The CRAZY current car market leads my customer to PROFIT from the used car she purchased! Join this channel to get exclusive access to all videos early. / @chopsgarage
Just love watching your channel mate. It gets me up in the morning cleaning my cars and taking them for mots lol Iv got a back log of videos just waiting to upload. But a big thumbs up for the great content and always keeping it real with all of us.
Your auction reviews and comments are fantastic. Can't see how dealers can pay those prices and make a living. When reality finally dawns a lot of dealers will go to the wall and there will be auction firesales
Enjoying the videos pal. The note has a great finish too. Would you consider doing a detailing video of how to prepare the cars for sale someday? It would be great to see what products you use and how you prepare for a machine polish.
Hi James hope you & the family had a great & safe Christmas & wish you all a happy new year keep the videos coming as love watching them & your usual professionalism as always mate 5* as always 😊
Great to see you going through the auction bids/results again. Good to see your not getting involved with the crazy bidding. Maybe time to start on the Volvo and Fiesta you keep putting off! Shame you didn't get the 'showroom' floor done over the warm spell. Floor paint won't cure properly in cold/damp conditions hence the problems nextdoor.
Thought prices might start to fall as living costs are now rising but perhaps it will take longer to filter through. Seems like it could be quite a few months at the earliest before the chip shortage is sorted so high prices may continue for some time?
The car market is insane currently! I purchased a 2013 Honda Civic last November for £5000, Honda offered to buy it from me around a month ago for £6500!
Brilliant vid James, it’s amazing how many bids you actually put on but only managed to win one car!! It will be interesting to watch the progress on the Seat.
That Nissan looks fantastic, it’s incredible how many garages refuse to do anything to their cars. I remember taking out a Zafira for a test drive years ago from a Vauxhall main dealer. The rear calliper was stuck but his reply was - well,it wouldn’t cost YOU much to sort that out. He lost that sale and I still drive past and would never go there again - it’s probably had multiple new owners since!
acording to auto trader that 58 plate Polo that sold for £3400 is auto as you stated, and its also cat N, i only looked as my son is selling his 61 Plate with 60k and wondering how much to advertise it for, crazy times, my next door neighbour bought a 21 plate S Max not many months ago, and has just sold it to a dealer for £8k more than he paid for it
That finish to the Note... Wow! I love that colour, even though it may be hit-and-miss, I think it looks great polished up. Is it metallic hearing-aid beige? The price of that Panda is insane. Privately, they seem to be around £1000, regardless of mileage. They're always cheap cars because that's what they are. I suppose they're good buys for dealers and they probably are £2000 to those willing to take a risk and hope they get around that mark. Also, that KIA... Couldn't have been much more out of the showroom from new! I love that you put a bid in on that Wrangler. As a MASSIVE Jurassic Park fan I've always wanted a early 90s soft-top Jeep, but the running costs in this country would be way too high.
You may of dodged a bullet with the Kia Rio if its a manual,gear change cables outside of warranty period is a shock to the wallet,these models were built to be put together quickly with robots,any mechanic coming along after good luck!!
Enjoyable content James, are all those cars being purchased by the trade at those elevated prices or are private buyers using the auction rather than purchasing from the trade? Have you considered getting a 2 post lift, I hate working under a car on trolley jacks/axle stands.
I like the date stamp on your computer----England has somehow managed to jump one month into the future. But seriously; is it sometimes hard to part with some of the cars you buy? I don't mean the average cars, but the really cool ones with personality?
@@ChopsGarage meanwhile I’m searching for that polo. Buying that wholesale for £3.4K is nuts! Though from what I can see on autotrader £4-5k is possible for that car.
I'm currently looking for my wife's next car, and frankly I'm shocked at the prices I'm seeing. On top of that, there doesn't seem to be any consistency between dealers. Near identical cars on two different forecourts can be £2K apart.
Prices are ridiculous at the moment. We bought an 8 year old car 2.5 years ago, put 15,000 miles on it and similar examples (same spec, age, mileage, colour etc) are selling for £2000 - £3000 more than that we paid 2 and a half years ago. Mental.
@@ChopsGarage From my experience, most dealers aren't as open as you regarding their margins, and will happily rip off anyone if they can manage it. I think the differences I'm seeing are more to do with opportunism than actual costs.
@@squeakers27 Golf R’s are selling for up to 10k more than they were 2 years ago. People who got those cars on finance are making a healthy profit. Main dealers who sold them are now chasing their customers and offering substantially more than they paid. Never been heard of. Crazy.
@@TheVeyron81 Certain cars are always going to be an exception. Hot hatches and limited run editions are bound to go up with this price increase more than others due to their rarity and demand within the 'scene'. Look at the new version of the Jimny, when they were first re-released people were queuing up to get one, then selling it a few months later having bagged a few grand as they stopped production soon after!
A couple of dealers near me have screen prices for cars in line with the prices being achieved on those cars you showed us on the BCA auction review. Goodness knows where they are getting their stock from. I am in the Midlands, so maybe location plays a part in the higher prices you see?
If you retail higher value car your much more likely to get a part. Ex. For example we just took in a 2015 fiesta eco one lady owner, full history on 95k miles. It's been workshop inspected and all the car needed was a tyre sensor and new front brakes. Owes us 3200, retail at 4200 and will be sold within a few days. Some customers are unrealistic in part ex values but not all and if we don't believe in obscene profits. If we get a good deal at our end the customer gets a good deal at their end.
Have you considered changing the number plates on your stock to either showing your details or blank? They look very scruffy with a previous dealer's sticker on them!
At the very least a rear window sticker with 'Chops Garage' and your phone no / web address - it's 'free' advertising ! A key fob with your contact details / business logo also wouldn't cost you much. Might get you more customers :}
Circa 1.3 million new cars have been ‘lost’ to the UK market and the impact with reduced trade in’s and strong used car demand is holding prices up. I’ve seen a lot of arguments that would indicate UK used cars will never go back to pre pandemic levels as traditionally UK prices have been some of the weakest in Europe. We will see.
I would love to buy my next car from Auction, but most, such as Manheim simply do not allow the public to purchase cars direct. Your videos show that you can get some decent cars, and save some money if buying for yourself, but seems its not possible
My experience speaking to friends who trade is they pay the high price. Max next to no margin from the car. Then they sell on finance you get a commission from the finance Co. Then the warranty they’ll give 3 months then sell upgrades but if it’s 100 quid to them it’s 300 to the customer. It’s all business sense in a way I guess. Make next to no profit on the cars then make your money back in finance commission and insurance/warranty products
@@ChopsGarage no that’s the thing. They are trading 7/10k cars mainly. And in an area that’s not very cash rich so people will want to finance their car
My father in-law bought the new Peugeot 508 SW for 21k. He's had it less than 6 months and dealers are offering 24k-25K to BUY FROM HIM!! 🤣 crazy times.. As for the auction prices that's ridiculous. I wouldn't buy from there unless it was for myself. Good luck to you, keep up the good work.
are you saying there is a reverse commission to buyers being paid out ? plus dodgy dealers buying cars for £3k then selling for £2.8 just to clean funds ?
They are private buyers and dealers want some profit so they won't bid as high as someone buying a car for themselves hoping they win it at below market value when all costs are added.
At my auction (Aston barclay Wakefield) the prices are still high, but certainly not as high as yours mate, seat looks cheapish, hope its OK, anything auto is a fortune.
The problem is that you keep underpricing your cars. Instead of going for £500 clear profit, maybe try for £600-£700. Most punters won't even notice that this week's i10 or Picanto is £100-£200 more than last week's i10 or Picanto. Keep raising the prices over a few months until you reach a happy medium between making money without mugging yourself and maintaining manageable stock turnover.
@@ChopsGarage Sorry... I'm still watching your old videos (this and the Peugeot 508 are the only two new ones I've seen thus far). Good to see you're finally not ripping yourself off as much as you used to. An honest trader like yourself deserves success.
Selling them private and not paying vat on them. Drive them home a Quick wash and advertise from the house. I can't see any other way to turn a profit.
Car makers have very high fixed costs meaning they need sales volume, as much as they would like to rebalance supply and demand, to avoid the discounting that was common over the last 10+ years, it won't happen, until new technology can replace or make more flexible the highly expensive stamping machines etc that cost billions to setup and requires years to payback. I predict that by the 2023 the used prices of car older than say 5 to 7 years old will fall off a cliff, as buyers with little mechnical knowledge realise that complex 21st century used cars are not cheap to fix, like early 80s, 90s models, which due to rust are becoming rare and thus sought after. Also, cars have been quietly getting better and better, a car from 2012 is going to seem quite crap, compared to a similar model from 2022, if the total ownership cost between new and used, isn't huge, people are going to want the newer metal on their driveway.
Could someone of not written the same in 2000 motor when comparing a new car to a 1985 Astra for example with no power steering, air con, electric windows etc etc?
@@ChopsGarage Given the rise of people driving new cars on finance in the 2000s it seems many people made that comparison and chose the new route ! Back in the day, we also didn't have all the city centre restrictions based on emissions that are in place or coming, even parking could be based on emissions, how long before even Euro 5 petrol is added to the naughty list? Also back in 2000, you could pick up a workable 1985 Astra for very little money, now really cheap cars are mostly fit for the scrap yard only. Factor in aggressive Chinese car makers that want maket share and I can't see anything else but a realignment in used prices to perhaps a level slighlty higher than pre C19.
@@ChopsGarage Van prices are ridiculous. Had a 19 plate trafic sport crew approaching 3yrs old on 12k miles. I paid 21k new OTR, inc VAT. Just traded via renault and they gave me exactly what i paid for it 21k. traded for a Clio RS Line hybrid, discounted from 24850 to 22850. Costing me 1850 to change and comes with 5 yr warranty 5 yr RAC and 5yr Alloy and puncture cover. essentailly 3 yrs free motoring for me in my van, Just 1 dealer service costing 300 quid.
Been looking at your Note vids again - boring ultra reliable cars - however when it comes to being broken down on the hard shoulder probably better having a Note than something more interesting. A few years ago my Dad bought one brand new - it was gone in 6 months he said it was soul less and he hared it. Replaced it with an ex-demo Merc A-Class - that car was a lesson faults and unreliability - but it had a "better" badge though...................
It was aguy on a Vauxhall Corsathatcwrote off my Toyota Corolla. I have to say after seeing what damage it did to the vauxhall , I would never buy a Corsa as they are made of thin flimsy metal. The impact pushed the engine into the bulkhead and locked the car in gear. I don't recommend corsas no matter how well maintained or cheap they may be
Personal pride really and job satisfaction. Passed my local used dealer yesterday, had a 2012 Rio with ruddy great dent in wing up for sale , can't understand why he would not sort
I hate plastic shine. Last dealer I got my car from used plastic shine on my dash, he got it all over the windscreen and, used WD40 under the bonnet on the plastics. After a few weeks it picked up so much dust and grit. It looked awful
Do you think these prices will crash? I had a diesel sold it as wasn’t doing the mileage. Picked up a Peugeot 206 with 66k Two owners £580. Waiting for prices to drop to pick up a decent one but markets crazy!!!
I wanted a new car last year, sorry I wont line someone's pocket at these crazy prices. A lot of people are going to be sorely disappointed and hugely out of pocket at some point in the near future.
@@ChopsGarage Someone's making big money somewhere. As an example My wifes 2018 Picanto came to the end of its 3 year PCP, final lump sum £4041which I had already decided to pay anyway. Kia were desperate to buy it back, they phoned more than once. No wonder.......I looked at forecourt prices for the same spec, same year car. £8+k. I have been looking for a 15/16 plate VW CC. March last year £9500, now they are £12-13k. I watched your auction prices and agree there's little margin for you, but someone is making money, be it main dealers or customer buying out and selling back to main dealers.
But how much would you have sold the Picanto to them for, was not 4k I bet. Your assumption of 4k margin is that everyone will accept simply the settlement figure, which they don't. Even if the did in your senario there £1000 is immediately lost to VAT. Thats before you factor any prep, the advertising, the warranty cost, and other associated overheads like premises and staff. So 4k could be 2k which is strong but again assumes that the buy out price only was accepted. Even at 2k though that would be a 25% profit, do you not think pretty much EVERY product or service you buy is at least making that much from you without offering ANYWHERE near the same level of risk (resolving faults etc)??
@@ChopsGarage PCP buyers only look at the monthly so who is likely to query the price they were told they were getting at the end of 3 years? I always remember my dad buying new cars "Its not what we will give you for your car that's important, its what it will cost you to change" was what I always heard the salesman say. KIa had already done the sums on a new Picanto which included the £4k remaining on the old one. Her old one had 7k on the clock, FKSH, the balance of the 7 year manufacturers warranty and required nothing to put it on the forecourt. They can claim back the VAT anyway can they not? Their risk is built into the end of PCP valuation? Even taking the £1000VAT off its still 75% profit. Im not begrudging anyone profit, but it wont be at the expense of my wallet.
It sounds stupid but watching younger drivers in my area. They are looking for and older hybrid and electric cars. We have had new drivers looking at the 3 Nissan leaf we have all from 2013. Because they are looking to save on petrol or diesel prices. And road tax insurance. And telling them that the electric cars cars are a bit more expensive they don't seem to be worried.
@@ChopsGarage if you're a 40 mile a day commuter, then good enough. For 4k you can get a full battery replacement in a Leaf and upgrade to near current tech and take the range closer to 150 miles. that will last another minimum 10 years at least.
@@ChopsGarage on the 3 leaf's we have they have the 24 kwh battery. And get around 70 miles on a charge So good for commuting to work shopping. Just need to plan any long trips.
Unless BCA has changed since I used to buy there there some time ago, the general public can also bid there. Even with the extra fees the private clients pay, they save an awful lot of money against buying the car retail and, when car prices are as inflated as they are now, there are going to be many more private bidders than normal. Until the worldwide chip shortage has been resolved, used car price premiums at the top end of the market are going to continue to trickle down to the cheapies. It could take years.
Private buyers were at it at BCA back in the 80s when I was selling cars. They never learn. Just because you read Autocar and Popular Mechanics didn’t make you any better at sniffing out a good car at auction. You could see the traders sit back and let the private buyers burn themselves on rubbish. It was true then and it’s true now - you get what you pay for.
Car prices have gone mad perhaps put yours up and see what happens .. End of the day you need stock and not much going . Just a thought pas the prise difference on to the customer. Or this rate your have zero cars to sell .. just a thought mate .. what do I no .. Mat . Love your vids shame live so far a way
No, public can also bid. As a motability customer we are told we can bid at BCA when we send the cars back. New cars are taking forever to arrive, I will be lucky if I get my next one within 6 months of ordering it.
Fairly new to the channel. I also watch James from TyreKickers. You guys are both super local to me! Keep up the good work! One day you might see me for a car😎
Exactly I don't see the prices at the other end being that high, you still have the Autotrader, high , good, fair pricing tool that would surely show all these as over priced by time in retail
