Latest news with #CarDealer
Auto Blog
2 days ago
- Automotive
- Auto Blog
Used Porsche Taycan Values Crash as UK Dealers Halt Sales
Pre-2025 Taycans are losing nearly 50% of their value in the UK, prompting a pause in sales. Here's why buyers and dealers are shifting focus to the 2025 model. Porsche Responds to Reports of UK Taycan Sales Suspension Porsche UK has reportedly instructed its dealers to suspend sales of used first-generation (pre-2025) Taycan electric vehicles (EVs), according to a report from Car Dealer. Porsche has told Autoblog that the report is greatly exaggerated, as just 135 cars require a fix for a battery issue. The remaining cars are all still on sale, according to the manufacturer's UK arm. Porsche Taycan — Source: Porsche But the Taycan's problems are perhaps deeper as the performance EV faces broader market challenges. As a used car it just isn't going well with the British buying public. Prices have been tumbling and stocks piling up. Used Taycans See Steep Depreciation Compared to Panamera Used Taycans are experiencing significant depreciation across the pond, with values dropping by nearly 50% within twelve months for some models. For instance, a Taycan S that cost £186,300 new in 2024 was valued at approximately £97,680 at the start of this year. In contrast, a Panamera that cost £168,700 is now valued at £111,555, a drop of just under 34%, according to Parkers. In the U.S., similar trends are evident. A new Porsche Taycan depreciates just over 61% after five years, while a new Porsche Panamera depreciates just under 48% in the same period. The UK used car website Autotrader has 578 used 2020-24 Taycans up for offer. In comparison, there are fewer than 100 Panameras of the same vintage, and they attract higher prices. Porsche Taycan Turbo GT EV Tax Incentives Favor New Buyers, Not the Used Market Part of this is a specific UK issue, as the new-car tax regime heavily favors buyers who run EVs as company vehicles, saving them thousands of dollars a year. There are no such incentives for used EVs. There are also significant advantages for the companies themselves, both in terms of tax breaks and in their performance on Corporate Social Responsibility scores that boost share price. Why the 2025 Taycan Is the One Buyers Want The pre-2025 Taycan also suffered from a range disadvantage compared to the Tesla Model S. That changed with the 2025 model, which brought a major boost in both range and efficiency, making it the version most buyers now prefer. Interestingly, the Taycan's troubles in the UK have been somewhat eased by the fact that Tesla no longer sells the Model S in right-hand drive, limiting direct competition in that market. Porsche Taycan 4 — Source: Porsche
Miami Herald
3 days ago
- Automotive
- Miami Herald
Porsche Taycan Used Values Fall Sharply as UK Sales Face Temporary Hold
Porsche UK has reportedly instructed its dealers to suspend sales of used first-generation (pre-2025) Taycan electric vehicles (EVs), according to a report from Car Dealer. Porsche has told Autoblog that the report is greatly exaggerated, as just 135 cars require a fix for a battery issue. The remaining cars are all still on sale, according to the manufacturer's UK arm. But the Taycan's problems are perhaps deeper as the performance EV faces broader market challenges. As a used car it just isn't going well with the British buying public. Prices have been tumbling and stocks piling up. Used Taycans are experiencing significant depreciation across the pond, with values dropping by nearly 50% within twelve months for some models. For instance, a Taycan S that cost £186,300 new in 2024 was valued at approximately £97,680 at the start of this year. In contrast, a Panamera that cost £168,700 is now valued at £111,555, a drop of just under 34%, according to Parkers. In the U.S., similar trends are evident. A new Porsche Taycan depreciates just over 61% after five years, while a new Porsche Panamera depreciates just under 48% in the same period. The UK used car website Autotrader has 578 used 2020-24 Taycans up for offer. In comparison, there are fewer than 100 Panameras of the same vintage, and they attract higher prices. Part of this is a specific UK issue, as the new-car tax regime heavily favors buyers who run EVs as company vehicles, saving them thousands of dollars a year. There are no such incentives for used EVs. There are also significant advantages for the companies themselves, both in terms of tax breaks and in their performance on Corporate Social Responsibility scores that boost share price. The pre-2025 Taycan also suffered from a range disadvantage compared to the Tesla Model S. That changed with the 2025 model, which brought a major boost in both range and efficiency, making it the version most buyers now prefer. Interestingly, the Taycan's troubles in the UK have been somewhat eased by the fact that Tesla no longer sells the Model S in right-hand drive, limiting direct competition in that market. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Scottish Sun
3 days ago
- Automotive
- Scottish Sun
Major car dealership with over 120 locations to close branch ‘imminently' after more than 50 years
Scroll down to find out why so many UK car dealerships are closing STALLED ENGINE Major car dealership with over 120 locations to close branch 'imminently' after more than 50 years A POPULAR car dealership with over 120 locations has announced it is closing a branch after 50 years. Lookers is set to close its head office in Altrincham, after being based in Greater Manchester since 1973. Advertisement 1 Lookers is set to close its head office in Manchester Credit: Google Maps Rumours had been circulating that staff would be made redundant, but managing director James Brearley assured that this is not true. Instead, around 12 members of staff will be relocated to another Lookers site, in Stoke-on-Trent. Addressing the rumours, Mr Brearley told Car Dealer: "That is categorically not true and it's important we put the record straight," he said. "The Altrincham site will be closing imminently but that effects 12 staff all of whom will be moving to another of our site's in Stoke on Trent. Advertisement "There will be no redundancies." Lookers was taken over by Canadian company Global Auto Holdings in October 2023, in a deal worth £504 million. Following the takeover, a number of redundancies were made by the new owners. Lookers was founded in 1908 as a bicycle seller and eventually switched to cars. Advertisement By the 1960s, it was one of the leading chains, alongside Pendragon, Inchcape and Marshall. The dealership was hit hard by the pandemic, and axed 1500 jobs in 2020. Major UK car dealership closes down This comes after another car dealership, TC Harrison Ford in St Neots, Cambridgeshire, closed its doors for the last time earlier this month. The closure was confirmed after planners granted permission for a new retirement village to be built on the dealership's site last year. Advertisement TC Harrison confirmed last month that the dealership would close on May 16, 2025. Happily, there will be no job losses following the closure, with all business activities and staff to relocate to the the firm's Huntingdon branch, just 11 miles away. Why are so many car dealerships closing down? By Summer Raemason According to Business Rescue Expert there are multiple reasons why car dealerships are folding across the UK. The first major factor is rising online car sales which are beating in-person sales at dealerships. With an extensive range of comparison and second-hand sites to chose from, may car buyers don't even step foot into a dealership anymore. Secondly, the actual cost to physically run the sites has soared. Rent, wages and energy bills have all been increasing for roughly the past five years, putting many out of pocket. Car manufacturing across the globe was also hit by a semiconductor chip shortage in 2022 which made it difficult to produce new motors. The high demand with limited supply created a backlog, which although has eased, is still having an impact on the industry. A third reason for recent closures is the shift to electric cars. They are becoming more popular, given the Government initiative to be Net Zero in 2050. The industry is also affected when companies merge or are bought by rivals. This may lead to some independent names falling victim to the ongoing spate of closures. And a huge car dealership with over 91,000 vehicles currently on sale will close within weeks putting over 100 jobs at risk. The German online used car marketplace has made heavy losses since opening in the UK in 2019 when it looked to rival Auto Trader and Motors. Heycar's majority shareholder, Volkswagen Financial Services (VWFS), have pulled the plug leaving more than 126 employees across the UK, Germany, and France at risk of losing their jobs. Advertisement A large proportion of Heycar's employees are based in the UK. They are expected to close in the UK shortly after their closure in Germany, in mid-May. And a Volkswagen dealership in Wirral has also recently closed, after it's owner US-based Group 1 decided it was restructuring, as part of a £346 million deal. A Volkswagen spokesperson told the Globe: 'We can confirm that Group 1 Volkswagen Wirral ceased trading at the end of March and is now closed. Advertisement 'Our focus when any network changes take place remains on convenience and the highest levels of service. 'Customers have been contacted to advise them of alternative sales, service and parts facilities.' Hundreds of jobs are at risk due to the restructuring.
Scottish Sun
23-04-2025
- Automotive
- Scottish Sun
Little-known car brand ‘that rivals Tesla' with affordable EVs is ‘coming to the UK for first time'
The car brand is currently available in 60 markets globally CHARGE UP Little-known car brand 'that rivals Tesla' with affordable EVs is 'coming to the UK for first time' Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A CHINESE car brand is set to launch to launch in the UK later this year. Lepas is reportedly in talks with car dealerships across Britain as part of the move. Sign up for Scottish Sun newsletter Sign up 3 Lepas cars are rumoured to be hitting the UK market later this year Credit: AFP Car Dealer announced the news, revealing that sources had leaked the move despite reported non-disclosure agreements. A spokesperson for Lepas refused to confirm a UK launch while speaking at the Shanghai Motor Show. However, they did share the car firm has ongoing "strategic plans" in place. While details surrounding the reported launch are being kept under wraps, some UK dealers who have been in talks with Lepas shared what they could with the publication. According to Car Dealer, the dealerships had been told Lepas was planning to bring in B-segment cars, which are likely to be smaller SUVs based on Chery models currently badged as Tiggo. Motor experts guessed that these are likely to be cheaper, entry level cars. Lepas offers ICE, electric, and hybrid powertrains in other markets, such as South Africa and Australia. It is understood a launch may allow dealers currently representing Chery brands to sell Lepas models in existing showroom space. Car Dealer predicted that eventually Lepas showrooms will likely be independent of Omoda and Jaecoo. One unnamed dealer who said they are currently in talks with the car firm spoke to the outlet about the launch. Elon Musk's Cybertrucks are coming to Britain - and may spell the end of household bills "We've been told Lepas is likely to be a rival for Stellantis' Leapmotor and will come in at around the same price point," they said. Leapmotor, which launched in the UK earlier this year, in turn is considered a main competitor of Tesla. This means a Lepas launch could also rival the well-known manufacturer. "We think the cars will be smaller city car models at an affordable price point," the dealer continued. Chery, the largest exporter of cars from China for the past 22 years, exported 1.14 million vehicles globally in 2024. Omoda and Jaecoo models launched in the UK in September 2024 and February 2025 respectively. They are currently sold in 60 markets across the world. Car Dealer also spoke to a Chery spokesperson about the reported launch. "We are aware of the recent speculation regarding Chery and its future presence in the UK market," they said in a statement. "While we are not yet in a position to comment publicly on the specifics, we can confirm that strategic plans are progressing. "We appreciate the growing interest and look forward to providing a full update in due course. "We remain focused on continuing the momentum of the market implementation of Omoda and Jaecoo UK, which is the most successful market globally." Car Dealer also reported that Lepas cars will likely follow the same pricing strategy as Omoda and Jaecoo. The firm typically prices its cars at the same cost as models so they look extremely good value. They also come with seven-year, 100k-mile warranties and RAC cover for the lifetime of the warranty. 3 Lepas cars are currently available in 60 markets across the world Credit: Getty
The Sun
23-04-2025
- Automotive
- The Sun
Little-known car brand ‘that rivals Tesla' with affordable EVs is ‘coming to the UK for first time'
A CHINESE car brand is set to launch to launch in the UK later this year. Lepas is reportedly in talks with car dealerships across Britain as part of the move. 3 Car Dealer announced the news, revealing that sources had leaked the move despite reported non-disclosure agreements. A spokesperson for Lepas refused to confirm a UK launch while speaking at the Shanghai Motor Show. However, they did share the car firm has ongoing "strategic plans" in place. While details surrounding the reported launch are being kept under wraps, some UK dealers who have been in talks with Lepas shared what they could with the publication. According to Car Dealer, the dealerships had been told Lepas was planning to bring in B-segment cars, which are likely to be smaller SUVs based on Chery models currently badged as Tiggo. Motor experts guessed that these are likely to be cheaper, entry level cars. Lepas offers ICE, electric, and hybrid powertrains in other markets, such as South Africa and Australia. It is understood a launch may allow dealers currently representing Chery brands to sell Lepas models in existing showroom space. Car Dealer predicted that eventually Lepas showrooms will likely be independent of Omoda and Jaecoo. One unnamed dealer who said they are currently in talks with the car firm spoke to the outlet about the launch. Elon Musk's Cybertrucks are coming to Britain - and may spell the end of household bills "We've been told Lepas is likely to be a rival for Stellantis' Leapmotor and will come in at around the same price point," they said. Leapmotor, which launched in the UK earlier this year, in turn is considered a main competitor of Tesla. This means a Lepas launch could also rival the well-known manufacturer. "We think the cars will be smaller city car models at an affordable price point," the dealer continued. Chery, the largest exporter of cars from China for the past 22 years, exported 1.14 million vehicles globally in 2024. Omoda and Jaecoo models launched in the UK in September 2024 and February 2025 respectively. They are currently sold in 60 markets across the world. Car Dealer also spoke to a Chery spokesperson about the reported launch. "We are aware of the recent speculation regarding Chery and its future presence in the UK market," they said in a statement. "While we are not yet in a position to comment publicly on the specifics, we can confirm that strategic plans are progressing. "We appreciate the growing interest and look forward to providing a full update in due course. "We remain focused on continuing the momentum of the market implementation of Omoda and Jaecoo UK, which is the most successful market globally." Car Dealer also reported that Lepas cars will likely follow the same pricing strategy as Omoda and Jaecoo. The firm typically prices its cars at the same cost as models so they look extremely good value. They also come with seven-year, 100k-mile warranties and RAC cover for the lifetime of the warranty. 3
