Moley

iTrader: (9)

What with dealers not wanting any more cars at the moment (i assume), therefore offering silly part-ex prices, what is the worse offer you've heard of so far?

We had a guy ring today who has a 2004 Porsche Cayenne S (4500cc i think).... been offered £10k buy a Porsche main dealer

pippyrips

ouch!

I know of a 9 month old 911 turbo that went for £59,000. It was £110,000 new...

rickya

iTrader: (18)

On pistonheads there was a post this week about auction in Colchester biggest auction place in Europe, you should have seen the bargains.

55 plate Cayman S £22k & 07 BMW 750il for £18k!!!

Moley

iTrader: (9)

Just a bit.
The guy who owns it still has 2 years of repayments left on the finance....at £500 per month.

Big ouch!!!

Jamo

iTrader: (23)

have you heard about the dodge jeep offer? buy one get one free!! lol

scooby_matt

I'm in the unusual position where I'm wanting to move from a diesel Golf (the kind of car you'd think people would want at the moment) to a Scoob. I'm not wanting silly money for mine and it's one of the better examples around, but getting a decent P/X price is impossible.
I paid £6500 5 months ago and would take £5k for it (similar ones are selling for £6.5k on forecourts) but nowhere seems interested. Been offered as low as £3.5k which is ridiculous. I was told by a Mazda dealership that they weren't interested in selling anything unless the deal gives £2k profit .

Obviously, I'll hang on to the Golf and keep my money in the bank.

I have no sympathy for greedy car dealerships who aren't interested in making £500 per deal in this climate and are slowly going down the pan.

logiclee

Yeh but only on the absolutely crap Dodge Avenger with 2.4 4 cylinnder petrol engine and auto box.

Cheers
Lee

zip106

That will only leave him £2K short.
If he's paid half of total borrowing through a HP deal he can give the car back to the finance company with no penalties.
Voluntary Termination.

scoobynutta555

Have no sympathy for whoever it is!

j4ckos mate

its the cost of petrol and the road tax,

Jimpreza

Completely agree. My mate did this with his skoda superb. I reckon this could become popular the way cars are currently depreciating.

XRS

Looked at a nearly new Galaxy this week. They valued our 04 Galaxy for p/ex (it is top of the range with all the goodies) at £4,500 below an identical (but higher mileage) car they had on the forecourt

Matteeboy

It's a REALLY bad time to have a car on any sort of finance at the moment!

I'm glad we own ours outright as I reckon they are worth mere pence each. Oh well - they work. That's all that really matters in this financial climate.
£10k for a 2004 Cayenne S though - OUCH!!!

zip106

Why?
Depends on individual circumstance, surely?

billythekid

Christ, thats mental. At first I read it as CAYMAN... but even so... thats mad.

RyanSTI

iTrader: (1)

that sounds about right, there bad news for car dealers, if somone roles up in a rr sport or a caynee, first thing i say is thats worth nothing and gauge there reaction. dont blame the car dealers blame the govenment and everyone else for the sell theres, markets terrible for that type of car.

at the end of the day the cars your looking to purchase have also dropped in value so the atual price you pay is exactly the same.

Matteeboy

Errrrmmm - look at the above example! Cars getting terrible trade in prices that are bound to often be below what's owed on finance.

If I had a £50k Cayenne S mostly on finance, I'd be pretty peed off if the highes trade in value I could get was £10k. That's negative car equity - very very nasty.

Boro

iTrader: (1)

That where halves and thirds comes in. Back in 1998 the same thing happened. Loads of people were handing their cars back to finance companies which left them losing millions of £'s

Its surprising how many people dont even know about the halves and thirds rule.

RyanSTI

iTrader: (1)

you've got to be very rich or very short sighted to buy a car with cash these days.

i cant understand why you would want to, your not gonna keep the car for the rest of your life your gonna change it in 2-3 years time, so why pay all that money for it, id rather pay a snippet every month then just hand it back when i wanted a change, or if im lucky use that equity to roll onto my new car.

Puff The Magic Wagon!

iTrader: (2)

Makes me feel happier.

I knew my XC would be worth very little compared w' others with lower mileage but it looks like we're all going to be in the same boat & it's paid off in a year

Boro

iTrader: (1)

I cant understand buying brand new but then i never have, even before the whole credit crunch or car price shinanigans of the late 90's. But then, if youve got the money and dont mind losing a few bob on depreciation, i can see the appeal of driving brand new.

rossyboy

iTrader: (8)

So let me get this straight. If you've paid half the amount owing, you can just give them the car back and it wont affect your credit rating?

My car will be worth about £3000 when half the finance is paid, but I will still owe £4300. Would I then be better off just giving them the car back and getting another on a different deal?

billythekid

Yes, as you will save the remaining payments - so once you get to 50% you just hand it back and thats it.

These days though, the 50% mark can be quite late on in the deal though, as PCP tends to keep the payments low via the GFV so say you buy a car at £25k with a GFV of £13k, total borrowed might be £30k after interest, so you have to hit £15k before you can hand it back. On very rough figures this would be £425 a month for 3 years and you would be almost at the end of the PCP before you got to 50%. IYSWIM.

zip106

So if the trade in value is below the settlement figure then it pays to do a voluntary termination.
I've just done this and then gone an bought another car on finance with the same finance company.
I can afford it but what I won't do is pay for the negative equity when I come to get rid of it.


In an ideal world none of us would have finance on any car, but it ain't an ideal world...

Shark Man

NSX: £12K

And thats cheap to tax too

RJM25R

iTrader: (1)

Main dealer will just go bust doing deals for 500 quid.

It's not greed, it'll cost them that to actually break even! Showroom to pay for, advertisig, commission etc etc

RJM25R

iTrader: (1)

There's lots of people out there who'll have a shock trying this! As far as VT is concerned, it is correct that it doesn't affect your credit rating per-se, but there's lots of people who've VT'd before, and they'll now be on an unregulated deal (IE no halves/thirds) which is just like a personal loan.

RJM25R

iTrader: (1)

Did you have a PCP or a HP agreement?

davyboy

I could have a company car, or be given money each month to buy a car. Either way it costs about 300-400 a month.

I have to have a car, so I can lose the extra cash and get taxed more, or I could borrow and buy the car I feel suits me best.

Or in answer to Boro.

Buying a new car with warrenty gives you a good idea of what you will spend each month if you only keep it 3 years etc. Sure you can buy an old one for 50% less that has finished it's warrenty period, but even a electrical fault of replacement headlamp unit could see you £1000 down on top of the service/MOT. It's a gamble.....and I lost it this year. I needed a new headlamp unit and manifold bit

zip106

HP.
New one is also HP.