Early trade-in

R

Radar

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I have just ordered a new car for delivery in January. However, the dealer has contacted me and said that he would like to take in my existing car before then if a suitable buyer turns up. He said that he will give me a one or two-year-old car (same model as I have ordered) which I can use until the new car is delivered. Is this normal practice? My old car is seven years old and worth about 10,000 Euro and the loaner would be worth considerably more.

I can't help feeling uneasy about this situation. What would happen if, given the current volatile climate, the dealer went bust before the delivery? Apart from losing my deposit, which I accept is an everyday risk, my own car would be gone and I would be left with a car which was not mine and would be repossessed by the receiver.

I presume I have the right to refuse but, if I decided to go ahead, can anyone please advise me on any protective measures I could take? Thanks!
 
What's in it for you, apart from driving a "newer" car for 2 months ?

I wouldn't take the risk for that. Refuse - you will have a new car in January.
 
You could ask him to pay you the cash value of the car and still lend you the other car until January, if he does want to take it in early?
 
Sounds like he has a buyer for your car already.

Is he a main dealer, i.e. toyota/ford etc? If so then maybe Ford/Toyota Ireland could provide a sales receipt for the purchase of your new car which they then provide you if the dealer goes bust?

Just a thought.
 
I would just refuse this - why agree to it? Not worth any worry/hassle IMO.
 
Thanks for your comments, guys. They mostly reconfirm my gut uneasiness with the scenario. I'll contact the dealer again and, unless he can make some watertight offer, I'll refuse.
 
Heard of it before, but you you usually get more money off for this, and usually buyer takes delivery of new car as well, and keeps it unregistered/off road untill new year, using the dealers car as runabout untill then. Means you can get a jan 09 car for oct 08 prices.
 
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