Brand new car with fault

Grumpy_chap

Catslovelycats said:

Wow. Thank you so much for all your replies.
update: the dealership have agreed to replace the car. They will cover the £10053 I owe on finance and give me £3000 for my defective car. I need to pay £500 deposit in order to qualify for 0% finance.
so they are offering me a new car (which will come in 10-12 weeks as they don’t have any) I start paying for another year as I’m paying a new contract from scratch. It will effectively cost me almost £2500 more than my current finance agreement by the end of paying for it. 

do people think I should accept? Or rather, it is probably a better question to ask is it a fair offer? I’m being advised to insist that I’m not out of pocket.

I am not averse to getting a different car from elsewhere. It’s more a question of whether I want to spend the time doing that and whether I’d realistically get a better deal on it than £13053 that they are offering.

I have looked on Autotrader and Kia’s website. Used cars like mine are selling at £11-12 grand.

This sounds like a good outcome.  

It is difficult to directly answer the question whether you should accept - there are many variables, not least the actual model of Kia that this car actually is. 
A £2.5k cost to run a new £11k Picanto for a year is quite different proposition from a £2.5k cost to run a £50k Stinger for a year.
From the figures you shared, I'll plump for your car being a Rio.

The offer appears to be a fair one.  What does anyone mean by "insist you are not out of pocket"?
If that is to mean get your full refund back 100%, then than is not realistically obtainable.

I think the reasonable assessment of "fair" is what has it cost you to have this car and how does that compare to the depreciation you would have expected to suffer over the first year of ownership of a new car?
A cost of £2.5k against that question seems quite reasonable.

Indeed, £2.5k is quite a fair cost of motoring over a year for depreciation.  Remember, for that cost you are now getting another brand new car with the clock fully reset on warranty etc., plus the car will be a whole year newer when you eventually decide to sell.

As for "can you get a better deal than £13k?" - you can find out in 60 seconds or less, enter your reg. number at WBAC.  If it's a similar answer anyway, then the deal with Kia is probably simpler and more straightforward.  Plus, Kia will give you the £13k and not mess you around with a changed figure in 12 weeks' time.

That's my long-winded way of saying "Yep, this seems fair".

Good luck and hope the replacement is the car you originally wanted

Catslovelycats

Thank you, Grumpy chap

born_again

Given, while it was a faulty car you have had nearly a years use out of it.

If you are happy with the offer got for it. I'm sure some will say hold out to see if you can get more. But at the end of the day. You are the one that will be arguing with the dealer and spending time and effort on it.

DrEskimo

The offer on the defective car seems reasonable, but what is the agreement for the replacement?

I take it is the same car at the same price as your original agreement, with the same finance terms?

Have you taken the time to check whether this was a competitive deal to being with? Looked on CarWow, etc. to see what discount can be achieved? Have you checked whether interest bearing finance deals give you higher discounts?

Catslovelycats

Hi dreskimo. No it’s the new price for a picanto rather than the one I paid, but given it’s a new car I don’t object to that. Yes, carwow is proving useful and I’ve got a few options I’m considering.

everyone has been so helpful. Thank you all.

Grumpy_chap

Catslovelycats said:

Hi dreskimo. No it’s the new price for a picanto rather than the one I paid, but given it’s a new car I don’t object to that. Yes, carwow is proving useful and I’ve got a few options I’m considering.

everyone has been so helpful. Thank you all.

I think what @DrEskimo was suggesting is to treat the process as two separate transactions:

1. Sell back you current (and faulty) car for £13k.  Suffer the cost of £2.5k for the year gone.

2. Buy a new car at the lowest possible price today, not list.

Catslovelycats

Thanks grumpy chap.
im waiting on Kia to say what they’ll give me for my car then deciding where to get one from. Am also waiting on some Kia and other dealers further afield to see what they have available now or in the next couple of weeks.

Catslovelycats

Update: new car being picked up on Saturday. Have top spec picanto with good deposit paid from dealer and they are covering my pcp settlement. Although I’ll be paying for the car for another year, I come out of it with a good deal and it is a brand new car. It’s also the best deal I could negotiate compared to other dealers and means I don’t have to wait 3 months for delivery. I’m happy just to be having a car that is faultless. 

Thanks again for all your advice/ideas.

Grumpy_chap

Catslovelycats said:

Update: new car being picked up on Saturday. Have top spec picanto with good deposit paid from dealer and they are covering my pcp settlement. Although I’ll be paying for the car for another year, I come out of it with a good deal and it is a brand new car. It’s also the best deal I could negotiate compared to other dealers and means I don’t have to wait 3 months for delivery. I’m happy just to be having a car that is faultless. 

Thanks again for all your advice/ideas.

Thanks for updating and I'm glad it has worked out well

marlot

Catslovelycats said:

Update: new car being picked up on Saturday. Have top spec picanto with good deposit paid from dealer and they are covering my pcp settlement. Although I’ll be paying for the car for another year, I come out of it with a good deal and it is a brand new car. It’s also the best deal I could negotiate compared to other dealers and means I don’t have to wait 3 months for delivery. I’m happy just to be having a car that is faultless. 

Thanks again for all your advice/ideas.

Good result.  I've always found Kia customer services to be pretty reasonable, and pleased they came through for you.

The new car should even be on the new reg (71).