Used car valuations... preparing for the GTI's delivery!

[DougL]

So I've just had an offer on my Mk6 and I'm almost at the point of agreeing the sale. Basically I've been offered £620 above a basic valuation (webuyanycar, who I would not touch with a bargepole!). Is this reasonable? I'm not particularly interested in holding on to achieve maximum value to be honest and would rather just sell...

[DougL]

Oh, it's not a dealer, it's a private sale. I've already got a £3k 11% discount from my dealer via DriveTheDeal!

[monkeyhanger]

With a discount like that I suspect the dealer would be wanting to value on the low side anyway - £3k discount and anything above WBAC.com valuation is a bonus. Saying that though - did they make you an offer for it?

Sounds good if you don't get a better offer. Private sales are always harder to come by at the higher end of the used market. I heard a WBAC.com radio advert today - they (James Corden) pledge to honour price agreed online if actual condition reflects web declared condition. I wonder if they will hold themselves to that.

[DougL]

Sounds good if you don't get a better offer. Private sales are always harder to come by at the higher end of the used market. I heard a WBAC.com radio advert today - they (James Corden) pledge to honour price agreed online if actual condition reflects web declared condition. I wonder if they will hold themselves to that.

I think people always overestimate the value of their used cars... I think I have probably lost £5000 in a year and a half, which is about 25% - it's a lot of money, but probably not outrageous as most of the depreciation happens on leaving the showroom. I didn't take it in to WBAC, just got their valuation and decided that another £500 or so would be a reaonable uplift. I also used Honest John's pricing guide which showed what all the adverts are showing for my car over the last couple of months. His recommeded sale prices were way below that of the ads, which is interesting, seeming to suggest that deals should happen a fair whack (read £1k) below advertised prices...

As for my current car, it was bought with the head and not the heart (1.6 TDI  ) so I can't say I love the car - it's a good car but not wonderful. The GTI will hopefully be a car that I can say I love with both head and heart!

[monkeyhanger]

Depreciation is always at it's heaviest within 2 years from new and you've prepared yourself to accept that.

I've found that between years 2 and 3 for the VWs i've bought, the depreciation has been pretty constant, losing a consistent £250 or so a month but seeing my collateral in the car increase by at least the same amount month-on-month with every payment made. Cost to change is the important thing.

In 3 years time I expect to realistically get £15500-16000 for my car in a deal that sees me get very little discount (maybe £1k plus £500 freebies) on the new one. If i'm chasing a £3k broker discount, I expect to get the indicated GFV listed on the finance example for my car (£14470) or WBAC.com valuations. Swings and roundabouts really. Did a little better than normally this time around as the order being 10 weeks longer than expected saw my collateral increase by about a grand over expectations vs my fixed p/x value (3 extra payments).

[simonpolly]

WBAC are way off he mark with their valuations, their offer on my MK6 GTI was £2000 less than I got in part exchange I have compared their quotations on other cars I own and they are always way off.

[CraigW]

WBAC significantly offer less than market value. I would never use their quotes as a basis for a valuation of your car

[monkeyhanger]

WBAC significantly offer less than market value. I would never use their quotes as a basis for a valuation of your car

Might depend on the car. My Scirocco was p/xed with a value set by the Dealer at the end of March - £15500. 3 months later WBAC's website was offering £14700 with declared single alloy scuff and bonnet stone chips. It took a £1600 dip with WBAC at the end of August (2 months later) with the new plate looming. P/x valuations depend on the dealer you use. Some use Parkers (if you are lucky, some use Glass' and some use CAP if it's lower than Glass'. Last time I was in Benfield they offered a variable CAP based valuation that depreciated with time becasse they wouldn't commit to a fixed p/x in case delivery was later than expected. Needless to say it was about £1100 less than Pulman offered, based on a July delivery (so about £1600 less based on actual Sept delivery).

[simonpolly]

I got £14200 px for my  4 year old MK6 GTI, I have just seen online the dealers are only asking £14995 ,after they have done the 4th service including cam belt/chain  and put a warranty on it they wont be making much money on my old car. im glad I locked in my part exchange

WBAC offered £12,200 with their online quote
Gap now offer 12800 max

[Jimble]

I'm getting £17k for my 3.5 year old mk6 but i haven't got a discount off the price of the mk7 apart from a few freebies!!