caused by dealers discounting stuff that hasn’t sold (as they’re rubbish car perhaps?) and a fall off in demand, but it’s only an average of a few %, although the odd bargain does crop up. I’d keep an eye A/T etc, as some people selling privately are open to silly offers despite advertising at the price guides suggested price.
Prices aren’t “inflated” - they merely reflect market conditions and the balance of supply and demand.
Market conditions have resulted in higher (inflated) prices.
Inflated/inflation, means bigger than before. Doesn’t imply any causation, just a comment that a 2nd hand mainstream car will cost you more today than it would have six months ago.
Inflated compared to what?
There is no base line…so they can’t be inflated.
If prices were falling (deflation in your jargon) most would be whinging about their losses…
Granted asking prices might be higher than 6/12 months.but are cars selling at higher prices?. I am not so sure.
So, whatever the inflatory pressures, do you think this particular example, in the current market, is about right or too high ( I doubt it’ll be a steal!)?
Up to you , but I think it’s expensive 
is that private or dealer. I would say a good price for a dealer and strong money private.
For reference, I paid £7750 for a 23k mile 09 2.0 Sport Tech privately. Reasonably clean. That was April. Even at that it might be slightly over priced from scouring adverts at the time. But, i didnt have the time or inclination to spend weeks on end trying to save a few hundred pound whilst driving all over the place to view cares - so its worth factoring that in.
or, wait until Autumn (again something i wasnt prepared to do) and see if the annual cycle continues - or the trend is bucked this year?
I would just buy and enjoy! As some folk have mentioned, life’s too short 
you shouldn’t be buying to make a profit, in my entire life of owning cars, I only ever once made a profit when selling, that was an early Eunos auto. Never happened since 
unless you’re flipping cars for a living, just get out and do it. Love my Sport Tech, the best 5 I’ve owned. I’ve devalued mine massively whilst increasing its cost to me by modifying it but I don’t care, 
I’m enjoying the car a lot 
who knows when/if this current rise in values might stop and indeed reverse? If everything checks out on the car you’re looking at, go get it! Low miles, 1 owner etc, sounds great to me and you’ve already said that it appears to stack up against other similar cars, price wise? The other way to look at it, your car is keeping pace with others, if prices go down, so will the others. Your next purchase will be affected in the same way so whilst you may sell yours at a loss, you’ll buy the next one for less too! Cost to change is the principle here, not whether you think you’ve lost money on current car 
Barrie
Just a thought … Fast forward this to approaching 2030 and banning of sales of new internal combustion engined cars. I’m predicting an increase as people cling on, certainly in niche area’s (eg: mx5s) . However opposite could also occur (devaluation) if EV’s become trendy in the mass market.
Being someone with one foot in the “trade” as its described, my opinion is yes these are the new prices. As more and more demand appears for less and less new cars available (chip shortage and possible continued covid disruption to the manufacturing and shipping side) the prices of new cars are now fetching premiums and that has reflected down into the second hand market as people turn to it. That and the higher cost of the more in demand electric cars means manufacturers are able to sell those, and the less pricey fossil fuel models which are now slowly becoming more scarce, for more profit. Do you really think that given the opportunity to sell at a higher price or lower the prices they will choose to lower them?
There may be slight lulls in the market, but thats to be expected as the summer holidays (if possible) take peoples focus away however I wouldnt be waiting for any massive drop if it was me, the market just doesnt look like its heading in that direction…
From BCA News…
"Average values for dealer part-exchange cars continue to show steady progress, and are well ahead of a year ago when the UK was in the thick of the first Lockdown. "
“For example, BCA Valuations shows that vehicles aged three to five years saw an average price movement of +3.0 percentage points during June, but two thirds of this uplift was seen in the first two weeks with a subsequent levelling later in the month. Demand in this particular sector is very robust and with new car supply under pressure, dealers are diversifying and competition has driven the price increases.”
Hmm, is this more artificial than it appears?
Have the acres of unsold cars stored on old airfields etc been cleared now?
Or are they being stockpiled to help force up prices while there is a well publicised shortage of “new” cars.
I don’t know the truth of this, but I also walk around with my eyes open.
