Due diligence, used car £18.5k, consumer protection?

paul_c123

KittenChops said:

..... Jag .........

All bets are off.

ididgetwhereiamtoday

I would have night mares if I was about to buy a second hand Jag. 

fatbelly

I'd go for the 'run for the hills' option

https://www.honestjohn.co.uk/jaguar/f-pace/history#

Ectophile

I vote for "run for the hills".

If something goes wrong, the car's a lemon and the dealer shuts down, then there's nothing you can do.  It's a bank loan, not credit on a car, so not the bank's problem.  The only way you can reverse a bank transfer is if it was fraudulent (and it won't be).

So you end up left paying off a bank loan, and trying to fix the car at your own expense.

All too often, if a company doesn't do cards, it's because no bank will give them a card account.  Because the banks consider them too high a risk.

jimjames

KittenChops said:

Plan to take the car to local garage for a check in the first week

Seems a very odd thing to do after you've bought it, surely the time to get it checked is before you hand over any money. Once the dealer has your cash they're unlikely to be very keen to spend money on fixing issues.

Goudy

jimjames said:

KittenChops said:

Plan to take the car to local garage for a check in the first week

Seems a very odd thing to do after you've bought it, surely the time to get it checked is before you hand over any money. Once the dealer has your cash they're unlikely to be very keen to spend money on fixing issues.

I think that's the reason for this post.
They want to buy it and then find out if it's a lemon or not.
If it is, they want to know what they can do about it. (in this case, probably not a lot)
Rather than do it the other way around.

I don't want to run Jags down too much, I've had a couple and learnt.
They are expensive cars and expensive cars are generally expensive to run, maintain and repair. (even back when they were full of Ford bits)

These costs don't necessarily get cheaper because the car has depreciated after a few years and become cheap enough from them to buy.
They are still generally expensive to run, maintain and repair, probably more so as things are starting to wear out.

With my sensible shoes on, I wouldn't buy this car and would be looking at a Toyota Rav4 Hybrid.
18.5k would get my into a 2019 with fairly low miles and if I serviced it at a Toyota dealer each year, they'd continue to warranty it for another year up to 10 years or 100,000 miles.
So it would be under warranty for around 4 years, which is a good chunk of the loan repayments.

DullGreyGuy

Ectophile said:

All too often, if a company doesn't do cards, it's because no bank will give them a card account.  Because the banks consider them too high a risk.

Assuming you are going to be only taking deposits by card then anyone can open a Zettle account and use their smartphone as the card reader or pay £50 (often discounted)  for a dedicated reader within 20 minutes. Maximum transaction per card is £2,500 and £500,000 per day, plenty enough for most motor traders. 

Long gone are the days that banks held the keys to being able to accept cards. Zettle, Square, SumUp, Dojo etc are being used by substantial businesses these days not just craft fairs and market stalls. 

fatbelly

If something goes wrong...?

With a JLR product you need to have a £2000 emergency fund continuously on standby. 

And preferably a cheap banger as back-up transport

As long as you are aware of that, then you enjoy it while it's working

WellKnownSid

DullGreyGuy said:

Ectophile said:

All too often, if a company doesn't do cards, it's because no bank will give them a card account.  Because the banks consider them too high a risk.

Assuming you are going to be only taking deposits by card then anyone can open a Zettle account and use their smartphone as the card reader or pay £50 (often discounted)  for a dedicated reader within 20 minutes. Maximum transaction per card is £2,500 and £500,000 per day, plenty enough for most motor traders. 

Long gone are the days that banks held the keys to being able to accept cards. Zettle, Square, SumUp, Dojo etc are being used by substantial businesses these days not just craft fairs and market stalls. 

Off topic - but it's a little more complicated than that - the traditional way is to handle the risk and compliance DD up front so you end up with a lot of checks - ID, KYC, KYB, Beneficial Owners, PEPs, etc, etc.  Fintechs have reversed that model with software but the outcome can be massively disruptive to businesses with huge sums of customer money put out of reach because one of the brothers of one of the directors of one of the holding companies happens to be away scuba-diving...

DullGreyGuy

WellKnownSid said:

DullGreyGuy said:

Ectophile said:

All too often, if a company doesn't do cards, it's because no bank will give them a card account.  Because the banks consider them too high a risk.

Assuming you are going to be only taking deposits by card then anyone can open a Zettle account and use their smartphone as the card reader or pay £50 (often discounted)  for a dedicated reader within 20 minutes. Maximum transaction per card is £2,500 and £500,000 per day, plenty enough for most motor traders. 

Long gone are the days that banks held the keys to being able to accept cards. Zettle, Square, SumUp, Dojo etc are being used by substantial businesses these days not just craft fairs and market stalls. 

Off topic - but it's a little more complicated than that - the traditional way is to handle the risk and compliance DD up front so you end up with a lot of checks - ID, KYC, KYB, Beneficial Owners, PEPs, etc, etc.  Fintechs have reversed that model with software but the outcome can be massively disruptive to businesses with huge sums of customer money put out of reach because one of the brothers of one of the directors of one of the holding companies happens to be away scuba-diving...

So you think that only banks are the way to be able to accept card payments these days? Based on what you decided to make bold.

It can, if it happens that the brother is a material shareholder and is not only away on a scuba trip but in somewhere where there is no internet etc. For the majority of businesses you get your first payout within days of the first time you take a payment. On the basis that many traditional card processors would hold a reserve then not only are you slower getting the ability to take payments but it's also slower to receive your first payment and so at least as disruptive if not more.