Trading in

[M4Hulk]

Car coming up to 3 years next month what the steps involved in trading in as I never done this before. Looking for new CP M4.

[M4_CaptFlashheart]

i think my local dealer would have your hand off this week. 0% finance and some good deals on Comp Pack m4. Marshalls of Grimsby. They do all the work for you.

[M4Hulk]

Great, will give them a call and see what they have on offer. Would like a straight trade in if possible.

[stefan4]

Originally Posted by M4 UAV

i think my local dealer would have your hand off this week. 0% finance and some good deals on Comp Pack m4. Marshalls of Grimsby. They do all the work for you.

+1, pick my m3 cp up from them at the end of next week

[M4Hulk]

Spoken to my local dealer about trading in my M4 as its going to be 4 years since i had it and the PCP deal is up in a few months. Dealer wants me to give him £10,0000 plus trade in of the car under the PCP agreement. Is this normal as I thought the trade in price would be enough.

[Wills2]

Post up some more details your mileage the spec of the other car and price.

That sounds like awful deal at face value unless you've done 90k in yours.

[rhm_SIIM4]

Originally Posted by M4Hulk

Spoken to my local dealer about trading in my M4 as its going to be 4 years since i had it and the PCP deal is up in a few months. Dealer wants me to give him £10,0000 plus trade in of the car under the PCP agreement. Is this normal as I thought the trade in price would be enough.

Traded my M4 to a CP after 2 years with no cash on swap - the value quoted was higher than outstanding finance. But I'd done about 17k miles over the 2 years. Had originally put 8k into the first M4 though.

[M4Hulk]

Originally Posted by Wills2

Post up some more details your mileage the spec of the other car and price.

That sounds like awful deal at face value unless you've done 90k in yours.

Well the dealer didn’t mention any price for a car just went on about me putting in £10,000 and if am happy to work around that. My car done 40,000mls.

[Wills2]

Originally Posted by M4Hulk

Well the dealer didn’t mention any price for a car just went on about me putting in £10,000 and if am happy to work around that. My car done 40,000mls.

Well call me old fashioned, but I'd be asking for the full figures:

1. Value on yours vs settlement figure.
2. Price of the new car the APR and payments.

I'd then go and shop around and see if the deal stacks up, why would you not want to know how he/she is getting to those figures.

[M4Hulk]

Originally Posted by Wills2

Well call me old fashioned, but I'd be asking for the full figures:

1. Value on yours vs settlement figure.
2. Price of the new car the APR and payments.

I'd then go and shop around and see if the deal stacks up, why would you not want to know how he/she is getting to those figures.

Well had chat with a dealer he did some number crunching and I got no EQUITY in the car. He want me to start another deal again and hand over £10k plus trade in. What I can’t understand I was told that the PCP option over four years was best as you put the car towards the next car.

[SynTom]

CARWOW, Build your dream M4, get offers back from dealers around the UK. Guarantee if you wait until the end of the month then you'll be able to snag 5 figures off the price of a new M4.

Unless you've damaged your car beyond belief, with scratched body panels and dents then you shouldn't be forking out 10K to break even. Also if it doesn't have a full service history from a VAT registered garage, then no reputable dealer would even consider the car. If the car is a 40K car in good condition with a FSH then I don't see the problem, just looks like the dealer is pulling your leg.

If you're on a PCP deal, the only way the car can be worth 10K less than the guaranteed future value is for the reasons stated above. If you're handing your car back in and expecting them to give you money towards your new car then that simply isn't how a PCP agreement works. You'll need to haggle a discounted rate off your new M4 from a site like CARWOW or just in person to get the best deal.

Hope this helps.

[Wills2]

Originally Posted by M4Hulk

Well had chat with a dealer he did some number crunching and I got no EQUITY in the car. He want me to start another deal again and hand over £10k plus trade in. What I can’t understand I was told that the PCP option over four years was best as you put the car towards the next car.

OK well what is your GFV? or settlement figure if you're not at that stage, get some trade bids on the car, it all depends on spec and mileage but don't just take his/her word for it might be true but best to check, your salesman seems light on the details and that's never a good sign.

[DB118D]

You need to do some leg work

Firstly, get a settlement figure from your current finance provider.

Then get an idea of trade value from WBAC / Evans Halshaw or similar

You then need to get the biggest discount you can on a new M4 CP. Use CarWow or similar and you'll get dealers best offers straight off.

You then need to work out whether handing your current car back or trading it in is best. If trade value is better than settlement, PX it. If not, hand it back when the PCP expires (allowing for any damage charges or excess mileage charges that may land on your doorstep)

Finally - never believe a word a salesman says

[t5pilot]

Yeah, I'm a bit confused. GFV on a PCP is just that. A guaranteed value at the end of term, minus any over mileage payments you may have to make.
Lets say your GFV was £35K. Then, it has higher miles, so costs you, say £2K. Leaving £33K.
If current market value is £38K, you hand it back & have £5K as a deposit on a new one, or hand the car back & walk away.
Or, if not replacing from that dealer, just hand it back.
Or if you want to keep it, pay the optional final payment, either in one, or refinance.

That's my understanding of how PCP works anyway.

[Wills2]

Originally Posted by t5pilot

Yeah, I'm a bit confused. GFV on a PCP is just that. A guaranteed value at the end of term, minus any over mileage payments you may have to make.
Lets say your GFV was £35K. Then, it has higher miles, so costs you, say £2K. Leaving £33K.
If current market value is £38K, you hand it back & have £5K as a deposit on a new one, or hand the car back & walk away.
Or, if not replacing from that dealer, just hand it back.
Or if you want to keep it, pay the optional final payment, either in one, or refinance.

That's my understanding of how PCP works anyway.

I'm not sure that's the issue being addressed on the thread it's the cost to change into a new car and whether the numbers offer any value.

The GFV (or as I like to put it the minimum that you still owe BMWFS) is what it is, the variables are the market price for the car vs that GFV and the price of the new one.

[t5pilot]

Originally Posted by Wills2

I'm not sure that's the issue being addressed on the thread it's the cost to change into a new car and whether the numbers offer any value.

The GFV (or as I like to put it the minimum that you still owe BMWFS) is what it is, the variables are the market price for the car vs that GFV and the price of the new one.

Cheers, but clear as mud to me still. I've only had a pcp once, to get a better deal on a car. Then cancelled it straight away once the deal was through.

[M4Hulk]

Thanks for everyone input on this. I never done a PCP deal before, only done normal finance with my previous car and paid for it over 4yrs. Anyway moving forward I checked on a BMW site and and my car valued at £27100 (not much for and M4 in its 4th yr) will contact BMW finance and get a settlement figure and get back to you all.

[M4Hulk]

Right settlement figure as from today is £27,096,34p. Not looking good to get a good deal for a M4 Comp.

[gatsojon]

Originally Posted by M4Hulk

Right settlement figure as from today is £27,096,34p. Not looking good to get a good deal for a M4 Comp.

coast2coast cars are currently showing 20% discount for M4CP so that's your starter for 10 in negotiations. Doesn't sound too bad to me!

So a basic M4 CP is showing at £54,115. Options usually attract a similar discount in my limited experience.

[M4Hulk]

Originally Posted by gatsojon

coast2coast cars are currently showing 20% discount for M4CP so that's your starter for 10 in negotiations. Doesn't sound too bad to me!

So a basic M4 CP is showing at £54,115. Options usually attract a similar discount in my limited experience.

Sorry about this but not to sure what you mean by ( your starter for 10 ). Can you recommend a place I should start to look for this 20% discount.

[mbj666]

Originally Posted by M4Hulk

Sorry about this but not to sure what you mean by ( your starter for 10 ). Can you recommend a place I should start to look for this 20% discount.

carwow through proper BMW dealers through up some good m4 deals for me (was a year ago mind) as could wangle full CF upgrades into the build and subsequent discount (in end i just used the car wow stuff to haggle with local dealer)

[M4Hulk]

Originally Posted by mbj666

carwow through proper BMW dealers through up some good m4 deals for me (was a year ago mind) as could wangle full CF upgrades into the build and subsequent discount (in end i just used the car wow stuff to haggle with local dealer)

Ok mate I'll give carwow a go, thanks.