Selling PX

S

supersebbo

Member
Hi all,

So the dealer gave a me a pretty low-ball figure on my part-ex, which I accepted because they were giving me a very high dealer discount (quite a bit more than BMW were advertising online which is rare). I've had an offer to buy may part-ex for cash privately for about £750 more than the dealer offered, and I can do without the car for a few weeks. Can I just sell the PX car and give them the entire deposit in cash? Or because my car is listed on the purchase contract, does it form part of the contract now??

Anyone with experience here?

Thanks.
 
I would speak with the dealer, confirm what you know or are thinking. If you've signed a contract detailing your car, you would be in breach by giving them cash instead, however sensible it may seem to you. Don't take advise on the details of this from me or anyone here as we don't know the specifics of your deal... why are you asking here rather than checking with the company you've signed a contract with?
 
Maniac said:
I would speak with the dealer, confirm what you know or are thinking. If you've signed a contract detailing your car, you would be in breach by giving them cash instead, however sensible it may seem to you. Don't take advise on the details of this from me or anyone here as we don't know the specifics of your deal... why are you asking here rather than checking with the company you've signed a contract with?
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Because, they are likely to tell me that I can't do it even if in reality I can, it's in their best interest! I would not trust a dealership to give me accurate legal advice when they are trying to squeeze every penny out of a deal.

Not saying I expect the good folk of this forum to provide considered legal advice either, but people here may have been in the same situation and got that advice, which they could pass on. It's just the standard BMW UK purchase contract.
 
I understand, there may indeed be someone here that's done that, but frankly, I would not alter essential components of a contract without legal advice or speaking with the contract partner (dealer).
 
They are only interested in a deal. Cash is as good for them as p/ex if not better as they are then guaranteed that amount. Your car will be either put out to auction or to trade. They are not really interested in it if truth be known.

The 'can't offer more p/ex because we are giving a big dealer discount' is the usual nonsense sales pitch drivel. The 2 are unrelated. They are not going to offer an amount for your p/ex that they are not confident they are going to recover. They are not in the business of doing favours. Even in these hard economic times cash is no longer king as there is every reason for dealers to promote PCP plans etc.. If they offer big dealer discount it is because they want shut of it before the newer model comes in the showroom. I got a £12500 discount on my new Z4 2012 plate a few weeks ago and a p/ex and cash in lieu of the other p/ex which I didn't use.

I had agreed p/ex on 2 cars with them but they had accepted that if I could get more privately there was no problem in taking cash. I don't see your situation is any different. I gave a cash deposit of £1,000 and had to come up with the balance any way I saw fit.

In the extremely unlikely event they say no (it won't happen!), just say you can't now trade it (car wrecked/faulty, decided to keep it etc.). Do you think they will cancel the deal and lose a sale?

Out of interest I sold my Porsche to http://www.webuyanycar.com !!!! who I had no confidence or trust in at all but whose valuation centre was only 1 mile away, nothing to lose so worth a go. Surprisingly I got £900 more than any other offer. £8,400 against a book price of £7,500. The simplest and hassle free transaction I've ever done.

BMW took my 2005 Merc E500 AMG Sport in p/ex for £6000 which was about right for book value and I have now found it up for sale 20 miles away within a week at a prestige car dealers for £10,995. Certainly not worth that in today's market and I doubt they will get that. I paid £15,500 5 years ago!

I would just contact them and say you can no longer offer the car in p/ex and will provide cash, see what they say. I think you are under a false illusion that it is in their interest. Deals are flexible, they just want business. I would imagine you have just signed a standard deal with a cash deposit and a promise to pay the balance with a p/ex valuation or PCP or whatever. I really doubt there will be any problem but you have to be pro active and contact them.
 
Thanks johnbirt - just what I needed to hear.

Co-incidentally its WBAC that have offered me more on my vehicle too, even after their 'inspection' (read: look around for any excuse to offer less). They took a couple of hundred off their online offer because of a scuff on the underside of the front bumper (!) but still came out top.
 
As Maniac says, check with the dealer first, but I cant see why they would say no, unless they are pulling a fast one with the p/x price.

When we got the 1'er a few years ago I did the deal by p/x my previous car....it was all listed on the paperwork etc, but the salesman actually told me to try and sell if privately for more money, which I did.

All he did was alter the details from £x coming from p/x to £x cash.

I'd check, but don't see a problem, and If they say no, it would be interesting to see why?
 
I have a crazy story about this situation.

The dealer gave me an ok offer for my old car but I was happy with it.

Then I decided I wanted to add some more options to the zed and negotiated them for free. The dealer said he would just up the value of the part exchnage because internally that worked better for him. Fine by me I said.

Out of the blue my dad decides he really wants my old car. I sell it to him for next to nothing (he paid for my whole youth afterall...) and THEN i have to pay the dealer in cash the higher price I had negotiated on the part exchange. :(
 
Because some dealers make money on p ex when passing them on. Why do you think all dealers like taking p ex
 
My pal works for Bowker & they like taking certain PX's in & very often sell for more profit than they made on the newer car :oops:
So much so they have set up a spin off company specifically for their trade in's http://www.bowkermotorgroup.co.uk/ribble-valley
Also hear that LLoyd BMW is planning a similar venture very soon :wink:
 
supersebbo said:
Hi all,

So the dealer gave a me a pretty low-ball figure on my part-ex, which I accepted because they were giving me a very high dealer discount (quite a bit more than BMW were advertising online which is rare). I've had an offer to buy may part-ex for cash privately for about £750 more than the dealer offered, and I can do without the car for a few weeks. Can I just sell the PX car and give them the entire deposit in cash? Or because my car is listed on the purchase contract, does it form part of the contract now??

Anyone with experience here?

Thanks.
Click to expand...

If you dont mind me asking supersebbo....what dealer did you use?

Thanks
 
i thought there was a legal issue with buying cars with cash as it can be considered as money laundering. i believe £2k is the limit in cash a dealer is allowed by law to take.
maybe wrong though
 
Actually my dealer would only take £1k in cash. However by 'cash' instead of my PX I simply meant any form of liquid funds (debit card, bank transfer).

Also, many businesses don't like taking cash any more as business banking accounts now charge more for cash-handling in some cases than for Debit card transaction fees.
 
supersebbo said:
gwilson30019 said:
If you dont mind me asking supersebbo....what dealer did you use?

Thanks
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Cotswold Group - they are based in the South West of England.
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Eeek!
Got my Z4 from them and have to say they come top of the worst dealers I have ever dealt with!
Car prep and handover was dreadful and ruined the experience.
When the manager rang on a follow up call and asked if i would recommend them and for a score I told him a definite NO and a zero mark. didn't even have to tell him why as he was present at the handover and he just agreed with me. No apology though. Pity BMW didn't ring me direct, but I got the impression Cotswold ring ahead to vet customers and only pass on the good ones
 
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