Should I Sell or Should I Hold (on) ?

artfin on 25/05/2022 - 14:24
Last edited 25/05/2022 - 16:22 by 1 other user

Sorry for the awful title.

I own a Suzuki Vitara 2015, which cost me roughly $15k a little over 3 years ago. It's a great car, very convenient size, great fuel consumption, Apple Carplay and Android Auto… it does the job for me just fine. Although, I have been thinking of switching to a hybrid/electric car recently, and this motivated me to share my thoughts with fellow OzBargainers.

The market has been crazy since the start of the pandemic, and from what I can see online I could sell it today for around $17k - $19k - the car is just about to hit the 100k mark.

I am afraid its value will start decreasing rapidly from now on, and with hybrid/electric cars getting more affordable (we're still a long way out, obviously) I assume the value will decrease even further in about 1-2 years time when more hybrid models enter the market.

I imagine most hybrid cars will maintain its value for much longer, compared to non-hybrid cars. E.g.: The price of a Hybrid Corolla 3 years from now will see a much smaller reduction compared to most non-hybrid cars (specially one with 100k today…).

Well, I think you all will get the idea. Thanks in advance.

Automotive Car SUV Suzuki

Comments

  • mskeggs on 25/05/2022 - 14:26
    +2

    What will you drive in the meantime?

    • artfin on 25/05/2022 - 14:35

      Would probably sell mine and buy a hybrid right away?

      • mskeggs on 25/05/2022 - 14:36
        +8

        Long waits for new cars, inflated prices for used

        • artfin on 25/05/2022 - 14:40

          Oh, yeah. Depends on what car I'd buy - some models have 3-4 months wait which wouldn't be too bad in my case. Any longer than that would be tough.

          • kerfuffle on 25/05/2022 - 14:41

            @artfin: More six months plus. RAV4 hybrid is 12 months. I was told October for my Corolla when I ordered it mid-April; I'm not expecting anything until 2023

          • Drakesy on 25/05/2022 - 15:08
            +1

            @artfin: Could get the BYD Atto 3 by August/October for some colours if you're keen on waiting a couple of months.

            420k's range should be aright, plus the potential Electrical car rebate. ICE cars are going to depreciate rapidly once they become mainstream.

            i downsized to a $5k 2011 Sportage to minimise the depreciation hit that secondhand cars are about to take.

      • kerfuffle on 25/05/2022 - 14:36

        Can you even get a hybrid right away? It’s a six month wait for my petrol Corolla. I’d imagine hybrid would be a longer wait

        • [Deactivated] on 25/05/2022 - 14:48

          They’re dreaming

        • netjock on 25/05/2022 - 15:06

          If you get bog standard in white (council fleet) they'll have one for you tomorrow.

  • Hybroid on 25/05/2022 - 14:27
    +5

    If you sell today, have you considered what you're replacing it with? No point making extra $3k if you're going to spend an extra $5k on another car purchase due to inflated market anyway.

    Also really $19k for a 2015 Vitara with 100,000 on the clock. Are you sure?

    • artfin on 25/05/2022 - 14:34

      I get what you mean - but, the point of using the $3k extra I'm getting for my car now is securing a hybrid car that will be more expensive obviously (because of the car features + inflated market) but will hold its price longer.

      And for the Vitara price - yep, see here https://www.carsales.com.au/cars/details/2015-suzuki-vitara-…

      • freefall101 on 25/05/2022 - 15:38
        +4

        https://www.carsales.com.au/cars/details/2017-suzuki-vitara-… - here's a 2017 for $18k.

        Dealers are just throwing random numbers on cars at the moment in the hopes of finding a sucker. It doesn't mean it's reflective of what it sells for.

        But as has been pointed out, used cars are expensive because new cars are either expensive or hard to get. Don't let FOMO get the better of you, make sure you have another car to actually buy because the supply issues are still very real. April 2022 sales were down 12.2% on April 2021 and that's only due to supply.

      • spackbace on 25/05/2022 - 15:39
        +1

        Don't cherry-pick

        Carsales search

        2017 Vitara, same mileage, asking $18,000… Given yours is 2 years older, would you expect to ask more…?

        • Overclocked91 on 26/05/2022 - 06:25

          I was about to say the same thing.

  • CodeXD on 25/05/2022 - 14:37
    +4

    The market has been crazy since the start of the pandemic

    This will affect you buying a car as well.

    Are you planning to buy hybrid/electric car brand new? There is currently a long wait for new cars, friend got quoted 8 months.

  • orangetrain on 25/05/2022 - 14:37
    +1

    Buy before selling. Buyers like you could get screwed around by sellers hiking prices.

  • Jason Genova on 25/05/2022 - 14:47
    +2

    just because you can list it for said price, doesnt meant someone will buy it

  • hasher22 on 25/05/2022 - 15:00
    +1

    You can sell it at that price but also other cars you buy are inflated…… so it technically works out to be same/same at the end of the day if you sell now or sold it 2 years ago.

  • fullmetal on 25/05/2022 - 15:19
    +1

    Hmm sound just like the housing problem in a inflated market.

  • Quantumcat on 25/05/2022 - 15:22
    +1

    Sell it, get a bicycle or electric scooter to get around and wait until July when EVs will be cheaper, and get an EV

  • forged on 25/05/2022 - 16:00
    +1

    I wouldn't count on a hybrid holding its value better… it's more complex than either ICE or EV, and still runs on petrol. Reduction in battery costs will someday make EVs cheaper than ICE cars, but hybrids use relatively small, cheap batteries, so they're not going to get much cheaper. Eventually, hybrids will be the most expensive of the bunch to buy and maintain - they won't be desirable.

    Market is up across the board, so the only way you'll make any money is by downgrading.

  • Benoffie on 25/05/2022 - 16:08

    You could be looking at a 12-24 month wait on a new car. Put your name down and wait, then trade in.

  • Duckie2hh on 25/05/2022 - 16:27

    sell

  • MS Paint on 25/05/2022 - 16:44
    +1

    I could sell it today for around $17k - $19k - the car is just about to hit the 100k mark.

    I'm calling BS on this.

    Reality is buyers will be offering $15k. Car sales doesn't show the real sold price.

  • Euphemistic on 26/05/2022 - 10:45

    Hold. it’s not a good market to be buying in regardless of additional $ you get from selling high. Only reason to sell now would be if you don’t intend to replace it for at least 12-18months.

    I don’t see the point of buying hybrid right now unless you need a new car. Sure, you’re zook will be worth a lot less later, but you might be able to skip the hybrid step and go straight to EV.

  • lovetodiscuss on 10/06/2022 - 18:02

    Did you sell it?

    • artfin on 13/06/2022 - 09:40

      Nope, ended up giving up for now. I'm waiting for KIA to start taking orders for the new PHEV Sportage, then I shall negotiate a trade-in with them and see.

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