Now that my insurance claim has been settled I am in the market for a new car. Naturally I am on the lookout for another 360 but have to say I am astonished at the amount of crap that is offered at the moment. It’s not just me, I am corresponding with another person who is looking to buy a slightly different 360 to me and he is reporting the same problem, cars just aren’t up to scratch.
My biggest bugbear is service history – cars are advertised as FSH when in fact they have a four year gap between the last two services or, in one instance, ten years since the last service! I did actually come close to buying a car last week but as the true condition was slowly revealed the numbers didn’t stack up. The car was full of deferred maintenance and a noise from the gearbox killed the deal. I can’t figure out what sort of person spends £40-50k on a car and then doesn’t service it – an annual service doesn’t cost that much but missing it slashes thousands off the value of the car. One car I considered had thousands spent on upgrades (at least £10k) but all four tyres were bald! Anyone who is trying to buy a 360 at the moment has my deepest sympathies.
Enough complaining, onto the numbers. As a bit of fun, I have decided to create the Aldous Voice 360 Price Index (AV360PI). The index will be based from August 2013 which will be set at 100. Between August and September the average asking price fell by 0.48% so the headline index stands at 99.52.
Here is the data in tables split by body style, transmission and colour. As you can see, the trends I wrote about last month are broadly still present.
Something that has changed from last month is the number of “high” mileage cars on the market. There are three cars with 60,000 miles or more on the clock. This gives us some data at that end of the market and allows a trendline to be plotted over the figures in order to give a rudimentary formula to link the relationship between mileage and asking price. I chose a logarithmic trendline as believe it best represents the behavior at both ends of the market. Here are the data points plotted together with the trendline and the formula.
For those of you who can’t be bothered to crack open your log tables here’s a pre-prepared list of mileages and corresponding theoretical asking prices.
Of course all of this ignores the biggest driver of price, condition – which is all over the place at the moment. Buyer beware!
Other posts in this category: Buying and Selling
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