can we cancel?

[blueye]

hi ive been in a rush to buy a car for my job starting in a week, i saw a used car today and left a 750 cheque and signed a contract is there any way i can get out of buying it without loosing my money

[Chippy Minton]

Cancel the cheque and hope they don't push things?

[blueye]

i was going to call first thing tomoz and see what the guy says about pulling out of the deal i feel sick with worry, what do you mean by not push things? could he take me to court if i cancel the cheque

[harveybobbles]

Depends if you signed an order form or an invoice really.
An order form can be cancelled by either party and no action taken, where as an invoice is very different. They could take you to the small claims for loss of business, just like you could take them there if the car wasn't as invoiced.

However, £750 is a lot to leave on a car and any court, big or small would argue this to be too much and should get most back.

This is why I only take £100 deposit as this is deemed a reasonable amount for either party involved.

What is the reason you're wanting to pull out of the deal? Does the garage have anything else you could have?

[blueye]

it says its a purchase form. having second thoughts about buying a car with as much mileage as it does i dont want to be throwing money away as ill need to sell it on in a year its a bmw 320d se 2005 54 plate paying £8755 its got 87k miles on it, if its a good price ill stick with it but i dont know any advice apreciated

[LinasPilibaitisisbatman]

Tbh I think your reason for pulling out isnt great. 87k on a well maintained diesel is nothing.

[blueye]

just done a free valuation of the car online an its saying you should be looking at paying 6200 for this car!! what do i do?

[LinasPilibaitisisbatman]

Walk away and try and retain as much of the deposit as possible.

If they refuse to return it ask them for documentary evidence of their loss of £750 due to your breach.

[hundredk]

Call them tomorrow, tell them you can't raise the balance and wish to cancel. If they get funny tell them you are cancelling the cheque (and do this anyway). If it's a used car they would probably struggle to claim loss of opprtunity to re-sell if you have told them you wish to canccel the next morning. Follow it up with a letter to confirm cancellation, highlighting dates/times order was placed/cancelled.

[Herr Schmitt]

Next time do your homework before wasting the dealers time!

[Takoda]

Next time do your homework before wasting the dealers time!

Dealing with time wasters is part of a dealer's job. The money they fleece off other poor saps more than makes up for the odd tyre kicker who cancels his deposit and runs away.

[Premier]

Walk away and try and retain as much of the deposit as possible.

If they refuse to return it ask them for documentary evidence of their loss of £750 due to your breach.

The OP might have to wait for the vehicle to go through auction to see what it raises first.

If it only raises say £3k-£4K less than the OP agreed to pay, then the OP could be left nursing a lot bigger loss than just £750 (after all costs are taken into account) :eek:

[Premier]

hi ive been in a rush to buy a car for my job starting in a week, i saw a used car today and left a 750 cheque and signed a contract is there any way i can get out of buying it without loosing my money

Speak to the dealer and see what agreement you can come to :)

[daily]

How were you planning to pay for it, have you signed a finance deal?

If you're 60k in debt, on a dmp, the mileage isn't the issue that should be top of your list.

Walking away with a £750 loss is cheaper than the alternative.

[Apples2]

With a 60k debt hanging over the OP, someones needs a good headshake to get into the real World!!

With a self worth value of -£60,000, do you REALLY need a 4yr old BMW to drive around in??

Enough of the keeping up with the Jones'.

Get a sensible car, mondeo or something for half the amount you haven't got to spend.

[Herr Schmitt]

Dealing with time wasters is part of a dealer's job. The money they fleece off other poor saps more than makes up for the odd tyre kicker who cancels his deposit and runs away.

That makes it alright then! :rolleyes:

[blueye]

called this morning and they have agreed to cancel with us.
im paying for the car with the money we got for our old car 3.2 quattro so i guess i am in the REAL WORLD as i know we cant afford to run that car.
and as for getting a mondeo why dont i just put all the money down the toilet instead i dont want to buy a car thats going to be worth nothing when i want to trade it in be serious im not keeping up with the jones either i dont know anyone called jones, i just like cars sorry

[daily]

You could use 6k to pay off 10% of your debt, and use the remainder to buy a runaround. All cars are money down the toilet, a 9k car will lose more money than a 2.5k car.

Mondeo is a decent car, Jeremy Clarkson's review:

"And this of course brings us nicely on to the Ford Mondeo. The previous model was a masterpiece. Every single time I drove one I emerged from the experience thinking, “Why doesn’t everyone own one of these?” It was just so simple. A perfect poached egg, on a perfect piece of toast.
It handled beautifully, it was surprisingly fast, it was roomy and practical, and if you actually took away the familiarity it was also extremely good looking. Much better than a BMW 3-series, or a Mercedes C-class. Better too than the Jaguar X-type that it spawned."

[blueye]

that depends on the type of car you buy and what you get it for , if i bought a mondeo then yeah i would lose money, i made money on my last car.

[kiddy guy]

2 things:

Only dealers make money on cars. 99.9% of the rest of us lose money, on cars, myself included.

You've admitted you have bought an overpriced car and signed up for it without thinking it through properly. Excuse us if we don't take advice on what cars we should buy from you.

[blueye]

at what point was i giving advice to anyone?
go buy whatever car you want your money

[Takoda]

That makes it alright then! :rolleyes:

Yeah!

Part of the job, old chap. Part of the job.

Deal with it or get another lol. ;)

[hundredk]

that depends on the type of car you buy and what you get it for , if i bought a mondeo then yeah i would lose money, i made money on my last car.Barring a few exceptions, all cars depreciate but if you bought a mondeo you'd lose a lot less than buying a bmw.

[blueye]

omg im never going to buy a mondeo lol
id rather walk for five years and save for an rs4

[pgilc1]

just done a free valuation of the car online an its saying you should be looking at paying 6200 for this car!! what do i do?

Can you tell us more about this car? is it the e90 model (ie, 2005 onwards shape) or the e46, (ie, 1999 to 2005 shape).

Any links to the advert?

[pgilc1]

Barring a few exceptions, all cars depreciate but if you bought a mondeo you'd lose a lot less than buying a bmw.

Can you back that up with any facts?

[hundredk]

called this morning and they have agreed to cancel with us.
im paying for the car with the money we got for our old car 3.2 quattro so i guess i am in the REAL WORLD as i know we cant afford to run that car.

omg im never going to buy a mondeo lol
id rather walk for five years and save for an rs4
So you cant afford a bm or audi and don't want a car you can afford..lots of walking then.:rotfl:

[blueye]

yeah.... until thursday that is... when i pick up my 05 audi a4.
i couldnt afford to run the quattro coz its hard to restrain yourself from driving so fast, it was fun to watch the fuel gauge go down before your eyes for the first week then it became a pain in my wallet

[hundredk]

Can you back that up with any facts?


Mondeo 2.2 TDCi Titanium X 5d - here (http://www.parkers.co.uk/cars/new-prices/summary.aspx?model=1580)
Price new ................£18566
3 year residual value ..£7650 (41.2%)
Depreciation.............£10916

BMW 320d SE (08) 4d - here (http://www.parkers.co.uk/cars/new-prices/summary.aspx?model=1345)
Price new ................£26400
3 year residual value.. £12385 (46.9%)
Depreciation............£14015

More than £3k more lost in depreciation on the BMW. That's before you start adding options to get the BMW to the same spec as Mondeo.

[CHR15]

omg im never going to buy a mondeo lol
id rather walk for five years and save for an rs4

Looking at your previous posts, you've never saved for anything!!

Everything on credit leading to a DMP, then voila, more credit.

Maybe if you had been driving a car which reflects your status, you would never have got in such a financial mess.

I would think your lightbulb moment is still some way off yet.

[blueye]

im not getting more credit i sold my car to get a cheeper one

[Keith]

omg im never going to buy a mondeo lol
id rather walk for five years and save for an rs4

With as much debt as you have, I'd rather have a £750 Mondeo than a £8000+ 80k+ BMW.

Save? Perhaps you should pay off your debt first?

[blueye]

i am paying off my debts

[pgilc1]

Mondeo 2.2 TDCi Titanium X 5d - here (http://www.parkers.co.uk/cars/new-prices/summary.aspx?model=1580)
Price new ................£18566
3 year residual value ..£7650 (41.2%)
Depreciation.............£10916

BMW 320d SE (08) 4d - here (http://www.parkers.co.uk/cars/new-prices/summary.aspx?model=1345)
Price new ................£26400
3 year residual value.. £12385 (46.9%)
Depreciation............£14015

More than £3k more lost in depreciation on the BMW. That's before you start adding options to get the BMW to the same spec as Mondeo.

Your figures are flawed - you're using a very heavily discounted price for the Mondeo and a fractionally discounted one for the BMW. The BMW is easily available for £23500 (www.broadspeed.com (http://www.broadspeed.com/)) and thats a uk car from a uk dealer. Plug those figures in to yours above, and that brings the depreciation cost on the BMW to £11115 (just £199 more than the Mondeo)

Also, you're making the classic mistake of only looking at cost to buy when looking at running costs. You need to look at the whole life costs, including tax, insurance, servicing, fuel, etc.

Heres an example i ran about a month ago from What Car?'s website against a lower spec comparison

http://img.photobucket.com/albums/v647/pgilc1/BMW-1.jpg

I cant now get that 'real cost' figure for the two cars you've picked as their website has changed, but it does now give a cost per mile for each over three years. It comes in at 53p per mile for the BMW 320d SE and 65p per mile for the Mondeo. Multiply that up and you get roughly £19K to run the BMW for three years, and £24K to run the Mondeo.

Granted, the Mondeo is a higher spec, but it has got all the stuff you'd expect - full electrics, air con, alloys, cd player and the Ford has things i wouldnt spec on any car, unless it was free - heated seats and folding mirrors for example - and that £5K saving would buy you a lot of options on the BMW....

[pgilc1]

i am paying off my debts

Mate, i'd have to agree with the post above - if my finances were that screwed up i needed a Debt Management Plan in place, an Audi A4 would be the least of my concerns.

[hundredk]

Your figures are flawed - you're using a very heavily discounted price for the Mondeo and a fractionally discounted one for the BMW. The BMW is easily available for £23500 (www.broadspeed.com (http://www.broadspeed.com/)) and thats a uk car from a uk dealer. Plug those figures in to yours above, and that brings the depreciation cost on the BMW to £11115 (just £199 more than the Mondeo).
I used the best price available from the same site for a fair comparison. The discounted price is a price that is easily achievable and RRP not really relevant because only a mug would pay that. For speed I also selected the highest spec mondeo to eliminate to ensure the car had at least the same spec. If specs are compared as near like for like as possible here (http://www.companycardriver.co.uk/car_comparator/), then the 2.0 5dr mondeo zetec is most comparable and is available here (http://www.uk-car-discount.co.uk/search_results.php?make=FORD&model=MONDEO&minprice=16252&maxprice=18102&bodystyle=5&fuel=D&) for £15338. Taking this into account as well as your figures and you get:

Mondeo 2.0 TDCi Zetec 5d
Price new ................£15338
3 year residual value ..£6366
Depreciation.............£9002

BMW 320d SE (08) 4d
Price new ................£23500
3 year residual value.. £12385
Depreciation............£11115


Also, you're making the classic mistake of only looking at cost to buy when looking at running costs. You need to look at the whole life costs, including tax, insurance, servicing, fuel, etc.

I am well aware of 3 year and whole life costs, in fact company cars are often allocated by grade and the level of car is set by 3 year whole life costs which, of course takes account of all the elements you list. These lists do not feature premium brand cars of the same spec simply because the cost over 3 years is more and pushes them into a higher bracket. It is possible to pick specific examples where a brand may appear cheaper over a period but generally if you lose less in depreciation on value, you will always be playing catch up on fuel, insurance etc.

I cant now get that 'real cost' figure for the two cars you've picked as their website has changed, but it does now give a cost per mile for each over three years. It comes in at 53p per mile for the BMW 320d SE and 65p per mile for the Mondeo. Multiply that up and you get roughly £19K to run the BMW for three years, and £24K to run the Mondeo.

Granted, the Mondeo is a higher spec, but it has got all the stuff you'd expect - full electrics, air con, alloys, cd player and the Ford has things i wouldnt spec on any car, unless it was free - heated seats and folding mirrors for example - and that £5K saving would buy you a lot of options on the BMW....
With enough research it is possible to compare 2 cars on sites such as this (http://www.credit-repaired.co.uk/calculators/carcost.htm) which takes account of personal circumstances. Maybe OP should have done this???

However my post was to merely demonstrate to the OP that if you cant afford to pay the premium for a premium brand then consider something cheaper that will do the same job without the badge.

I was going to go on and say that the 3 yr residuals are more relevant to OP than new prices since that more accurately reflects his budget. In this case £6336 Vs £12385 is very favourable...or take that further, an 04 plate model of both cars (not entirely accurate due to medel changes but good indication) and a 5yr old mondeo = £2900 Vs 5Yr old BMW = £5600.

The point is OP has £60k (I couldn't see where he said that but others commented on it:confused:) so was looking for alternatives. As it is he's gone and got an Audi within a couple of days after cancelling the BMW...no details of what he paid so not much point offereing him any more advice even if the Audi is cancelled.

[hundredk]

Mate, i'd have to agree with the post above - if my finances were that screwed up i needed a Debt Management Plan in place, an Audi A4 would be the least of my concerns.
I'll second that - lose the badge, get a run around and clear the debt.

[Hintza]

This thread just has to make you laugh. :rolleyes:

[Sidmon]

This thread just has to make you laugh. :rolleyes:


Or cry! :mad:

[pgilc1]

I used the best price available from the same site for a fair comparison. The discounted price is a price that is easily achievable and RRP not really relevant because only a mug would pay that. For speed I also selected the highest spec mondeo to eliminate to ensure the car had at least the same spec. If specs are compared as near like for like as possible here (http://www.companycardriver.co.uk/car_comparator/), then the 2.0 5dr mondeo zetec is most comparable and is available here (http://www.uk-car-discount.co.uk/search_results.php?make=FORD&model=MONDEO&minprice=16252&maxprice=18102&bodystyle=5&fuel=D&) for £15338. Taking this into account as well as your figures and you get:

Mondeo 2.0 TDCi Zetec 5d
Price new ................£15338
3 year residual value ..£6366
Depreciation.............£9002

BMW 320d SE (08) 4d
Price new ................£23500
3 year residual value.. £12385
Depreciation............£11115



If you're using the 140BHP 2.0TDI engine, then you need to use the equivalent 2.0TDI BMW - the 143BHP 318d SE. Its available for £22566, thus bringing the difference down to £10K of depreciation. Then, once again, the BMW uses less fuel, requires servicing less frequently, etc. Also, a more comparable spec is the 320d ES (the one i used above in the pictorial example) which again costs less to run over three years than the mondeo.



I am well aware of 3 year and whole life costs, in fact company cars are often allocated by grade and the level of car is set by 3 year whole life costs which, of course takes account of all the elements you list. These lists do not feature premium brand cars of the same spec simply because the cost over 3 years is more and pushes them into a higher bracket. It is possible to pick specific examples where a brand may appear cheaper over a period but generally if you lose less in depreciation on value, you will always be playing catch up on fuel, insurance etc.



Agreed, and that does show that if you're canny with what you buy, then a new 2.0TDI 3 series will cost less over three years than a 2.0TDI mondeo, given the lower running costs of the BMW.



However my post was to merely demonstrate to the OP that if you cant afford to pay the premium for a premium brand then consider something cheaper that will do the same job without the badge.

I was going to go on and say that the 3 yr residuals are more relevant to OP than new prices since that more accurately reflects his budget. In this case £6336 Vs £12385 is very favourable...or take that further, an 04 plate model of both cars (not entirely accurate due to medel changes but good indication) and a 5yr old mondeo = £2900 Vs 5Yr old BMW = £5600.

The point is OP has £60k (I couldn't see where he said that but others commented on it:confused:) so was looking for alternatives. As it is he's gone and got an Audi within a couple of days after cancelling the BMW...no details of what he paid so not much point offereing him any more advice even if the Audi is cancelled.



Totally agree. I was made redundant about three years ago and bought a £680 Peugeot 406 until i got sorted out with another job. Loved that car. Sold it for £640 after six months - kind of puts new car depreciation into perspective doesnt it?

I think the O/P is MAD to be putting money into a car when it quite clear from their other posts they have much more important things they should be focussing on.

[dieselhead]

Wow absolutely crazy, spending that much money with that amount of debt. Then to justify it by saying 'I'm car crazy' well so am I but I have to be car crazy from a distance!

[shelly]

im not keeping up with the jones either i dont know anyone called jones, i just like cars sorry


:rotfl::rotfl::rotfl:

[cyclonebri1]

Wow absolutely crazy, spending that much money with that amount of debt. Then to justify it by saying 'I'm car crazy' well so am I but I have to be car crazy from a distance!


No, cars have got nothing to do with it, he's just plain crazy:confused::confused::confused:

Sorry if that offends, but I think it's justified.

He's not alone tho', I've a brother who's been out of work for about 2 1/2 years, not in debt but no money left, just trading in his Z4 for a 1 year old 1 series. Bloody badge snobs, make me puke :doh:

[blueye]

right to clear things up a bit our household income is now close to 65k a year, yes i was recently made redundant and my partners wages reduced to half the usuall amount so we went on a dmp before that our debt was managable, now i have another job which i need a good running car for i have never had a problem with audi's so i want to stick with them i did see a seat aswell you know so i wasnt just looking for a bmw audi merc, i have in the past driven £600 bangers and spent !!!! loads of money on fixing them, in my new job i cannot afford to be taking a car back and forth to a garage to get it fixed as i wont be able to work. anyway think what you like i dont know you so couldnt care less

[Hintza]

right to clear things up a bit our household income is now close to 65k a year,

So your OH incomed has just halved and you lost your job in the cafe and your annual income is £65k a year? Does that not put you in the top quartile of household income?

[blueye]

was halved matey was. i have a much better job now full time and a lot more than nmw redundancy was the best thing to ever happen to me. oh wages are back to the norm telecoms contracts flooding in now so if that makes it the top quartile then yeah

[MMG]

Never count on whats round the corner!

[harveybobbles]

For an extra 1000 you'd be getting 06 new shape 320d's...

[jeannieblue]

Harveybobsydoodah!

There are a few threads of last couple of days that could've benefitted from your help.. :D

You've been missed.