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Racing Teatray

Cheek

Cheek never dies in the motor industry…

Took my wife's 63-plate 500 in for evaluation at the supplying main dealer, who had written to her saying they were keen to have her car back due to a shortage of good used stock. Trust me, apart from some kerbing marks on three of the alloys and a chip in the windscreen, it hasn't a mark on it, inside or out, is a popular colour scheme, good spec (Lounge with Nav), has full Fiat service history and has just 12k on the clock. The chap who assessed it was even moved to comment what a particularly clean example it was. So you can imagine my raised eyebrow when the part-ex valuation came back at £4,900 (below the GFV). When pressed, the dealer said they had made an allowance of £700 for damage to the vehicle that needed to be fixed… So given it will cost me about £120 all-in to refurbish the three (tiny) alloys (and therefore I expect it would cost Fiat less at trade prices), that's one fucking expensive windscreen, assuming they wouldn't just fill the chip. I couldn't resist saying so and since I expect we could easily get £6k for it privately, I've told them politely to get knotted.

Pretty good deal on offer on a new one though - £900 discount and £2,750 deposit contribution, and 3.1% APR.
Big Blue

Ouch: below GFV at 4k per annum? Theft is what I'd call that.
gooner

Given how quickly my brother's knocking out 500s now he's a Fiat salesman, I bet they wouldn't even bother with the repairs and we're hoping for a quick and rather tidy profit.
Roadsterstu

So get the wheels refurbed yourself and use your insurance, paying the 80 quid or so excess, for the windscreen?
Racing Teatray

Big Blue wrote:
Ouch: below GFV at 4k per annum? Theft is what I'd call that.


Indeed. And to be honest, I cannot really see us changing it at that valuation. Simply not worth it.
Bob Sacamano

It all depends on how keen they are to make the sale and meet sales figures. I think you might get a call with an improved offer in a week or two, especially if you take their finance.
Frank Bullitt

Re: Cheek

Racing Teatray wrote:
...So you can imagine my raised eyebrow when the part-ex valuation came back at £4,900 (below the GFV). When pressed, the dealer said they had made an allowance of £700 for damage to the vehicle that needed to be fixed…

...I expect we could easily get £6k for it privately, I've told them politely to get knotted.

Pretty good deal on offer on a new one though - £900 discount and £2,750 deposit contribution, and 3.1% APR.


I suspect all of the above is linked - had it been a GFV offer with the difference taken out of the deposit contribution you'd probably not be cheesed off but they are essentially giving you subsidised finance and £3,650 off the front end of the car. Somebody has to pay for that!

Assuming it's a new 105 twin air lounge cabrio that's basically matching online broker price with subsidised finance.
Racing Teatray

Re: Cheek

Frank Bullitt wrote:
Racing Teatray wrote:
...So you can imagine my raised eyebrow when the part-ex valuation came back at £4,900 (below the GFV). When pressed, the dealer said they had made an allowance of £700 for damage to the vehicle that needed to be fixed…

...I expect we could easily get £6k for it privately, I've told them politely to get knotted.

Pretty good deal on offer on a new one though - £900 discount and £2,750 deposit contribution, and 3.1% APR.


I suspect all of the above is linked - had it been a GFV offer with the difference taken out of the deposit contribution you'd probably not be cheesed off but they are essentially giving you subsidised finance and £3,650 off the front end of the car. Somebody has to pay for that!

Assuming it's a new 105 twin air lounge cabrio that's basically matching online broker price with subsidised finance.


Yes, but the broker will do it even if you have no part-ex. As to be fair will this dealer. I'm just mildly surprised given what a song and dance they made about needing stock, and I would have thought my wife's car was perfect Approved Used fodder. They did up their offer by £300 when I quibbled but that was still well below the GFV, so they can't want it that badly. Pretty sure they'd retail it for at least £7k, this being central London.
Frank Bullitt

Exactly, that is true (or should be) for every PCP deal - buy it at GMFV, sell it at private retail and you will make money.

It's a shame on timing as it sounds ideal for Mrs FB but we are about 6 months away
Humphrey The Pug

Offer you £4900, impove it by £300 so £5200, they do the alloys and windscreen repair so it owes them £5400, you reckon it will retail at £7k; give or take a hundred, sounds a fair shout tbf.
Stuntman

I have to agree with Humph if £7k is a fair retail price.  Might be a little more wriggle room, but not much!

But like you, I certainly wouldn't get rid of it for £5200 unless I wanted the new one and was thinking laterally about the cost to change.  How keen can they deal on that Riva thingy?
Racing Teatray

The Riva hasn't launched yet so impossible to get them to discuss.

Must confess the residuals on the 500 do seem decidedly poor. I was expecting better given how wildly popular they seem to be. A new Twinair 85 Lounge hatch like ours would set you back £14k full list. A part-ex of £5k after 3 years and 12k miles is verging on upsetting.

I did today spot a 13-plate Twinair Lounge cabrio manual with barely 3k miles on the clock in a fetching metallic grey with all the options (nav, cream and orangey-tan hide, xenons (!), parking sensors etc) at a main dealer up at £8.8k and it crossed my mind that I could simply get that instead of a new one...
Bryan M

That sounds like a plan, pop a non dating plate on it if you want to hide the age and jobs a good un!
Martin

That sounds like a much better option and with that mileage it's pretty much new anyway.
Frank Bullitt

Get it bought
Humphrey The Pug

What is the GFV figure Racing?
Racing Teatray

£5400 or thereabouts.
cbeaks1

A lot of the second hand market has gone very south in the last 6 months or so. GFV's given then are often way more than the CAP clean values, so any deals have to consider the negative equity.

There are so many 500's I'm not at all surprised the values are lower than the GFV.

The being desperate for you quality part ex is flannel, but I doubt they are lifting your leg too much. Given you can take it or leave it tell them what you need them to do.
gooner

The residuals don't surprise me. My brother can get a new one from order to delivery in a matter of weeks, sometimes as little as two weeks if the colour is coming off the production line at the right time. Fair to say they are being knocked out the factory in pretty high numbers and there's a massive supply of second hand ones. There's almost 4000 of them on Autotrader right now.

This is my favourite but I don't imagine your other half will go for it!

http://www.autotrader.co.uk/classified/advert/201604122878544
Frank Bullitt

One of my team has just taken delivery of a 1.2 Lounge in white - it took 4 weeks to arrive but only because she wanted Italian stripes on it which needed adding (they are all sent from stock to one place in the uk of not factory ordered) which added 3 weeks to the process.

She had her pick of colours
Racing Teatray

We apparently would need a factory order if we want a Twinair 105 cabrio in a picky colour scheme, because the majority of buyers go for the deathly 1.2.

Just arrived in Italy for a long weekend and the Avis lottery has thrown up an upgrade from my allotted Panda to a white Audi A1 Tdi with a DSG box. Think it might be a Sport as it has Xenons. Which is interesting, because I had suggested to her indoors that an A1 could be an alternative (given the price of 500Cs and the better A1 residuals) and she had taken one look at a passing example in London previously and dismissed it out of hand as "dull. I am hoping longer exposure might make her reconsider... My first impressions having just polished off an hour and a half's motorway from Bologna to Fano is that it is rather nice. Very refined on the motorway, OK performance, excellent gearbox (has flappy paddles), a nice interior and an unexpectedly good stereo system which was a doddle to sync to my iPhone meaning I can listen to my own music rather than Italian talk radio.
PG

Racing Teatray wrote:
I did today spot a 13-plate Twinair Lounge cabrio manual with barely 3k miles on the clock in a fetching metallic grey with all the options (nav, cream and orangey-tan hide, xenons (!), parking sensors etc) at a main dealer up at £8.8k and it crossed my mind that I could simply get that instead of a new one...


I reckon you'd get money off that price too. But against a second hand one, you'd maybe get offered a worse trade-in value?
Roadsterstu

PG wrote:
Racing Teatray wrote:
I did today spot a 13-plate Twinair Lounge cabrio manual with barely 3k miles on the clock in a fetching metallic grey with all the options (nav, cream and orangey-tan hide, xenons (!), parking sensors etc) at a main dealer up at £8.8k and it crossed my mind that I could simply get that instead of a new one...


I reckon you'd get money off that price too. But against a second hand one, you'd maybe get offered a worse trade-in value?


More hassle but repair screen using insurance, refurb alloys and sell your privately.
Roadsterstu

Racing Teatray wrote:
The Riva hasn't launched yet so impossible to get them to discuss.

Must confess the residuals on the 500 do seem decidedly poor. I was expecting better given how wildly popular they seem to be. A new Twinair 85 Lounge hatch like ours would set you back £14k full list. A part-ex of £5k after 3 years and 12k miles is verging on upsetting.

I did today spot a 13-plate Twinair Lounge cabrio manual with barely 3k miles on the clock in a fetching metallic grey with all the options (nav, cream and orangey-tan hide, xenons (!), parking sensors etc) at a main dealer up at £8.8k and it crossed my mind that I could simply get that instead of a new one...


The one at Arnold Shark, Irvine?
Tim

Roadsterstu wrote:
Racing Teatray wrote:
The Riva hasn't launched yet so impossible to get them to discuss.

Must confess the residuals on the 500 do seem decidedly poor. I was expecting better given how wildly popular they seem to be. A new Twinair 85 Lounge hatch like ours would set you back £14k full list. A part-ex of £5k after 3 years and 12k miles is verging on upsetting.

I did today spot a 13-plate Twinair Lounge cabrio manual with barely 3k miles on the clock in a fetching metallic grey with all the options (nav, cream and orangey-tan hide, xenons (!), parking sensors etc) at a main dealer up at £8.8k and it crossed my mind that I could simply get that instead of a new one...


The one at Arnold Shark, Irvine?


It's probably done 103k  
Racing Teatray

Mmm, yes.
Resident Spanner

Residuals are poor because they're knocking them out left, right and centre and the build quality mechanically is pretty shoddy so when they start to age a bit they'll start needing a fair few parts fitting.
gonnabuildabuggy

Frank Bullitt wrote:
Get it bought


This. +10
Chris M Wanted a V-10

Big Blue wrote:
Ouch: below GFV at 4k per annum? Theft is what I'd call that.

I did OK with the Ka, and it was me who approached the dealer about changing early rather than them approaching me  

.... and I changed for something somewhat better than having the same again
cbeaks1

You changed at the right time Chris, I can assure you.

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