Crushing Cupra Depreciation?

[phil3012]

Woah, lets look at cost to change into the 350Z. Leon owes 14K on it's PCP, and best offer for it was scraping £9K. Nissan costs £25K, and they want 15% deposit. Thats £3750. I'll need to bridg the gap for the Leon, and thats approx £5K. Total cost is £8750 approx.

Thats not great tbh. I've dug out the Leon's PCP document too, the mininum guarenteed value at 3 years old was set at £8296.17. Lol, it's almost there already at 9 months old!!! they have to agree this value at 3 years right? (Assuming car's not over mileage or in bad condition).

That's how it's supposed to work. I would check the small print though just to make sure.

When PCP first became commonly available there were many examples of Cosworth owners handing the keys back after 2 or 3 years as the cars were worthless due to the massive insurance.

By the way I don't think your cost to change is right as you haven't taken into account the extra payments on the Nissan. That's what you will need to pay cash to change but isn't the true cost of changing. True cost to change is actually £30,000, £8750 of which you'll be paying cash, £21250 being financed on the new PCP. Okay so you will probably not pay the balloon payment at the end.

Cost to change should be the total cost of buying the new car, not just the extra deposit needed.

 

[phil3012]

Looking on Autotrader and Cupra's still aren't cheap round here.

£15,295 is the cheapest for an 07, most are still on at £16,995 though the same price as they were in July. Now I don't know if they are actually selling for anywhere near that much though.

 

[Flems]

Looking on Autotrader and Cupra's still aren't cheap round here.

£15,295 is the cheapest for an 07, most are still on at £16,995 though the same price as they were in July. Now I don't know if they are actually selling for anywhere near that much though.

Umm, i was looking today and found a yellow '07 plate cupra on Aurotrader for around £12,995 ....

 

[phil3012]

Umm, i was looking today and found a yellow '07 plate cupra on Aurotrader for around £12,995 ....

These were all main dealer in my local area.

 

[SpursMadDave]

Defintely some bargains around to be had.... but NOT a time to be selling or trading in...

Ive been looking for a 04/05 Celica for the missus and was expecting to pay 8k+ for a good spec one with low mileage but now im looking at around 6k and some haggling!

Luckily all she has to trade in is an 04 Punto so there wasnt much to depreciate there to start with!!!

If you do have to change car for whatever reason you should sell privately if you can and then do some severe haggling when you have the cash...

 

[GTFR]

You have to look at the big picture. I too own a 56 plate TFSI FR Leon. I payed £17,500 for it 2 years ago and got an amazing part exchange offer for my 04 plate SRI Vectra (also a £20,000 car but worth £6,000) . Its now worth about £8000 in Cap and a little more in Glasses guide. I bought it on a PCP but know that I need to keep it for 3 years because PCP's are not ment for people who want to change their car in 12 months. Were you miss sold a PCP or were you going for the lowest monthly payment?
I used to work for a SEAT dealer and now I'm back in car sales so I know how this really works. Know one is going to purchase something they don't want or can't sell (dealer included) I bet a Nissan dealer would have the same conversation if offered a 350Z and he already had one on the front! And if he did want it he would bid you in the nuts because very few people want cars like this at the moment so why would he pay top money for it?.
You can't have it all, every one wanted new cars at lower prices but that means the cost of everything else must drop too.
Its not the dealers fault and why hate sales people? If you had any idea how little is made on selling a car, most of our used are at a loss! What the vehicle is priced at is not very often what it sells for. Its the workshops and parts that are bending you over. £200+ for an oil and filter change and a quick look over! They are the ones keeping dealerships open.
You have two options. Keep the Leon for the rest of the PCP and hand it back at the end. You can do that at no extra cost (subject to condition and mileage) and if its worth less than the MFGV then SEAT finance pick up the tab at auction. Then purchase another vehicle with no trade at an already rock bottom figure

Or sell the car on auto trader and again purchase without a trade in.

The thing you need to remember is if you owned the Nissan now and wanted to change it, you would be in the same boat and have the same conversation. If you really want something, you have to pay the price. If you don't need it, wait and get it for less!

 

[seremotors]

You have to look at the big picture. I too own a 56 plate TFSI FR Leon. I payed £17,500 for it 2 years ago and got an amazing part exchange offer for my 04 plate SRI Vectra (also a £20,000 car but worth £6,000) . Its now worth about £8000 in Cap and a little more in Glasses guide. I bought it on a PCP but know that I need to keep it for 3 years because PCP's are not ment for people who want to change their car in 12 months. Were you miss sold a PCP or were you going for the lowest monthly payment?
I used to work for a SEAT dealer and now I'm back in car sales so I know how this really works. Know one is going to purchase something they don't want or can't sell (dealer included) I bet a Nissan dealer would have the same conversation if offered a 350Z and he already had one on the front! And if he did want it he would bid you in the nuts because very few people want cars like this at the moment so why would he pay top money for it?.
You can't have it all, every one wanted new cars at lower prices but that means the cost of everything else must drop too.
Its not the dealers fault and why hate sales people? If you had any idea how little is made on selling a car, most of our used are at a loss! What the vehicle is priced at is not very often what it sells for. Its the workshops and parts that are bending you over. £200+ for an oil and filter change and a quick look over! They are the ones keeping dealerships open.
You have two options. Keep the Leon for the rest of the PCP and hand it back at the end. You can do that at no extra cost (subject to condition and mileage) and if its worth less than the MFGV then SEAT finance pick up the tab at auction. Then purchase another vehicle with no trade at an already rock bottom figure

Or sell the car on auto trader and again purchase without a trade in.

The thing you need to remember is if you owned the Nissan now and wanted to change it, you would be in the same boat and have the same conversation. If you really want something, you have to pay the price. If you don't need it, wait and get it for less!

Some good points there Also worth remembering that manufacturers lay down ridiculous conditions for dealers just so they can sell cars - flash showrooms, corporate branding on everything etc etc Any wonder the trade is in the state its in Dread to think what my own 08 FR has dropped to

 

[phil3012]

Some good posts from the dealers.

Unfortunately many dealers get a bad reputantion due to the underhand tactics they use to sell cars. Some are clearly dodgey, other ones as just trying to persuade you to buy a new car and use ever little trick in the book. I've had dealers before refuse to quote the APR on a loan, only to find out when you really push them it is 25%

Regarding advising the guy with the Cupra to sell on Autotrader, I imagine this would be difficult to do for 2 reasons.

Whenever i've known people to try and sell privately, they have found it really difficult and most have actually ended up selling to the trade.

Also as his car is on a PCP he would need to pay that off first, which would mean finding £14K cash. Unless he came to a deal with the purchaser, which I personally wouldn't do if I was a buyer.

 

[jonjay]

This is precisely the reason why I havent changed cars and will keep mine for another 2 years at the very least.

 

[Bainie]

Umm, i was looking today and found a yellow '07 plate cupra on Aurotrader for around £12,995 ....

When tradingin my FR I was awaiting a price back from a dealer, he phoned me back and said " What colour is it btw" , ah forgot to say it is Black .. " Ahh good, because if it was Yellow we wouldn`t touch it as no one will underwrite a yellow one, as they can`t shift them " ....

It is interesting that the 2 cheapest ones on autotrader are both Yellow ... Will it be the same story in a couple of years with white I wonder ??

 

[Carr20vt]

This is precisely the reason why I havent changed cars and will keep mine for another 2 years at the very least.

Wish i'd thought more when swapping mine end of last year.

 

[seremotors]

Look on the bright side. We all have nice cars - for every car we wish we had, someone is looking at ours thinking they would like it. You're a long time dead, just enjoy

 

[Carr20vt]

Look on the bright side. We all have nice cars - for every car we wish we had, someone is looking at ours thinking they would like it. You're a long time dead, just enjoy

So true. I have no finance on this or the touran but just gutted how much they have lost. Just bought at the wrong time. But hey were are all in the same boat or car!

 

[SpursMadDave]

Look on the bright side. We all have nice cars - for every car we wish we had, someone is looking at ours thinking they would like it. You're a long time dead, just enjoy

Cheers.... have Eric Idle in my head for the rest of the day now!!!
Exactly my sentiments though, live every day as if it's your last!!
I went shopping on saturday in Bromley and bought a PS3, new surround amp, new speakers etc etc... not much change from a grand.... what credit crunch???

 

[RCS2K4]

Wow, this thread has really exploded - When I started it, I never expected this much interest! There are some excellent points mentioned in the above, and after studying the finance documents in detail, the deal Nissan put forward could have been better.

The monthly PCP payments were only slightly up on the cupra's, but then there was the £7K neagtive equity in the Cupra to shift, and the 10% minimum deposit needed to buy the 350Z.

I dont hate my Cupra at all - Thats not the reason for sale. I have been lucky enough to have been able to borrow a 350Z for 6 weeks, and have become addicted to the V6 burble! And it's also a great looking, and very unique car. But, regardless of which Seat we all dive and love, i'm sure i'm not the only one who always has the need or want for something a little better? It's like the inner child is just trying to escape, and make you go totaly mad - just once...

I'm defiantly having that moment, but i'll keep my hard earned £10K, rather than spend it on the Nissan, because it would take a few bangs of the head against the bonnet of the car to make me think the £12K loss on the Cupra is "Just a drop in the ocean", so to speak... My sensible cap is firmly in place, and I will hold onto my "VXR Muncher" for the time being. The inner child has been sent to detention before he has another outburst!

 

[sykesytdi]

i have a mark 1 leon frtdi..... i went to look at a mark 2 frtdi the other day which was 2007 with 9k on the clock...... up for 14500
all very good till they offer me 7000 for mine.... its done 40k and is mint..... only had it 6 months and paid 10500 for it.... its soul destroying

 

[chrisboyle999]

I will hold onto my "VXR Muncher" for the time being.

a victory for common sense, nice one.

 

[foxy367]

Cheers.... have Eric Idle in my head for the rest of the day now!!!
Exactly my sentiments though, live every day as if it's your last!!
I went shopping on saturday in Bromley and bought a PS3, new surround amp, new speakers etc etc... not much change from a grand.... what credit crunch???

So when your not playing out you'll be playing in!?!?!?!?

I have a habit of changing my car every two years but in the current climate its a no brainer really the 3k difference between what I owe and what its worth will pay for a lot of maintenance when the warranty runs out I just hope I don't get bored of the shove in the back when the torque peaks!

It is depressing how much cars are losing but could be much much worse and they always say if you want to make money don't buy cars! (having said that though houses are going the same way at the moment)

 

[SpursMadDave]

So when your not playing out you'll be playing in!?!?!?!?

I have a habit of changing my car every two years but in the current climate its a no brainer really the 3k difference between what I owe and what its worth will pay for a lot of maintenance when the warranty runs out I just hope I don't get bored of the shove in the back when the torque peaks!

It is depressing how much cars are losing but could be much much worse and they always say if you want to make money don't buy cars! (having said that though houses are going the same way at the moment)

I can't beat my son on pes2009 so im trading in the PS3 for a yoyo, i wonder how much it has depreciated in a week

 

[foxy367]

I can't beat my son on pes2009 so im trading in the PS3 for a yoyo, i wonder how much it has depreciated in a week

Ha Ha I'll give you a fiver for it!!!!!