MK6 Golf Resale

[Angryman]

I've had lease vehicles for the past six years and dodge is on the money. I'm also in that very situation at the moment after leaving the police with my 2007 GT Sport. I now need to redo the lease with my new employer but because I've had the car 3 years I'm in a much better spot.

The problem with Leasing is that for the first 15 months in the case of a three year lease option) all your doing is paying all the interest on the loan. I remember with my 2004 WRX which I bought new for 48k...after 12 months I still owed 47k on it (that was a 5 year lease option)

Now in my current situation I've finished my three year lease on the GT Sport so the car I leased 3 years ago for $37k I can now release now with a residual of only 15k meaning that my pre and post tax contributions are heaps cheaper.

I don't envy your position with a car that's only 4 months old. You could be up for more if you have to refinance the lease

[alebonau]

by the way am not really sure where got the impression the lease has to be refinanced, from what I have seen so far both lease companies are talking to each other. lease companies dont finance anyways. it is usually a third party that does, all the new lease company does is come in and continue the finance arrangements still through the same 3rd party. I understand on some ocassions this doesnt work due to lease company not willing to deal with certain 3rd for whatever reason. but doesnt appear to be the case so far.

anyways re market value, you would think a lease manager of a multinational would know what she is talking about. And what I posted is what she said. but yes as mentioned I will report back what actually happens.

anyways this thread is not about leasing. its about resale value and my shock of seeing where its at for used golf GTI.

for your info in doing some further research here is a another thread stumbled across from another forum re golf gti resale...not a pretty sight,

GTI re-sale value - Page 3 - VW GTI Forum / VW Rabbit Forum / VW R32 Forum / VW Golf Forum - Golfmkv.com

appears glass valuations dont just get used for resale..

hrb93
Autocross Champion


Drives: GOLF
Join Date: Jan 2008
Location: NEWCASTLE
Posts: 112
Rang up today to renew the insurance on the wifes Gti, 1 year old 15,000kms. AAMI said Glass guide $36,000.

RRP: $53,000

So much for holding value.

[hooba]

Nice thread title, do you work for the News Limited press by any chance? Today Tonight?

You first drive of the car cost at least $5K, that's what it would cost to convince someone to buy a used car over a brand new one fresh off the boat. Every car does it, because people need a real incentive to buy a used car over an identical new one. Wait until 2 or 3 years to be able to accurately judge the resale value of the car.

Move along people, nothing to see here.

[clubbie]

You guys are a dead set funny.

You get a 13% discount from RRP and then forget resale values do not include dealer delivery, stamp duty, rego etc.

So take the GTI with a rrp of $42990 get a discount down to $38+k. Then take depreciation from that figure. Presto. $32k for a year old car. Options mean only a few added $$$$ (compared to what you paid) come trade-in time and alot when the dealer puts your highly optioned car on the lot.

BTW if you did not know that before buying the car, I have this really nice bridge for sale that looks like a coat hanger.

As for Carsales the word "optimistic" does come to mind. BTW my 118TSi was over $6k cheaper than anything I could find on the net for the spec.

[Angryman]

by the way am not really sure where got the impression the lease has to be refinanced, from what I have seen so far both lease companies are talking to each other. lease companies dont finance anyways. it is usually a third party that does, all the new lease company does is come in and continue the finance arrangements still through the same 3rd party. I understand on some ocassions this doesnt work due to lease company not willing to deal with certain 3rd for whatever reason. but doesnt appear to be the case so far.

anyways re market value, you would think a lease manager of a multinational would know what she is talking about. And what I posted is what she said. but yes as mentioned I will report back what actually happens.

anyways this thread is not about leasing. its about resale value and my shock of seeing where its at for used golf GTI.

for your info in doing some further research here is a another thread stumbled across from another forum re golf gti resale...not a pretty sight,

GTI re-sale value - Page 3 - VW GTI Forum / VW Rabbit Forum / VW R32 Forum / VW Golf Forum - Golfmkv.com

appears glass valuations dont just get used for resale..

Lucky bugger! because I went from State Government to Private enterprise have to refinance and renegotiate the whole bloody thing!

[Greg Roles]

I feel very lucky to be able to buy new cars thanks to car allowances at my employers. The fine print is a moot point in comparison! Getting out of any financing early is always going to hurt, but yeah, I would be shocked in your case as well.

[MACCAA]

A Novated Lease is taken in the name of the private buyer.If your employer agrees,it can be "novated' to them ie they make the payments.If you leave the resposibility for the payments is yours and yours alone.
Who do you think makes the payments if you remain unemployed,or your new employer declines to take on the lease?
Your payments remain the same as when you signed up for the lease-whether you're employed or not.The current value of the car is irrelevant.
The lease is in your private name,and you signed up for $x dollars a month for X years.
Whoever advised you otherwise hasn't a clue what they're talking about.
I was a Financial Controller for 30 odd years and did or had a few Novated leases in my time.
Look at your lease and see who's name it's in.....

[Timbo]

MACCAA is 100% correct. There will be NO change in your payments with the new employer. All that will happen is that the new employer will take over the payments out of your pre-tax salary as part of your salary package. However, there can be a trap here, because some employers have their own lease arrangements, and sometimes won't take on lease payments to another leasing company that is not the one they usually deal with. In this case, you may have to negotiate with their lease company, who will pay out your current lease company at the current payout figure, which has nothing to do with current market value. In fact, that payout figure may shock you...it may be close to the original sticker price, due to interest and early payout penalties. These are the traps of novated leases, and they can be very costly.

[alebonau]

havent posted back here for a while. things move slowly when changing jobs, dealing with two lease companies getting them talk to each other and exchange information plus all the signing of stuff thats required and to go back and forth.

To confirm back, some facts. so far anyways from what can see...

There is no re-financing that occurs as said previously, the finance continues as previously which is through a 3rd party anyways. and is the case with most leases I imagine.

The FBT base does change. And yes glass's value is the basis. It is now $36k. Yes it is a fair drop I know for a rrp $56k car thats only 4 months old. But who pays rrp ? I certainly didnt and the lease company knows that . as to actual resale who knows would have to sell it to find out ! but yeah if anything based on glass guide I would be pretty dissapointed !

ps another thing based on glass guide and is a bit of a bonus is insurance, its dropped ! about $500 a year ...yipee !

and overall due to above factors, my lease payments have indeed reduced. so definitely a bonus

ps as far as any costs to change leases, so far there is just the one documentation charge, which is $260 so not much in the scheme of things. and will be more than offset by the $700 surplus that my lease is in at the present which will be refunded to me once the novated lease comences with the other company