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I paid a part-ex deposit and then realised the valuation on my car is too low. What can I do?
I started looking for a nearly new car and agreed a price of £10,500. I had no idea what my 2005 Mondeo TDCI Ghia was worth so trusted the dealer, who informed me that the book part-ex price on my car was circa £1700. They did not see my vehicle or inspect it. I paid a £300 deposit to secure the car I was after and was quite happy. On the way home I popped into a car supermarket just to browse the prices - I have a good price on the one I aim to buy and I got talking and asked a salesman to give me a part-ex valuation. He inspected the car and gave it a valuation of £2800. Obviously I will be going back to the original dealer, but as I have signed an agreement to purchase and deposited £300 (by Visa) where do I stand legally if they insist that their part-ex valuation stands?
Asked on 2 September 2010 by ADJ9063
Answered by
Lucy
You have agreed to buy the vehicle and hence the deal to purchase will need to go through, but from what you have said there is no agreement to go through with the part exchange. What they have done is told you the book value on your vehicle, hence the part exchange is not part of the contract and you can sell it where you like. That said, any "valuation" made by a salesman at another garage is not necessarily what it is "worth" and the £2800 price is not likely to be an offer to purchase at that price but would be part of a wider deal. Take your car into the dealer and see what they will offer you for your car. By all means use the higher figure as a bargaining ploy, but check around for equivalent cars for sale and also with Glass's and Parker's before you refuse any trade-in price you are offered.
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