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Old 05-12-2007   #1
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Depreciation disaster

Some of you may know that I an avid MJ owner. This board was of great assistance to me in selecting the Panda and especially the MJ version. I have tried to help others in either buying or maintaining their Panda.

However, I am shocked to discover when thinking about trading in early next year and buying another MJ, that this great little car has depreciated to only 29% of it's original value!! I did realise that it could be as low as 37 - 39% but this!

The salesmen always say it's the mileage that has it so low ( I have 106,000 Kms or 66,250 miles. This is not a lot for a diesel)

I bought it as demo in April 2005 with 3000 Kms on the clock. It was priced at 14,125. I traded in a seven year old Fiesta 1.25 having to fork out 8,000

Now having tried three Fiat dealers in various counties, I have been told that I will have to come up with 9,500, 10,500 and 11,250. Taking the last figure, it works out at a retained 29% of it's original value. This means that it is now worth just under 5,000, 4,000 or 3,550

I am having to come up with 9,500 to change to an Opel (Vauxhall) Corsa with the same great little diesel engine and don't have to pay the 9,500 until Feb. 2010 - it's a deal called 50/ 50. You put up or trade in to half the value of the new car and pay the other half two years later.

I have also been quoted / come up with 10,000 to buy a Suzuki Swift with the same diesel engine but no special deals on the finance.

This is a hard one, I like my little MJ and it has been brilliant over the past almost three years. However, I really don't think I can afford another one

Is anybody else finding the same poor trade in value??

BJ 20
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Old 05-12-2007   #2
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Re: Depreciation disaster

The value of cars at trade-in never cease to shock and sicken does it? No bad how low you think it is going to be, it's always worse.

Why are you considering changing? Is it just the old three year itch? I know it's a hassle, but if you must replace it would you not consider selling it privately? They are a sought after car and MJs certainly seem to hold good prices over here; a quick search now on Autotrader shows only one under 4,600. For the amount in Euros your talking I'll get on a ferry and come and buy it off you myself...
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Old 05-12-2007   #3
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Re: Depreciation disaster

Quote Originally Posted by BJ20 View Post
The salesmen always say it's the mileage that has it so low ( I have 106,000 Kms or 66,250 miles. This is not a lot for a diesel)
They'll say anything. The mileage is too high, it's the wrong colour, no-one want a multijet, it's what the book says... This is all part of the game.
Anyway, if you've had the car 2.5 years, then you've taken most of the (real) depreciation, so running the car longer won't really cost you any more. If you really do want a new car, I'm sure you could sell privately for substantially more, and bargain with the dealer. Or alternatively go to the dealer and say, "I want that car, and I'll give you 8000 euros (choose your own value) and my car. However this offer is only available for today. If I come back tomorrow this offer won't be available".
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Old 05-12-2007   #4
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Re: Depreciation disaster

BJ

Just a thought... What's the importation tax like for bringing in a car to RoI? There's the like of Fiatsupasaver where you could get a new MJ Panda for 6295 (about e8700). That might be an option and privately sell your own on autotrader for a decent price...

Or you could keep your current MJ... You really haven't encountered any problems with it during your ownership. It's a great wee car...
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Old 05-12-2007   #5
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Re: Depreciation disaster

Reckon its the mileage that is killing the trade in value. Whilst its not loads of miles for a diesel engine, it is about double the average for a car of that age, so there are going to be loads of MJ's out there with a lot less miles.
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Old 05-12-2007   #6
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Re: Depreciation disaster

sell it private,dealer has to get it prep'd,budget for repairs....more than often it goesstraight to market these days.
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Old 05-12-2007   #7
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Re: Depreciation disaster

Thanks for the advice guys.

I have done my homework (again) and there is nothing out there that beats the MJ for MPG, Tax, Ins, size, reliability, drivability and difference (just look at the posts about it being ugly) - it's just such a pity it bottoms out so badly. The Opel (Vauxhall) Corsa is bigger and will cost more on Ins and give less MPG. Ditto for the Suzuki and the Mazda 2 (with it's 1.4 diesel engine). All of them being bigger will not allow me to zip around town and grab that (tiny) parking spot.

I have been thinking of selling privately and then heading to GB for a replacement. This country ROI hammers cars with a thing called VRT (Vehicle Registration Tax) which is 22.5% on your prices then there is 21% VAT on top of that!

There are very few MJs in ROI - lots of the 1.1 Active: its in the price range that attracts them. Unless somebody is doing serious mileage the initial asking price for the MJ here in ROI is not helping. SIMI price list show it as 14,450. Dealers quote 14,950 (500 for delivery etc - ouch)

The reason I am thinking of selling? Here in ROI, the guarantee is 4 yrs OR 100,000 Kms. As I have exceeded that, I am wary of big bills. I had a few Renaults that cleaned me out of house and home with repair bills once they got past three or four years old. I don't want to go down that road again.

It really is going well and I am seriously thinking of holding on to it. With 22 - 25,000 miles every year, I would have over 120,000 miles inside five years. Wonder what they (lovely salesmen) would think of it then

I will be doing nothing this side of the new year - will keep you posted on how it works out. Could even be seeing some of your Pandas from GB side

Take care out there

BJ20
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Old 06-12-2007   #8
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Re: Depreciation disaster

Quote Originally Posted by BJ20 View Post
This country ROI hammers cars with a thing called VRT (Vehicle Registration Tax) which is 22.5% on your prices then there is 21% VAT on top of that!
Serves you right for living in a country with a thriving economy, Guinness & Jamesons on tap and such magnificent countryside!

No, you've take the biggest hit of deprecation there's a lot to be said for keeping the old girl. You're on the nice flat part of the curve now and loosing perhaps £1000pa which isn't too frightening. It's worth far more to you as a good car with a known history than it ever will to some pip-squeezing salesman.

I assume you've no outstanding finance, so why not stick away what you would be paying on a new motor in finance and keep it for any potential big bills? It's the approach I've taken for my Coupe which - to be fair - is far more likely to attract big bills than a Panda.

£150 per month soon adds up to a fair bit and - all being well - a nice Christmas in 2008. Wish you well in your deliberations fella!
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Last edited by Schwenck; 06-12-2007 at 00:47. Reason: Thinking, thinking...
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Old 06-12-2007   #9
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Re: Depreciation disaster

What makes you think that a Corsa,Swift,Mazda 2 will hold their value any better?3 years down the line the response you get from the salesman will still be the same "Mileage too high,mate"
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Old 06-12-2007   #10
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Re: Depreciation disaster

only car to get if you want to afford depreciation is a mini (in that class).
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Old 06-12-2007   #11
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Re: Depreciation disaster

It's a very small BMW hatchback,certainly never has and never will be a proper Mini
Proper Mini here
https://www.fiatforum.com/members-mo...ite-100hp.html
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Old 06-12-2007   #12
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Re: Depreciation disaster

i find a problem in the new mini.

mainly that its not all that mini anymore

on the inside it is small as well for all its interior space
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Old 06-12-2007   #13
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Re: Depreciation disaster

I know this is a Fiat forum, but as you cover so many miles and it sounds like basic transport and low running costs you're after, you may be interested in what we bought for my wife (covers 25-30,000 miles a year).

A Hyundai Getz 1.5 diesel. (I can hear the yawns, but the money side is compelling). Cost us 8500GBP new (with discount) including air-con. Has a (important bit) 5 year unlimited miles warranty. regularly does 55mpg. After 5 years worry free driving and about 150,000 miles, even if it's worthless, it will have cost us...

8500GBP in depreciation over 5 years. I don't reckon you can beat residuals like that.

Plus, the first three services were free, and so far not one problem whatsoever (1 year).

Can't imagine Hyundai trade-in offers are great though!!
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Old 06-12-2007   #14
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Re: Depreciation disaster

Quote Originally Posted by PandaPaul View Post
I know this is a Fiat forum, but as you cover so many miles and it sounds like basic transport and low running costs you're after, you may be interested in what we bought for my wife (covers 25-30,000 miles a year).

A Hyundai Getz 1.5 diesel. (I can hear the yawns, but the money side is compelling). Cost us 8500GBP new (with discount) including air-con. Has a (important bit) 5 year unlimited miles warranty. regularly does 55mpg. After 5 years worry free driving and about 150,000 miles, even if it's worthless, it will have cost us...

8500GBP in depreciation over 5 years. I don't reckon you can beat residuals like that.

Plus, the first three services were free, and so far not one problem whatsoever (1 year).

Can't imagine Hyundai trade-in offers are great though!!

Thing is you can get a multijet far cheaper than that. I got mine with aircon for under 7K. So i don't see that the hyundai is realistically cheaper even if you take into account its warranty.
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Old 06-12-2007   #15
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Re: Depreciation disaster

i dont think that any fiats residual values are great to be honest

but then again they are generally cheaper to help this
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