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I dare say it's because on the current deals a factory ordered one will work out cheaper unless you are a cash buyer (which the vast majority are not). Therefor it's pretty difficult to sell a pre reg'd car at anywhere near the list price with 7-10% finance when someone can get a brand new one with a 10% discount off the list, 4.9% finance and a decent GFV.
When I first started looking a local garage had a 125d in stock that they were desperate to sell me. It had less options than the one I eventually spec'd cost a little more after I had haggled a discount and on the PCP it was going to cost over £100 more per month.
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