Why do MG4's have very high second-hand prices (UK)?

[Everest]

New member here, have been lurking a while. I'm seriously thinking of getting an MG4 Trophy LR, but trying to understand why second-hand prices are so high in the UK.

From scouring Autotrader and ignoring the one high-mileage outlier (16,000 GBP for 42,000 mile 22 reg) it seems most 2022 cars are between 18,500 GBP and 19,000 GBP, with some newer 2nd edition versions (is that late 2023 onwards?) are from 19,000 to 21,000 and 2024 models with asking price between 22,000 and 24,000 GBP.

But there are many Trophy LR, brand new and unregistered for just 22,783 GBP.

To me it seems that the residuals are unrealistically high. I don't see how someone would buy a 1 to 2 year old car for just a couple of grand less than brand new- can anyone confirm / explain why this is so?

Although, I'm looking at the Trophy, the same pattern happens for the SE... with brand new SR models available for just under 20,000 and the LR version for 20,500 GBP.

 

[Kithmo]

I think the dealers are trying to offload new ones to make way for new models coming out soon.
I don't know why the second hand prices are so high, but I suspect there is a bigger demand for second hand cars than new cars at the moment and some people would rather save a few grand.

 

[rpannell]

All is explained here - Car makers slash EV prices by a THIRD to meet binding sales targets
It appears that many manufacturers are having to slash their EV prices to avoid the government fines for not meeting the ZEV numbers.

 

[JonnyG]

As above I think it's more of a case that the price of new ones have been continually slashed to try and sell them. They must have had an oversupply all year. We're talking about £10,000 discount off the list price (around 30%).

Have a look at the price history of this one (even if it is just a clickbait ad), it gives you an idea of how the prices of new ones have come down quite dramaticaly since July.

So to answer your question I'd ask why do new MG4's currently have a very low price (UK) ?

Possibly a good time to buy new IMHO, but if a newer facelift model is imminent who knows ?

 

[salty]

 

[Anon70]

As everyone else has said, it is not that used prices are strangely high. It is that new prices are strangely low. You can pick up a brand new XPower for £30,000 rather than the £37,000 list price. Used one will go for anything from £23,000

 

[Chrisdriving]

You can pick up a new X Power for 25k

 

[Bricktop X PWR]

Un Bloody Believable!

 

[JonnyG]

We should have waited a year Chris

 

[Bricktop X PWR]

We should have waited a year Chris

I can't m8.
Not in my nature.
Patience has never been my virtue.(sadly)

 

[LenEV2016]

I'm surprised by that always finds you very patient

 

[MelanieMoxon]

Manufacturers have fallen behind on their new EV sales quotas this year and are desperate to sell them. I entertained a Cupra Born V2 not so long ago; if you take their PCP over 3 years you get a £4500 manufacturers deposit contribution and 0% finance. As others have said its not that EV used prices are high, its new cars with mad deals as its cheaper for the manufacturers to give away free deposits than it is to be fined for not meeting their EV targets.

 

[salty]

You can pick up a new X Power for 25kView attachment 32300View attachment 32301

WOW! That's cheap. The top one Could be business users only though. Not private buyers. The bottom one is probably, private buyers too. But still, either way, WOW!

 

[Everest]

Thanks for all the answers.

Interesting to see how much prices have been reduced but also worrying how long that one has sat in the showroom - nearly a year! In fact I did see a "brand new" one advertised that didn't have a rear wiper, so even older I guess?

With such a glut of supply and new prices so discounted then, surely that will push down second-hand prices even more? Maybe early next year will be a good time to pick up an 18 month old 2nd edition one - will keep watching the market.

 

[Everest]

Have a look at the price history of this one

Where do you click to get that info?

 

[APMG]

Where do you click to get that info?

Its a chrome plugin for autotrader. AT Price Tracker - Chrome Web Store

 

[JonnyG]

Where do you click to get that info?

As above but I now use :-

FREE Car price tracker for AutoTrader UK, Pistonheads, Cinch and others

Free browser extension for car and motorbike price tracking across across AutoTrader UK, pistonheads.com, heycar and motors.co.uk with our free browser extension

www.motorwatch.co.uk

just use a browser (Chrome, Edge etc.), install plugin and create a login account at Autotrader (if not already done) to save specific searches.

I'm not sure if AT Price Tracker still works for me.

 

[T1 Terry]

About the best price I've seen for an XPower over here is $49,990 drive away, so all the taxes, stamp duty and rego included, so that equals 25,550 your money, so even cheaper over here it seems .....

T1 Terry

 

[Anon70]

WOW! That's cheap. The top one Could be business users only though. Not private buyers. The bottom one is probably, private buyers too. But still, either way, WOW!

And the daft thing is any business user will get charged BIK on the RRP of £37,000 not the price they had to pay.

 

[Everest]

Is there an MG4 buyer's guide on here - I did a search but didn't find anything? I found a few you-tubes about issues, but they seem to be lacking in detail - for example they don't mention from what date of manufacturing do the oil leak, under-tray warping, steering vibration and aggressive LKA issues become resolved.