Value of a Rapid

[BACUPIAN]

On "thinking" of trading to Karoq found my "nearly" 2 yr old Black,1.2[110] tsi SEL with "desirable" factory fitted options was valued at OVER 55% of the list price = some £9000 lost, thankfully I didn't pay list price ,but its still a massive hit when the car your thinking of buying is £26500 ish? I have visited 3 separate dealers & there was a variation of just £250 ! Seriously thinking IF? I do change it will be with another manufacturer & Skoda & "value for money" slogan must only apply to when you buy new? I  suppose other models/variations will not depreciate in value like a RAPID any comments ?

[Ootohere]

Not paying List Price is part of why Skoda & SEAT depreciation looks as it does, maybe is as it is.

 

Other car Main Dealerships do not really want a Skoda or SEAT in as a trade in but will take them if they need to shift a new or used car of the brand they have.

 

VW Group manipulate the 'Value' and used values because it is about leasing, fleet etc, and finance and pyramid banking.

Dealer Contribution, Manufacturers Contribution, incentives to finance and hand cars back and cost to change.

 

Where the value to those buying is when they buy a Keeper, get discounts to buy, run it for however many years costing them a few grand a year 

and years later they still have a usable or car or one they can sell.

 

Some buy a £13,000 car and 7 or 8 - 10 years later it is worth a few thousand quid.

Seems better than losing £9,000 in 2 years.

 

Up to people what they need or want though.

[camelspyyder]

My first one (Toledo) dropped 7.7k in 3 1/2 years from new purchase to trade-in so the retained value was 40% (of what I'd paid new,not the mad RRP) - not bad I thought. But 55% retention of RRP sounds great to me.

 

 

 

 

Edited 9 August, 2018 by camelspyyder

[kevberlin]

1 hour ago, camelspyyder said:

My first one (Toledo) dropped 7.7k in 3 1/2 years from new purchase to trade-in so the retained value was 40% (of what I'd paid new,not the mad RRP) - not bad I thought. But 55% retention of RRP sounds great to me.

 

 

 

 

I think the OP means the Rapid was valued at 55% off list price. ie: it lost 55% from list price value in just less than 2years.

Perhaps the OP may clarify.

[camelspyyder]

Ah.  I see.

 

Even so if, like me, he didn't pay list then he didn't actually lose the whole £9000.

 

Am I reading it correctly now?

 

 

 

Edited 9 August, 2018 by camelspyyder

[pinkpanther]

I'm fascinated by the depreciation of cars, both new and used, more than likely given my close family's long-standing involvement with the retail side of the motor trade.

 

I have a few observations to make, based on my own experiences with both Skoda's (and off-brand).

 

I recall purchasing a brand-new Yeti 1.2 TSI back in 2009. I paid virtually the full retail price for this car and then ran it for 1 year / 10k miles. I became frustrated with the (relative) lack of performance and poor fuel returns and inquired regarding a part-ex. I was amazed to be offered virtually the original cost of the car back, in part-exchange. This was at a time when there was a real buzz around the Yeti and a near 6 month waiting time for a factory order. 

 

Moving forward a few years I purchased another new (2012) TDi Yeti for again virtually list price and ran this for 2 years / 40K miles. I again found it retained a good proportion of it's new list price. Purchased at £19000, returned £14000 in part ex (74% retained value). My next (latest) Yeti however fell victim to the current anti-diesel / 4x4 sentiment and has performed very poorly. Again I paid nearly list for a 2014 Tour de France (these were already heavily discounted) and was offered £8000 in part ex, at 3 years / 50k miles. I elected to keep it and it now "books" at £6k (trade) at 4 years / 74k miles. 

 

My more recent experience with Rapid's was a 1 year old very low mileage 2014 1.2 SE Tech 110 BHP. This was purchased at £9k and I was offered £6k by the local Skoda dealer and it eventually went to WBAC for £7k. £2k loss in 1 year / 10k miles. This seems fairly reasonable to me, given how much the main-dealers overheads  etc are built into the profit taken from each car.

 

I most recently purchased a 2017 SEAT Toledo 1.0 TSi Xcellence (Rapid saloon in disguise). These were widely advertised at £11995 brand new (not pre-registered) and the ad prominently highlighted an £8k saving, against a list price of £20k. This is a lot of car for the money and given I'd owned 2 Rapid's previously, I opted to buy one, as the family runaround. At the time of purchase a second hand similarly specc'd Rapid was considerably more costly.

 

The SEAT is now 1 year old (immaculate with 10k miles on the clock and recently serviced by SEAT) and, as I get bored with cars, I had it valued by the used car buying services commonly available, as follows:

• WBAC offered £8k (67% of purchase price)
• Evans Halshaw offered £9689 (81% of purchase price)
• Arnold Clark offered £9k (75% of purchase price)

irritatingly WBAC emailed on a daily basis and then on the day the "offer" expired, contacted me again to say the car market was especially buoyant and were pleased to inform me my car had actually risen in value They increased their offer by £700, leaving it still well short of the others.

 

I deliberately expressed offers for my car as a % of purchase price, as the list price is largely a fiction, rarely, if ever paid by a retail customer.

 

In summary Yeti's used to hold their price, but I bought one too many and have paid the price for a model going out of fashion. Rapid's etc are cheap / heavily discounted cars, which make a lot of sense, if bought at the correct money and kept in the medium to long-term. Selling anything after 1 year is financial suicide, although if you have the money - why not?

 

Perhaps the best value car I ever purchased was a 2 year old Lexus GS300, purchased from a main-dealer. This remained under manufacturers warranty and had a list price approaching £40k. The car had covered less than 20k miles and  was in a less than desirable colour - I paid under £14k (36% of list price). 

 

Of course there are other considerations - finance offers / the popularity of the model in question / residual values / PCP etc, but in general most run of the mill cars loose an enormous proportion of their purchase price in the early years.

Edited 11 August, 2018 by pinkpanther
spelling

[BACUPIAN]

Now this WILL be interesting...yesterday[sat] on approaching a roundabout a car detached itself from its car and was heading for a head on collision  on me swerving my drivers door took all the impact ! Thankfully NO serious injuries ! On retrival at a garage was told if the "shutpillar" is damaged probably will be a right off [subject to full inspection Monday]  On being offered £ [last week]7500-£7750 as p/x ...its NOT looking good for a settlement payment with NO consideration for any "factory fitted" options taken into account, NEVER had a motor accident in 47years so this insurance mallarky WILL be an experience if nothing else & its going to cost us no doubt ?

[Ootohere]

Sorry to hear about your accident.

 

You are in the fortunate position with the Insurance Broker & Underwriter that you have recently been told by Dealers what your car is worth to them.

You know what it will cost you to replace the car you have with a like for like, so no need to accept ridiculous offers from the Underwriters if your car is a write off.

 

Get your information together, question their loss adjusters valuation and the insurance offer as they are not your friends, they are there to pay out as little as they can for their owners and shareholders.

You can always employ your own 'Loss Adjuster' to challenge their 'Loss Adjuster'.    Your car has a value greater than their first or even second offer.

[camelspyyder]

Ouch. Glad to hear nobody was hurt.

[Smileyman]

Sorry to hear about the accident, good to hear the car gave the necessary protection to prevent injuries.

 

As for insurance, how old is your car, did you purchase GAP cover as this is supposed to cover the shortfall insurance payout as they only pay market prices. Also suggest you research the cost of purchasing a new to you car for similar age/mileage as the one damaged, This is what the insurance company needs to know (not the trade P/Ex value) as that is what the retail market price is.  

[BACUPIAN]

Accident damage now been "approved" &  " some part " on back order & due....when it arrives !!! from Skoda factory....seriously thinking about the latest deals on a "new Octavia 1.5 tsi SEL " WITH some factory extras " earliest build date week 48 !

[SurreyJohn]

On ‎12‎/‎08‎/‎2018 at 16:58, Smileyman said:

Sorry to hear about the accident, good to hear the car gave the necessary protection to prevent injuries.

 

As for insurance, how old is your car, did you purchase GAP cover as this is supposed to cover the shortfall insurance payout as they only pay market prices. Also suggest you research the cost of purchasing a new to you car for similar age/mileage as the one damaged, This is what the insurance company needs to know (not the trade P/Ex value) as that is what the retail market price is.  

 

I think GAP insurance is for when the accident is your fault

 

If you are an innocent third party, their insurance should put you in a position equal to before the accident, either fully repaired, or a similar car (age, condition, spec, mileage), regardless of value

 

It is worth requesting indemnity from other party's insurer, so if a P/X offer is reduced by the having accident repair, the reduction in value is also paid to you when you come to trade it.

 

[BACUPIAN]

Quote

 

Having NEVER had any motoring accident in nearly 40 years... all this is new to me & I REALLY DO  appreciate all the information/comments/suggestions to all concerned ! Thank You...of interest an Octavia with factory options 1.5 tsi SEL week 47[minimum] build week.

[BACUPIAN]

Still no date for the "part" from Skoda...in the mean time I have ordered a Octavia 1.5 tsi SEL [with options] wk build 48 . E.T.A. Jan 19, so while the repair is in hand? Iam running around in a [paid for] hire car a Renault Captur & NO I wouldn't  recommend one !!!  

[camelspyyder]

It says it all to me when a so-called modern Renault is less satisfactory than my VW parts bin special with lots of 1990s Golf IV DNA (Rapid /Toledo).

[Beachy]

13 hours ago, BACUPIAN said:

Still no date for the "part" from Skoda...in the mean time I have ordered a Octavia 1.5 tsi SEL [with options] wk build 48 . E.T.A. Jan 19, so while the repair is in hand? Iam running around in a [paid for] hire car a Renault Captur & NO I wouldn't  recommend one !!!  

Dont get me started. They gave me a Vauxhall Mokka. It was dreadful. Glad to have my Rapid back.

[silver1011]

A bit misleading, depreciation off list isn't really relevant.

 

Depreciation off the price you paid would be far more representative.

 

People often get upset at how much cars depreciate in their early years, unfortunately this is the price you have to pay if you want to enjoy the luxury of changing your car regularly.

 

Discounts are generous on the Rapid and Toledo, so assuming you paid significantly less than list and that the 55% reduction you've calculated is in fact quite a bit higher then I'd say the part exchange offers you've received sound quite generous.

 

The average annual depreciation on a new car is between 15-25%, the Rapid, alongside other Skoda models, is likely to be towards the top end of those parameters. The average total depreciation after 5 years is 60%.

[BACUPIAN]

Deal done for an Octavia.. the £2500 Skoda contribution & 2 yrs servicing £279  , "reasonable" p/x & loyalty bonus discount, ALL added up to an "acceptable" deal....factory options added , just need to get rid of the Captur & ride around in the Rapid, until E.T.A of Octavia in January !!

[BACUPIAN]

REALLY glad to be rid of the Renault Captur & back into the Rapid after some 7wks in a main [Skoda] dealer body-shop for accident repairs..in the meantime the Skoda dealer supplying the Octavia as phoned to say delivery could now be as early as late November....if so is it really worth the wait until March for a "19" plate ?

Edited 1 October, 2018 by BACUPIAN
8 wks not 7 wks !

[BACUPIAN]

On reading through my "opening message" it should have been that a CARAVAN detached itself from its [towing] car & it was the caravan that embedded itself into the drivers door !! Although ordered a new Octavia with factory extras ...now having reading comments on this forum & elsewhere there are "issues" with the 1.5 TSI engines & could i be making a "mistake" getting one !...after all the present 1.2 tsi in the Rapid as been [in my opinion] been absolutely FAULTLESS !....& even at this stage I am having second thoughts about the Octavia not being what I expect it to be ?

[BACUPIAN]

Quote

 

Thanks for ALL past replies in the "RAPID" forum section & now own Octavia 1.5 tsi SEL. Still think the 1.2 tsi engine is well suited for the RAPID range .

[silver1011]

Does the 1.5 TSI Octavia suffer from the 1st gear issues a lot of new owners are talking about?

[BACUPIAN]

Quote

 

After 3mths & 3.000 miles of ownership have had NO issues at all...engine or gearbox & long term m,p,g average of 51.1 skoda maxi dot or my actual calculation 49.5 mpg , so a little down on the 1.2 rapid , but for me it is a more refined driving experience !

[abaxas]

My understanding is that PCP/leasing accounts for over 70% of the current new market. Almost no-one actually buys new cars anymore.

[Ootohere]

@abaxas

If over 20% buy 'new cars' in the UK that is still a good few 'Almost no-one's',

Then of the over 70% bought by Fleet / Lease / Companies etc a high number are bought and owned by Manufacturers / Dealers and are Demonstrators and bough as 'Nearly New' in the 3-6 months after First Registration.

 

The SMMT are very good at the manipulation of figures to suit 'Car Manufacturers',

and also Dealers / Manufacturers / Finance Houses (Manufacturers are Money Lenders...) at taking advantage HMRC / Tax Payers.