General Part Exchange Query

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General Part Exchange Query

Joined
May 4, 2011
Messages
156
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30
Location
West Yorkshire
Hi guys,

So I've ordered my 500 and am part exchanging my 10 year old Peugeot. I ordered last week and am looking at 8-10 weeks for the 500. It just occurred to me that the Road Tax on me Peugeot runs out on 30th June. Along with my insurance. I have spoke to the garage and he says they will take me Peugeot off my hands early if I am ok to be without a car for a few weeks or I can pay the Road Tax and claim it back once I get rid of it.

I feel like for ease purpose I should just hand over the Peugeot before I get the 500 and be without a car for a few weeks, I could live without my car as its not too far on the bus to work. I just feel like it would be too much messing about to insure and Tax the Peugeot for a matter of weeks before I get the 500.

Does anybody have any experience of this? ever claimed back road tax, how does it work, how long does it take etc? how would I get around insuring the Peugeot for a few weeks?
 
Hi 'rachie

I was in the same position as you recently. I could have (and probably should have) handed my car over to the dealers early and saved myself having to tax & insure it, but I decided to hang on to it. As it turned out, I ended up selling it privately and the buyer gave me the money for 6 months tax, but it meant that I was stuck with my current insurer unless I wanted to pay a £50 'admin' fee to cancel the policy and start again with someone else. It ended up being too much hassle to cancel, so I ended up biting the bullet and paying a bit more to stay with them and transfer the new car over to my existing policy. I figure next year I will be in a better position to shop around for a new policy. Pretty much all insurance companies will charge you some kind of admin fee to cancel a policy partway through. They're all money-grabbing barstewards ;)

Cashing in your tax disc isn't a problem, you can just download a form online and send it off to the DVLA. Takes about 6 weeks for a refund. Link here:

http://www.direct.gov.uk/en/Motoring/OwningAVehicle/HowToTaxYourVehicle/DG_10012526

If I were you, I'd get rid of it early. You can then start afresh with the new car and be in a much better position to shop around for decent insurance quotes.
 
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It may have changed but in the old days you took the disc into the post office and got a refund there and then for each full month left.

Insurance wise, you could choose a company that doesn't penalise you if you cancel early. Some don't.
 
Thanks Fifi, that's what I wanted to hear, family members think I'm silly for wanting to hand the Peugeot over early and have to get the bus, but I think it will save me money and be just easier all round. I'm glad you think it's the best thing to do.

I thought there would be a fee for cancelling insurance on the Peugeot as they charged me £30 'admin fee' just to change my bloody address at the beginning of the year. And Admiral who I'm with now won't quote me for anywhere near what I've been quoted from Diamond on the 500. So bus it is for me for a few weeks, I will be all the more grateful when my 500 arrives then :)
 
It may have changed but in the old days you took the disc into the post office and got a refund there and then for each full month left.

Insurance wise, you could choose a company that doesn't penalise you if you cancel early. Some don't.

I don't think you can get a refund in the Post Office any more, just the forms for the DVLA.

Most of the insurance companies that don't penalise you for cancelling early are the ones that will cost you a lot more in the first place. I would imagine that 'rachie, being a fairly young driver, will be looking to save as much money on insurance as possible, so most of those she'd be looking at will charge.

Thanks Fifi, that's what I wanted to hear, family members think I'm silly for wanting to hand the Peugeot over early and have to get the bus, but I think it will save me money and be just easier all round. I'm glad you think it's the best thing to do.

I thought there would be a fee for cancelling insurance on the Peugeot as they charged me £30 'admin fee' just to change my bloody address at the beginning of the year. And Admiral who I'm with now won't quote me for anywhere near what I've been quoted from Diamond on the 500. So bus it is for me for a few weeks, I will be all the more grateful when my 500 arrives then :)

'rachie, you mention you're with Admiral. Admiral, Diamond, Bell, Elephant etc (all the same company, pretty much) charge ridiculous 'admin' fees for cancelling & making changes to policies. One of the reasons they are cheaper than other companies to begin with, I suppose.

I think you'd be doing the right thing by getting the bus for a few weeks. You can put the money you save towards buying some nice accessories for your new 500! (y)
 
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Oh, and another thing, because Admiral/Diamond are pretty much the same company - if you get a better quote from Diamond, tell Admiral and they should match it.
 
Oh, and another thing, because Admiral/Diamond are pretty much the same company - if you get a better quote from Diamond, tell Admiral and they should match it.

Really? Well you learn something new everyday, I didn't know that.

I rang Admiral last week and asked them if they could give me a quote for the 500, it was a foreign man I was speaking to and I could barely tell what he was saying which annoyed me anyway, and then to top it off he said 'miss smith I cannot tell you what a quote for the car would be as it is more than 20 days outside the renewal for your insurance' He then proceeded to tell me he could give me a monthly cost for insurance on the new car and it would be £30 a month more than I pay now, taking it to £125 a month! I pay £95 a month for Third Party Fire & Theft on the 10 year old car and when on moneysupermarket etc. got a quote for the Fiat 500 from Diamond for £763 for the year. It just doesn't make sense to me.

Thanks for telling me that though, however if I am getting rid of the Peugeot it won't make much difference anyway, I can start a fresh with Diamond anyway.
 
Be sure to get them to send you proof of your NCD when the policy expires as your new insurer may want to see it.

I was a little worried about that, this is only my first year of No Claims, do they send you proof through when they send you your renewal quote? Or does it take some time to come through?

Also on the Diamond website when I went to enquire further about getting insurance from them on the 500, it said if this is the first time this car has been insured please put 0 in for No Claims. I know most of you got brand new cars, were you able to put your No Claims down? Surely the No Claims applies to the person not the specific vehicle?
 
Think you are sorted with answers above;

The renewal policy they send will have your 1 years NCB, when you apply for new insurance put 1 year(s). But you don't need that if staying with elephant group.

We were in same position as you when we ordered the 500, a month after the order we were going on hols so gave the part-ex to the dealers rather than having two cars sitting in the driveway. A benefit of giving car back early is that you minimise the risk of loss of value of part-ex due to a number of factors, accident/repairs etc.

You are lucky that you don’t need to have full tax on the car, we had 8 months left :( which they wanted left on the car, but can't complain we got a great part-ex.

Sure get rid of your car end of June – end the chapter, go with Diamond when time is right (i know same group, but you may get better treatment) and enjoy the anticipation.

btw: have you pinned down the Gap insurance ?
 
Think you are sorted with answers above;

btw: have you pinned down the Gap insurance ?

Thanks, so when my renewal for insurance comes through I just tell them I don't want to renew? And obviously do nothing with the tax.

I thought the garage would want it taxed aswell which is why I asked him, but he seems happy to take it without.

Gap Insurance, I have been scouring websites for it and am still undecided whether to get it, friends and family with new cars say waste of money don't get it, but its a risk you take isn't it. So I'm really in 2 minds about that.
 
Thanks, so when my renewal for insurance comes through I just tell them I don't want to renew? And obviously do nothing with the tax.

I thought the garage would want it taxed aswell which is why I asked him, but he seems happy to take it without.

Gap Insurance, I have been scouring websites for it and am still undecided whether to get it, friends and family with new cars say waste of money don't get it, but its a risk you take isn't it. So I'm really in 2 minds about that.

You need to change F&F to forum users - only kidding.

Elephant group will only give market value for car unless you pay more with another insurer and get a policy which gives "new for old", but that’s only in 1st year. ALL insurances are as the word states "Insurances", its up to you and for you to factor the risk of WHAT-IF. Don't want to scare you but with a new car is it worth not having it especially on finance, chances of accidents are low as you will be extra careful. We took ours out (4 yrs) with surfandprotect who did a price match. It was a "replacement" policy.



I am clued up on it at the mo if you need any further info - better to PM as its a mind numbingly boring topic.
 
I'm in the same position as you Rachel, my car tax runs out at the end of this month and if I keep my car I'll have to get another 6 months tax so I'm trying to decide whether to get shot of it in the next week before we go away! No matter what the garage wants, I always make a point of keeping the car tax disk, even if it's only a month left on it then I'm having it back thank you very much! I only remember taking it to the post office to get my refund. To a private seller, well that's different matter really.

About GAP insurance, I really think it's important to get for a new car. If something were to happen and you did have a crash that wrote off the car you wouldn't necessarily get a replacement brand shiney new car, just what the car was worth at the time. As you're financing the car with a loan you'd have to carry on paying out to the finance company for the outstanding amount on the car plus potentially get another loan to finance another car.

I hadn't realised about admiral charging you to change your address etc - I'm with them at the mo - wonder how much they will charge when I want to change the car on the policy!
 
Hi Rachel,

I'd just add - make sure you take your car to the garage before your tax and insurance run out, otherwise you'll be drving with no tax or insurance, and that's a lot of points on your licence!:cry:
 
Haha I've already spoke with the dealer about what to do regarding this situation and he just said I could bring my old car in early or tax it and claim it back, so I don't think he will be wanting to give me a courtesy car. Don't worry Jane, I will take it in probably the last possible day on 30th June when my tax and insurance run out.
 
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