Massively ripped of at a "car supermarket" Tell or not?
Discussion
sandman77 said:
Someone buys a new car and is as pleased as punch with both the car and the deal he got. Why would you want to come along and piss all over his chips?
Leave him be.
Leave him be.
To be honest I find it staggering that someone would let themselves be ripped off that much, especially just for a diesel A3...
If he's already got the car, I'd say nothing.
Should he still be waiting to pick it up, I might have a conversation with him about how cheap finance is these days, and that getting it from the dealer isn't the only option. If he chooses to do nothing about at that stage, it'd be his own look out.
I appreciate that he could buy it cheaper privately, but a lot of people refuse to buy from other than a dealer!
Should he still be waiting to pick it up, I might have a conversation with him about how cheap finance is these days, and that getting it from the dealer isn't the only option. If he chooses to do nothing about at that stage, it'd be his own look out.
I appreciate that he could buy it cheaper privately, but a lot of people refuse to buy from other than a dealer!
longblackcoat said:
If he's already got the car, I'd say nothing.
Should he still be waiting to pick it up, I might have a conversation with him about how cheap finance is these days, and that getting it from the dealer isn't the only option. If he chooses to do nothing about at that stage, it'd be his own look out.
I appreciate that he could buy it cheaper privately, but a lot of people refuse to buy from other than a dealer!
Not just privately! Other dealers are selling them on the trader for between £9000-£9500 for the EXACT same spec! Should he still be waiting to pick it up, I might have a conversation with him about how cheap finance is these days, and that getting it from the dealer isn't the only option. If he chooses to do nothing about at that stage, it'd be his own look out.
I appreciate that he could buy it cheaper privately, but a lot of people refuse to buy from other than a dealer!
I just can't believe some people don't do their own research! Who spends that much money without checking if they're getting a fair deal or not first?!
nick s said:
I just can't believe some people don't do their own research! Who spends that much money without checking if they're getting a fair deal or not first?!
People just assume that the deal you'd get would be reasonable like walking into a supermarket and buying bread or milk.Ignorance is bliss (albeit expensive bliss).
In a few years he will likely be bored after say 2 years when the car has say 70k miles.
Imagine the surprise when he realises that he has paid two years worth of payments, £2k and a 57 player corsa and has practicality none if any equity in the car as there is still £7k owing...
It would have probably worked out cheaper to buy new, nearly new or lease to be honest.
Imagine the surprise when he realises that he has paid two years worth of payments, £2k and a 57 player corsa and has practicality none if any equity in the car as there is still £7k owing...
It would have probably worked out cheaper to buy new, nearly new or lease to be honest.
Froomee said:
In a few years he will likely be bored after say 2 years when the car has say 70k miles.
Imagine the surprise when he realises that he has paid two years worth of payments, £2k and a 57 player corsa and has practicality none if any equity in the car as there is still £7k owing...
It would have probably worked out cheaper to buy new, nearly new or lease to be honest.
And that he can't sell the A3 because of the outstanding finance.Imagine the surprise when he realises that he has paid two years worth of payments, £2k and a 57 player corsa and has practicality none if any equity in the car as there is still £7k owing...
It would have probably worked out cheaper to buy new, nearly new or lease to be honest.
nick s said:
After some opinions here.. A colleague has just bought himself a "new" car from one of these Car Supermarkets, and is absolutely chuffed to bits. Unfortunately he's their perfect customer, and they saw him coming a mile off! I'll outline briefly what he's done.
Gone in there with his 57 plate Corsa (worth £2500) and £2000 cash. Test drove an 08 Audi A3 TDI sport 170 with 53,000 miles and loved it. Started talking figures, and when they asked him what he wanted for his car, he thought he'd be cheeky and say £3000. They agreed of course, and he's now thinking they are the mugs and they are giving him an amazing deal.
Now the shocking part.... The Audi was up for £13700!!! So with his £3000 trade in, and £2000 cash, he "only" needed to get £8700 on their finance. They again impressed him with a monthly repayment figure, which he didn't bother to work out. £195 x 60 months. So he's essentially now paying £16700 over 5 years for this A3... EXACT same spec on Autotrader are around the £9000 mark. So he's paying almost double the true value of the car!
Not sure he's paid double for the car, maybe 50% too much. The rest of the money over and above the car value is the finance charge, and they are providing finance. So we need to price that separately to see if it's any good.Gone in there with his 57 plate Corsa (worth £2500) and £2000 cash. Test drove an 08 Audi A3 TDI sport 170 with 53,000 miles and loved it. Started talking figures, and when they asked him what he wanted for his car, he thought he'd be cheeky and say £3000. They agreed of course, and he's now thinking they are the mugs and they are giving him an amazing deal.
Now the shocking part.... The Audi was up for £13700!!! So with his £3000 trade in, and £2000 cash, he "only" needed to get £8700 on their finance. They again impressed him with a monthly repayment figure, which he didn't bother to work out. £195 x 60 months. So he's essentially now paying £16700 over 5 years for this A3... EXACT same spec on Autotrader are around the £9000 mark. So he's paying almost double the true value of the car!
Up for 13,700, should be 9,000
Trade in 3,000 should be 2,500
His cost to change was 13700-3000 = 10700
But it should have been 6,500
So he's overpaid on the car by 10700-6500 = 4200, so about 50% (4,200 / 9000 = 47%)
We can work out the finance cost as the difference between repayments and capital (195*60)-8700 = 3000 finance over 5 yrs, so 600/yr or 50/mth. Not sure what APR that works out at but £3k interest to borrow £8.7k sounds kind of steep, but not payday loan steep.
The other factor is his overpayment on the purchase of the car, which we can see what it equates to monthly 4200/60 = 70 per month.
Yeah, I think it's fair to say he's not done the worlds best deal there has he? I wonder why he didn't spot any of these identical cars for £9k and choose one of those instead?
mrmr96 said:
Not sure he's paid double for the car, maybe 50% too much. The rest of the money over and above the car value is the finance charge, and they are providing finance. So we need to price that separately to see if it's any good.
Up for 13,700, should be 9,000
Trade in 3,000 should be 2,500
His cost to change was 13700-3000 = 10700
But it should have been 6,500
So he's overpaid on the car by 10700-6500 = 4200, so about 50% (4,200 / 9000 = 47%)
We can work out the finance cost as the difference between repayments and capital (195*60)-8700 = 3000 finance over 5 yrs, so 600/yr or 50/mth. Not sure what APR that works out at but £3k interest to borrow £8.7k sounds kind of steep, but not payday loan steep.
The other factor is his overpayment on the purchase of the car, which we can see what it equates to monthly 4200/60 = 70 per month.
Yeah, I think it's fair to say he's not done the worlds best deal there has he? I wonder why he didn't spot any of these identical cars for £9k and choose one of those instead?
Nicely put! That makes it a lot clearer.Up for 13,700, should be 9,000
Trade in 3,000 should be 2,500
His cost to change was 13700-3000 = 10700
But it should have been 6,500
So he's overpaid on the car by 10700-6500 = 4200, so about 50% (4,200 / 9000 = 47%)
We can work out the finance cost as the difference between repayments and capital (195*60)-8700 = 3000 finance over 5 yrs, so 600/yr or 50/mth. Not sure what APR that works out at but £3k interest to borrow £8.7k sounds kind of steep, but not payday loan steep.
The other factor is his overpayment on the purchase of the car, which we can see what it equates to monthly 4200/60 = 70 per month.
Yeah, I think it's fair to say he's not done the worlds best deal there has he? I wonder why he didn't spot any of these identical cars for £9k and choose one of those instead?
With regards to not noticing identical cars for 9k. He didn't even know what car he wanted. Went into the car supermarket and they showed him a Focus, a Golf etc, and then the Audi. so he hadn't been previously looking at them at all, and had no idea of the price of any cars. Wasn't as if he'd been browsing Autotrader for them before going in or anything.
davec1960 said:
The only people I know that have bought from supermarkets have all had poor credit records and it is the only way they they can get the newish car that they "must have"
This may not be the case for your friend but is another reason to say nothing, just in case
Top Lurking!This may not be the case for your friend but is another reason to say nothing, just in case
nick s said:
I hate seeing things like that happen to people!
Lightning strikes 'happen' to people. Lottery wins 'happen' to people. These are 'unlucky' and 'lucky' people, respectively.Failure to DYOR is an active choice some people make. We can categorise them as 'stupid people'.
The money hasn't isn't gone - it's just been redistributed from the stupid to the less stupid.
Money abhors stupid, and always flows from stupid > less stupid.
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