My Abarth 124 Spider - updated, now with Finance details

User avatar
Mito Man
Posts: 9733
Joined: Wed Apr 11, 2018 4:27 pm

Re: For Sells - my Abarth 124 Spider #Bargain

Post by Mito Man »

French cars are interesting as they seem to sell the designs to foreign countries and then they get produced for decades. The second gen Clio only got discontinued 2 years ago in South America. You can still buy a 405 in Iran and Azerbaijan, looking on wiki the domestic manufacturer (Samand) have made one with updated looks too - Image
That is apparently a 405 and is exported to most developing countries in the world as well as the former USSR.

This is also another car based of the 405 for the richer peeps Image
And finally this 405 is for the top 1%
Image

The 206 is also still produced in many markets to this day, but if you don’t like the standard design there’s this bad boy
Image

What if you want a 405 ute? Well...
Image

Also the Hillman Hunter was in production from 1969-2015 :shock:

It’s all fascinating.
How about not having a sig at all?
User avatar
mik
Posts: 11633
Joined: Wed Apr 11, 2018 6:15 pm

Re: For Sells - my Abarth 124 Spider #Bargain

Post by mik »

Hey Rich - have you considered replacing it with an Alpine? ;)




(Was that cvnty enough Broccers?)
User avatar
Simon
Posts: 4738
Joined: Wed Apr 11, 2018 4:03 pm

Re: For Sells - my Abarth 124 Spider #Bargain

Post by Simon »

At least it's not on fire.
The artist formerly known as _Who_
Nathan
Posts: 1020
Joined: Wed Apr 11, 2018 8:08 pm

Re: For Sells - my Abarth 124 Spider #Bargain

Post by Nathan »

Mito Man wrote: Thu Jul 18, 2019 3:49 pm French cars are interesting as they seem to sell the designs to foreign countries and then they get produced for decades...
I was thinking about this recently. No one reminds them that they are knocking out 000,000s of 30+ year old engines when they are preaching about their new eco green cars and environmental commitments.
User avatar
ZedLeg
Posts: 6074
Joined: Wed Apr 11, 2018 4:19 pm

Re: For Sells - my Abarth 124 Spider #Bargain

Post by ZedLeg »

VW do it as well. The obvious Beetle and Type 2 but they were still making Mk1 Golfs in South Africa up to about 10 years ago.
An absolute unit
User avatar
Broccers
Posts: 5666
Joined: Tue Apr 24, 2018 8:37 pm

Re: For Sells - my Abarth 124 Spider #Bargain

Post by Broccers »

mik wrote: Fri Jul 19, 2019 1:14 pm Hey Rich - have you considered replacing it with an Alpine? ;)




(Was that cvnty enough Broccers?)
Approved
User avatar
Richard
Posts: 945
Joined: Wed Apr 11, 2018 5:03 pm

Re: For Sells - my Abarth 124 Spider #Bargain

Post by Richard »

The Finances

The car was leased. It was month 13 of a 24 month contract. The insurance on the car covered new-for-old replacement, but only in the first year. I had no specific GAP cover...

For those who don’t know, if you write off a leased car, you basically buy the car off the leasing company, using the money the insurance company pay out.

Obviously, the concern with writing off a leased car is that perhaps the value the leasing company put on the car, and the value the insurance company put on it are different. Perhaps the leasing company think it’s worth £50k but the insurance company think it’s worth £40k. This leaves you with a bill from the lease company for £10k. If you have GAP insurance, that policy will cover the £10k. That’s a very simplistic explanation, but about right.

In reality, the insurance company and the leasing company communicated with each other without any intervention from myself. I don’t think I ever even said who my leasing company was. So wasn’t I surprised then, when I got this text from the insurance company...

Image

They were sending me £3580

It seemed like a mistake, no way would the insurance company want to send me more money than they had to??? I called the leasing company, but they didn’t have any information to share and said they’d need to wait until they received the money and finalised the paperwork.

A couple of weeks or so later, I get this invoice from the leasing company...

Image

They wanted to send me £606, and did via direct debit

My account with the leasing company is now closed. The insurance claim is now closed.

I crashed my car, and earned over £4K
User avatar
Mito Man
Posts: 9733
Joined: Wed Apr 11, 2018 4:27 pm

Re: My Abarth 124 Spider - updated, now with Finance details

Post by Mito Man »

Well I’m off to lease something and crash it.
How about not having a sig at all?
Nathan
Posts: 1020
Joined: Wed Apr 11, 2018 8:08 pm

Re: My Abarth 124 Spider - updated, now with Finance details

Post by Nathan »

That is rediculous
User avatar
mik
Posts: 11633
Joined: Wed Apr 11, 2018 6:15 pm

Re: My Abarth 124 Spider - updated, now with Finance details

Post by mik »

:? Nuts.

Get a Hurucan next and repeat - you'll be well into 5 figures profit.
User avatar
Rich B
Posts: 9535
Joined: Wed Apr 11, 2018 4:22 pm
Currently Driving: M2 Competition

Re: My Abarth 124 Spider - updated, now with Finance details

Post by Rich B »

Broccers will be absolutely livid!
User avatar
Richard
Posts: 945
Joined: Wed Apr 11, 2018 5:03 pm

Re: My Abarth 124 Spider - updated, now with Finance details

Post by Richard »

mik wrote: Fri Jul 26, 2019 11:57 am :? Nuts.

Get a Hurucan next and repeat - you'll be well into 5 figures profit.
The maths is sound!
User avatar
NotoriousREV
Posts: 6437
Joined: Wed Apr 11, 2018 4:14 pm

Re: My Abarth 124 Spider - updated, now with Finance details

Post by NotoriousREV »

Richard wrote: Fri Jul 26, 2019 12:01 pm
mik wrote: Fri Jul 26, 2019 11:57 am :? Nuts.

Get a Hurucan next and repeat - you'll be well into 5 figures profit.
The maths is sound!
I can't believe you haven't already implemented this plan.
Middle-aged Dirtbag
User avatar
Coaster1
Posts: 1819
Joined: Tue Apr 17, 2018 10:38 pm

Re: My Abarth 124 Spider - updated, now with Finance details

Post by Coaster1 »

Wow! Result!
User avatar
NotoriousREV
Posts: 6437
Joined: Wed Apr 11, 2018 4:14 pm

Re: My Abarth 124 Spider - updated, now with Finance details

Post by NotoriousREV »

Just popping out to smash the Golf into a tree...
Middle-aged Dirtbag
User avatar
Jobbo
Posts: 9175
Joined: Wed Apr 11, 2018 4:20 pm
Currently Driving: S6 Avant, Jimny, Macan, Mini

Re: My Abarth 124 Spider - updated, now with Finance details

Post by Jobbo »

I'm sure all those people who advocate buying GAP for leased cars on PH are shills from insurance companies. They never manage to explain adequately how they'd ever pay out.
User avatar
Broccers
Posts: 5666
Joined: Tue Apr 24, 2018 8:37 pm

Re: My Abarth 124 Spider - updated, now with Finance details

Post by Broccers »

Rich B wrote: Fri Jul 26, 2019 11:59 am Broccers will be absolutely livid!
Incorrect.

💯
User avatar
Mito Man
Posts: 9733
Joined: Wed Apr 11, 2018 4:27 pm

Re: My Abarth 124 Spider - updated, now with Finance details

Post by Mito Man »

Jobbo wrote: Fri Jul 26, 2019 1:06 pm I'm sure all those people who advocate buying GAP for leased cars on PH are shills from insurance companies. They never manage to explain adequately how they'd ever pay out.
Yep I always thought GAP insurance was a con, pretty much the PPI equivalent for cars.
How about not having a sig at all?
User avatar
Broccers
Posts: 5666
Joined: Tue Apr 24, 2018 8:37 pm

Re: My Abarth 124 Spider - updated, now with Finance details

Post by Broccers »

Mito Man wrote: Fri Jul 26, 2019 1:31 pm
Jobbo wrote: Fri Jul 26, 2019 1:06 pm I'm sure all those people who advocate buying GAP for leased cars on PH are shills from insurance companies. They never manage to explain adequately how they'd ever pay out.
Yep I always thought GAP insurance was a con, pretty much the PPI equivalent for cars.
Its not tho - its for people who cant be bothered to argue with the insurance company and the funders about the difference in price which in normal circumstances arises.
User avatar
Jobbo
Posts: 9175
Joined: Wed Apr 11, 2018 4:20 pm
Currently Driving: S6 Avant, Jimny, Macan, Mini

Re: My Abarth 124 Spider - updated, now with Finance details

Post by Jobbo »

Not on leases, Broccers. The lease company is named as the owner, so the insurer just deals with them.
Post Reply