Mobility Deposit Question? Trade In existing car?

whiteswan

Hi

I currently have a car value circa £8000.

If I was to go for a Mobility (Motability) Vehicle that required an up front payment of say £1000 - then can I trade my existing car in to use against the advance payment?

If I can do I get the difference returned to me in cash - or can I simply not do that - do I have to sell my vehicle privately therefore raising the cash for the advance payment that way?

Hope thats clear.....................

Dave

luminated

I am in a similar position not quite sure what to do. Motobility car or not. But this page will answer your question.

http://www.motabilitycarscheme.co.uk/main.cfm?Type=CAGC

whiteswan

Hi

I read that link - but it doesn't say what will happen if the value of my car exceeds the advance payment ?

Or have I missed it ?

Dave

luminated

Good point. I read it too quickly and took it the dealer will take the advance payment and the rest to you but I'm not sure sure now. However I would think it will be a case of you getting the excess but from a low'ish offer. Private could be the way to go but it is such a faff.

whiteswan

Has anybody traded a car against a motability car that was worth more than the deposit/advance payment required?

Dave

Richie-from-the-Boro

whiteswan wrote: »

Has anybody traded a car against a motability car that was worth more than the deposit/advance payment required?

Dave

No idea, but it must be available. But you need to understand the three words used here, the (1) word trade and the (2) word worth.

Worth is about £2000 less than retail if in decent order and a £1000 nett nett profit needs to be made to offer a warranty.

The isn't word (3) is normal margin against Motability margin. This equation does not come into the normal glass way of understanding profit & loss because a 'trade-in' is judged against a lease-hire that may end at any week-point your HRMDLA is withdrawn.

One thing for sure contractually and legally the (1) trader will be the one to profit .. .. you decide. ! Why don't you contact one or more of your local Motability dealers and 'test the water' to see how it pans out, you never know you might come up with one who has a last quarters model they can't shift and come out a winner.

joydivisionforever

Hi ,In June I gained HRM for the first time and was driving a manual pgt 308,I wanted a Golf automatic,so visited my local vw dealer Lookers ,they took my car ,sent me a cheque for 5k,my advance payment for the Golf was £600.A less hassle way of selling own car and very pleased with service from vw dealer.

whiteswan

Joydivision thank you - looks like you have answered my question !

I would imagine if you get a car on Motability then the car dealer gets full rrp for the car they are providing you with - no haggling like they would with a normal customer to secure the deal - so maybe there is MORE chance of getting a reasonable price for your car that you have to trade?

Dave

pauliboo

You can definitely trade-in a higher value car against a Motability car as said above.

Haggle on the AP and the trade-in price for your car though.

Also if you have time try and sell your car privately as you'll probably get a better deal.

whiteswan

Just wanted to say that I now have it confirmed - they send you a cheque for the value of your car if its in excess of the advance payment on the motbility vehicle.

But worth remembering that you will need to find a large advance payment again in 3 years time if you want the same standard of vehicle - so whilst your current car may cover your first advance payment you need to find it yourself next time !

Dave