General Low part exchange value

[Squadrone Rosso]

Just a heads up.

Finalising the deal on my new Panda Twinair Cross today.

Genuinely shocked by the low P/X value though

July 2012 Twinair plus, 24.5k, Metallic Black, reversing sensors & side rubbing strips.

£5.5k

Checked with another FGA dealer pal who says £5750 would be minimum with £6200 being top considering miles, spec & condition.

Just a heads up really as my car check gives £7280 as trade in......

Bit gutted as this means I'm in £2172 negative equity going into the new PCP deal when the existing figure is considered.

The Angry Panda seems brill though

Cheers,

 

[zanes]

That's spectacularly crap- when I got my swift sport I was offered £5k for mine (no negotiation) with over 40k miles, 2 grand off list and 0% finance. Though that was on an "old" model (it lacking integrated sat nav, auto window up on the passenger side and something else of similar value).

However, I think JRKitching mentioned that values have softened recently?

 

[jrkitching]

However, I think JRKitching mentioned that values have softened recently?

I did. 500 residuals have taken a hammering in the last couple of months.

Parkers are currently showing £6260 for a 2012/12 TwinAir Plus with 30k. Sadly metallic paint, reversing sensors + rubbing strips will add nothing to its value. Interestingly the equivalent 1.2 Lounge is showing at only slightly less, at £6140.

Tbh, if the best they could do was £5.5k, I'd walk away. Stick in in the classifieds for £6500 and I'll bet you'll generate some serious interest.

With the numbers you're being quoted, would you not do better to wait until the end of the current pcp, hand it back & then negotiate for a big discount on a Cross?

 

[Squadrone Rosso]

I'm getting £4k deposit into the deal though from FIAT / the dealer so I guess what you gain on the swings.......

My current PCP ends in July 16. We need the more practical car now & I've loved the Cross since seeing it at Geneva.

 

[JTD_Liam]

I'm a bit confused that you're only discussing p/x values now, since you ordered the Panda several weeks ago :-/

Personally I wouldn't accept that p/x value and would tell them you'll either seek to cancel your order or look to sell the car privately. However, they've got you backed into more of a corner now than they would've if you'd agreed a price when ordering the new car, which is what I've always known to happen.

 

[JTD_Liam]

I'm getting £4k deposit into the deal though from FIAT / the dealer so I guess what you gain on the swings.......

That said, I've got a feeling the £4k deposit has a lot to do with the low p/x price. It's much bigger than the standard amount a dealer would give, so they're giving you bottom line for the 500 p/x. Swings and roundabouts, as you say.

 

[zanes]

I did. 500 residuals have taken a hammering in the last couple of months.

Any idea why? Seasonal variance or something more long term?

 

[Squadrone Rosso]

Admittedly, I didn't look at the PX figures in November as concentrated on getting the monthly figure right.

The figure I agreed back then went up today (I understand the reason for that) but I examined the settlement figures from then & now.

£6k was the figure back then.

A second trusted dealer pal looked everything over. I'm down £250 over what would be fair.

He's advised that I do the deal then give them £5.5k for the 500 & sell it on privately for £6995.

That's a risk though

 

[jrkitching]

He's advised that I do the deal then give them £5.5k for the 500 & sell it on privately for £6995.

I was thinking on much the same lines. Not exactly playing by Queensberry rules, but then, neither is your dealer .

£6995 is too much - I think it'll struggle at that if sold privately, but £6500 is fair and I think you could be as near as certain as you can be of £6k, even if the market softens further by the time you sell.

Another trick (but read the small print on the deposit contribution first) is to take delivery on a pcp and then immediately exercise your right to cancel the credit agreement. FCA will invoice you for the capital sum financed (basically the price of the car less the deposit contribution - which you'll need to pay more or less immediately), but they'll have to waive all the interest and financing costs.

Some folks have used this trick when Fiat have been offering a deposit contribution on a pcp deal, but won't match the deposit contribution on a cash sale.

 

[JTD_Liam]

Admittedly, I didn't look at the PX figures in November as concentrated on getting the monthly figure right.

The figure I agreed back then went up today (I understand the reason for that) but I examined the settlement figures from then & now.

£6k was the figure back then.

A second trusted dealer pal looked everything over. I'm down £250 over what would be fair.

He's advised that I do the deal then give them £5.5k for the 500 & sell it on privately for £6995.

That's a risk though

I see what you mean. I'm with your mate - you'll easily get more than £5500 for it privately. Even if you don't get £6995 I can't see you being far off. Your a car man, with other nice cars & have an idea what you're doing, which will all help when/if people come to view the 500.

I'm sure your 500 is in better condition than many and being a TwinAir it should shift easier than the sea of 1.2s on AutoTrader, which are probably suffering as a result of the Watchdog report.

I'd go for it if I was you, £5.5k p/x is cheeky, even with the deposit contribution on the Panda.

 

[jrkitching]

Any idea why? Seasonal variance or something more long term?

I'd say market saturation has something to do with it, plus some folks may (IMO understandably) be wary of owning a Fiat once outside of warranty, particularly one with a tiny and quite highly stressed turbocharged engine that's yet to prove its reliability over the long haul. Interestingly the TA does not appear to command a premium over the 1.2 at trade-in once it's more than a couple of years old.

The real surprise is perhaps not that residuals are reverting to more typical levels for a used car, but that they stayed sky high for as long as they did. I've said this already, but I suspect most folks who've bought in the past year or two on a pcp will have little, if any, equity in the car at the end of the term.

 

[Sweetsixteen]

Any idea why? Seasonal variance or something more long term?

Whenever new car sales are rising (as they have been doing for the last twelve months) there are inevitably more used cars to sell on. More choice for second hand buyers means keener prices all round.
Additionally, it is - at the moment - a sellers market from the dealer perspective, which means plenty of customers around. The dealer has no need to offer high px values because he will sell his cars anyway, and would be quite happy if you disposed of your present vehicle elsewhere.
As ever, cash is king.

 

[MarginWalker]

July 2012 Twinair plus, 24.5k, Metallic Black, reversing sensors & side rubbing strips.

£5.5k

Quite shocking that. On that basis, I'd be offered less than 4k for my '58 1.4 Sport on 30k. Mine also metallic black with the side strips & climate. Car's getting on a bit now but with its charms and reliability I've decided it's a long-term keeper - especially now I know that the residual values for 500s have seriously moved south.

 

[Squadrone Rosso]

We love the 500 but our needs have changed & we need more practically, especially given the Brera is our other daily (essentially a 2 seater).

Over Christmas we had to pull the GT out. That's usually a fine weather toy nowadays, along with the Spider.

The Cross ticks every box as the main daily. Very well thought out, equipped, funky & genuine go anywhere ability.

The 500 had been the best pound for pound car I've owned. There'll be dust in my eye on Thursday when it goes

 

[MarginWalker]

The Panda Cross looks good. Cute but purposeful with those cool front lights and the skid plate. Pretty unique-looking mini and the off-road capability will be useful. I like it!

 

[ahmett]

I was thinking on much the same lines. Not exactly playing by Queensberry rules, but then, neither is your dealer .

£6995 is too much - I think it'll struggle at that if sold privately, but £6500 is fair and I think you could be as near as certain as you can be of £6k, even if the market softens further by the time you sell.

Another trick (but read the small print on the deposit contribution first) is to take delivery on a pcp and then immediately exercise your right to cancel the credit agreement. FCA will invoice you for the capital sum financed (basically the price of the car less the deposit contribution - which you'll need to pay more or less immediately), but they'll have to waive all the interest and financing costs.

Some folks have used this trick when Fiat have been offering a deposit contribution on a pcp deal, but won't match the deposit contribution on a cash sale.

that sounds really smart actually! so you get a car thats quite a bit cheaper assuming you pass the credit check = )

 

[ahmett]

Quite shocking that. On that basis, I'd be offered less than 4k for my '58 1.4 Sport on 30k. Mine also metallic black with the side strips & climate. Car's getting on a bit now but with its charms and reliability I've decided it's a long-term keeper - especially now I know that the residual values for 500s have seriously moved south.

in greece i was offered 6,500 Euros for my Fiat 1.4 Dualogic with 62k miles on the clock.

 

[jrkitching]

that sounds really smart actually! so you get a car thats quite a bit cheaper assuming you pass the credit check = )

If you have enough cash in the bank to buy a new car, you'll likely pass the credit check .

 

[Squadrone Rosso]

So, confirmed I can buy my 500 back for £5.5k. I'd sell it for £6k, just to make back some of the shortfall.

Cheapest in the Country & still under warranty until mid July.

Any takers?

 

[jrkitching]

So, confirmed I can buy my 500 back for £5.5k. I'd sell it for £6k, just to make back some of the shortfall.

Cheapest in the Country & still under warranty until mid July.

Any takers?

A shame this wasn't around a few weeks ago when MEP was looking for one for his sister.

C'mon folks - grab yourself a bargain and deprive the dealer of their markup on the car. It'll likely go on the forecourt for at least £7k.

May I suggest you also put an ad for this in the classifieds? I'm happy to bend the rules and leave your last post here as well, since you're a well established member and your offer to sell the car is in keeping with the context of the thread