So, we secured our financing today for the best rate the bank offered, but got some bad news. two banks that we spoke with informed us the vehicle is worth 6,000 dollars LESS than we are paying already. Usually the vehicle depreciates when you drive it off the lot, not when its driven off the production line- we are still very excited about the purchase. Has anybody else had this issue? They are saying by the time we drive it off the lot it will be worth 49,000 vrs the 59,140 that we paid.
Seems rather odd & with that I am suprised they are offering finance as if they were to need to re-possess the car then they would fall short!!
Well I do find it odd too, but I think they don't take into consideration the Rear Seat Entertainment, And Range Rover has a tarnished Reputation in the USA that they have been trying to regain and polish over the past few years. I'm hoping its not true as they may just not know how to evaluate the vehicle as it is its first year of production...
Valeter is right - treat their comments with a grain of salt.
.......and welcome to the world of new car purchasing! Nobody buys a new car because they think it will increase in or even keep its value. The best that can be hoped for is that residual values aren't the lowest when sale time comes around, and most importantly that you love your Evoque !!
(As for me, I would have never financed the Evoque as paying extra for an already generously pricey vehicle would have been a personal no-no).
Whatever the case regarding residual values, if you love the car that is the important thing,life is too short to worry about such issues if one is spending this sort of money. Virtually every car looses lots of money.
I mean I used to buy lots of new Rover's & MG's so if I was to have worried about depreciation I would have had a brain hemmerage by now
I bought them because I was extreemly fond of them!!
Would it make you feel better if you knew us Canadians pay $7k more for the same car?
Yes Olde you have a point there - but we are still better off than the Aussies who are seeing some vehicles up to $110,000 (Aussie dollar/Canadian dollar pretty close in value).
Wow, Well I do consider us lucky! I was just curious if you all have noticed the same thing, I use to work in the car business and have not seen something like that since KIA. We are surely not worried about it or else we wouldn't be getting the car, Just thought I'd share with you all the surprise that I had!
Why does it make any difference what the bank think the car's worth? Or is it that they'll only lend you their perceived value of it? (in which case it makes sense to only loan what they could sell it for if you had it and defaulted on payment, i.e. purchase cost minus a guessed depreciation figure).