Selling a car immediately after a scrappage deal

onrail

Based in NI, I've an old Golf to trade in, probably worth £1300-£1400 as a trade-in. There are a few issues with it, so I wouldn't expect much interest if I were to sell privately.

I have typically had no interest whatsoever in buying a new car - the economics make very little sense. However Hyundai are currently offering £4000 + trade-in value as scrappage to buy a brand new i30.

I realise that the car will lose a fair chunk of its value once I drive it out of the forecourt (and that a new year is approaching), but is there advantage to be gained from simply selling up within a few weeks, cashing a profit > than the trade-in value?

Any thoughts/experiences?

Lantus

I think you need to have owned the car for some time to prevent flipping scrappage cars like this. Check with dealer.

Only ré read last bit... Nonsense. No you wouldn't. All these cars are bought on credit. You provide no warranty or come back as a private sale and the customer is robbed of the new car purchase in order to save probably 100 quid.

Stallingrad

Nice idea but you will really struggle to sell a car a few weeks old even 5k shy of the asking price. You may break even if lucky, or loose on the deal.

JeffKenna

I wouldn't be too worried about actually having a car for scrappage. I bought a new one, got the scrappage and asked if they wanted the keys to my old one. They said no that they'll scrap one themselves!

RocketRaccoon

Realistically who is going to buy a relatively new car like that privately?

Cordell

Can be done probably, just don't quit your job yet.

onrail

Cordell wrote: »

Can be done probably, just don't quit your job yet.

Yeah I realise that it's touch and go. All about getting lucky with a buyer I suppose.

Not looking to make massive killing out of it - really just want to make the most out of trading in my ****heap of a Golf, and a new car would be wasted on me!

Cordell

You'll have to be extremely lucky to catch a ignorant buyer and break even. Profit? No f. way.

xabi

Only way this might work is if you have someone lined up that's looking at buying a new i30. You could strike a deal with them beforehand and offer a new i30 with a 5K or so discount.

ncmc

Have you priced the i30 new without trade in? Most of the time these X amount off scrappage deals aren't really giving you that much off the cash price of the vehicle. So a buyer faced with buying a nearly new off you and buying a new car with cash off the dealer will probably not pay all that more to the dealer and would do so for peace of mind and security. I think it would be highly unlikely that you will turn a profit. Dealers pre register cars and sell them as used and often struggle to sell them even with thousands off the new price. So the chance of a private seller making a killing are close to nil!

onrail

ncmc wrote: »

Have you priced the i30 new without trade in? Most of the time these X amount off scrappage deals aren't really giving you that much off the cash price of the vehicle. So a buyer faced with buying a nearly new off you and buying a new car with cash off the dealer will probably not pay all that more to the dealer and would do so for peace of mind and security. I think it would be highly unlikely that you will turn a profit. Dealers pre register cars and sell them as used and often struggle to sell them even with thousands off the new price. So the chance of a private seller making a killing are close to nil!

Interesting - thanks for the feedback. I'll be buying for cash anyway so might just call in and see what they can offer. They'd need to offer me a hell of a discount to consider buying brand new!

onrail

xabi wrote: »

Only way this might work is if you have someone lined up that's looking at buying a new i30. You could strike a deal with them beforehand and offer a new i30 with a 5K or so discount.

Anyone looking to buy a 99.5% new Hyundai i30 from the North...?

:D;)

Pkiernan

Probably a good way to lose about 6 grand!

Bandana boy

In reality that 4K discount is offered to everybody , so no way to make this profitable

trabpc

As everyone else has said. Anyone can walk in and get more or less the same deal buying straight with no scrappage. Was buying new last year and was getting scrappage. Dealer told me if I wanted to keep old car. Which I did in end he could offer me same deal on straight price.