Currently reading: Dealers report huge drop in luxury used car prices in 2020

Dramatic fall in values of supercars and luxury models a result of “desperate” sellers, report suggests

Prices of some of the UK’s most desirable cars have nosedived throughout 2020 as the pandemic continues to hit the top end of the market hardest, according to dealers. 

Car Dealer magazine reports that supercar and luxury car sellers are facing a combination of “desperate” owners looking to offload their cars cheaply and opportunist buyers pushing prices down by around 30% over last year. 

Tom Hartley, the owner of one of the UK’s largest high-end dealers of the same name, told Car Dealer that he will “take the biggest bath in 47 years” on his stock, with prices showing no sign of stabilising. Others report value drops of tens of thousands of pounds for cars that previously carried premiums. 

“The prices of some luxury cars have dropped around 30% this year, which will make for very uncomfortable reading for some dealers,” said Hartley. 

“Prices have dropped and we're replacing stock now at far better prices. It's a combination of Brexit, consumer confidence and the types of people buying these cars wanting to get a good deal.”

Hartley’s own examples include an Aston Martin DB11 AMR, which he bought for £100,000 from an owner who had bought the car earlier in 2020 for £190,000 and covered just 3000 miles in it. 

Supercar dealer Sheikh Amari claims the pricing drop is the “new normal” and this end of the market will never again see the exceptional price premiums of 12-18 months ago. 

Amari gives the Ferrari 812 Superfast as an example. He claims to have sold one last year for £425,000 having paid £60,000 over the list price to secure it and added a £40,000 premium on top of that. 

“That sort of premium will never come back. Today you can walk into a Ferrari dealership and get £10,000-£20,000 off a Superfast”. 

Despite widespread reports from such dealers, valuation firm Cap HPI claims that its data doesn’t indicate such significant falls, although it claims such “niche models”  require specialist valuation. 

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289 4 December 2020

Hopefully get rid of some of the annoying 'social meedya influencers' who think the world depends on them leasing yet more cars they cant even afford to fuel!

xxxx 4 December 2020

2030, spend 200k on a car now and what will the price be like in 5 yrs, people are unsure. ICE range anxiety

jagdavey 4 December 2020

Thought the "rich" were just getting richer in the Covid crissis? Maybe they are flogging off their high end motors because they are embarassed to be seen as still being rich when the rest of us are losing everything in the crisis?

Peter Cavellini 5 December 2020
jagdavey wrote:

Thought the "rich" were just getting richer in the Covid crissis? Maybe they are flogging off their high end motors because they are embarassed to be seen as still being rich when the rest of us are losing everything in the crisis?

 That a bit of a stretch with that statement, " the rich" you and I are just like you and I, mostly nice law abiding people with, yes, the odd bad one, it's interesting to know that cars like these aren't immune to sudden drops in depreciation, and let's face it, most of us would aspire to one day driving or even owning cars like these.