A price wobble like this is expected. We saw it five years ago when BMW washed its hands of Rover Group and values suffered, but there was a gradual recovery.
Parker’s has been inundated with enquiries about how much cars are worth and whether now is a good time to sell. Our advice has been that values have slipped, particularly on cars still within their now worthless warranty, and could continue to do so for a while longer.
However, older cars should not be affected to the same extent and MG TF models will also fare better than the rest of the range because the market for roadsters is different.
The full extent of the price slump will not be known for some time, as most dealers with MGs or Rovers on the forecourt have been careful to wait until the aftermath of the company’s collapse.
Some dealers are keen to get rid of slow sellers, others are asking top prices – there’s a lot of confusion. But this is not the time for opportunism. It might be easy for a less scrupulous trader to try to pick up a cheap part-exchange car from a confused owner, then looking to make a few hundred extra on the car when things have settled down and prices stabilise.
An MG or Rover owner will respect a trader more if they are treated with honesty. Why not tell them now is not a good time to sell their car and they might get a fairer price if they come back in 12 months? You’d be more likely to see them again than if you just offered them bottom book or less.