Where are used car prices with the MK8 launch and other worldly troubles?

[mcmaddy]

posting for the first time since i purchased my mk3 16v anni via this forum 10yrs ago...she is on 199,940 miles & rising daily BUT

 i am considering purchasing a mk7 facelift 19 plate, manual petrol from a not so local vw dealer that wont budge on the price at all, £7.5k deposit, 8.9% apr = £357 a month hire purchase

been an interesting read this thread & i think i may wait a few months longer & see how things pan out

cheers

you'd be better sorting your own finance out, it'll be much cheaper than 8.9%

[monkeyhanger]

posting for the first time since i purchased my mk3 16v anni via this forum 10yrs ago...she is on 199,940 miles & rising daily BUT

 i am considering purchasing a mk7 facelift 19 plate, manual petrol from a not so local vw dealer that wont budge on the price at all, £7.5k deposit, 8.9% apr = £357 a month hire purchase

been an interesting read this thread & i think i may wait a few months longer & see how things pan out

cheers


Do VWFS give a better APR rate for a used car less than 1 year old? If so, it might be cheaper on their PCP to go for a car just under a year old.

Are there any incentives with the car that come with finance?

I just got a 10.5 month old Audi A4. I have the readies to buy outright, but took the finance last Friday to score for 2 free services. On Tuesday I withdrew from the finance agreement. As the car is less than a year old VWFS offered me the "special" used rate of 6.9% APR. If VWFS do that for Audis, they probably do the same for VWs. Do a national used search, decide how far you're willing to travel for the right one and gauge national pricing for same/similar spec. If the one on your doorstep is £600 more than same spec 50 miles away, travel 50 miles or use it as leverage to haggle the local one down.

If there are no incentives from VWFS then get a bank loan at around 2.8 - 3% if you've got a decent credit rating (more chance of success with your own bank).

[ramrod]

Ramrod,pick mine up today (6 hr train journey to Exeter)-they wouldn’t give me a penny off.
I asked if they would throw in rear mudflaps,which I would fit (I’d got the fronts off eBay)-told me no,because they would have to show it as a discount.
I would have waited,but the right car came along so I jumped.

wow that is a bit stingy of them! hope the 6 hour train journey was worth it & you are loving the new car

[ramrod]

posting for the first time since i purchased my mk3 16v anni via this forum 10yrs ago...she is on 199,940 miles & rising daily BUT

 i am considering purchasing a mk7 facelift 19 plate, manual petrol from a not so local vw dealer that wont budge on the price at all, £7.5k deposit, 8.9% apr = £357 a month hire purchase

been an interesting read this thread & i think i may wait a few months longer & see how things pan out

cheers


Do VWFS give a better APR rate for a used car less than 1 year old? If so, it might be cheaper on their PCP to go for a car just under a year old.

Are there any incentives with the car that come with finance?

I just got a 10.5 month old Audi A4. I have the readies to buy outright, but took the finance last Friday to score for 2 free services. On Tuesday I withdrew from the finance agreement. As the car is less than a year old VWFS offered me the "special" used rate of 6.9% APR. If VWFS do that for Audis, they probably do the same for VWs. Do a national used search, decide how far you're willing to travel for the right one and gauge national pricing for same/similar spec. If the one on your doorstep is £600 more than same spec 50 miles away, travel 50 miles or use it as leverage to haggle the local one down.

If there are no incentives from VWFS then get a bank loan at around 2.8 - 3% if you've got a decent credit rating (more chance of success with your own bank).

you & @mcmaddy are right, i never realised bank loan apr was so low! all the main vw dealer is offering me is 2 free services

[monkeyhanger]

Ramrod,pick mine up today (6 hr train journey to Exeter)-they wouldn’t give me a penny off.
I asked if they would throw in rear mudflaps,which I would fit (I’d got the fronts off eBay)-told me no,because they would have to show it as a discount.
I would have waited,but the right car came along so I jumped.

wow that is a bit stingy of them! hope the 6 hour train journey was worth it & you are loving the new car

They know they don't need to discount when you're travelling 6 hours to the car. There's no way you're leaving without the car unless its not as described.

If you want to barter it's better to casually come and see the car (obviously harder to do unless you're a lot closer to the dealership that has it) and do the haggling in person. Tell them face to face that you'll put pen to paper there and then if the right deal is struck.

If you go in there with a "need" to buy that car, the dealer will offer you nowt because they don't need to discount to  close the deal. They tried it on with me at the Audi garage. I rang up first thing in the morning, left a message with reception that I was interested in looking at car X and they said that the "very busy" sales team would ring me back.

They rang and I let the call go to voicemail. They said I had to call them urgently as an offer valid for 90 mins had been placed on the car. I waited until 4:30pm (end of my working day) and drove down to have a look. In the meantime they'd called me twice to chase up a viewing.

I had a look around the car in the lot and decided it was of interested. I then asked for one of the sales team to let me in for a discussion (COVID-19 - you could only be in by appointment).

We haggled and I left thinking I'd got a deal (you can always wonder if you could've squeezed harder).

[monkeyhanger]

you & @mcmaddy are right, i never realised bank loan apr was so low! all the main vw dealer is offering me is 2 free services

2 free services vs a big interest saving.

If the car is under a year old and hasn't exceeded 10k miles, VWFS should sell you a 2 service pack for £299.

On the other hand, 8.9% APR is about £6k in interest on a £25k loan over 3 years. That could be £2k interest with a bank loan. However, the bank loan will have to cover the whole car whereas a PCP covers depreciation down to GFV in 3 or 4 years time.

To do the equivalent with the bank loan, get a 5 year vank loan for the amount you want to borrow and what you owe with 2 years left should be less than the GFV.

[ramrod]

Ramrod,pick mine up today (6 hr train journey to Exeter)-they wouldn’t give me a penny off.
I asked if they would throw in rear mudflaps,which I would fit (I’d got the fronts off eBay)-told me no,because they would have to show it as a discount.
I would have waited,but the right car came along so I jumped.

wow that is a bit stingy of them! hope the 6 hour train journey was worth it & you are loving the new car

They know they don't need to discount when you're travelling 6 hours to the car. There's no way you're leaving without the car unless its not as described.

If you want to barter it's better to casually come and see the car (obviously harder to do unless you're a lot closer to the dealership that has it) and do the haggling in person. Tell them face to face that you'll put pen to paper there and then if the right deal is struck.

If you go in there with a "need" to buy that car, the dealer will offer you nowt because they don't need to discount to  close the deal. They tried it on with me at the Audi garage. I rang up first thing in the morning, left a message with reception that I was interested in looking at car X and they said that the "very busy" sales team would ring me back.

They rang and I let the call go to voicemail. They said I had to call them urgently as an offer valid for 90 mins had been placed on the car. I waited until 4:30pm (end of my working day) and drove down to have a look. In the meantime they'd called me twice to chase up a viewing.

I had a look around the car in the lot and decided it was of interested. I then asked for one of the sales team to let me in for a discussion (COVID-19 - you could only be in by appointment).

We haggled and I left thinking I'd got a deal (you can always wonder if you could've squeezed harder).

thanks for the advice, i shall take it onboard when handling the next main dealer. the car i want is 2 hours each way & i stupidly told the dealer this.

 

[ramrod]

you & @mcmaddy are right, i never realised bank loan apr was so low! all the main vw dealer is offering me is 2 free services

2 free services vs a big interest saving.

If the car is under a year old and hasn't exceeded 10k miles, VWFS should sell you a 2 service pack for £299.

On the other hand, 8.9% APR is about £6k in interest on a £25k loan over 3 years. That could be £2k interest with a bank loan. However, the bank loan will have to cover the whole car whereas a PCP covers depreciation down to GFV in 3 or 4 years time.

To do the equivalent with the bank loan, get a 5 year bank loan for the amount you want to borrow and what you owe with 2 years left should be less than the GFV.

£299 the cheeky sod the car is actually £2000 over book price too as it only has 5k on the clock

it is my intention to pay off the majority of the purchase price within the next 12-24 months & keep the car long term, the bank car loan quote i got this morning was 2.8% apr with repayments of £325/mth which is much better as the total interest is only £1600 too

thanks to this thread i am much better informed to make my mk7 purchase, thanks guys

[monkeyhanger]

you & @mcmaddy are right, i never realised bank loan apr was so low! all the main vw dealer is offering me is 2 free services

2 free services vs a big interest saving.

If the car is under a year old and hasn't exceeded 10k miles, VWFS should sell you a 2 service pack for £299.

On the other hand, 8.9% APR is about £6k in interest on a £25k loan over 3 years. That could be £2k interest with a bank loan. However, the bank loan will have to cover the whole car whereas a PCP covers depreciation down to GFV in 3 or 4 years time.

To do the equivalent with the bank loan, get a 5 year bank loan for the amount you want to borrow and what you owe with 2 years left should be less than the GFV.

£299 the cheeky sod the car is actually £2000 over book price too as it only has 5k on the clock

it is my intention to pay off the majority of the purchase price within the next 12-24 months & keep the car long term, the bank car loan quote i got this morning was 2.8% apr with repayments of £325/mth which is much better as the total interest is only £1600 too

thanks to this thread i am much better informed to make my mk7 purchase, thanks guys

Have you done the deal yet?

£2k over book because it has 5k miles instead of 10k miles is way too much.

On PCP, what's the current rate for excess miles? about 8p a mile? You're paying 40p a mile for fewer miles. I woukdn't be paying more than 10p a mile for fewer miles - You should be paying £500 over book, not £2000.

If you haven't paid a deposit yet, I'd be walking away.

[ramrod]

you & @mcmaddy are right, i never realised bank loan apr was so low! all the main vw dealer is offering me is 2 free services

2 free services vs a big interest saving.

If the car is under a year old and hasn't exceeded 10k miles, VWFS should sell you a 2 service pack for £299.

On the other hand, 8.9% APR is about £6k in interest on a £25k loan over 3 years. That could be £2k interest with a bank loan. However, the bank loan will have to cover the whole car whereas a PCP covers depreciation down to GFV in 3 or 4 years time.

To do the equivalent with the bank loan, get a 5 year bank loan for the amount you want to borrow and what you owe with 2 years left should be less than the GFV.

£299 the cheeky sod the car is actually £2000 over book price too as it only has 5k on the clock

it is my intention to pay off the majority of the purchase price within the next 12-24 months & keep the car long term, the bank car loan quote i got this morning was 2.8% apr with repayments of £325/mth which is much better as the total interest is only £1600 too

thanks to this thread i am much better informed to make my mk7 purchase, thanks guys

Have you done the deal yet?

£2k over book because it has 5k miles instead of 10k miles is way too much.

On PCP, what's the current rate for excess miles? about 8p a mile? You're paying 40p a mile for fewer miles. I woukdn't be paying more than 10p a mile for fewer miles - You should be paying £500 over book, not £2000.

If you haven't paid a deposit yet, I'd be walking away.

no haven't done the deal & decided i am going to wait till maybe the new year to see how things stand then, im not "desperate" for a new car, i have my reliable mk3 16v anni that pulls like a train & never skips a beat & starts first time everytime...

ive never considered a PCP until now, been doing some research on them this morning, the balloon payment puts me off as does the fact there maybe no equity at the end of the contract