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Dealer contacts about buying my car back

  • 09-10-2021 1:43pm
    #1
    Registered Users Posts: 153 ✭✭ Jackben75


    Obviously there is a shortage of cars due to covid/chip/manufacturing shortage etc.

    I was just contacted by a well known dealer, they offered to buy my car back (1 year left pcp). I was most surprised, I happened to be busy and asked them to call back.

    I trust there is little benefit as if buying new I'd have to wait or would pay more anyway if buying a relatively new used car. Anyway, how would you approach this?



Comments

  • Registered Users Posts: 10,383 ✭✭✭✭ elperello


    Depends on the make, model, condition and what they offer.

    It would leave you with a pot of cash to put towards a replacement but would it buy what you want?



  • Registered Users Posts: 26,383 ✭✭✭✭ Dempo1


    Not sure what financial implications would be if there's a year left on PCP, I'd presume the dealer primarily motivated by a new car sale and will be offering a mechanism to deal with PCP, I'd certainly be checking the PCP contract.

    Just as an aside, rather late in the year to be purchasing a brand new car (if that's the intention), seems to me with only 3 months left in calender year might be worth holding off albeit, unless dealer offering a deal that's hard to refuse 😏😏

    Is maith an scáthán súil charad.




  • Registered Users Posts: 50,125 ✭✭✭✭ bazz26


    Even before the current shortage dealers have been known to contact customers who are in the last 12 months or so of their PCP deals to see if they were interested in trading up again. Even more so now if your car is in short supply and high demand. Used car prices are high as a result so they might have a customer looking for a car like what you have. But as you said new cars are thin on the ground with some having long waiting times and have also risen in price so it's a double edged sword. If your interested in trading then listen to what they are offering but if your not then just let it go.



  • Registered Users Posts: 2,969 ✭✭✭ NSAman


    Happened to me earlier this year. My car was paid off, dealer contacted me, as it happens had to visit for a service, they offered me a deal I couldn’t refuse. 3 year old car, brand new at purchase, price,offered was 10000 less than I paid new, considering it should have been around 35k less… I changed on the spot, new car driving now….upgraded … and a discount off the new one..:)



  • Registered Users Posts: 73,754 ✭✭✭✭ Atlantic Dawn


    I'd enquire to see what kind of timeline there would be in them sourcing you a new replacement, guessing that's what you would want to do? Lead time could be over 6 months with chip shortages.



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  • Registered Users Posts: 153 ✭✭ Jackben75


    Yeah don't think I'd bother now, I see the Apr is 4.9 % where as I got a 0% agreement. I am happy with it and may buy it at the end of the pcp agreement. Cheers



  • Registered Users Posts: 50,125 ✭✭✭✭ bazz26


    I think 0% PCP offers are going to removed for a while unless it's something hardly anyone wants or a run out model. With new cars short in supply and with very long delivery times there will be no need for such incentives.



  • Registered Users Posts: 2,264 ✭✭✭ sk8board


    We got a call from our dealer last Feb and sold our 12mnth old mk7.5 Golf for the exact same money as we paid for it and stepped into a mk8 for (a huge step up in spec and options and we added 2 further extras, so it cost €1k more). Both on 0% pcp.

    there’s a huge drop in 2nd hand cars. Carzone listings are down at 27k today, whereas 40-42k is a normal functioning market



  • Registered Users Posts: 2,380 ✭✭✭ standardg60


    It's a perfect storm, shortage of new cars but the main issue is Brexit, given UK imports were outselling new cars for the last couple of years. Dealers are desperate to get there hands on used cars at the mo, knowing whatever they pay will flip for 1-2k profit straightaway.

    Local dealer bought my sister's for sale privately car recently for 10k cash, was up on their website for 12, and was gone within the week.

    Like the housing market, i don't see this bubble collapsing anytime soon.



  • Registered Users Posts: 2,264 ✭✭✭ sk8board


    The market will reset itself once the volume of new cars manufactured increases. 1 year old cars are selling for just about list price - in a normal market that first year is the biggest for depreciation obviously



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  • Registered Users Posts: 73,754 ✭✭✭✭ Atlantic Dawn


    It's more a shortage of the stuff 3-6 years that would traditionally have arrived in from the UK on the cheap that are missing. Not enough people here buy new cars for that stock to feed down to the foodchain in the numbers needed.



  • Registered Users Posts: 3,028 ✭✭✭ Lantus


    Except it's nothing like the housing market. Cars are a depreciating asset so this is a temporary anomaly which will play out over 1 to 2 years as the inevitable seismic changes in the car market take shape.



  • Registered Users Posts: 2,380 ✭✭✭ standardg60


    Exactly, new car sales have never sustained the market here, before the UK there were Jap imports. There is a huge hole in the market now.

    Without a used car import market now the real effect of VRT, again a direct intervention by the state which skews the relative value of something, will be felt in everyone's pocket.



  • Registered Users Posts: 10,383 ✭✭✭✭ elperello


    The EU would never allow Ireland to waive the appropriate level of VAT but as far as I know there is nothing to stop the Government reducing VRT on imports.



  • Registered Users Posts: 73,754 ✭✭✭✭ Atlantic Dawn


    Yes they could zero VRT certain categories of newly imported used cars any time they want. If this was done for 6 months or a year it would stabilise the market to a degree.



  • Registered Users Posts: 629 ✭✭✭ CreadanLady


    In a couple of years, brace yourselves of an avalance of relatively new cars with all sorts of wildly expensive electronics failures owing to substandard chips being sourced by manufacturers from alternative suppliers who might be cutting corners on materials and quality to capitalise on the chips shortages.

    Same some years ago with DELL computers. Motherboards prematurely failed in their tens if not hundreds of thousands because Dell bought cheapo poor quality capacitors from some spurious suppliers.

    The MFV Creadan Lady is a mussel dredger from Dunmore East.



  • Registered Users Posts: 10,383 ✭✭✭✭ elperello


    You saw it here first 🙂

    I wonder what position SIMI would take on it?

    I passed a place that used to sell UK imports yesterday and it was sad to see the state of what was a good business run by a man who is in the trade for years.

    No stock and gates locked.



  • Registered Users Posts: 1,126 ✭✭✭ black & white


    I was driving a 3 year old Q2, got a call in July offering a brand new one and cost to change was just over 4K. I nearly bit their hand off, delighted with it.



  • Registered Users Posts: 73,754 ✭✭✭✭ Atlantic Dawn


    Excellent deal, is there much of a wait getting the new one?



  • Registered Users Posts: 2,264 ✭✭✭ sk8board



    in our case they called on Friday and delivered the new car to the driveway with the paperwork on Monday.



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  • Registered Users Posts: 73,754 ✭✭✭✭ Atlantic Dawn




  • Registered Users Posts: 1,126 ✭✭✭ black & white


    Agreed to buy on 22nd and picked up the car on 28th July.



  • Registered Users Posts: 2,264 ✭✭✭ sk8board




  • Registered Users Posts: 4,485 ✭✭✭ Grueller


    What gobsh1te will buy that car at €2-3k under the price of new? Madness



  • Registered Users Posts: 5,536 ✭✭✭ Leonard Hofstadter


    I know what you're saying, but a car that's immediately available rather than 3-6 months away, possibly longer depending on model due to the chip shortage means the used market is gone nuts, and something like a Q2 is going to be in high demand, new or used.



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