New Car

[Phooey]

Well, I've only gone and done it.

Bought the car from Swindon.  Got a good deal too with the help of an extremely helpful chap on here - You know who you are!

I am now a proud Lexus owner.  Just got to sort out collection in this weird Covid-19 world of ours.

[scudney]

Congratulations Paul 😜🥳👏👍👍

[Inazone]

Come on pictures..... Can't declare a new car without pic's. It's the rulez... [emoji6]

Sent from my G8142 using Tapatalk

[Phooey]

38 minutes ago, Inazone said:

Come on pictures..... Can't declare a new car without pic's. It's the rulez...

Sent from my G8142 using Tapatalk
 

https://swindon.usedcars.lexus.co.uk/en/used-lexus/Lexus/Is-Saloon/300h-Executive-Edition-4dr-CVT-Auto-qxcakh2

This is the motor, Inazone!

[Inazone]

Yeah lovely colour! Best colour IMO. I prefer your wheel's to mine. I like the fsport wheels. Good choice. [emoji1303][emoji3]

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[olliesgrandad]

1 hour ago, Phooey said:

https://swindon.usedcars.lexus.co.uk/en/used-lexus/Lexus/Is-Saloon/300h-Executive-Edition-4dr-CVT-Auto-qxcakh2

This is the motor, Inazone!

Well done looking good and I believe Lexus Swindon have a very good reputation. 

[Thackeray]

17 hours ago, Phooey said:

I am now a proud Lexus owner.  Just got to sort out collection in this weird Covid-19 world of ours.

Congratulations! Looks like a great buy. Hope no problems arise when you inspect it.

Bear in mind that when you collect it they will almost certainly try to sell you add-ons.

The first of these is likely to be GAP insurance. This is useful if you're buying the car with a financing deal. But if you're buying with cash I'm not so sure it's worthwhile. It's worth examining it before you collect the car to decide whether you think it has any value for your particular circumstances.

Another is Supagard body protection. This could be useful on a new car. It may already have been applied when the car was new. Again, I'm not so sure whether this is worthwhile on a used car. Others who are more expert on bodywork protection may be able to advise.

[Phooey]

Thanks Thackeray.  I got a good deal for sure.  Got fair few hundred knocked off with service and new MOT and full tank of fuel.

I have already been asked about extras which I am looking through but unlikely to take up.  On a brand new car, I probably would but second hand is not quite so valuable.  There was a RTI insurance I might consider if it really is Return To Invoice value.  £359 for 3 years.

[royoftherovers]

9 minutes ago, Phooey said:

Thanks Thackeray.  I got a good deal for sure.  Got fair few hundred knocked off with service and new MOT and full tank of fuel.

I have already been asked about extras which I am looking through but unlikely to take up.  On a brand new car, I probably would but second hand is not quite so valuable.  There was a RTI insurance I might consider if it really is Return To Invoice value.  £359 for 3 years.

Get an online quote from Motoreasy.com for Gap insurance Paul.

[olliesgrandad]

Personally I would decline the add ons especially paint and upholstery products. 

There are some excellent DIY products available. I generally favour chemical guys products. Their fabric protector is great for carpets for a few pounds. 

Externally I use their blacklight nano sealant (it's fine on all colours including white). 

They now do a white version I believe. 

[Phooey]

12 minutes ago, royoftherovers said:

Get an online quote from Motoreasy.com for Gap insurance Paul.

WOW … 1/3 of the cost!

[Martin F]

10 hours ago, Phooey said:

WOW … 1/3 of the cost!

Yes, Lexus GAP insurance is not very competitive at all. I would also recommend looking at ALA insurance for GAP. There is a discount code available for gold members,

Enjoy your new car ! 

[Phooey]

10 hours ago, Martin F said:

Yes, Lexus GAP insurance is not very competitive at all. I would also recommend looking at ALA insurance for GAP. There is a discount code available for gold members,

Enjoy your new car ! 

I'm sure I will when I can get it.  Lockdown wont make it easy as I'd have to travel about 60 miles.  Not sure I can argue essential travel there!

[Malc]

4 hours ago, Phooey said:

Not sure I can argue essential travel there!

I have seen some car sales people advertising free delivery at this time !

Maybe that's an option

Malc

[Phooey]

3 minutes ago, Malc said:

I have seen some car sales people advertising free delivery at this time !

Maybe that's an option

Malc

That is always an option.  We have agreed that for the time being we will see what Mr Johnson has to say on Sunday.  If, as I suspect, it is remain in total lockdown for a further 3 weeks I may ask what options for delivery he has.  To be fare to him though, making a 120 mile round trip may be just as difficult for him to justify as it would be for me to justify.  Not exactly essential although he might be able to argue it is essential for the continuance of his business!

Time will tell.  I can't exactly use it at the moment anyway.  It is only me being somewhat childish in my eagerness to have my new acquisition sat outside my home.  Children waiting for Christmas comes to mind!

[DAN@ADRIAN FLUX]

Hi.

Just to let you know that we offer a 12 month product called Total Loss Protection. Whilst it's not exactly the same as your traditional GAP insurance we feel for some customers it can make a cost effective alternative.

Please feel free to take a look if you wish.

https://www.adrianflux.co.uk/extras/total-loss/

Regards,

Dan.

[Martin F]

3 hours ago, DAN@ADRIAN FLUX said:

Hi.

Just to let you know that we offer a 12 month product called Total Loss Protection. Whilst it's not exactly the same as your traditional GAP insurance we feel for some customers it can make a cost effective alternative.

Please feel free to take a look if you wish.

https://www.adrianflux.co.uk/extras/total-loss/

Regards,

Dan.

Now here’s a novel idea, why don’t insurance companies offer to cover the difference in current market rate of the car vs. any finance shortfall as part of the standard insurance policy. I’m sure it could be a USP.

But I guess that would detract from the profits you make selling additional policies 🙄

[wharfhouse]

12 hours ago, Martin F said:

Now here’s a novel idea, why don’t insurance companies offer to cover the difference in current market rate of the car vs. any finance shortfall as part of the standard insurance policy. I’m sure it could be a USP.

But I guess that would detract from the profits you make selling additional policies 🙄

A lot of insurance policies do cover 100% of the purchase price if the a new (i.e. not used) car is written off within the first 12 months and so GAP insurance is not needed in this time. However, if you want to cover the full purchase price on a used car or for more than the first 12 months a new car then GAP insurance would be needed.

[F.A.]

On 5/5/2020 at 1:29 PM, Thackeray said:

Congratulations! Looks like a great buy. Hope no problems arise when you inspect it.

Bear in mind that when you collect it they will almost certainly try to sell you add-ons.

The first of these is likely to be GAP insurance. This is useful if you're buying the car with a financing deal. But if you're buying with cash I'm not so sure it's worthwhile. It's worth examining it before you collect the car to decide whether you think it has any value for your particular circumstances.

Another is Supagard body protection. This could be useful on a new car. It may already have been applied when the car was new. Again, I'm not so sure whether this is worthwhile on a used car. Others who are more expert on bodywork protection may be able to advise.

Interested to know why GAP insurance is not a good idea on a cash buy?  I took out GAP insurance to ensure that I would be fully covered for the shortfall in the insurance payout, should they be written off or not recovered ? Am I missing something here?

[Thackeray]

 

44 minutes ago, F.A. said:

Interested to know why GAP insurance is not a good idea on a cash buy?  I took out GAP insurance to ensure that I would be fully covered for the shortfall in the insurance payout, should they be written off or not recovered ? Am I missing something here?

No, absolutely not. That's what it's for.

Here's what Motoreasy says about GAP insurance on finance-purchased cars. "If you bought on finance: Due to depreciation your insurer payout will be less than you owe the finance company - leaving you to pay the difference. GAP insurance covers most early on, clearing any finance you owe in full."

So if someone is buying on finance, it's more likely that it will cause them a financial problem if an accident means they owe the finance company more than they can afford to pay. GAP insurance gives the reassurance that this won't happen.

By contrast, cash buyers are paying up front - they won't have to find this extra money if the worst happens. And if you're a cash buyer you're effectively signing up for the depreciation that everyone knows will start to whittle away at the resale value of their purchase the moment they drive away from the dealer.

Now, the GAP insurance supplier says, "Pay us a lump sum up front and if you have an accident, we'll pay you for the depreciation you've already suffered." Only the individual can judge whether this is good value. How much is the lump sum? How often do you have accidents?

Alternatively, you can say, "I know I'm signing up for depreciation.  In the real world you can't expect to avoid this." The GAP insurance looks tempting but I must have an accident for it to pay out. If I don't have an accident, I'll have paid the lump sum, plus the depreciation and got nothing back in return. Whereas if I don't take out the insurance, I'll just have paid the depreciation, which was already covered anyway on day one by the cash purchase.

So it's up to the individual. It seems to me that GAP insurance could be useful for buying on finance. But if you're paying cash, is it worth gambling on the perhaps remote possibility that you might have depreciation paid back?