I’m definately getting old.
Loads of folk saying that used car values are through the floor and here’s me thinking that used car values have suddenly gone through the roof.
Bought my current Mondeo estate at 3 y/o and 40k in 2008. Paid a ticket price of nearly £7k but that included an artificially high trade in so maybe real cost of about £6k.
Run it for another 120k over 6 years, now thinking about a change. Worth nowt now, so that’s a £1k per year cost of depreciation.
If I look at an equivalent motor now, they all seem to be at the £10k mark. On the same 6 year cycle, depreciating to nowt, that’s £1.6k per year in depreciation. Second hand motor cost is therefore up >60% by my logic 🙁
i.e. a 60% price hike