My new car has been delayed by four months - should I cancel the order?

I ordered a Volvo XC40 in December 2018 with an approximate delivery date of end April. I have now been informed that delivery is likely to be August. I received a favourable trade-in valuation on my car compared with other franchised dealers which convinced me to proceed, paying a £500 deposit. I am being told that the value of my current car will have to be reassessed when delivery takes place. How do I stand with this, as I will then need to make a bigger financial contribution, as my cars value will have dropped? If I cancel my order I presume that the deposit is repayable?

Asked on 31 January 2019 by David riding

Answered by Honest John
Just as your current car will be more months down the line and therefore worth less when the XC40 arrives, so too will the XC40 be further down the line and consequently will be worth more in years to come.
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