Lambo depreciation....ouch
Discussion
I'm a Porsche man!Usually buy 1 /year. This year had GT3 and GT3RS sold them both for what I paid for them.
But this year, on a whim, I bought a new Gallardo Spyder from Lambo London for £157K. I simply don't get on with it, I'm too big for it (6'4"
So it's done only 700 miles.
No problem, I'll just sell it and get something else. Wow what an eye opener. Been on Pistonheads for 2 months, about 3 calls from tyre kickers. Chris at Lambo London will simply not return my calls or e-mails depspite me informing Domemnic Lancaster of this. Best offer from a trader £120K...ouch That's £500/mile!
Guess who won't be buying a Lambo again or using H R Owen for that matter.
But this year, on a whim, I bought a new Gallardo Spyder from Lambo London for £157K. I simply don't get on with it, I'm too big for it (6'4"
So it's done only 700 miles. No problem, I'll just sell it and get something else. Wow what an eye opener. Been on Pistonheads for 2 months, about 3 calls from tyre kickers. Chris at Lambo London will simply not return my calls or e-mails depspite me informing Domemnic Lancaster of this. Best offer from a trader £120K...ouch That's £500/mile!
Guess who won't be buying a Lambo again or using H R Owen for that matter.
Sympathy for not even getting to 1K in it, guess a combination of grey weather, grey car & winter doesn't help trying to move a convertible along.
Did you expect to get your money back on a brand new car though? I've never been close, even when buying used in the 1st place and that includes Renault Scenics, never mind a niche car like a Lambo spyder!
Did you expect to get your money back on a brand new car though? I've never been close, even when buying used in the 1st place and that includes Renault Scenics, never mind a niche car like a Lambo spyder!
jackq,
As Tony says it's not an ideal time of year to be selling a Spyder particularly with the current gloomy economic conditions. Dealers are struggling to shift cars themselves. Have you tried contacting any of the clubs like P1, Rio prestige etc? At your mileage and price this could be a good prospect for them. Just a thought. Alternatively speak to Dion at the Elms Collection http://www.elmscollection.com/ who has a very good reputation and can arrange finance for potential buyers.
As Tony says it's not an ideal time of year to be selling a Spyder particularly with the current gloomy economic conditions. Dealers are struggling to shift cars themselves. Have you tried contacting any of the clubs like P1, Rio prestige etc? At your mileage and price this could be a good prospect for them. Just a thought. Alternatively speak to Dion at the Elms Collection http://www.elmscollection.com/ who has a very good reputation and can arrange finance for potential buyers.
Edited by isuk on Friday 7th December 16:54
Edited by isuk on Friday 7th December 16:59
jackg said:
Ye that is mine. I'm rubbish with taking pics and posting. Will have a go this weekend if the rain goes away
If the chassis number ends in 723 then it's most likely the car I ordered but subsequently turned up without some of the options on it that I wanted.It that is the car, there's a couple of pictures of it on here from when I was grumping on about the factory's cock-up.
i feel for you !! i really do, i had the same experience about a couple of years ago on a gallardo. bought it for 114000 and had to get rid of it about 4-5 months later (due to a move abroad for work) had done only a few thousand miles on it and lamborghini london offered me around 80 k for it . Thing is they where selling cars with worse spec then myne for well over 110 k in there showroom!!!.
The spreads of buying and selling almost new sportscars today are mindboggling. If you have made a wrong buying decision there is only one recipe in my opinion. Take the write-down on your chin and get on with life. The next buyer will be a happy but I fear that if you holding onto a car longer, prices are going to go even further down. Take the best offer from the trade - add a couple of grand and sell it privately on pistonheads. There are far too many cars in classifieds that are completely overpriced compared to where the market is today. I recently sold my one year old 997tt on pistonheads at approximately 10 grand lower than the other comparable cars out there but still 7 grand higher than the dealer offered. I was not happy, but the buyer was content, he got a perfect barely run in car. I could have waited another 6 months if I had not discounted the price and who knows where the market would have been in six months time and insurance and depreciation costs would have been higher than the initial loss that I booked. Just my two pennies worth. Good Luck.
jackg said:
Timbo, that's the one. A couple of pics would be good. No I'm not Clarkson but I am The Stig!
OK, here you go. Not the greatest of pictures: at the time I really just wanted the evidence in case it came to a dispute. It didn't have the branding package on it when I saw it, although it did come with the yellow wheel centres. It's a nice car, although mine is nicer. For the avoidance of doubt, the car at issue is the one on the left in the first picture.
Clarkson is huge. I used occasionally to bump into him (literally) in the long narrow passage that constitutes the lower intestinal tract of the Chrysalis building. He has a head the size of a horse's.
jackg said:
I'm a Porsche man!Usually buy 1 /year. This year had GT3 and GT3RS sold them both for what I paid for them.
But this year, on a whim, I bought a new Gallardo Spyder from Lambo London for £157K. I simply don't get on with it, I'm too big for it (6'4"So it's done only 700 miles.
No problem, I'll just sell it and get something else. Wow what an eye opener. Been on Pistonheads for 2 months, about 3 calls from tyre kickers. Chris at Lambo London will simply not return my calls or e-mails depspite me informing Domemnic Lancaster of this. Best offer from a trader £120K...ouch That's £500/mile!
Guess who won't be buying a Lambo again or using H R Owen for that matter.
Yes bad luck jackg, fancy getting caught with depreciation. I mean, buying a car new and expecting your money back 3 months later when a dealership can offer brand new ones without much wait, with the ‘overs’ situation long gone, or selling Cabriolets when there’s no sunshine, or indeed, trying to sell anything in the face of falling property prices, well, it is truly bad luck.But this year, on a whim, I bought a new Gallardo Spyder from Lambo London for £157K. I simply don't get on with it, I'm too big for it (6'4"
So it's done only 700 miles. No problem, I'll just sell it and get something else. Wow what an eye opener. Been on Pistonheads for 2 months, about 3 calls from tyre kickers. Chris at Lambo London will simply not return my calls or e-mails depspite me informing Domemnic Lancaster of this. Best offer from a trader £120K...ouch That's £500/mile!
Guess who won't be buying a Lambo again or using H R Owen for that matter.
Yes good idea, blame the dealership. Unfortunately my experience indicates dealers are but whores to the market, offering a service as best they can, so they are force to stay just ahead of the market, very occasionally with values going up but much of the time going down, and London overheads off the clock. That’s why used car buying prices are generally cheaper. Have you noticed this? I think Porsches go the same way too. Glass’s guide offers a clue as to how this works.
Think about it. What does you Drophead sell for new? What would incentivise a buyer to buy yours (Hint: usually a lower price). How much return would you want if you invest a six-figure sum? For 8 weeks it wouldn’t sell on PH? Have we got an answer?
Bad luck?
PS In terms of depreciation for all used cars, I don't think you've seen anything yet.
Edited by ph123 on Saturday 8th December 18:50
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