Recent Valuation 30% of what I paid less than 2 years years ago...!

[ElectricBenSolar]

I happened to look into a few options for selling my car recently and was extremely shocked to find the basic valuation was maximum £12,000 from an online car sales website, when the car is £34,000 new!
I paid slightly less than this as it was a showroom model, however, this valuation is almost a third of what the car is worth new. In less than two years!? How is this even possible?

I was expecting an evaluation somewhere between £22,000-25,000...?

 

[Jomarkh]

What model is it and how many miles on the clock?

 

[Pebblefeline]

Normally you lose 30 percent as soon as you leave the forecourt

 

[ElectricBenSolar]

Trophy 72, about 24,000

Yeh, this was already reduced as it wasn't "brand new", however I didn't expect to lose 18k in less than 2 years.

 

[Muffler]

Have to consider that dealers were selling off the last of MG’s Trophy LR stock (new) for circa £21-22k at end of last year and residual values have taken quite a hit as a consequence.

 

[kevin ellard]

I happened to look into a few options for selling my car recently and was extremely shocked to find the basic valuation was maximum £12,000 from an online car sales website, when the car is £34,000 new!
I paid slightly less than this as it was a showroom model, however, this valuation is almost a third of what the car is worth new. In less than two years!? How is this even possible?

I was expecting an evaluation somewhere between £22,000-25,000...?

Unfortunately for us, we bought cars that are getting cheaper and cheaper. You can buy brand new for £22000 or less at the moment.

 

[ElectricBenSolar]

Crazy.. I'm surprised things have depreciated so much, especially when MG are still selling MG5's for 34k? Doesn't seem right somehow.

 

[Jomarkh]

Crazy.. I'm surprised things have depreciated so much, especially when MG are still selling MG5's for 34k? Doesn't seem right somehow.

I thought the MG5's have all been sold

 

[Paulie68]

Crazy.. I'm surprised things have depreciated so much, especially when MG are still selling MG5's for 34k? Doesn't seem right somehow.

They're not, Trophy's now sell for £21k to £22k, (if you can't haggle) brand new. (If any are still left)

 

[ElectricBenSolar]

MG5 EV

Presenting the MG5 EV with next-level luxury backed up by pure electric power. You get the same first-class experience expected of an executive car but with a seriously reduced running cost. The MG5 EV has ample power too, with an impressive sprint from 0 to 62mph of 7.3 seconds and an electric...

www.emgmotorgroup.com

Looks like they're advertising new MG5's for £34k here? perhaps it's an old page/site or something.

 

[salty]

MG5 EV

Presenting the MG5 EV with next-level luxury backed up by pure electric power. You get the same first-class experience expected of an executive car but with a seriously reduced running cost. The MG5 EV has ample power too, with an impressive sprint from 0 to 62mph of 7.3 seconds and an electric...

www.emgmotorgroup.com

Looks like they're advertising new MG5's for £34k here? perhaps it's an old page/site or something.

You can advertise something for any price you want. Wether you get that price is a totally different matter. Unless like you say it's an old advert.

 

[Everest]

That's list price. EMG have 3 pre-reg, 10 mile ones for £22K

 

[salty]

So going back to the first post. 12 grands
about right. Unfortunately.

 

[tomarter]

According do the dealer I spoke to last week, there are no more new MG5s left in the country. Ex demo with 4k miles was under £20k. 2022 PFL at about £14k. Interested to see where prices go over the next few years...

 

[JohnV6]

Yep bought my new ZS EV trophy long range on 30th Jan for £23k.

 

[Paulie68]

According do the dealer I spoke to last week, there are no more new MG5s left in the country. Ex demo with 4k miles was under 20k. 2022 PFL at about 14k. Interested to see where prices go over the next few years...

The prices will go down the drain!, like all mass produced cars do and always have, by 6 years old they'll be around £6k and by 10 years, you'll be lucky to get £1500 for one. I say this as someone who's just bought a new one understanding this. It's perfectly normal and has always been so in the UK market, except for a brief period of weirdness following Covid. It's also a very good thing as it supplies older cars to poorer people who otherwise wouldn't be able to afford to own a car at all.

 

[JohnV6]

The used car market is quite odd right now. I have had 5 morgans over 25 years.
Generally I sold them for what I paid or more . I always buy used.

My last trade I bought a 2 year old cx plus four for gbp 52k. List was over 80 new but used prices are holding up around 60k six months later. So I got a good deal though I lost on what I paid on the trade in Morgan.

I traded in my 11 year old Polo for the zs ev. I paid 9k nine years ago and sold it for 5k.

I guess it pays to look for deals. I'm not really expecting the mg to have any value by 2035

 

[kevin ellard]

The used car market is quite odd right now. I have had 5 morgans over 25 years.
Generally I sold them for what I paid or more . I always buy used.

My last trade I bought a 2 year old cx plus four for gbp 52k. List was over 80 new but used prices are holding up around 60k six months later. So I got a good deal though I lost on what I paid on the trade in Morgan.

I traded in my 11 year old Polo for the zs ev. I paid 9k nine years ago and sold it for 5k.

I guess it pays to look for deals. I'm not really expecting the mg to have any value by 2035

Unless battery prices fall really dramatically then I imagine scrap prices will be really quite high. In 2035 a LR MG will still have about 40 or 50kWh of battery left which could be useful in many applications.

 

[Paulie68]

The used car market is quite odd right now. I have had 5 morgans over 25 years.
Generally I sold them for what I paid or more . I always buy used.

My last trade I bought a 2 year old cx plus four for gbp 52k. List was over 80 new but used prices are holding up around 60k six months later. So I got a good deal though I lost on what I paid on the trade in Morgan.

I traded in my 11 year old Polo for the zs ev. I paid 9k nine years ago and sold it for 5k.

I guess it pays to look for deals. I'm not really expecting the mg to have any value by 2035

Classics and collectibles do run by very different rules. I'm into early VW's and the prices are astronomical, but still a lot less than they were a few years back. Except for very early stuff, which is only attainable by the very wealthy now! (Pre '55 23 window VW Samba buses go for around £200k, WW2 era KDF VW's (Beetles) multi hundred thousands!)

 

[Ferretusmaximus]

In 2023 the MG4 EV was the second best selling EV in the UK with over 20,000 units sold (source MG). A good many of those will have been on PCP, probably for 2 years (as is mine). All of which means there will be many coming on to the market this year (Arnold Clark have 234 for sale starting at £14k, which means AC probably paid £12k). If you have a bubble payment in the order of £18k you aren't going to keep it, so it'll go into the trade market. Then you have to bear in the mind the surveys that haven't placed MG/MG4 in the best possible light. A sale/book/trade-in of £12k seems reasonable under the circumstances.