Why is the second hand market so bad?

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vicci

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Its not just for cars, the motorcycles too. The prices people are asking for 20-15 year old vehicles (especially bikes) makes me feel like I should just got into debt slavery to a bank for the next five years. Whats the point? Inb4 poor/ beggars cant be choosers

People are really asking crazy prices for their 7 year old cars with almost 100Kms on the clock. I am still starting out in my career, I dont have a great amount of credit, I still live at home. How in the hell do I even buy a second hand car/ bike if everything is almost the retail price. All I need if something to get me from home to work thats not gonna cost me 20K in repairs when it decides to checkout of this life on a tuesday morning.
 
Cause have you seen the new market? Plus people needing to take residuals just to pay them off and payments are now 72 to 86 months
 
Broken Rand, coupled with global inflation on the hard currencies like Dollars and its a double whammy. Cars are getting crazy unnafordable.
 
you can also thank the ANC for APDP keeping new car prices high no matter what

the higher new car prices are the higher 2nd hand cars will sell for
 
NarrowBandFtw said:
you can also thank the ANC for APDP keeping new car prices high no matter what

the higher new car prices are the higher 2nd hand cars will sell for
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Why not blame the ANC for the weather while you at it?

This is not an issue unique to SA.
2nd hand vehicle prices are high pretty much globally.
 
vicci said:
Its not just for cars, the motorcycles too. The prices people are asking for 20-15 year old vehicles (especially bikes) makes me feel like I should just got into debt slavery to a bank for the next five years. Whats the point? Inb4 poor/ beggars cant be choosers

People are really asking crazy prices for their 7 year old cars with almost 100Kms on the clock. I am still starting out in my career, I dont have a great amount of credit, I still live at home. How in the hell do I even buy a second hand car/ bike if everything is almost the retail price. All I need if something to get me from home to work thats not gonna cost me 20K in repairs when it decides to checkout of this life on a tuesday morning.
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Arent you describing a great second hand market?
 
Not just second-hand cars. The SA AV Forum has many ads every day for used audio gear. Bargains get snapped up in 10 mins, other stuff takes weeks to sell

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As you are young let me help you on the right path. Get rid of the idea of a bike immediately. Not only is it a thread to your own life but also your social life. If you really want to live on the edge, only get a bike when you already have a car.

Secondly. Supply and demand. Times are tough and people can't afford new cars, so the secondhand market is booming. Buy bland and reliable, not flashy and expensive.
 
Jean Claude Vaaldamme said:
As you are young let me help you on the right path. Get rid of the idea of a bike immediately. Not only is it a thread to your own life but also your social life. If you really want to live on the edge, only get a bike when you already have a car.

Secondly. Supply and demand. Times are tough and people can't afford new cars, so the secondhand market is booming. Buy bland and reliable, not flashy and expensive.
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I do have a backup car. Im selling my corsa bakkie that I havent used in more than a year for a bike because my commute to my new job is through back roads and Im not too keen on the idea of sitting in suburban traffic for 2 hours, also my monthly petrol on my mazda 5 is like 2000+ a month (its a 2lt).
 
Tman* said:
Why not blame the ANC for the weather while you at it?

This is not an issue unique to SA.
2nd hand vehicle prices are high pretty much globally.
Click to expand...
if the ANC had an official policy directly impacting the weather I would definitely point it out

the fact is the ANC does have an official policy that directly impacts car prices
 
Economy is bad = High interest rates = people have less money to spend = fewer new cars are sold = fewer used cars on the market = higher used prices.
 
What is the distance of your daily commute? Have you considered uber instead of owning until such time that you're financially better positioned (credit and earning wise)? Best of luck otherwise
 
Some cars are popular especially Toyota and Honda so they have good resale values. Other cars like BMW loose value big time. Volvo also.

Then if you consider the price of new cars. Ie a Honda Jazz 550k easily. Yaris 300k, Polo 400k so they have much higher new values thus pushing up seconehand prices too especially if they keep their values.

So if you go for a car. Honda Jazz, 2018 Yaris XS, Corolla Cross (Hybrid especially) are low on fuel etc.

For a bike. You have to buy ideally from a bike mechanic that built it up or so. I know many mechanics thats got like 15-20 bikes they own which they bought and restored. Ie Harleys and Buells.
 
But two more cents. You dont want to splurge on a car till aftee the elections. I am much happier driving a cheaper car knowing I can push my fixed deposit into foreign bank account same day. Because quite honestly car is no investment long term. And insurance has been going thru the roof way above inflation.
 
And lastly.... make a lower offer.

To be honest the local market for electronics etc is very little. So say you have a specific camera. You can sell it in the US for 40k but here you would be lucky to find a buyer for 15k. Our market is soo much smaller.
 
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