04-15-2020, 06:51 PM | #1 |
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Have you changed your mind about ordering a car?
Before the Covid-19/shelter in place crisis, I had just put down a $1000 non refundable deposit on a 2020 x5m but with everything going on I am rethinking the actual need for a new car.
My income has been diminished 90-95% and I am not sure if it will rebound when the crisis is over. Since the uncertainty of not knowing when everything will go back to normal, it has me thinking that I am better off just losing the $1000 and not going through with the order. Anyone in the same boat? Since the car hasn't even begun production yet, do you think the dealership will allow me to get my deposit back? Stay in good health all!
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04-15-2020, 07:57 PM | #3 |
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Deposits are always refundable despite what the dealer tries to tell you. Your car is likely not even on the production line yet so its a no loss case for the dealer.
Hell even if the car is sitting in the showroom floor people have gotten their deposits back. Alan
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04-15-2020, 08:50 PM | #4 |
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I would be very surprised if the dealer didn’t refund your deposit given the unprecedented circumstances. If they do, they will likely earn (retain) a customer in the future. If they don’t, they’ll be dead to you (would to me). I don’t think you will have to go to the mat...if the dealer has any leadership.
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04-15-2020, 10:51 PM | #5 |
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Factory is closed until the end of the month, see no reason why you shouldn't be refunded the deposit.
Sorry to hear about the 95% paycut, no need to have a $100k + car.
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04-16-2020, 07:46 AM | #6 |
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This is a dangerous one...
If everyone starts thinking like that, then we will have a big problem. No ones income will come back to normal as long as everyone is delaying things. So, socially responsible is to keep spending, whoever is able to. |
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04-16-2020, 09:17 AM | #7 | |
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Quote:
Regarding your other more fundamental question of whether or not you should still go forward with the purchase...man, that’s really dependent on your personal financial situation and risk tolerance. If you felt comfortable that this black swan event was just a temporary setback to your cash flow and your income level would substantially rebound within XX months, perhaps you still do it and feel fine about it. However, if you have no such comfort (as you noted), you may not really enjoy your F95 ownership experience nearly as much because are going to be stressed about that financial commitment every time you see the car. It will resemble an albatross instead of a beautiful beast! From your user name, I’d obviously guess you’re a dentist and while I’d imagine things don’t look good in the immediate future for that industry, I have no doubt that the need for dentistry services aren’t going away forever. So the real question is probably whether your current financial position just demands that you just wait 6-12 months before you jump into a $120k+ in order to pull the trigger. I’m in a similar, but different boat. I have an F95 on order, but did not put down any $$ for a deposit. I am still employed...for now. However, I don’t feel particularly secure in my job, so I am hesitant as well. Obviously, if I get triggered before the car arrives, I can always just decline to buy it. I’m just not making any decisions right now because I don’t have to - nothing is getting produced for a while. As the calendar turns, I’m hopeful that my visibility and certainty on things will improve. |
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04-16-2020, 12:39 PM | #9 |
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You are entitled to cancel your contract and receive a full refund if:
1-the purchase is contingent on acceptable financing terms for you only. Or, 2-the dealer is unable to deliver the vehicle within 15 days of the specified delivery date regardless of reason. NOTE: This is Wisconsin motor vehicle contract law Last edited by puckybadger; 04-16-2020 at 12:40 PM.. Reason: added the word Or |
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04-16-2020, 01:12 PM | #10 |
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Here in Canada all deposits are refundable, should be same for Texas, but call dealership and insist on refund.
This is just beginning of economic crisis, economy will need years to recover, just most of the people are still not aware how bad situation is. Plus this crisis will force manufacturers to lower car prices.
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04-16-2020, 01:19 PM | #11 | |
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People will still need dentists. Just an irrational fear. If we don't create panic, business will go back to normal very quickly. If everyone gets scared, we're in trouble. |
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04-16-2020, 03:58 PM | #12 | |
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04-16-2020, 08:51 PM | #14 |
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I'm paying for this "break", I should be granted stock warrants as I paid my estimated taxes yesterday.
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04-17-2020, 03:39 AM | #15 |
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No you'r not
They just print money, and that's OK. Yes, they call it a debt, but no one really plans on paying it off, so effectively they just created the money out of nowhere. And because of that, after this mess, there will be much more money circulating than before, the recovery will probably be even more extreme than the "V shaped" recovery everyone is hoping for (IMHO). |
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04-17-2020, 01:43 PM | #16 |
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you should def. hold of on buying even if u end up loosing $1k!
I recently sold my E70X5M I owned for 5 years even though I thought I'll keep it forever! It was a tough decision but looking at current situation I decided to go let it go. I still have my job with no pay cut at the moment and hopefully that won't change! I've been thinking on placing an order for F95 myself but def will wait until better time!
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04-18-2020, 05:33 AM | #17 |
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A lot of people are beginning to wonder “what’s next?”. People are scared and we all are. If I was in your shoes, I would hold way off until I find a comfort zone whereby my income has returned to pre lockdown days.
I was driving my wife to get some food and seeing all these shops closed gave me an unsettling nervousness. I experienced that once in my life but people rebound. Just hang in there. |
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04-18-2020, 08:50 PM | #18 |
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There is nothing wrong with cancelling your order. The dealer will have no problem reselling. Cars are supposed to be fun and bring joy. It there is stress associated with the payment at this time, then I recommend waiting until it feels better.
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04-18-2020, 09:55 PM | #19 |
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OP I would cancel the order... there’s always another time to buy a car....
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04-19-2020, 02:40 AM | #21 |
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I would do the sensible thing that would make you sleep better at night and cancel the order. If your income does not recover quickly then you do not have the $100k financial commitment, but at worst lost $1k - its few weeks beer money or small holiday. But in these times, I think the dealer will give back the deposit as they cannot guarantee delivery with any certainty.
In addition, to kick start the economy they will no doubt be discounting the cars further, so if your income recovers you'll get the $1k in better discounts next time round. |
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04-19-2020, 03:59 AM | #22 |
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I had a plan of getting either the M8 or X6M towards June/July, but seems like that won't happen. With all the paycuts and business not so well it just doesn't seem like a good idea.
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