Car buying from a dealership

Goudy

XRS200 said:

Peco141 said:

XRS200 said:

Is it new or used?

Used 2023 plate. Done 8k miles.

WhatCar says you could expect £2229 off a new one with a list price if £41995.

Yes, but they don't tell you how to get it.

I was watching a few reviews from a certain car site and thought "wow" this bloke Matt is telling me I can get so much off a new car.
Turns out some of those offers are real but you only get offered those sorts of amounts if you take the finance.
Cash sales either don't come with a discount or not nearly the same amount.
The site allows you to switch between the two to compare.

On the subject, I did configure a car and got lots of offers but no one could actually supply that particular car, not at that price.

It was a very popular hatchback in a popular colour with just two options but no one I contacted could actually sell it to me. I was told it was a factory build and I would have to pay full price. I did flippantly remark that I hoped all their cars were built in a factory!

Turns out they were just trying to move stock and quoted their best prices for what was in stock rather than the car I wanted.

400ixl

Goudy said:

sheslookinhot said:

I think if you cancel the credit agreement within 14 days of signing the PCP, you only pay up to 14 days interest.

Yes but your invoice is likely to change.

You are no longer settling the finance after you have bought the car, but cancelling the finance before you have bought the car.

That finance came benefits, no finance, no benefits.

It's just a cash sale now and you'll only get whatever benefits that comes with.

You are no longer signing up to the deal that has the benefits, so they won't give you them.

In many cases, no, the invoice doesn't change. I paid part of my last car on finance due to some additional benefits that came with it. I then cancelled the finance within the 14 days and there were no changes to the price for me (I already had the car in my possession).

You have to check that they can't reclaim any of the benefits if finance is cancelled, but in many cases they aren't.

prowla

XRS200 said:

Peco141 said:

XRS200 said:

Is it new or used?

Used 2023 plate. Done 8k miles.

WhatCar says you could expect £2229 off a new one with a list price if £41995.

For £2k (5%) I'd just get the new one.

Goudy

400ixl said:

Goudy said:

sheslookinhot said:

I think if you cancel the credit agreement within 14 days of signing the PCP, you only pay up to 14 days interest.

Yes but your invoice is likely to change.

You are no longer settling the finance after you have bought the car, but cancelling the finance before you have bought the car.

That finance came benefits, no finance, no benefits.

It's just a cash sale now and you'll only get whatever benefits that comes with.

You are no longer signing up to the deal that has the benefits, so they won't give you them.

In many cases, no, the invoice doesn't change. I paid part of my last car on finance due to some additional benefits that came with it. I then cancelled the finance within the 14 days and there were no changes to the price for me (I already had the car in my possession).

You have to check that they can't reclaim any of the benefits if finance is cancelled, but in many cases they aren't.

The dealers and finance companies have wised up to this.

I tried doing it this way myself with my car before last and got told I would have to pay the full invoice.
I know of others that have had the same response, last week someone in my office tried it and got told they would need to pay the dealer full invoice before collecting.

The benefit, ie deposit contribution is just that.
It's not a discount or money off the invoice price but a contribution to the finance deal paid by the finance company.
It will appear as a contribution on the invoice, no finance means no contribution in most cases.

If it was just money off it would hammer the values later on, like everyone's GFV and trade in values.

By all means try it, phone up within 14 days and ask about cancelling, but don't be surprised they ask for the full invoice price without contribution before allowing you to take the car home or if you have already collected, the full balance is what you owe.

If they do want the full invoice, don't cancel and just settle within the first month.
That's the sure fire why to keep the contribution and any other benefits from the finance package.

Peco141

XRS200 said:

Peco141 said:

XRS200 said:

Is it new or used?

Used 2023 plate. Done 8k miles.

WhatCar says you could expect £2229 off a new one with a list price if £41995.

Appreciate that, but it's the 2023 Edition model which is the equivalent of the 2024 4 model which is the current top spec variant.  It has all bells and whistles which we're keen on.  Brand new I'm sure it's closer to, if not more than 50k brand new.

WellKnownSid

Peco141 said:

XRS200 said:

Peco141 said:

XRS200 said:

Is it new or used?

Used 2023 plate. Done 8k miles.

WhatCar says you could expect £2229 off a new one with a list price if £41995.

Appreciate that, but it's the 2023 Edition model which is the equivalent of the 2024 4 model which is the current top spec variant.  It has all bells and whistles which we're keen on.  Brand new I'm sure it's closer to, if not more than 50k brand new.

So, did you call them, is it still available and did they cave on price or did they sense the anxiety in your voice?  Remember that they do this for a living...  

400ixl

Goudy said:

400ixl said:

Goudy said:

sheslookinhot said:

I think if you cancel the credit agreement within 14 days of signing the PCP, you only pay up to 14 days interest.

Yes but your invoice is likely to change.

You are no longer settling the finance after you have bought the car, but cancelling the finance before you have bought the car.

That finance came benefits, no finance, no benefits.

It's just a cash sale now and you'll only get whatever benefits that comes with.

You are no longer signing up to the deal that has the benefits, so they won't give you them.

In many cases, no, the invoice doesn't change. I paid part of my last car on finance due to some additional benefits that came with it. I then cancelled the finance within the 14 days and there were no changes to the price for me (I already had the car in my possession).

You have to check that they can't reclaim any of the benefits if finance is cancelled, but in many cases they aren't.

The dealers and finance companies have wised up to this.

I tried doing it this way myself with my car before last and got told I would have to pay the full invoice.
I know of others that have had the same response, last week someone in my office tried it and got told they would need to pay the dealer full invoice before collecting.

The benefit, ie deposit contribution is just that.
It's not a discount or money off the invoice price but a contribution to the finance deal paid by the finance company.
It will appear as a contribution on the invoice, no finance means no contribution in most cases.

If it was just money off it would hammer the values later on, like everyone's GFV and trade in values.

By all means try it, phone up within 14 days and ask about cancelling, but don't be surprised they ask for the full invoice price without contribution before allowing you to take the car home or if you have already collected, the full balance is what you owe.

If they do want the full invoice, don't cancel and just settle within the first month.
That's the sure fire why to keep the contribution and any other benefits from the finance package.

Not really, done it 3 times in the 18 months alone across 3 different non related brands. Once for my car and twice more helping friends do it.

happyc84

remember to allow for the road excise duty cost if the new list price is over £40k.
Depending on the type of engine it might be a high cost. Mine is £600 per year, used to pay £35 20 years ago. Different times.

Car_54

happyc84 said:

remember to allow for the road excise duty cost if the new list price is over £40k.
Depending on the type of engine it might be a high cost. Mine is £600 per year, used to pay £35 20 years ago. Different times.

AIUI the extra VED of £410 pa applies to ALL cars over £40k list price.

born_again

Car_54 said:

happyc84 said:

remember to allow for the road excise duty cost if the new list price is over £40k.
Depending on the type of engine it might be a high cost. Mine is £600 per year, used to pay £35 20 years ago. Different times.

AIUI the extra VED of £410 pa applies to ALL cars over £40k list price.

Except for EV's at the moment. It will only apply to EV's registered after 31 March 2025.