Discussion
GrahamSaunders said:
I sold a 996 C4S through JZM, sale or return. Experience was good. I did pay for the car to be prep'd, wished I'd done it when I owned it as it was the best it everlooked. The car sold quickly, I was happy with the price I got and all monies were settled quickly.
Thanks...sounds like a good way to go...any ideas what sort of money I should be expecting anyone?2003 MY, tip, seal grey, mint condition, new tyres, fsh, all usual extras, nav, sensors, etc. 40k miles...
GrahamSaunders said:
I sold a 996 C4S through JZM, sale or return. Experience was good. I did pay for the car to be prep'd, wished I'd done it when I owned it as it was the best it everlooked. The car sold quickly, I was happy with the price I got and all monies were settled quickly.
what the commission costs of using JZM?Bought my GT3 from JZM, and now selling it with them.
Russ is very good to deal with, straight talking and no dealer BS as far as I can see.
It's a great setup they have there, and i'd far sooner deal with them than an OPC, who offered me an insulting amount for my car. They don't deal with average cars.
Russ is very good to deal with, straight talking and no dealer BS as far as I can see.
It's a great setup they have there, and i'd far sooner deal with them than an OPC, who offered me an insulting amount for my car. They don't deal with average cars.
My only question is what's the diffrents in money you get back?
Sell it now for 23K and rush to the bank
Or
Wait for 2 months for the to give you 25K
Put it up for sale and the phone will ring with guys in the motor trade offering to buy you car.
Verdi ? He was a good guy too.
Just a thought.
JR.
Sell it now for 23K and rush to the bank
Or
Wait for 2 months for the to give you 25K
Put it up for sale and the phone will ring with guys in the motor trade offering to buy you car.
Verdi ? He was a good guy too.
Just a thought.
JR.
Can I start by saying nothing contained in this post is aimed specifically at JZM. My comments are general ones.
The subject of SOR is one close to my heart because I have seen people suffer over the years. I also feel it is hugely relevant to Pistonheads. Whatever your thoughts might be on some of the content posted on here the one thing a forum like this should do is offer protection to its members.
In theory SOR is a great idea. You lend the garage your car and in return for not having to finance its cost the garage return you more money. If a car is a bit unusual and hard to value it allows the garage to try it at a higher figure than they might be comfortable buying it in as an outright purchase. If the car is extremely expensive (think Carrera GT expensive) and the cost of putting the car into stock is significant then SOR can work well.
However in the case of Porsches most models are quite easy to value, their cost is well within the range of outright purchase and there are a fair number of companies competing to buy from you. So outright purchase figures are generally reasonable.
If selling on SOR the garage still needs to make money otherwise they will go out of business and here is where the downside to SOR starts to come into view. When you leave a car on SOR you are authorising the garage to sell your car. Once sold any issues with regard to money are between you and the garage. You can't ask for your car back if you don't get paid.
What tends to happen with garages selling cars on SOR is that should things go wrong their demise is a very long drawn out affair. The proceeds of one sale pay off the owner of the car. Then they get a bit behind and the proceeds pay off the owner of the previous sale, then 2 cars previous and so on. Eventually it all goes to pot and a lot of people find themselves embroiled in the mess chasing money which sadly doesn't exist.
You can't get more money for a car being sold on sale or return than you for your own stock car. In fact if anything a car on SOR is possibly worth a bit less as there is a fair chance the selling garage will use the old, "it wasn't one of our cars we were only selling it on behalf of someone" get out clause should something go wrong. We treat all cars the same when we sell them regardless of whether they are stock or SOR but that wouldn't generally be the norm. So a car on SOR where the garage isn’t standing to it afterwards would be valued at a private sale figure rather than a retail figure.
Alarm bells should ring when there is a big difference between a garages outright bid price and their SOR return figure. If you work on the basis of finance at 7% flat and a car remaining in stock for 2 months then each £10,000 costs around £120 in interest to the garage, or about £500 for a £40k car. That is the actual saving the garage makes by not having to finance it. Garages who are self financed and who don't need to borrow the money usually don't put a price on stocking the car, they simply bundle it into their general costs.
Given all well run sales outlets will need roughly the same base profit to stay in business and competition amongst competing buyers means that fair market value is usually achieved there isn't a massive amount to give away to a would be SOR customer. £1,000, possibly a couple of thousand but that's your lot. And remember - a "promised" return figure on SOR and a firm bid to buy are totally different kettles of fish. I can promise you the moon on a stick with SOR because we aren't ever going to have to pay out. If the car doesn't sell (and why should it if it looks expensive compared to the rest of the market) then we either hand the car back or have a little chat about the market, the colour, the interior, the fact that its been raining and re-negotiate a more sensible figure to return. Which might be no more than you could have drawn as an outright figure all those months ago. Possibly less!
If the garage are offering a huge spread between outright and SOR they are promising you more money than they would have sold it for had you accepted their outright bid. This can not be right.
There is section on our website outlining things you should be aware of when considering SOR: Things to consider when thinking about leaving your car on sale or return with a garage (SOR)
Every time this topic is brought up a load of people come along and say how great SOR is and how they have successfully sold car using SOR. The trouble is the people who have lost money are often too embarrassed to come along and admit to their loss because they feel stupid or they have wiped the event from their mind and don't want to talk about it. I know someone who has lost £20k quite recently, frustratingly on a car which was really well priced and we could have easily sold. They didn't want to trouble us as it wasn't a Porsche !
Thisthread makes for quite passionate reading about a couple of "Names" within their respective specialisation.
Sorry for the length of the post but a topic worthy of peoples time.
Henry
The subject of SOR is one close to my heart because I have seen people suffer over the years. I also feel it is hugely relevant to Pistonheads. Whatever your thoughts might be on some of the content posted on here the one thing a forum like this should do is offer protection to its members.
In theory SOR is a great idea. You lend the garage your car and in return for not having to finance its cost the garage return you more money. If a car is a bit unusual and hard to value it allows the garage to try it at a higher figure than they might be comfortable buying it in as an outright purchase. If the car is extremely expensive (think Carrera GT expensive) and the cost of putting the car into stock is significant then SOR can work well.
However in the case of Porsches most models are quite easy to value, their cost is well within the range of outright purchase and there are a fair number of companies competing to buy from you. So outright purchase figures are generally reasonable.
If selling on SOR the garage still needs to make money otherwise they will go out of business and here is where the downside to SOR starts to come into view. When you leave a car on SOR you are authorising the garage to sell your car. Once sold any issues with regard to money are between you and the garage. You can't ask for your car back if you don't get paid.
What tends to happen with garages selling cars on SOR is that should things go wrong their demise is a very long drawn out affair. The proceeds of one sale pay off the owner of the car. Then they get a bit behind and the proceeds pay off the owner of the previous sale, then 2 cars previous and so on. Eventually it all goes to pot and a lot of people find themselves embroiled in the mess chasing money which sadly doesn't exist.
You can't get more money for a car being sold on sale or return than you for your own stock car. In fact if anything a car on SOR is possibly worth a bit less as there is a fair chance the selling garage will use the old, "it wasn't one of our cars we were only selling it on behalf of someone" get out clause should something go wrong. We treat all cars the same when we sell them regardless of whether they are stock or SOR but that wouldn't generally be the norm. So a car on SOR where the garage isn’t standing to it afterwards would be valued at a private sale figure rather than a retail figure.
Alarm bells should ring when there is a big difference between a garages outright bid price and their SOR return figure. If you work on the basis of finance at 7% flat and a car remaining in stock for 2 months then each £10,000 costs around £120 in interest to the garage, or about £500 for a £40k car. That is the actual saving the garage makes by not having to finance it. Garages who are self financed and who don't need to borrow the money usually don't put a price on stocking the car, they simply bundle it into their general costs.
Given all well run sales outlets will need roughly the same base profit to stay in business and competition amongst competing buyers means that fair market value is usually achieved there isn't a massive amount to give away to a would be SOR customer. £1,000, possibly a couple of thousand but that's your lot. And remember - a "promised" return figure on SOR and a firm bid to buy are totally different kettles of fish. I can promise you the moon on a stick with SOR because we aren't ever going to have to pay out. If the car doesn't sell (and why should it if it looks expensive compared to the rest of the market) then we either hand the car back or have a little chat about the market, the colour, the interior, the fact that its been raining and re-negotiate a more sensible figure to return. Which might be no more than you could have drawn as an outright figure all those months ago. Possibly less!
If the garage are offering a huge spread between outright and SOR they are promising you more money than they would have sold it for had you accepted their outright bid. This can not be right.
There is section on our website outlining things you should be aware of when considering SOR: Things to consider when thinking about leaving your car on sale or return with a garage (SOR)
Every time this topic is brought up a load of people come along and say how great SOR is and how they have successfully sold car using SOR. The trouble is the people who have lost money are often too embarrassed to come along and admit to their loss because they feel stupid or they have wiped the event from their mind and don't want to talk about it. I know someone who has lost £20k quite recently, frustratingly on a car which was really well priced and we could have easily sold. They didn't want to trouble us as it wasn't a Porsche !
Thisthread makes for quite passionate reading about a couple of "Names" within their respective specialisation.
Sorry for the length of the post but a topic worthy of peoples time.
Henry
Edited by Henry-F on Wednesday 16th May 13:40
Henry-F said:
Alarm bells should ring when there is a big difference between a garages outright bid price and their SOR return figure.
This is the case with JZM...a huge spread. Hence why I asked on here. My instincts tell me don't bother with SOR - but JZM have a great rep on here similar to 911v and RSJ. So, just wanted some experiences. Only a couple of people come forward who have used them so far. Still undecided...Edited by Henry-F on Wednesday 16th May 13:40
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