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S60 & V60 '18> / XC60 '17> / S90 & V90 '16> / XC90 '15> General Forum for the SPA-platform 60- and 90-series models |
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May 26th, 2022, 16:11 | #251 | |
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Quote:
Which? says: "Generally speaking, GAP is likely to be worthwhile in the following situations: You used a large loan to buy your vehicle Gap insurance can offer a means of paying off outstanding finance on your car, which means if your car’s stolen or damaged beyond repair you won’t have to continue to make payments on it. You’re concerned about the depreciation of your vehicle The quicker your car loses its value, the less your insurer will pay after a total loss incident, compared to what you paid for it. Gap insurance means you’ll get more back. Your car is on a long-term lease If you have a long-term rental agreement for a vehicle with a mileage allowance, a write-off could leave you without a car and a bill for thousands of pounds. Gap insurance can help protect against this." As I explained, I don't currently use leasing or finance so that leaves depreciation as the only possible justification. And at the moment my car isn't depreciating significantly. I accept this is highly unusual and probably won't continue. Dealers offering GAP insurance at the same time as huge discounts (eg almost 40%) is therefore a bit of a contradiction. The cheaper insurance options may well make rather more sense.
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May 26th, 2022, 17:08 | #252 |
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PCP finance tracks depreciation over the period you “own” the vehicle. You are paying off the car’s depreciation rather than the full cost of the car itself. The problem is that the rate of your accumulative repayment is linear, whereas the rate of depreciation starts high and reduces with time.
In normal circumstances, your accumulative payments won’t “catch up” with depreciation until typically 2-2½ years into the agreement. If the finance deal is calculated correctly, a nominal amount of equity should appear later on. Manufacturers hope you’ll use this equity against your next agreement as an incentive to renew. (Some call it "free money" - its anything but!) Should you have an insurance claim that results in a write-off, the insurance company will pay out the car’s market value at that point OR an amount that it deems suitable to put you into a comparable car of age and spec, whichever costs less. Unless you are beyond the “breakeven” point in your PCP, this pay-out won’t cover all the outstanding finance money owed which you will have to fund yourself. There are two main types of GAP insurance that deals with these scenarios: - “Agreed Value” GAP pays out any shortfall between the insurance company pay-out and the remaining money owed to the finance company. This is a good option if you are happy with not having a new for old replacement OR you just want to walk away. - “Return to Invoice” GAP pays the shortfall as per “Agreed Value” GAP PLUS any cash deposit you paid into the deal upfront. This effectively leaves you in a “reboot” position to put you back as you were the day you ordered your car, ideal if you want to replace old for new or have maximum flexibility.Used car valuations are artificially high at the moment because manufacturers are failing to keep up with consumer demand. Currently, new car depreciation is either very slow or even negative (i.e. appreciation!) depending on the model. That’s great news today but the market will have to right itself at some point. When it does its guaranteed there will be a collapse in used car values accordingly. If you want to counter the risk then a good GAP policy is a must. If you don’t or if you’ve purchased your car outright then GAP is not for you. Hope this helps.
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22MY XC90 B5D R-Design. Savile Grey with Nappa Leather, Lounge & Climate Packs, Smartphone Integration, Wireless Charging & Polestar Optimisation. Last edited by TaffyJerseyBean; May 26th, 2022 at 17:12. |
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May 26th, 2022, 17:22 | #253 | |
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Quote:
For you a GAP product that perhaps safeguards the value of your car today may well be worth looking into. This is a variation of the "Agreed Value" GAP product I mentioned and pays the difference between the insurer’s final settlement and an agreed value on the day you purchased the GAP policy. If you had a write off, this type of GAP insurance would essentially put you back to where you are today. Not trying to sell GAP insurance here. I'm just risk averse!
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22MY XC90 B5D R-Design. Savile Grey with Nappa Leather, Lounge & Climate Packs, Smartphone Integration, Wireless Charging & Polestar Optimisation. Last edited by TaffyJerseyBean; May 26th, 2022 at 17:25. |
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May 28th, 2022, 17:13 | #254 |
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Well - arrived at the dealer this morning! Still wrapped up but looks fab. Collecting on Thursday….
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Jun 14th, 2022, 16:03 | #255 |
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Just a quick update my dealer told me my car will arrive 1 week earlier than the confirmed date which was July 25
I ordered an XC60 B5P Plus Bright in Januar 11 and the scheduled build date is June 27 and no delays yet. Pretty happy so far |
Jun 14th, 2022, 20:59 | #256 |
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I was informed by my dealer that my V60 B4 Plus Dark in Bright Dusk will be delivered mid July. Ordered nov '21 (as a MY22). This is a lot better than the previous expected dat at the end of August.
Lets hope this will be true, but you can't really count on anything these days. |
Jun 14th, 2022, 22:19 | #257 |
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We drove past Grimsby docks the other day and there were a load of new Volvo’s there.
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Jun 15th, 2022, 11:48 | #258 |
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Called into my dealer yesterday.
He logged into the system and it told us my build date has moved from the 7/6 to 30/6 with a delivery of the 3rd week July. Hope it stays that way. 🙏🏼
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Jun 15th, 2022, 14:33 | #259 | |
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Hi - is that for model year 23? (I have a MY23 XC90 recharge ultimate on order) All the best |
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Jun 15th, 2022, 14:45 | #260 | |
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Must be MY23 as its a "Dark Theme" |
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