Just ordered a Cup

[paulous2k]

Well I couldnt wait any longer, I had to order one! I managed to get a 53 plate Cup , due late September, with Climate Control for £12,000. I didnt think this was a bad deal considering it was from a main dealer.

I was very impressed on the test drive, its fast as ****! Very very reminisent of my old Williams, I felt "at home" again.

After the test drive I looked at a 172 due to be picked up (so couldnt drive it) and I came very close to ordering a 172 instead. The interior is a million times better than the Cup, and obviously the overall spec is better, but I had to remind myself that Id gone with the intention of buying a Cup, so thats what I did. I could have gone for Silver, but I decided to stick with the Blue as I think it looks right on the car.

So , in 6-8 weeks Ill be the prooud owner of a brand new Cup, lets just hope I dont end up wishing Id gone for a 172 during the icy winter months... when Ill probably wrap my cup round a tree!

The saleman tried selling me some insurance thing that covered the difference between what I paid and the value my insurance pays out if I right it off. It was £300 for 3 years, has anyone gone for this? Is it a con or what?

 

[Dyewitness]

lucky bugger!

did you buy car on credit? that might be whats called gap insurance so that say you owed £10k but insurers valued it at £7k it will pay the difference

 

[paulous2k]

Ill be using a cahoot loan to pay for it. It probably was Gap insurance, I cant decide whether to bother with it or not.

 

[Dyewitness]

well during the first year you would get a new car from your insurers if you wrote it off, but its probably a good idea for the other two years.

what colour then?

 

[Ad]

No its insurance so that in the event that the car is written off in the first 3yrs of ownership you will get retail price not its market value. Most insurances do this for the first yr. The Gap will pay the difference bewteen market value and you finance.

 

[Jim172CUP]

my mate whos a legal advisor said its not really worth it.

 

[sjd172]

yep , I went for the gap insurance, its seems worth it as they will make sure you have ebnough to cover the finance or loan, I took the view that its only 300 vs the brand new cost of the car and the loss should some tw*t smash into it ( lets not mention the lack of abs)

 

[talizman]

I took Gap insurance on my Scoob and it works out at £4 a month.... well worth it considering the unstable market values of used cars IMHO

 

[GPRIM]

took gap on my car finance, mine was 195 for the five years cover, pays up to 5000 difference in market value and finance. girlfriend has gap on her toyota yaris, hers was 250 for three years, but covers the total cost of the car, so if she crashes in the third year, she gets the full amount she paid for the car back if it is a right off

 

[paulous2k]

Theres no finance deal, so I guess its not GAP insurance. What the salesman said was in the event of me writing-off the car, this policy covers the difference between what I paid (£12K) and what my insurance pay out (current market value). So in theory if I write the car off within 3 years Im guaranteed to get £12K. Well thats what he reckons anyway, but Im always dubious of the little extra things like this that saleman always try to throw in to a deal.

 

[sjd172]

Paulous, thats exactly what I was told too !

 

[rwaterman]

How much are money are you borrowing, the full amount?

Rob,

 

[paulous2k]

£9K , presuming I can sell my wifes Seicento for £3K! 2001, sporting abarth in yellow, mint with 27K miles. Any takers???! Lovely little car.

 

[Chippenham_Cup]

You might have covered this already, but having gap insurance means that If you owe more on your finance/loan that you bought the car with than the market value of the car at the time you smash it up/get it nicked. Then the insurance company will meet the difference to settle the finance/Loan. You can then get a new finance agreement/loan on a new car.

It will not give you 12K back if you smash the car up.



Hope I helped

Andy

 

[Jim172CUP]

yeah but like any insurance they try and get out of it any way possible.

 

[rwaterman]

your borrowing 9k, over how long whats the monthly charge?

sorry to sound nosey im looking to borrow roughly the same just curious thats all....

Rob.

 

[Neil82]

I took out a 9500 loan for my Cup and pay back £260 a month for 3 years. 7.4 % APR, going to save up tho and pay it off end of next year.