What would you do??⁸

[Leverage]

I had also to trade in my old car. 10 months ago I got a quote for the car. Then I asked if they would guarantee me that price when I will take deliver of the new car. You know the answer, they couldn’t.
BUT I made them write down that if my car was in the same conditions with a few more kilometers (less than 10.000 kilometers) I would get X amount of money. They accepted these terms.
And I’m glad I had everything written down because they had « forgotten » the deal and I had to show them the emails. They couldn’t back out the deal and will pay the price acknowledged 10 months ago.

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[B61]

Maybe I was naive to think that the original appraisal was still valid, but I did ask the SA was this the quote for a January trade in and he said yes. I spoke to him again before the build date was locked in to confirm my extras, again no price change on anything regarding my trade in. Then speaking to the finance manager only this week all the figures were still the exact same but when I said I'd be going elsewhere for my finances due to better interest rates, SA emailed me 24 hours later to say the appraisal wasn't valid and I would be receiving less now as it's out of date. Find the timing of the whole thing very strange, changing the deal 3 weeks before delivery.

They gave me written statement about value of my old car and they kept the promise five month later.

 

[tomtom901]

I originally went into the dealers in January (2022), they offered me a trade value for my old Tesla with 20k KM's. I was supposed to be in the car in April, fast forward many delays (12V and general shortage), I traded in the Tesla with 40k (so +20k km's) at the end of November (l month ago today!) and more than 6 months later than originally planned. They honoured the existing deal, but I know Porsche AG compensated them.

 

[McgR]

I had also to trade in my old car. 10 months ago I got a quote for the car. Then I asked if they would guarantee me that price when I will take deliver of the new car. You know the answer, they couldn’t.
BUT I made them write down that if my car was in the same conditions with a few more kilometers (less than 10.000 kilometers) I would get X amount of money. They accepted these terms.
And I’m glad I had everything written down because they had « forgotten » the deal and I had to show them the emails. They couldn’t back out the deal and will pay the price acknowledged 10 months ago.

I did the same. I made them put it on paper. And made them add the garanteed price at time of delivery to make it their problem if they can’t deliver the new car in time. At the end I was able to sell my 2 year old x5 for 6k more to an independent dealer than what Porsche guaranteed.

in Belgium second hand car market is really good. They offer high price. But that may be depending of what car you are selling.

 

[whitex]

They gave me written statement about value of my old car and they kept the promise five month later.

When was that? The big question is what happened to the used car market during that time. If it was Jan 2022 to May 2022 for example, then the dealer actually made money by keeping the old trade-in value, as used cars shot up in value during that time.

 

[B61]

When was that? The big question is what happened to the used car market during that time. If it was Jan 2022 to May 2022 for example, then the dealer actually made money by keeping the old trade-in value, as used cars shot up in value during that time.

Beginning of April 21.

 

[whitex]

Beginning of April 21.

From April 21 + 6 months the used car market was just starting to heat up, so the dealer didn't lose any money on giving you April 21 price in August 21. If you got a quote in June 22 and dealer honored the price today, that would be one awesome (to customers) dealer.

 

[B61]

I’m not following the market, i just wanted to point out that i got a written statement.

 

[Fish Fingers]

The used car market is falling fast (certainly in the UK).
The bubble has well and truly burst. It was cited as one of the main factors for inflation falling back last week.

And any time I have p/x a car, I have always been told that they can only value it at that time (which makes sense to me).

Obv this dealer in this case is losing the commission on the finance deal, which will be a major part of their earnings (just like Gap, wheel insurance and protective coatings).

If I were OP, I would drop my anger and go and speak to them. They have moved the goalposts, but you have to.

And in the meantime I would very quickly look at what you can get for the current car from all the used car buying companies (we buy any car / carwow etc in UK).

 

[Frankhy]

The used car market is falling fast (certainly in the UK).
The bubble has well and truly burst. It was cited as one of the main factors for inflation falling back last week.

And any time I have p/x a car, I have always been told that they can only value it at that time (which makes sense to me).

Obv this dealer in this case is losing the commission on the finance deal, which will be a major part of their earnings (just like Gap, wheel insurance and protective coatings).

If I were OP, I would drop my anger and go and speak to them. They have moved the goalposts, but you have to.

And in the meantime I would very quickly look at what you can get for the current car from all the used car buying companies (we buy any car / carwow etc in UK).

Just an update from my visit to Porsche on Monday. They have dropped the valuation of my car for trade-in by €16k!! That's a loss of €2k a month since I got it first appraised with Porsche back in May! Taycan is due for delivery on January 6th, to only find this out now, so close to delivery is hugely disappointing. Plus, I contacted them first, and they never even contacted me, which I don't understand. Did they just expect me to have €16k in my back pocket when I go to collect the car?? Very disappointing customer service I have to day.

 

[whitex]

Just an update from my visit to Porsche on Monday. They have dropped the valuation of my car for trade-in by €16k!! That's a loss of €2k a month since I got it first appraised with Porsche back in May! Taycan is due for delivery on January 6th, to only find this out now, so close to delivery is hugely disappointing. Plus, I contacted them first, and they never even contacted me, which I don't understand. Did they just expect me to have €16k in my back pocket when I go to collect the car?? Very disappointing customer service I have to day.

Used car market nosedived since the summer, almost as fast as it shot up a year ago. If you want to look for a silver lining, it's still above pre-pandemic levels, so you're still getting a bonus over "normal" valuations.

The high used car market in the last year probably caught a lot of people in a similar predicament as yours. People would see their used car value and realize if they can order a new car at MSRP they can upgrade their cars cheaply, or in some situations even walk away with cash from the transaction! That's because used cars sold for more than MSRP. That bubble is over, which is probably why we are seeing more cars on dealer lots - cancelled orders, dealer ordered spec cars not flying off the shelves anymore. I got an email from my local Audi dealer last week, offering $3,500 off MSRP, while a year ago they tried to sell me on $25,000 ADM. Times have definitely changed.

 

[Fish Fingers]

Just an update from my visit to Porsche on Monday. They have dropped the valuation of my car for trade-in by €16k!! That's a loss of €2k a month since I got it first appraised with Porsche back in May! Taycan is due for delivery on January 6th, to only find this out now, so close to delivery is hugely disappointing. Plus, I contacted them first, and they never even contacted me, which I don't understand. Did they just expect me to have €16k in my back pocket when I go to collect the car?? Very disappointing customer service I have to day.

Can you get your deposit back?

 

[Frankhy]

Can you get your deposit back?

Yes that is still an option.

 

[Archimedes]

Just an update from my visit to Porsche on Monday. They have dropped the valuation of my car for trade-in by €16k!! That's a loss of €2k a month since I got it first appraised with Porsche back in May! Taycan is due for delivery on January 6th, to only find this out now, so close to delivery is hugely disappointing. Plus, I contacted them first, and they never even contacted me, which I don't understand. Did they just expect me to have €16k in my back pocket when I go to collect the car?? Very disappointing customer service I have to day.

My advice is to stop thinking in terms of 8 months ago and just think about today. Would you do the deal today or not? That’s the question that you need to answer.

The used car market was a ridiculous fucking bubble recently. You didn’t take advantage of it and lost some cash. Get over it. Btw, no offense but, if $16k isn’t at least almost couch cushion money for you, a six figure car might not be a good decision. It’s a depreciating asset.

 

[Fish Fingers]

Yes that is still an option.

Personally, I would probably get the deposit back and go elsewhere - if that's possible with your circumstances (existing car etc)?

In a few months time, its going to be a very different climate for car sales.
Time and patience may be a good call here.

Out of interest, what was the original p/x offer, which has dropped 16k?

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