>It means that the price gap between new and used cars is tightening in Ireland, leading to the “unprecedented situation” in which some second-hand versions of the same model of car are being listed for more than their new counterpart, DoneDeal said
Fucking hell.
I bought my car in the UK 2 months before covid hit in 2019 for 15k. I was looking at getting a new one the other day and the dealer offered me 22k trade in value for it.
A car that is 2 years older and 10k more miles on it than when I got it should not be worth more than what I paid for it. There’s such a massive constraint on used cars, and new cars are so grossly overpriced in Ireland that price inflation is no surprise.
The government needs to consider suspending VRT, because for a start its illegal, and it’s adding 5-9k to the price of midrange cars (it can almost double the price of a high end one). Anyone you see driving a low end Merc in Ireland would have been able to get a midrange one in the UK for the same price because of VRT.
Just don’t change cars or buy a cheap one if you need to. I hope the motor industry sells no cars this year.
I bought a 171 UK import around 3 months ago for 18.5k (was brought in before the changes so I avoided the new taxes) but I’m considering moving abroad. I did a few online valuations from dealers and I was getting quotes of 22-24k. The market is screwed.
Just lower your standards. Plenty of cheap cars out there to suit most budgets.
It’s everything. I looked for a cost of a kitchen countertop at 1/3 the size of one I got in 2015. 1/3 the size, 100% the same cost. I honestly don’t see how regular people are going to keep up the standard of living they have as things go up and up. Theres no hope here for a cheap second hand EV market for years to come and it’s only a matter of time before the food inflation really starts.
I have a company car, asked last year to buy it out and 24k.
A year later, 30k more on the clock and of course 1 year older, 30k to buy it out
Thats a 6k increase in less than 12 months for a 2019 car
Request the auld insurance companies allow older vehicles stay on the road and this wouldn’t be happening. Great yokes getting scrapped because of foolish insurance rules.
2 years ago bought my ’12 car for 7.4k EUR.
After the article I was checking, and the price is the same as it was 2 years ago. Although I’d still buy it as I love how reliable it is.
It’s not just Ireland, it’s the same here is Australia, my 15 yr old Mazda 2 that was trade in valued about $4k 3 yrs ago, is now magically worth 7k.
Well, you basically have too much money chasing too little in terms of goods. New car sales have been dropping since 2016:
Consider that with the fact that there has been an increase in wages for remote workers and that people have massive levels of savings after the pandemic and yea, you get what you have right now… Honestly I don’t know how it is going to right itself. I think the government should really consider removing VRT or any other fee that is involved in getting vehicles into the country. As it stands currently, the outlook is not good.
Judging by comments from the ECB it’s likely inflation is going to get a lot worse before it gets better.
This is not a good time to be 17 fresh out of school working for a car
have they neglected to say this is another supply chain issue?
I feel like hyperinflation is already happening but economists are trained just to tell us everything is fine and as long as they suppress wages the damage will be minimized but will still be subjecting thousands to poverty and homelessness.
I wonder if the market’s that crazy that I could even sell my Irish registered left-hand drive car for a good price rather than scrapping it.
I purchased a new suv in July 2021, all the listed second hand models for the same suv under two years were more expensive or close to the same price vs buying brand new. There was no benefit to buying second hand so just bought it new
Have a PCP contract ending this year and not sure what to do. Barely any mileage given Covid, dunno whether to keep it or trade it in for another one. The increased prices would help with the deposit on the next one. Guess I’ll just shop around and see how we get on.
Bought a 161 Renault Kadjar back in 2019 for €12k. Sold it in 2021 for €14k to a dealership.
That in itself is fine but as I had to downgrade my car I went off and bought an 07 and it cost near €2k for a really basic Golf as any other car was either a broken piece of crap or even more expensive.
The thing to keep in mind is that the “cost to change” has kept pace, so any savings or gains you’ve made on your current car will be offset by the price of everything else going up at the same rate (more or less).
Another factor pushing up prices is the customs and duty on UK imports post-Brexit. Aside from 2 year old cars in NI, bringing in cars from the UK got about 30% more expensive (napkin maths).
Welcome to Cuba folks!
I’d expect things to continue like this at least until the middle of next year when the semiconductor supply chain shortages catch up with demand.
Got a 150bhp 2016 highline golf at the start of 2020 for 17K. Same dealership now has the 2017 entry level model 90bhp with more miles for 23k.
You could sell your car for more than you paid for it, but you’d be caught on the other end then for buying your next car.
This has very little to do with general inflation and almost everything to do with COVID’s impact on supply.
I bought exactly the same tap in the same place today. It cost €35 in 2018 it cost €60 today.
Not to worry, I have it on good authority that the inflation is transitory! /s
Been driving a company car for 20 years & that’s about to come to an abrupt end soon, anybody got any advice about getting insured on a car of my own?
I just looked up my bog standard 2011 english reg Vauxhall Insignia 2.0L Nav. 90k miles on it. €3200 Euro! Feck sake, i bought it 5 years ago, at 7k.
Now isn’t the time to change cars if ye can avoid it.
My 2017 Santa Fe 7 seat is listed more than I paid for it 2 years ago.
27 comments
>It means that the price gap between new and used cars is tightening in Ireland, leading to the “unprecedented situation” in which some second-hand versions of the same model of car are being listed for more than their new counterpart, DoneDeal said
Fucking hell.
I bought my car in the UK 2 months before covid hit in 2019 for 15k. I was looking at getting a new one the other day and the dealer offered me 22k trade in value for it.
A car that is 2 years older and 10k more miles on it than when I got it should not be worth more than what I paid for it. There’s such a massive constraint on used cars, and new cars are so grossly overpriced in Ireland that price inflation is no surprise.
The government needs to consider suspending VRT, because for a start its illegal, and it’s adding 5-9k to the price of midrange cars (it can almost double the price of a high end one). Anyone you see driving a low end Merc in Ireland would have been able to get a midrange one in the UK for the same price because of VRT.
Just don’t change cars or buy a cheap one if you need to. I hope the motor industry sells no cars this year.
I bought a 171 UK import around 3 months ago for 18.5k (was brought in before the changes so I avoided the new taxes) but I’m considering moving abroad. I did a few online valuations from dealers and I was getting quotes of 22-24k. The market is screwed.
Just lower your standards. Plenty of cheap cars out there to suit most budgets.
It’s everything. I looked for a cost of a kitchen countertop at 1/3 the size of one I got in 2015. 1/3 the size, 100% the same cost. I honestly don’t see how regular people are going to keep up the standard of living they have as things go up and up. Theres no hope here for a cheap second hand EV market for years to come and it’s only a matter of time before the food inflation really starts.
https://www.youtube.com/watch?v=ETxmCCsMoD0&ab_channel=AbbaVEVO
I have a company car, asked last year to buy it out and 24k.
A year later, 30k more on the clock and of course 1 year older, 30k to buy it out
Thats a 6k increase in less than 12 months for a 2019 car
Request the auld insurance companies allow older vehicles stay on the road and this wouldn’t be happening. Great yokes getting scrapped because of foolish insurance rules.
2 years ago bought my ’12 car for 7.4k EUR.
After the article I was checking, and the price is the same as it was 2 years ago. Although I’d still buy it as I love how reliable it is.
It’s not just Ireland, it’s the same here is Australia, my 15 yr old Mazda 2 that was trade in valued about $4k 3 yrs ago, is now magically worth 7k.
Well, you basically have too much money chasing too little in terms of goods. New car sales have been dropping since 2016:
https://www.statista.com/statistics/419355/passenger-car-sales-republic-of-ireland/
Consider that with the fact that there has been an increase in wages for remote workers and that people have massive levels of savings after the pandemic and yea, you get what you have right now… Honestly I don’t know how it is going to right itself. I think the government should really consider removing VRT or any other fee that is involved in getting vehicles into the country. As it stands currently, the outlook is not good.
Judging by comments from the ECB it’s likely inflation is going to get a lot worse before it gets better.
This is not a good time to be 17 fresh out of school working for a car
have they neglected to say this is another supply chain issue?
I feel like hyperinflation is already happening but economists are trained just to tell us everything is fine and as long as they suppress wages the damage will be minimized but will still be subjecting thousands to poverty and homelessness.
I wonder if the market’s that crazy that I could even sell my Irish registered left-hand drive car for a good price rather than scrapping it.
I purchased a new suv in July 2021, all the listed second hand models for the same suv under two years were more expensive or close to the same price vs buying brand new. There was no benefit to buying second hand so just bought it new
Have a PCP contract ending this year and not sure what to do. Barely any mileage given Covid, dunno whether to keep it or trade it in for another one. The increased prices would help with the deposit on the next one. Guess I’ll just shop around and see how we get on.
Bought a 161 Renault Kadjar back in 2019 for €12k. Sold it in 2021 for €14k to a dealership.
That in itself is fine but as I had to downgrade my car I went off and bought an 07 and it cost near €2k for a really basic Golf as any other car was either a broken piece of crap or even more expensive.
The thing to keep in mind is that the “cost to change” has kept pace, so any savings or gains you’ve made on your current car will be offset by the price of everything else going up at the same rate (more or less).
Another factor pushing up prices is the customs and duty on UK imports post-Brexit. Aside from 2 year old cars in NI, bringing in cars from the UK got about 30% more expensive (napkin maths).
Welcome to Cuba folks!
I’d expect things to continue like this at least until the middle of next year when the semiconductor supply chain shortages catch up with demand.
Got a 150bhp 2016 highline golf at the start of 2020 for 17K. Same dealership now has the 2017 entry level model 90bhp with more miles for 23k.
You could sell your car for more than you paid for it, but you’d be caught on the other end then for buying your next car.
This has very little to do with general inflation and almost everything to do with COVID’s impact on supply.
I bought exactly the same tap in the same place today. It cost €35 in 2018 it cost €60 today.
Not to worry, I have it on good authority that the inflation is transitory! /s
Been driving a company car for 20 years & that’s about to come to an abrupt end soon, anybody got any advice about getting insured on a car of my own?
I just looked up my bog standard 2011 english reg Vauxhall Insignia 2.0L Nav. 90k miles on it. €3200 Euro! Feck sake, i bought it 5 years ago, at 7k.
Now isn’t the time to change cars if ye can avoid it.
My 2017 Santa Fe 7 seat is listed more than I paid for it 2 years ago.