Residual values

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Craigc
Posts: 35
Joined: Mon Mar 25, 2019 9:51 am
Location: UK

Residual values

Post by Craigc » Sat Jun 20, 2020 12:52 am

Well today i looked at changing my Velar, hearing there were some great deals out there, and after over 20 years of owning Landrovers , It’s the first time I’ve found myself in negative equity, I know these are abnormal times , but wondering what everyone else opinions are???
275 HSE R Dynamic Silicon Silver

Pat27
Posts: 161
Joined: Mon Apr 02, 2018 7:54 pm
Location: East Yorkshire

Re: Residual values

Post by Pat27 » Sat Jun 20, 2020 10:13 am

Agree with your sentiments , I was looking at a couple of RRS in Feb, cars are still available now at roughly the same price as in Feb but the residual of mine has dropped significantly since then with only about 300 miles added to my car !

Simonh
Posts: 577
Joined: Thu Jul 18, 2019 9:44 pm
Location: Shropshire, UK

Re: Residual values

Post by Simonh » Sat Jun 20, 2020 6:51 pm

Noticed the same. The equity in mine seems to have evaporated.
Velar HSE D240 - MY19
Served by the excellent Shukers Land Rover of Ludlow - 20 years of amazing customer service.

Haybrd
Posts: 411
Joined: Wed May 01, 2019 12:39 pm
Location: UK

Re: Residual values

Post by Haybrd » Sat Jun 20, 2020 7:05 pm

Interesting! (And slightly depressing!) When I bought mine on a 4yr PCP last year I was told the residuals were high so in 2-3 yrs time I’d get a call from the dealer to look at a new car/deal. I’m guessing I might end up having mine the full 4 yrs then If the residuals have dropped that much!

Hopefully once the economy fires up residuals will rise!
MY20 D240 R-Dynamic SE, Santorini Black, 14 way heated, memory seats, Heated/power recline rear, 20” 7 spike gloss black wheels, Electrically deployable towbar, Fixed panoramic roof, Rear seat release , Power pack 2

Craigc
Posts: 35
Joined: Mon Mar 25, 2019 9:51 am
Location: UK

Re: Residual values

Post by Craigc » Sat Jun 20, 2020 7:43 pm

That’s what mine told me, hoping in 6 months things will have settled down and prices will be back to normal, glad that I did mine on PCP, because at this rate I’ll be glad to had it back, although that would be a first and very expensive purchase as have always had equity in the past.
275 HSE R Dynamic Silicon Silver

cianelectric
Posts: 88
Joined: Wed Oct 04, 2017 10:30 am
Location: UK

Re: Residual values

Post by cianelectric » Sat Jun 20, 2020 11:03 pm

I’m just over two years in on a four year pcp... they wanted me to pay £7.7k negative equity in order to swap for an evoque 😆
D240 SE Corris / Acorn Leather with lots of options (including extended leather, aluminium door trim, sliding roof, air suspension, electric tow bar, activity key)
Thinkware dashcam front and rear

Fenton
Posts: 91
Joined: Mon Apr 22, 2019 3:40 pm
Location: UK

Re: Residual values

Post by Fenton » Sun Jun 21, 2020 1:28 pm

That's quite a worrying depreciation.
Maybe some of it is caused by 'contributions' by Dealerships to get new car sales up?
Example:
https://www.helstongarages.co.uk/land-r ... ar-offers/

SpokenHands
Posts: 467
Joined: Mon Feb 05, 2018 8:40 am
Location: UK

Re: Residual values

Post by SpokenHands » Sun Jun 21, 2020 2:15 pm

Residuals on used cars will drop as dealers slash the prices on new and nearly new stock post lockdown and entering recession.

Such is the nature of car equity - things may stabilise at the end of the year - but will drop further if electric car and diesel scrappage schemes take off in 2021-2022. This is for all brands - BMW, Audi, Porsche diesels too. :(

No finance manager could have foreseen these events even at the end of 2019
2018 Mercedes AMG GT-C Roadster
2018 Range Rover Velar First Edition D300 HSE

markah
Posts: 117
Joined: Fri Mar 30, 2018 1:37 pm
Location: United Kingdom

Re: Residual values

Post by markah » Sun Jun 21, 2020 6:50 pm

'Such is the nature of car equity' That's a quote that makes me laugh. Unicorns spring to mind. :D
'18 D300 RDS, Corris, Black pack, Glossy 21" black rims, Black & pan roof.

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berkorich
Posts: 20
Joined: Mon Oct 09, 2017 2:31 pm
Location: UK

Re: Residual values

Post by berkorich » Fri Jun 26, 2020 5:03 pm

I also reckon that they greatly over-estimated the Guaranteed Future Value on the early PCP deals, expecting the Velar to be far more in demand than it actually proved to be. The market has decided three year-old Velars are worth less that JLR expected them to be.

The high GFV has kept my monthly repayments lower for the past three years so I'm not too put out, but come October when my deal ends I will be looking at handing back, rather than enjoying some equity.
MY2018 R-Dynamic D300 HSE in Corris Grey.

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