Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • SingerN
    • By SingerN 22nd Sep 16, 3:19 PM
    • 1Posts
    • 0Thanks
    Bought a car for too much then it was stolen!
    • #1
    • 22nd Sep 16, 3:19 PM
    Bought a car for too much then it was stolen! 22nd Sep 16 at 3:19 PM
    Hi everyone

    I've come on here for some advice, please. I bought a car last Thursday (15th Sep) and paid in full for it on my credit card (£1400 + £200 warranty). They serviced, MOT'd it and fitted a new battery and I was supposed to be picking it up on Monday but it wasn't ready due to an issue with the keys so I picked it up on Tuesday evening.

    On Tuesday, I drove the car to the park and ride for work and left it there during the day. The car was then stolen. My insurance company have said that the trade value of the car is only £600 and they will only pay out £500 after my £100 excess has been taken off. I've asked them to reconsider.

    I've contacted the garage I bought it from and they're insisting they asked a fair price for it and said that those kind of cars retail at £1995 usually! Even when I sent them screen shots of similar cars from Auto Trader showing a price of £650, they still said they paid fairly. I've asked them to either reimburse me £700 which is fair and will mean I can buy another similar car or find a similar car for me at no extra cost. They're refusing so far so I've given them a couple of days to think about it.

    I've checked trading standards for cars and it states I have a right to expect to buy a car for a reasonable price. I know I should have checked the price of the car before buying but my previous car just gave up the ghost on me and I needed one desperately for a new job. I trusted the garage to give me a fair deal.

    What do you think my options are? Do you think I have a chance at a small claims court?
Page 2
    • dacouch
    • By dacouch 22nd Sep 16, 8:13 PM
    • 19,532 Posts
    • 11,981 Thanks
    Because, of course, there's absolutely zero scope for fraud there, is there...?
    Originally posted by AdrianC
    That's how the Ombudsman specifically state the Insurer should handle the valuation of a written off vehicle.

    They have left in protection for the Insurer against fraud by waiving the requirement if the Insurer can provide proof the purchase price was incorrect.

    It's a sensible way of handling the valuation of recently purchased vehicles
    • consumers_revenge
    • By consumers_revenge 22nd Sep 16, 8:36 PM
    • 2,586 Posts
    • 1,306 Thanks
    OP, thanks for letting us see what you bro!

    • Sam Fallow
    • By Sam Fallow 22nd Sep 16, 9:04 PM
    • 394 Posts
    • 742 Thanks
    Sam Fallow
    OP, thanks for letting us see what you bro!

    Originally posted by consumers_revenge
    Yup, just checked Parkers blue book and the guide price is £600 - £700.
    • Clive Woody
    • By Clive Woody 23rd Sep 16, 4:09 PM
    • 4,208 Posts
    • 4,836 Thanks
    Clive Woody
    Yup, just checked Parkers blue book and the guide price is £600 - £700.
    Originally posted by Sam Fallow
    Even with that quality artwork and blinging alloys? Outrageous!!!
    Rugby Union - The Greatest Game
    • motorguy
    • By motorguy 23rd Sep 16, 7:14 PM
    • 13,414 Posts
    • 7,061 Thanks
    You've forgotten that the OP bought it using a credit card, so has £1400 to pay off in addition to buying a new car.
    Originally posted by maninthestreet
    However the insurance company is paying out "market value", so they then go and buy a car at "market value", and they're no worse off than they were - ie, they still owe £1400 on their credit card.

Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5,118Posts Today

6,270Users online

Martin's Twitter