Trade in valuation

[Migwire]

I've been enquiring about trading my current car against an S3 subject to the monthly payments being affordable.

The dealer replied yesterday quoting £490/month for an S3 Saloon with comfort pack, metallic paint and privacy glass.

They're valuing my current at £13500 with a settlement figure of £14900.

Now they're quoting February delivery which if was the case I'd sooner wait until March for the new reg. So that means in that time I'll have paid another £1550 off the balance of my current car. So, does the mean I wouldn't by then have as much negative equity? Or as they'd put the finance through now would I be locked into that deal and they'd effectively be scoring extra in the deal at their end?

This is the first time I've had a PCP to trade in so want to make sure I get the best deal.

Is selling privately a none starter given its still got finance owed?

Sent from my SM-G930F using Tapatalk

 

[Jassyo06]

You'll need ask as he could have given you the figures as they will be come February

 

[Jassyo06]

You can sell your car privately even on a pcp deal

 

[Jassyo06]

The negative equity is adding about £30 to your monthly payments

 

[Migwire]

Yeah, I thought it was about £40.

I've already asked the dealer if the figures are based upon now or in February.

I'll contact Orangewheels tomorrow and get a quote from them.

I did mention the A3 2.0 TFSI BE saloon to him also and he quoted £393/month. So does that mean the S3 is approximately £4000 more than the A3 being £100 or so?

Orange wheels prices the S3 saloon with options mentioned around £5500 more than the A3 BE.

Getting myself confused trying to work out which is the better deal.

What's the score with selling privately?


Sent from my SM-G930F using Tapatalk

 

[Jassyo06]

Yeah, I thought it was about £40.

I've already asked the dealer if the figures are based upon now or in February.

I'll contact Orangewheels tomorrow and get a quote from them.

I did mention the A3 2.0 TFSI BE saloon to him also and he quoted £393/month. So does that mean the S3 is approximately £4000 more than the A3 being £100 or so?

Orange wheels prices the S3 saloon with options mentioned around £5500 more than the A3 BE.

Getting myself confused trying to work out which is the better deal.

What's the score with selling privately?


Sent from my SM-G930F using Tapatalk

What car are you selling? it will cost £46 with 4 photos on Autotrader, arrangements would be the buyer to pay you the money into your bank account and directly after that ,you pay the "finance company via phone with your card details "the settlement figure,and NOT the dealer

 

[Soulboy]

I would imagine that the p/X figure is at today's valuation.

So assuming that is the case....

You will be paying a few months extra payments between now and March.
Some of each payment is capital and some interest.

So come March, your outstanding PCP will be less. BUT your cars value will also have dropped as it's 4 months older.
However, it should usually still work in your favour the more payments you make...as you will be chipping away at capital faster than the car is depreciating after a year or two....the opposite of when a car is brand new.

But who knows what trade in values will be in March?
We could get a hike in new car prices due to GBP/euro f/X rate?
The autumn budget is being forecast to hit company car holders hard?
Will Donald Trump win and spark another mini financial crisis?

Who knows?!?!
All these and any number of other things (eg Dieselgate) will affect p/x prices.

 

[DrEskimo]

Take your car out of the equation first.

I work out the approximate value of my car using WBAC, find out my outstanding balance then calculate what equity I have.

I then go to dealers saying I want X car with, for example, £4k deposit. I can then calculate the exact discount the dealer is offering me. Best I managed was 14% on a S3 Hatchback. I then told them about my P/X and try and get them to get as close to my approximation (e.g. £4k equity) and decide if I want to do the deal.

So my first question would be, what is the RRP of the S3 and how much are they offering it to you for?

The GFV will vary by each model, but the interest is low so this doesn't affect the monthlies too much. What will have the biggest impact is the difference between the discount price and the GFV (as you are paying interest and capital on this amount). Therefore maximising the discount is the priority to minimise this differential.

Once you have a price you are happy with you can play around with the upfront payment (deposit if you want..) and the monthlies to get it to suit you. The higher deposit, the less you will pay in interest, but it is only marginal so you need to decide how you want to pay it. I guess the best way is to go as high with the monthlies as you can afford. If you want to put more towards the upfront payment to lower those monthlies you can at any time.

Given that interest rates are so low, keeping the money in the bank is pretty daft, so may as well max out the upfront payment to pay slightly less overall.

Hope that helps!

 

[Migwire]

Dealer just replied, the figures are based on now and he says that should the value v settlement be better come delivery time then that will reduce the negative equity. If it were to be worse, he'd use today's quote.



Sent from my SM-G930F using Tapatalk

 

[Migwire]

What car are you selling? it will cost £46 with 4 photos on Autotrader, arrangements would be the buyer to pay you the money into your bank account and directly after that ,you pay the "finance company via phone with your card details "the settlement figure,and NOT the dealer

It's a 2014 A3 Sport 184 TDI, 27700mi

Sent from my SM-G930F using Tapatalk

 

[Jassyo06]

It's a 2014 A3 Sport 184 TDI, 27700mi

Sent from my SM-G930F using Tapatalk

When you feel it's the right time to sell, try it you have nothing to lose and a lot to gain

I could have sold my several times over within a week but l just couldn't find MY next car at that point in time

 

[Migwire]

Where's the best place to get a valuation?

Sent from my SM-G930F using Tapatalk

 

[Jassyo06]

Where's the best place to get a valuation?

Sent from my SM-G930F using Tapatalk

Don't go near car buying sites that's for sure, as they will offer the same as Audi when l put my details in for my car on Autotrader it told me what my cars asking price was l posted a price slightly higher, but you would need to pay for the privilege ie advertise it

 

[KenL]

Have you tried valuing the car on audi website?

m.audi.co.uk/used-cars/value-your-vehicle.html

I would not be changing now with such a level of negative equity.

 

[Migwire]

Have you tried valuing the car on audi website?

m.audi.co.uk/used-cars/value-your-vehicle.html

I would not be changing now with such a level of negative equity.

Yes, it came out at £13800. I was debating hanging for until June when I reach the VT point.

Sent from my SM-G930F using Tapatalk

 

[Scottyg]

Have a look a John Clarke Audi in Aberdeen. Doing some excellent deals on S3s just now both manual, s-tronic, Hatch, SB and saloon.
http://www.john-clark.co.uk/audi/new-offers/audi-a3/

 

[S32B]

If your current car is on a PCP and in negative equity, then just do a voluntary termination and let them take it back = cost you nothing. Then start fresh with the new car and get the most discount you can.

My sister did it with her VW, she owed more than what the car was worth with about 6 months of the PCP deal left, she did the VT and got another PCP with Ford. Even if she had kept paying right up until the end, the final figure to owe was still higher than what the car was worth at the time, so it would have been worth even less six months later!

Come March I'll be around £500 in negative equity, but I may just pay that off as I'll need a main service and new tyres around the start of next spring if I keep it....so I see it as I'm spending £500 either way! (Man math)

 

[Migwire]

If your current car is on a PCP and in negative equity, then just do a voluntary termination and let them take it back = cost you nothing. Then start fresh with the new car and get the most discount you can.

My sister did it with her VW, she owed more than what the car was worth with about 6 months of the PCP deal left, she did the VT and got another PCP with Ford. Even if she had kept paying right up until the end, the final figure to owe was still higher than what the car was worth at the time, so it would have been worth even less six months later!

Come March I'll be around £500 in negative equity, but I may just pay that off as I'll need a main service and new tyres around the start of next spring if I keep it....so I see it as I'm spending £500 either way! (Man math)

Yeah, I haven't hit the VT point yet. So it's either pay almost £3000 to VT it or trade it in with £1400 negative equity.

Sent from my SM-G930F using Tapatalk

 

[RichardT]

The GFV will vary by each model, but the interest is low so this doesn't affect the monthlies too much. What will have the biggest impact is the difference between the discount price and the GFV (as you are paying interest and capital on this amount).

This is a good overview. But strictly speaking, even on PCP you will be paying interest on the total amount borrowed (ie the cost of the car les any deposit) It's just the capital that is only partially paying back, with a lump sum at the end of the term.

 

[DrEskimo]

This is a good overview. But strictly speaking, even on PCP you will be paying interest on the total amount borrowed (ie the cost of the car les any deposit) It's just the capital that is only partially paying back, with a lump sum at the end of the term.

Indeed. Its just when I was comparing PCP deals across models, it was the difference between the discounted price and GFV which largely dictated the monthly cost, not the overall cost of the car or the size of the final payment.

 

[Migwire]

Have a look a John Clarke Audi in Aberdeen. Doing some excellent deals on S3s just now both manual, s-tronic, Hatch, SB and saloon.
http://www.john-clark.co.uk/audi/new-offers/audi-a3/

Spoke to them earlier. Seemed quite eager to offload a 16 plate PFL off on me. Waiting on them coming back to me.

Sent from my SM-G930F using Tapatalk

 

[Scottyg]

Good luck. Haggle haggle and haggle some more.
Don't get caught with you

 

[Migwire]

Good luck. Haggle haggle and haggle some more.
Don't get caught with you View attachment 109526

Yeah, I know what price I'm prepared to pay and will wait until I reach that price if need be.

When I said I was after a manual he said they don't really get them. Which sounds more like he's trying to offload existing stock rather than order a new one.

Sent from my SM-G930F using Tapatalk

 

[Jassyo06]

Spoke to them earlier. Seemed quite eager to offload a 16 plate PFL off on me. Waiting on them coming back to me.

Sent from my SM-G930F using Tapatalk

If it's a late 16 plate it's either going to have a gash spec or a uber spec.... as like most on there approved used site, good luck mate hope you get what you want

 

[Jassyo06]

Yeah, I know what price I'm prepared to pay and will wait until I reach that price if need be.

When I said I was after a manual he said they don't really get them. Which sounds more like he's trying to offload existing stock rather than order a new one.

Sent from my SM-G930F using Tapatalk

Thats true especially at the end of line models mate ie PFL

 

[Migwire]

If it's a late 16 plate it's either going to have a gash spec or a uber spec.... as like most on there approved used site, good luck mate hope you get what you want

He's sent me the spec but it's hard to make out in the email.

Just wondering, as I valued my vehicle on their site, and he emailed me, could this possibly be a used car salesman? Are do they do both new and used?

Sent from my SM-G930F using Tapatalk

 

[Jassyo06]

He's sent me the spec but it's hard to make out in the email.

Just wondering, as I valued my vehicle on their site, and he emailed me, could this possibly be a used car salesman? Are do they do both new and used?

Sent from my SM-G930F using Tapatalk

My son sells both, they all do.....

 

[Migwire]

Audi S3 Navigation s-tronic
Panther black crystal effect

Optional extras:
WBI comfort pack

PS6 s Sports seat
7P1 electric lumbar support
Q4P bucket seats

8T2 cruise control

And that's it.

Registered 05/04/16


Sent from my SM-G930F using Tapatalk

 

[Jassyo06]

Audi S3 Navigation s-tronic
Panther black crystal effect

Optional extras:
WBI comfort pack

PS6 s Sports seat
7P1 electric lumbar support
Q4P bucket seats

8T2 cruise control

And that's it.

Registered 05/04/16


Sent from my SM-G930F using Tapatalk

Folding mirrors and privacy would have been nicer...lol

Still not a bad spec it's got £2k worth of options roughly options

 

[Migwire]

Folding mirrors and privacy would have been nicer...lol

Still not a bad spec it's got £2k worth of options roughly options

Actually privacy is there. There's a flaming banner over the spec ***

Sent from my SM-G930F using Tapatalk

 

[Migwire]

Sent from my SM-G930F using Tapatalk

 

[Migwire]

Oh and the deal breaker; "it's got less than 6000 miles on it".

I assume a used Audi attracts the 10.9% APR?

Sent from my SM-G930F using Tapatalk

 

[Jassyo06]

View attachment 109529

Sent from my SM-G930F using Tapatalk

It's worth a butchers at least....

 

[Jassyo06]

Oh and the deal breaker; "it's got less than 6000 miles on it".

I assume a used Audi attracts the 10.9% APR?

Sent from my SM-G930F using Tapatalk

Yeah mate, but it could be a little lower under 10%.....

 

[h5djr]

Yes, it came out at £13800. I was debating hanging for until June when I reach the VT point.

Sent from my SM-G930F using Tapatalk

I have a similar model - A3 2.0 TDI 184 Sportback Sport trim s-tronic quattro - April 2014 - 33k miles and the Audi site has just given me a valuation of £15,000 for Good Condition and £15,750 for Excellent Condition. I am going for anyone similar model and so far have been quoted 10.2% and 11.2% by two dealers on CarWow. One of them is my normal dealer so all I have to do now is arrange a meeting with him.

The other option I am considering is keeping my car for another year and taking out an Extended Warranty. But at around 36k I'm going to need a service, an oil change for the s-tronic and four new tyres. Obviously the value of my car will go down in another 12 months as well. It was a cash buy so no outstanding finance or PCP to worry about.

Decisions, Decisions !!

 

[Migwire]

No one appears to have bettered Coast2Coast so far.

Consistently cheaper than Orangewheels even.

Have up on carwow a while ago after a couple of dealers refused to accept trade in, Coventry Audi said they required a 5% deposit plus trade in and generally their prices aren't anywhere near Orangewheels and C2C.

Sent from my SM-G930F using Tapatalk

 

[h5djr]

I am just some idea of costs at the moment. I much prefer to actually purchase my car from my local dealer - the same guy who does their CarWow sales. He has always said he would better any CarWow quote if I buy direct from him. So far I have purchased nine A3s from him so it will interesting to see what he can offer this time. He has always given me a good trade-in as well and often has a customer wait for a car to the same spec as mine so it never stays with him long. Up to now I have purchased all my cars for cash but I may well consider a PCP this time.

 

[Migwire]

I am just some idea of costs at the moment. I much prefer to actually purchase my car from my local dealer - the same guy who does their CarWow sales. He has always said he would better any CarWow quote if I buy direct from him. So far I have purchased nine A3s from him so it will interesting to see what he can offer this time. He has always given me a good trade-in as well and often has a customer wait for a car to the same spec as mine so it never stays with him long. Up to now I have purchased all my cars for cash but I may well consider a PCP this time.

Given the discounts available for finance, I'd take a PCP and if I had the cash pay it off the very next day. You get the finance discount on top of the usual discount and not pay any interest.

Sent from my SM-G930F using Tapatalk