Mitbubishu Colt - Price

Naughty_Sausage

Hi

I am going for a test drive today on a 56 reg Mitsubishi Colt. Its got 19000 miles on clock and absolutley no wear on car at all - it is seriously top nick. One lady owner. Its a 1.1 petrol (3 cylinder apparently) and we are buying it from a reputable main dealer mitsubishi garage. There is still nearly 12 months manufacturers warantee and one free service left on the car at the end of this period. Its just a little run around for me and the kiddies.

They want £5,295 for it, less the £500 they are offering on my DHs rather tired R reg Nissan Primera (nearly 100,000 on clock).

We plan to take £4,000 finance for the car over 4 years but are going to speak to dealer about the finance and compare it to personal loans which we have had off the interweb.

What do people think about the price. I tried to look to autotrader and the price does seem comparable.

Any thoughts?

photome

Have u checked wisebuyers, a 1.1 mirage 3 door 56 06, you dont say which model or which year or how many doors, is retail at 4200.
http://www.wisebuyers.co.uk/index.jsp?guide=prices&page=used_cars&no=3&make=Mitsubishi&model=Colt+%282004-%29&mmv=27770&yearplate=2006%2F56&mileage=19&x=28&y=10

Inactive

These were selling new in 2006 for around the £5995 mark, so it sounds a bit pricy to me, and quite high on miles.

hewhoisnotintheknow

not sure on the price but they are fab cars

daveyjp

Colt has just had a major redesign. Check odealers for the cheapest cost of a brand new old style model. As someone else has posted they were knocking them out for less than £6k.

Wig

Don't buy Mitsubishi

The cost of parts is extremely high.

You don't say what derivative it is or how many doors or what the year is 2006 or 2007.

Assuming 5 door CZ1 2006
The price should be £4300
However the maximum the dealer or garage should be charging is the CAP/Glass' retail price which would be £4,700 - £4,800 - so you can see if the dealer is using this figure as a baseline, he has overvalued it by £500 and given you a fictional £500 part ex value.

If you want one, why not look at autotrader for more realistic prices. A quick look and I found a 56 2006 Colt 1.1 CZ1 11,000 miles 3 doors - £4,000
And another one 14,000 miles for £4,400

Or Auction
BCA - shows that 56 - 2006 1.1 colts are selling for £3,100 + commision (about £320), and you will still get the remaining warranty on these auction cars aswell. And I'm sure you will think (when you see them) they equally as clean and mint condition as the car you found.
Here's the BCA COLT search result.

Have a good look around for loans, ask Lloyds bank if you are a customer, as they used to have some very good rates, and then ask the garage for a cash price.

Scuttsy

Worth mentioning thought that £500 seems a fair p/x offer on the Primera. I f you are happy with the car perhaps ask for a bit more for the Primera maybe £250 or so more and/or including 12 months tax, full service or similar.

You will almost certainly be able to source a cheaper car at an auction but unless you take an expert with you you are unlikely to be able to spot signs that the vehicle has been in an accident etc.

This would also leave you having the hassle of having to dispose of the Primera privately. I guess you need to work out how much extra the dealer peace of mind and hassle free part exchange is worth to you and see if you can negiotiate to that figure. If you can find out how long the dealer has had the car in stock. If it is a relatively fresh car in their stock they are less likely to discount than if they have had it a few months and need to get rid.

photome

Why do we all bother to reply on the motoring thread as 9 times out of 10 the OP never returns

Naughty_Sausage

photome wrote: »

Why do we all bother to reply on the motoring thread as 9 times out of 10 the OP never returns

Sorry for the delay in replying. My 2 children have a sickness bug so whilst I appreciate your replies I have had puke to clean up!

Went to garage, car only just in so would not budge on price or price for Primera despite much discussion. Anyway, after the test drive we decided to buy the car. It was exactly what we wanted and we could stretch to the finance.

My husband also puts a high price on buying from a reputable garage where we have some come back. got 12 months warantee, a free service when its needed and about 18 months break down cover.

Pick car up Saturday.

Thanks for all the replies and I hope that I can help you guys out some day.

Take care

NS x

photome

Thankks for coming back to reply, i hope you like the car, but as i have said,and others, I think you paid to much for it, which is after all why you posted the original question.

Scuttsy

It is worth mentioning did you take the dealer finance or did you get a loan. HP through dealers can seem at a low rate but make sure your are comparing rates accurately. Are you being quoted APR or 'Flat' rate of finance. Also bear in mind HP through dealers often includes hefty set up fees and ending fees often totaling in excess of £250 which can make an attractive flat rate of finance more expensive (APR takes these charges into account). Best thing to do if you have not already signed the finance docs is to compare as you mentioned the best rate for a personal loan you can get. Checking the main site should help with this. Forget comapring flat and APR rates and just compare the total cost of the loan over the 4 years from each provider. If a personal loan is cheaper which I suspect may be the case just contact the dealer and say you are now sourcing your own finance. They may grumble but in the current climate are unlikely to risk loosing your business over another finance deal. Remeber if you have not signed the finance documents you are not commited to the loan.