Hi,

having owned my P1 for a few months now, I am convinced it is one of the most stunning cars I have ever owned with a following that will surely elevate it to cult status.

When I bought the P1, I assumed that given its appeal and relatively limited numbers, depreciation would not be a huge concern..well be warned.

For a variety of reasons, I now require a car which is a little larger and therefore the scooby has to go. Having called a few dealers for a price, I am appalled at being offered around £24K for what they will gladly charge the next mug £30K.

I am told that the uprated brakes, exhaust & gauge pack which I was encouraged to have fitted (for a further £3k) have little or no effect on the price I am offered.

Rather than line the dealers pockets any further I am now going to sell the car privately for 26K to the first good home.

Sorry for the rant - but hopefully it will be worth it if someone out there is looking for a P1 and it prevents them for having to cough over hard earned readies to an already fat dealer network.

Thanks
Rod

 

I'm just in the process of buying a P1 - and one of the reasons is because I believe it will hold it's value better than a standard car ( My MY00 has lost £1,300 a month, since March, apparantly )

I don't quite believe it but Parker's and Glass's say much the same. If you can, sell privately as the dealers look to make 1-2,000 at least per car.

Sorry to hear that you're having to get rid of it and hope it finds a good home. Now, to try and get a reasonable insurance quote.....

Dave.

 

Dave, I hope you are about to phone Rum, I hate to think what he would have to say if he knew there was a P1 owner out there that has not insured it with him

 

I have phoned Rum who has got me a good quote ( thanks Rum ) - I think I expected cost to be relative to a standard car + 25% say.

As it stands it's more like 140% ...... :-(

I thought the standard car was Group 17, P1 is 19/20 ( at most ) and value is only 6k more than I paid for my standard one originally, and all circumstances are the same.

[This message has been edited by Dave25 (edited 14 December 2000).]

 

Dave25,

You SURE your MY00 has lost £1300 a month since march?? By my calculations that means it has lost £11700 since you got it (assuming you bought it in March that is)!!!

You really trying to tell me that it is only worth 10 grand now???

 

After 6 months with 12K on the clock my UK DBM turbo with P7 17" alloys was "worth" 17K alledgedly, cost me 24K new...

Dave25 - the P1 is a group 20 SPECIAL, ie weighted group 20, so could be equiv to group 21/22 if they existed!

rgds, Alex

[This message has been edited by DrEvil (edited 14 December 2000).]

 

Paid best part of £22 grand for my new 99my V plated UK 5Dr

Worth now 15 months later £13,500 tops Trade, so its lost £8,500 english pounds in just over a year or £566 a month :0!!

Will I ever be buying a brand new car in the UK again.........err NO!!

I could'nt afford to swap it now anyway even if I wanted to...!!!

 

How big a doofus am I?

It's actually about £830 a month ( trading in at 15500 ) My mate mentioned 1300 a month and I never checked it out.

So, it's not a large amount at all is it!!

Anyone considering a P1 should look into the insurance first. Real shock to me.

Dave.

 

Dave,

That value is scaring me!!! I have a MY00 I bought in May, it has 13.5k miles and no extras at all..

I may (in the very near future) be moving on, whereby the Co. Car scheme will be better given the no. of miles + a fuel card!!etc.

My very real worry is that I am going to be stuck with a large gap between, what I owe and what it's worth!! PANIC!!

However, I did invest in 'Gap' Insurance, which I believe is meant to cover the this eventuality. BUT I don't know whether this only applys if you stuff it or simply sell it? Must check!

What a nightmare, one of the reasons I thought a Scooby would be good value, was because it depreciated so slowly. Seems thats out the window then?!

Jamie

 

Pah! A measly £830 a month!!!

My 93 WRX has lost around between £1500 and £2000 per month since September. The dealer must have had very large windows 'cos he saw me coming from a long way off!

Jerome.

 

The thing to remember is that at the moment the entire car market is in chaos. This has hit EVERY used car hard. Most cars lose the most in the first year anyway.

If you keep your car for 3 years then things will have stablised by then. The important thing to remember is not to panic and sell in a chaotic market. That is the surefire way to lose loads of money.

If you think you will be owing more than the value of the car then keep the car for longer(if you can) and pay it off as per a normal loan. Arrange new finance before the term of the existing finance runs out so you don't hit any penalty clauses.

The MK1 Impreza will be a classic car in the same way as the integrale and cosworth but it will take time for the market to realise that. There are loads around at the moment so make sure your car is always serviced on time, is as tidy as you can make it and keep all the standard parts you can so you can swap out and sell mods seperatley when you come to sell it.

Everyone who drives any newish car is having the same nightmare at the moment so forget about it and enjoy the car.

 

Hi b1org
Have you considered selling off the upgrades seperatley? I reckon £26k is a very fair price for the car as standard but timing is bad (Xmas!!).
I am sure there would be interest in the brake upgrade etc. on this site and you may be able to recoup some of your dosh.
Hope you have better luck in the New Year
Cheers

Nige K

 

Rod
You haven't mentioned mileage yet (I think). If dealers are selling new cars at 28 grand, 26 for a secondhand one is going to seem a little steep? Nige Ks suggestion about selling the upgrades separately makes sense to me.
Keep the car buy a trailer and tow bar for it, you know you want to!
Jason

 

Jerome,

How much did you pay for a 93 WRX to lose 6-8k in 4 months???

Surely you didn't pay like 13-15k?????

MattN

 

[QUOTE]Originally posted by JasonHook:
[B]Rod
Fraid a tow bar is out, Subaru say NO!!!!!! on the P1

Nige K

[This message has been edited by NIGE K (edited 16 December 2000).]

 

Nige
You're kinding?! I must admit I was kidding but no tow bar? Can't see why not...
BTW how are you getting on selling it?
Jason

 

Jim,

GAP insurance will ONLY cover you the short fall, when the car is stolen or written off!!!! Sorry

I was lucky then with the old scooby!!! I only lost 1500 pounds in 6 months.....but then I did buy it from Harj as a personal import at a VERY GOOD price!!!

Looks like my Cossie has only depreciated a value of 97 ukp per month since new then....I'm thankful for small mercys!

Shaun.