Part exchange on car purchase

[riptide]

Does anyone know where I stand if I decide not to part exchange my car, after having agreed a price which is guaranteed for one month by the garage (although this is the best price that they have found from other garages). I am buying a new car and they have got me a good price on my old car which is set against the amount to be paid on the invoice.

I would have thought that as long as they get their money, it does not matter either way.

Thanks.

[redcrx]

say you were buying a car for £10k, and were giving £5k and a car part ex at £5k.

But they were then selling the part ex, with no extra work £7k

they would then be, in theory, selling the car to you in exchange for £12k not the £10k.

at the opposite end, they may not actually be able to sell the part ex for even the £5k so could get less than £10k

so they may be inclined to renegotiate the deal on the car with the new details, you may try to swing it in your favour by suggesting that they dont need to sell on the part ex

[riptide]

Yes I see what you mean redcrx, I think the price they quoted for my car was about average, as went to several dealers before buying from this one. All depends if they are making a bit on mine to offset against the slight discount they gave on the new one.

I shall have a word with my friend's son to see if he still very interested in my car and will go back to the dealer to see where I stand. I would have thought if they cannot deliver on time with the new car and we go past the one month on my car that we would have to renegotiate anyway as they will only guarantee the price for this amount of time.

Thanks for your comments.

[chas2008]

quite often some of the profit is in the resale of the part ex. so this could affect the price,you get the same scenario with finance some profit in the finance so a lower price..