GolfGTIforum.co.uk
Model specific boards => Golf mk7 => Topic started by: Phil 117 on 17 May 2014, 23:19
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Right, so I've not posted in a long while. My GTD is now at just under 15,000 miles, which have been mixed. We've had a few bits of warranty work, taken it to France twice, been hit by a french driver so had some fun with it.
Anyway, some of you may remember, I got a job with AT&T and needed a car so I bought this. 3 Weeks ago, I've been given a Passat (almost the same engine) 177 DSG Executive Style with a few nice option extras on it. I have been trying to offload my car to my other half, but she is adamant she wants a new S1 so I'm going to have to sell the car.
I had the discussion with work if I could just have a cash for car, but the allowance wasn't high enough, and after trying a Passat, if I'm honest, I think I prefer it. Slightly slower being heavier, but just feels nicer strangely. It doesn't help having 3 other white MK7 GTD's on the same road as me!!
I now just have the joys of trying to sell a 8 month old GTD with finance on it, as well as quite high mileage, and £3k's worth of extras. Looking on Autotrader/Pistonheads, they are selling at around £26-27k with up to 5k miles, with similar extras. Wonder if I could get around £24-25k if I sell it myself. (Not sure if I'm allowed to say this), but obviously if anyone was interested, please give me a shout.
Again on that note, not sure if we can sell stuff on here, but some of you may remember I got a very good deal on some winter tyres through my local Volkswagen at Christmas. I got a full set of 17" VW Singapore alloys and winter tyres. I need to rehome these, so will put them on ebay some time in the week, but thought I'd ask you guys first as they are practically smaller GTD alloys. To the untrained eye, you wouldn't notice the alloys are different.
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You can sell stuff on here mate, we have a classified section:
http://www.golfgtiforum.co.uk/index.php?board=68.0
Good luck with the sale of the car though, i think £25k is a bit ambitious unfortunately with there being so many out there already and as you say, it's never easy selling with outstanding finance, might be worth ringing round a few dealers and see what they'll offer you?
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You have also told the internet that it has been bent. :huh:
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That's the trouble with trying to offload a car while it is still expensive - if you're after anything like dealership money your would-be buyers will go straight to the dealership and get finance if they need it because it feels safer than a private sale. You could buy a new one with £3k of options through a broker for £26k. Realistically you need to find the "webuyanycar.com" price and the used forecourt price and aim for the middle of the 2 at best. Set your price realistically in the first place because every month that goes by that you haven't sold it, it has depreciated by £250.
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Hawk it around dealers Phil - any other way will be very frustrating or expensive (or both)...
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Call a few local dealers, they will more than likely buy it at a decent ish price.
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I've always sold my car to dealerships and have ALWAYS got a very good price for them too. I lost just £4K on my 18 month old R32 with 25,000 on the clock, £15K on my 335i with 24,000 and £9K on a 30 month old XC90. Yes that sounds a lot over the years but I've always had a cash for car at work which has more than covered all costs.
Selling to a dealer also gives you surety on the transaction rather than risk any tyrekickers.
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Let's look at the facts here:-
1) You are the second owner I believe?
2) Car was previously used as a dealers demo car? If I remember correctly from your previous posted.
3) The car is less than a year old and has covered 15k miles.
4) It's been involved in an accident, but has been repaired to a good standard.
5) The car is in good condition and well looked after.
6) I'm assuming it's had it's first service and a new set of tyres?
7) The car is a decent spec in terms of options extras and a desirable colour.
8) The bodywork is in good condition?
9) You have outstanding finance which is highly likely more than the car is worth? Remember the interest gets added on at the beginning, so paying back early means you are paying for the full term of interest still.
10) There have been mixed issues with the car, repaired under warranty.
Based on the above, I honestly think you'll struggle to get over £20-22k for this. Based on current 'used' prices for lower mileage and ones that haven't been involved in an accident (which always puts people off). You are still fairly close to 'new' prices, particularly if someone can secure a decent fleet discount. People would also prefer the newer plate.
Most would rather pay a little extra for one that hasn't been damaged (repaired) and hasn't been used as a demo car.
You mentioned that you better half is looking to buy an S1, have you thought about trading the GTD in for it?
You mentioned also that you got offered an allowance instead? Surely if you took that + claimed mileage back you'd at least be breaking even?
From memory you used to be a car dealer yourself (again from another post), you are probably better placed to answer you own question than any of us are! :-)
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I'd disagree with some of point 9 above. If you end your finance early, VW finance work out the interest to give you back, you only pay interest on the car to the date of termination, they will keep 2 months interest as a penalty. Your monthly interest at the start of the term will be around twice as much as the interest towards the end of the term, within your monthly payment. Keep your car a year and you'll pay about 40% of the total term's interest. I've never gone full term on VW finance (this GTD is the first time i've not gone with VW finance) as i've always been getting itchy feet, it's easy to get a settlement figure. If say, you're paying £400 a month for a well specced GTI/GTD without a huge deposit down, there'll be maybe £300 a month capital being paid off on average over the term, and on average £100 a month interest. In months 1 and 2 though, there might be £140 a month interest and £260 capital, dropping to £70 a month interest and £330 capital in month 35.
I'd agree though that maybe part-exing against the S1 might be your best bet to get shot with minimum losses, unless they have issue with the part-ex being worth 75-85% of the car you're buying.
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In regards to point 9. I do get a rebate of all interest charges not incurred thus far.
You are correct on all accounts Chief. To be honest, I agree with all bar 9 as above. From appraising cars in the past, the damage would be hard to see. I've ran my fingers down all lines and can't find it.
I have tried some friends at VW's. One has offered £21k. Another has said they would offer £23k, possibly £23,500 as a P/X, but run three demo's so don't need the stock.
A local independent has offered £22k.
We are just going to the lease the S1, but will try P/X with that. I got a buddy to send over an up to date spreadsheet with all the Volkswagen dealers sales managers email. Think I'll just send a group email with the details and see if anyone wants a punt on it.
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A local independent has offered £22k.
We are just going to the lease the S1, but will try P/X with that. I got a buddy to send over an up to date spreadsheet with all the Volkswagen dealers sales managers email. Think I'll just send a group email with the details and see if anyone wants a punt on it.
If you don't need the GTD even while waiting for the S1, i'd be taking that £22k to save the hassle of chasing maybe a grand more if you're lucky and having the tyre kickers looking it over, and the £250 depreciation eevry month it doesn't sell. Unless you can get more than £22k p/x against the S1, which is doubtful because you'll get a p/x value based on when the S1 will be delivered. If you have to wait 4 months for it, the Golf will have depreciated by around £1300 if you broach the next plate change (64).
What lease terms are you getting on the S1? I've heard the S1 retains around 54% of RRP on GFV (10k miles per year), and if you had nothing to p/x, it can be bought for around £2400 less than RRP through drivethedeal - discounts on A1 through the dealers is minimal, they just won't discount by more than a grand. With no p/x to mess with and getting that broker discount, I reckon it might be better to buy than lease. For what the S1 is likely to depreciate by in 3 years (about £8500) if you get a grand more than GFV at trade-in time and get that broker discount, you are talking £240 a month + £90 a month (ave) interest. If you can get the S1 at less than £330 a month (ave, including your deposit spread over the term) inclusive of VAT then I would say lease over buy.
My missus is after an S1 when I get my redundancy. Trying to get a GFV figure out of an Audi dealer is almost as hard as getting a discount from them. Do you have a solid GFV figure?
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£22k is tempting.
They way I've got to look it is. I'm paying £394 a month, which is mostly interest at the moment.
I would have to pay roughly 6 months of ownership to get rid of the car.
If in 6 months times, it's lost £1,500 in deprecation, it would then be worth £20,500 trade. I predidct the settlement would be, correct me if I'm wrong here, but £24,500 - (£400 x 6 = 2400) = £22,000 + £1000 (due to paying mostly interest rather than the actual car currently), would be £23,000.
If it trades at £20,500, I would then only have to cough up £1,500 (plus the £2,400 I've paid though, so £4,000 it would cost), but getting 6 months worth of ownership, but then I wouldn't actually use it. Tricky one.
This is proving quite costly. So I bought it for £26,000. Including payments 6 x £400 + £500 deposit, it's cost me £3,000 so far. For 14k miles, not to bad.
So forking out 2k, it's cost me £5,500 for 6 months ownership, doing 2k miles p.a. it's cost me around £900 a month! That hurts writing that. Oh well, you only live once.
I'd bite their hand off at £23k, but I just can't see any other option. That car for £23k is cheap. On autotrader, 3 year old GTD's go for £16k. In 3 years time, there will be an influx of GTD's, and I can't see them being worth more than £14k in 3 years.
If we said £23k - £14k, it would cost £9k to own for 2 1/2 years ownership. I've paid half that in a fifth of the time! It's painful doing this maths outloud.
In regards to the Audi. My Audi has been useless. It's been trying to get blood out of a stone. She will run it through her sisters business. I think she said it was around £350 + vat a month. If she's happy with her little yellow pocked rocket, so am I.
I must admit, I don't know masses about it; I've left Rachel to sort everything herself. She can't make as bad a job as me reading the above :grin:
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If the missus is happy to pay £420 a month (£350 + VAT), but has nothing to part-ex, there's not much between leasing and buying. Over a 36 month rental term you'd have paid out £15120, and that's if there is no loading upfront. If you are on a 3+35 term, that's £15960 paid out. If you are getting a £26k (RRP) S1, inclusive of around £1100 of extras (assuming 3 door), and you get it from a brokers for £2400 discount - there's a purchase (or finance) price of £23600. The GFV is looking to be about £14k (you'll probably get £15k p/x value, meaning you'd be £1k in equity for your next car), meaning you're financing £9400 depreciation + interest over 36 months. You're looking at about £5600 interest (7% APR? pricey!) and £9400 = £15000 = £416 a month x 36. There's nowt in it (£25 a month, if 3+35months on lease), on those terms i'd rather lease. If your monthly figs are a 24 month term then I would definitely lease.
You might find even better lease terms than those, so shop around and restrict the options - £3k options can easily add £80 a month onto a lease due to them adding almost no value at resale time.
If you've got no use for the VW then get shot now for £22k. You say £23k is cheap, well it would be for a dealer, not so much for a private sale. You won't find many people willing to drop £22/23k privately.
I think that as long as they remain within the dealership network, the 3 year old 5 door GTDs will be part-exing for £15/15.5k, which is £500/1000 more than GFV, and they'll be up on the forecourt for £18k. In 2016 I'd bet the GTD RRP will be pushing £28k.
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They way I've got to look it is. I'm paying £394 a month
That's how many people look at car purchasing, rather than the bigger picture. I used to be in cars sales and have seen many people in your situation when circumstances change.
You could spend time doing the sums like Monkeyhanger has, but the long and short of it is, driving around in a new, relatively expensive car costs lots.
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Sold today.
It's going on Friday. What a shame. I did really enjoy it despite my niggles.
On a side note Monkey Hanger, she may have changed her mind. So I emailed every single Volkswagen Sales Manager in the country regarding this Golf. Low and behold, the ones who's actually bought it, offered £23k is a friend I used to work with at Honda, who also went to school with my girlfriend and I
So I was telling him about Rachel wanting an S1; and he said he'd be happy to do a 6 month staff lease on a Volkswagen (sadly can't do Audi). Look at these RIDICULOUS staff rates. She could get a GTI or even an R (or possibly even a Touareg) for next to nothing (FYI, these include VAT, no deposit, and only tied in for 6 months. Admittedly, these are base vehicles. And options can be pricey £3 for every £100 of options but still cheap)
(http://thumbsnap.com/s/fEkviptu.png)
(http://thumbsnap.com/s/zVBp6Eyx.png)
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I know all about the staff rates my friends dad works for VW however he has to take the cars for 18 months at the same money. Its great to know they view the GTI as having minimal depreciation over the first year and a half. I think I could be changing mine come year two for a new one :smiley:
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We also have friends at BMW and I hear their rates I quite good.
Again, my friends other rolls around in a X6. I think he said that's around £300 for 12 months. They do look ugly IMO though, but a lot of car for the money. Same with a Golf R on here too.
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Doesn't matter what car you've got, you're always looking to the next one. My next car will depend highly on the length of my commute and how quickly I find another job. I'm getting made redundant next june, with a sizeable pay-off. There seems to be loads of work out there in my field and for similar levels of pay, but I may have to go further than 12 miles each way to get it. All sorts of cars are buzzing through my head right now for what may be my next car in 2 or 2.5 years - Golf R, S3, bottom spec Porsche Cayman, Audi TT/TTS. I'd love to get those staff rates - they cover the depreciation and nothing more by the looks of things and it would seem that from a depreciation point of view, the performance pack is a "free" option vs standard GTI in that you'll get most of your money back for it.
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Your quite right monkeyhanger re covering the depreciation. From what I hear its all about having good used stock in 18 months for the dealer forecourts.