As some of you know, I am on the hunt for a Defender and was/am thinking of selling my 4/4. Well, after a few weeks of research, watching what is selling and isn't, plus some talks with a few retailers etc, I am thinking the bubble of use car pricing has finally burst.
A few points
1. Whilst I appreciate this is the wrong time of year to sell a Morgan, the few retailers I contacted had zero interest in taking on my car due to high stock and only one gave an offer that was less than the cheapest 4/4 currently on sale! (long door that is)
2. I bought my now sold Defender back in 2017 for £31,000 and sold it just over two years later for about the same. Shortly after Defender-mania took hold with the current version being released and prices sky-rocketed. For example, there is one Defender I was looking at with low miles but missing key options that mine had and it's on offer for £39,995! However, it's been sitting since July. There is another with even less equipment but a 2016 with low miles going for £45,000 and has been sitting for a year. My guess here is they were bought at the tail end of the inflated used car prices of certain brands/models. I talked to one retailer who is helping me source a Defender and the prices he's quoting a vastly lower and confirmed CAP clean pricing has been dropping drastically across the board.
3. I've noticed at least two Morgan dealers running promotions to shift used stock. While I've seen prices being lowered on some lagging models, I don't recall price cuts across the board on the used front.
4. I have been using Collecting Cars to gauge transaction prices and had a look at Morgan and was a bit shocked at what I say. For example, a Super 3 with less than 1000 miles sold for £37 including auction fees. I estimate aprox. £6k savings. Quite a few others on there to look at.
So, if you are in the marketing for a used car I would give it a few months if possible as it will take a bit of time to clear out dealer stock that was acquired at the inflated prices. Must be really tough at the moment for specialist car brands.
