I am the less than proud owner of a very good quality and capable Daewoo Musso. (00 registered w). It is a fully loaded spec with satnav included. How come I cannot sell it? I have upgradced to something a bit more rough and ready (Landie TD5 LWB) but I have been unable to get any local garage interested in selling it for me and have had to resort to trying to sell it privately, without much success. I have been pricing at well below the glasses guide price (by about a grand) but not even a nibble. I am not prepared to reduce the price below what I still have outstanding on the finance but at the moment the monthly payments are sunk costs as the car is sat in my drive unused.
I would have thought that GM taking over Daewoo would have put the confidence back into the market but it does not seem to be the case. The cheap sale of all of the old Daewoo stock before christmas didnt help and the lack of announcements from GMDaewoo on their stance on support certainly are not helping.
Anyone else suffering the same problems as me?
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A couple of thoughts, for what they're worth...
The repayments aren't just 'sunk costs' - the car will indoubtedly be depreciating in the guides faster than you're paying for it (unless your're paying £500 plus a month?)
Therefore, as the trade used to say and may well still - "Your first loss is your cheapest" ie bale out now for what you can get - whatever that is...!
(Just to really cheer you up, its about to become a 3 year old car in about 6 hours time...!)
Sell it quick!!
Neil
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Get shot of that Daewoo asap at any cost. As Neil points out you have just carried it over another depreciation point and lost out from that.
Despite the company press releases on Daewoo things are not hunky dory yet and it may take years for real confidence to return. Their products were always a bit naff besides the mainstream cars and it was mainly the cheap prices and 3yr service/warranty that sold them to a very particular buyer.
Once that fell apart you were left with very little.
I think you should consider a sum you might have to put in to buy out of this...might £500 or £1000 do it?
I had one customer on the books with a mid 1990s Daewoo. He had been completely happy with it until we got a sniff of the parts supply difficulty this Summer and then found the local showroom closed with a hand written note on the door. He baled out within weeks, virtually giving it away.
Cheer yourself up with the fact you have now bought the best 4WD around....it will still be on the road in 30yrs....and worth £1000!
MM
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Have a look at your finance agreement. If you've had the car for over two years you may be able to terminate the agreement by handing the car back, as long as you've already paid more than 50% of the total agreement value.
Do a search on terminating finance agreements, it's been discussed before in the backroom.
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I would agree with Middle Man. Unfortunately you have a very good car that few people know or even want.
I had a similar problem with a Fiat Regata Weekend (estate) some years ago.
This was an 8 year old car that had done 91,000. It had benefitted from a new clutch and steering rack at 80,000 and was in exceptional condition for any 8 year old car, let alone a Fiat Regata.
It was one of the best designed estates in its class. It was an extremely practical all round car. Spares were sometimes a problem, but to safeguard this I had bought a similar car for £25 and stripped it to the shell.
I had originally decided to run it till it dropped. I had already owned it for 5 years and would have kept it longer, had it not been for an offer I couldn't refuse on my next car (FSH and 40,000 miles).
Unfortunately, I found that I just couldn't get anyone interested in the car. I got it through its MOT then advertised it in all the free ads etc for £1250. I had been advised by a Fiat dealership to ask £1500, but thought this was a bit much on reflection.
I received hardly any enquiries. One chap phoned and asked if I would take £900. I told him no - I regretted not encouraging him to come around. The big problem I thought was that people didn't know what the Fiat Regata was.
It took 7 months to sell! In that time I paid for a few auto trader ads, been mucked around with the usual no shows etc and had the odd dealer really winding me up by offering me £400, and saying it's a pile of junk anyway. My wife was begging me to take it down to the auction with no reserve!
I eventually got £700 for it from someone who really was a pleasure to do business with. He was looking for that very make and model, and was prepared to do the deal on close inspection and hearing it run. I was asking £800 with an offer to renew the MOT, but he was about 3 hours drive away, so offered me the £700 cash (which he had with him) and was eager to take it straight away. I accepted and so did not gather any more regrets.
As I say, I was happy to do business with this chap, but I wish I could have sold it for around £900 earlier.
My other choice would have been to keep the car for SWMBO to drive. She liked this car a lot, but has not been keen on any other vehicle I've had since. As a result, of late she seems to have deserted the driving thing altogether.
What are you asking for the car at the moment?
Consider the following:-
If you can justify it as a second car, do so and run it as such. You will get more value out of it if you keep it rather than sell it. Do you do much driving for your job and if so, could you drive that and claim back the mileage? Great if your'e getting 35p per mile including fuel. Is it a valid commuting car, saving money on running the LR?
You may already have a second car that can be sold for a good price, why not sell that and just get the full value of the Daewoo by simply using it?
If you cannot justify keeping it, at least let it go dirt cheap to someone like a family member or close friend to help them out and deal with the problem. If you trust them or can get it sorted, they may even take over the payments for you.
If none of the above are options, put it in a prominent place with a for sale sign in it, with the price if it's less than what you would pay for a similar class car (Ford, Rover etc). Many people first compare the price with the year and then research the make and model later.
Above all you have to be fairly pessamistic I'm afraid. Since you bought the car there has been a few downward step changes in the prices of second hand cars that are not typical of normal depreciation. These have been brought about by lower new car prices and ELVs actually costing money to the owners rather than earning them a round of drinks.
Good luck
Hugo
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