3 year old ipace - would you buy?

[jpaul]

as i understand it, leasing 2nd hand vehicles is now a thing which is starting to gain traction (and it may not even be a bad idea)

thought so too, especially for ev's/VW where manufacturers are arranging with first hand fleet lease companies to buy back the cars (taking depreciation risk away)
and then feed these cars into their dealers for 2nd hand ev lease, for those that don't want to own.

 

[[TW]Fox]

for those that don't want to own.

Why would these people not do what they already do and take a personal contract purchase financing route instead? They are sufficiently similar that most people think they are leasing when they do it anyway.

 

[dlockers]

Why would these people not do what they already do and take a personal contract purchase financing route instead? They are sufficiently similar that most people think they are leasing when they do it anyway.

To be fair I think we are entering - perhaps - a unique environment? EVs are emerging tech, they are crazy expensive, they are predominantly sold on fleet deals -- it may not be bonkers to want to lease (i.e. finance the deprecation to year 6 of the cars life). We all know first hand EVs are outrageously priced because of the BIK benefit, so it should leave enough value on the table for everyone to make some money and the consumer to get lower monthlies.

I'm not saying the situation hasn't existed before with fleet; specifically the EV angle in combination.

 

[[TW]Fox]

To be fair I think we are entering - perhaps - a unique environment? EVs are emerging tech, they are crazy expensive, they are predominantly sold on fleet deals -- it may not be bonkers to want to lease (i.e. finance the deprecation to year 6 of the cars life)

But this is exactly what Personal Contract Purchase already does, which is my point. I don't see how leasing fits into the used car market and what it brings that is fundamentally different, other than the added complication for the lease company of owning a load of second hand cars all from various different sources rather than supplied directly to them from the manufacturer new.

 

[dlockers]

But this is exactly what Personal Contract Purchase already does, which is my point. I don't see how leasing fits into the used car market and what it brings that is fundamentally different, other than the added complication for the lease company of owning a load of second hand cars all from various different sources rather than supplied directly to them from the manufacturer new.

Most of the second cars they will already have owned, serviced, maintained etc. You are ignoring the perks of lease for the consumer too - no service bills, tax, MOT, insurance (?).

 

[[TW]Fox]

You are ignoring the perks of lease for the consumer too - no service bills, tax, MOT, insurance (?).

These are not part of a standard lease.

Most people who lease a car do avoid MOT charges but because the cars are less than 3 years old. Servicing is not included unless you pay extra for maintenance and tax is paid for by you, not the lease company*. You are responsible for insuring the vehicle.

*The lease company is the registered keeper so usually taxes the vehicle, 3 years tax at the correct rate will be included in the cost of the lease, but you'll often get an invoice for extra tax charges paid in the event that the tax rate changes during the lease.

I think half the reason people like the idea of leasing is they think it's like having a company car. It really isn't.

 

[Simon]

In this context most EV are SS so do include everything. The EV tax Ponzi scheme

 

[LordVader]

The massive Mercia park just up the road from me which is the Unipart/JLR centralised site is now working, thats about all i know.

Im on my 3rd one now, 33k on first, 28k on second one. No issues other than a couple of puncture call outs and a front headlamp washer cover fell off.

I'm in ibstock again only down the road for Mercia park, the place is MASSIVE!

Can only hope JLR/unipart get there act together with the place.

 

[ajgoodfellow]

Please grab some number plates from AutoTrader (or similar) and check insurance costs. I wanted an I-Pace and have driven two (18MY and 22MY facelift). The new infotainment system is much better. Great car in my opinion.
Even though I could afford the price to buy the car, I could not afford the insurance.

39 years old, 9 year NCB (seemed to max out at this in the proof certificate, even though it is higher), safe postal code, etc. Insured with my wife (35 years old) as a second driver. Megane E-Tech £600. Tesla Model 3 Dual Motor £900. I-Pace £2200 (!) on the open market, or £2400 from Jaguar Insurance.

Such a shame as it is a great car.

 

[bigmike20vt]

i am sure insurance companies spin a wheel of fortune when it comes to quotes.... i insured mine 2 days ago (cover not even started yet) for £658 fully comp, protected NCB and zero voluntary excess. - Admiral
My wife even had a (no fault) claim last year where her car was written off.

i was worried after reading all the tales of horror so was relieved at that.

 

[Nasher]

Yea it seems random sometimes. I've stuck with the same insurer for years as they were the cheapest, made no claims. Then at renewal time they refuse to quote. No reason given..

 

[bigmike20vt]

Then at renewal time they refuse to quote. No reason given..

that sucks........ it makes it even more stressful buying a new car if you cant even be confident you will be able to get insurance once renewal time comes around. and i know some will say just sell and replace, but for instance my car has lost £9k in the 1st year since i bought it (personally i think now is a really great time to buy one btw and i cant imagine my car will lose that much again in the next 12 months)

but i absolutely do not want to sell the car now, i intend to ride it out and let the depreciation smooth out over the next 5-10 years, so selling isnt really an option.

 

[LordVader]

Please grab some number plates from AutoTrader (or similar) and check insurance costs. I wanted an I-Pace and have driven two (18MY and 22MY facelift). The new infotainment system is much better. Great car in my opinion.
Even though I could afford the price to buy the car, I could not afford the insurance.

39 years old, 9 year NCB (seemed to max out at this in the proof certificate, even though it is higher), safe postal code, etc. Insured with my wife (35 years old) as a second driver. Megane E-Tech £600. Tesla Model 3 Dual Motor £900. I-Pace £2200 (!) on the open market, or £2400 from Jaguar Insurance.

Such a shame as it is a great car.

Have done this, very similar details I'm 40 and wife's 36.

Both full NCB, 10k per year mileage blah blah.

My A7 with us both on it costs £500 with protected NCB, to swap over to the Jag is an additional £280 for the rest of my term.

Quickly checking on the normal sites looking at £800ish a year with my details

 

[ajgoodfellow]

i am sure insurance companies spin a wheel of fortune when it comes to quotes.... i insured mine 2 days ago (cover not even started yet) for £658 fully comp, protected NCB and zero voluntary excess. - Admiral
My wife even had a (no fault) claim last year where her car was written off.

i was worried after reading all the tales of horror so was relieved at that.

Have done this, very similar details I'm 40 and wife's 36.

Both full NCB, 10k per year mileage blah blah.

My A7 with us both on it costs £500 with protected NCB, to swap over to the Jag is an additional £280 for the rest of my term.

Quickly checking on the normal sites looking at £800ish a year with my details

Great news
So glad that you both were OK - and checked! Insurance is such an odd thing.

 

[EddScott]

(personally i think now is a really great time to buy one btw and i cant imagine my car will lose that much again in the next 12 months)

but i absolutely do not want to sell the car now, i intend to ride it out and let the depreciation smooth out over the next 5-10 years, so selling isnt really an option.

Completely agree. I Pace are a bargain right now. Depreciation seems to have levelled off across the market.

I paid £800 to insure my IPace. Not sure if it being owned by my company made a difference (i.e. more expensive)