Before buying any used car, always check its history with Car Vertical! Use the link below for a 20% discount or use Discount Code HIGHPEAK: 👉 https://www.carvertical.com/gb/landing/v3?utm_source=infl&a=HighPeakAutos&b=38b26e3a&voucher=highpeak Today, I'm discussing the state of the used car market in the UK. Its been a very difficult time recently and I wonder if the writing is on the wall... Let's find out. 🚗 Interested in the used car industry? Check out my online course! For just £27/month, you’ll get access to nearly 100 videos, biweekly livestreams, and a wealth of insider knowledge. You can cancel at any time. 👉 www.highpeakautosacademy.com Or click this link: https://bit.ly/3rNtNhG 👍 If you enjoyed the video, please give it a thumbs up! 🔔 Don’t forget to subscribe if you’re new to the channel. 00:00 Has The British Used Car Market Crashed? 01:23 Why Buyers Are Losing Confidence 03:02 Used Car Finance Is Getting Expensive 05:13 Always Check A Used Car Before Buying 06:16 Do Dealers Really Make Huge Profits? 07:47 Who Really Sets Used Car Prices? 08:20 Why Car Dealers Are Being Squeezed 09:05 Why Cars Are Taking Longer To Sell 09:57 Buyers Are More Selective Than Ever 10:35 Cheap New Cars Are Hurting Used Car Sales 11:00 Has The Market Crashed Or Corrected? 11:57 The Biggest Problem Is Confidence 12:31 What Happens Over The Next 6–12 Months? 13:31 Why Dealers May Need To Change Strategy 13:47 Final Thoughts 🌐 Explore more: Website: https://www.highpeakautos.com HIGH PEAK Store: https://www.highpeakstore.co.uk 📱 Follow Me: Instagram: https://www.instagram.com/highpeakautos/ Facebook: https://www.facebook.com/highpeakautos/ Twitter: https://twitter.com/highpeakautos/ 📺 More High Peak Channel: https://www.youtube.com/@morehighpeak Thanks for watching! #HighPeakAutos #UKcarmarket #carmarket #usedcarmarket #usedcars #usedcarprices #usedcar #ClassicCars #BritishCars #Vintage4x4 #CarReview #Review #UsedCars #Classic4x4 #AutomotiveHistory
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It used to be that newer cars were more desirable which encouraged people to trade up, but now, there are a whole raft of reasons not to. Cars that are over-designed to try to be different, too much unwanted tech, annoying touchscreen controls, over-stressed small engines to try and comply with emissions, wet belts, not everyone wants an SUV, high component failure cost etc etc.
Used car prices are, quite frankly, ridiculous. No further research needed.
Second hand car prices, in my opinion are too high. 10 year old BMW touring 330d asking £20k is ridiculous !
we are on the edge of financial collapse. thanks to corrupt and incompetent politicians .
People don’t have the money. That’s it.
We're in a recession. Media don't want to tell us to destroy consumer confidence
I’m not really your target market, but as someone now in their 60s, I can’t remember a more boring time to be a car fan. A sea of faceless SUVs and boring hatchbacks means I have zero interest in changing the car. Not the only reason, I’m sure, but it has frustrated me for years.
Some people like myself simply will not have a car payment. And now we’ve been priced out of buying cars cash, so we are keeping our old cars. It’s as simple as that. Nobody is gambling £7k in cash on a car with 100,000 miles on the clock.
To sum up. The car industry thought everyone wants a grey crossover. But they don't.
No one’s paying 15k for 10 year old crap anymore, and no one wants wetbelts, milk floats and touchscreens on wheels at 60k a pop so sitting on what they have
Second hand fiestas are £10K. It's mad😢
Every one, in every country is skint. It's not just the UK.
The prices of cars now are ludicrous, I for one just look at 8-10 year old cars and some are into 5 figures and I think lots of folks just say no thanks they are not worth it.
It not just the cost of buying as I used to buy new every 4-5years, but won’t buy new anymore as they are just to tech heavy and I hate, hate, hate all the touch screens and interfering drivers aids that you have to shut off every time you start your car.
Hot weather, holiday time and people taxed to death.
The country is in a farked up state
Since the pandemic the price of second hand cars has been a disgrace , it’s about time the prices came down significantly
Im 41 and a petrol head. Ive never leased a new car before, ive always bought something nice, interesting and used. However now im struggling to justify spending 15k on something nice, 8yrs old or so, when i know it will depreciate and cost me in maintenance and repairs, when i can get a brand new electric car for 300 a month. With a family its just not worth the hassle any more. And now ive depressed myself 😂
The prices are ridiculous £15000 to £20000 for a used car is just crazy , I would,nt even consider spending that sort of money on a new car .
I think it's a perfect storm, the change over to EVs, the very generous government salary sacrifice for EV leasing. Cars being less desireable (boring), people using cars less due to working from home, less fun to drive anywhere, speed traps, 20mph zones, traffic calming measures and older cars being good enough and lasting a lot longer. Plus everything is going up in price, especially fuel.