Thinking of getting an EV

[danlightbulb]

I didn't think this was affordable for me, by a long way, but after considering things, maybe it could be.

I currently run a 2005 BMW 325i on 120k miles. Bought it 2 years ago for £3500 when my previous car lunched it's engine. I spent £1000 on getting gaskets replaced and the gearbox serviced. Then at MOT time it needed 4 new tyres.

I spend £50 per month on insurance and tax is £35. I budget £20 per month for MOT and service. That's about £105 a month.

I do around 12k miles a year and spend around £200-£250 per month on petrol getting around low 30s MPG.

I could get a Peugeot 308 estate or a MG5 estate (both EV) on the work salary sacrifice scheme for around £425 - £450 per month. That includes everything, insurance, road tax, servicing, an allowance for tyres. No deposit.

After I take off my current running costs I'm left with a net cost of around £320.

If I then calculate petrol savings from switching to electric charging this could be another £100 -£125 a month bringing my total cost down to around £200.

£200 a month I could live with. It's about the same outlay as a £10k personal loan.

I'd appreciate any thoughts on my options here. Does this sound reasonable in terms of expectations? Have I missed anything?

 

[HoneyBadger]

Forgetting an EV for a moment, I watched a YouTube video by someone called Joe Achilles, he drove a £2.5k VW Passat from Morocco to London with a mate on one tank of diesel. Apparently VW made a 1.6 TDI with a 70L tank. No only did they do it, they had to drive it around to see how long it would last. If memory serves, they got circa 1500 miles from one tank.

Maybe something like that would suit? No depreciation, almost disposable motoring.

Edit to add video.

 

[nam]

I didn't think this was affordable for me, by a long way, but after considering things, maybe it could be.

I currently run a 2005 BMW 325i on 120k miles. Bought it 2 years ago for £3500 when my previous car lunched it's engine. I spent £1000 on getting gaskets replaced and the gearbox serviced. Then at MOT time it needed 4 new tyres.

I spend £50 per month on insurance and tax is £35. I budget £20 per month for MOT and service. That's about £105 a month.

I do around 12k miles a year and spend around £200-£250 per month on petrol getting around low 30s MPG.

I could get a Peugeot 308 estate or a MG5 estate (both EV) on the work salary sacrifice scheme for around £425 - £450 per month. That includes everything, insurance, road tax, servicing, an allowance for tyres. No deposit.

After I take off my current running costs I'm left with a net cost of around £320.

If I then calculate petrol savings from switching to electric charging this could be another £100 -£125 a month bringing my total cost down to around £200.

£200 a month I could live with. It's about the same outlay as a £10k personal loan.

I'd appreciate any thoughts on my options here. Does this sound reasonable in terms of expectations? Have I missed anything?

Do you plan to charge regularly at home or at rapid chargers. There is a higher difference is cost calculation if you don't charge at home regularly

have a read of this thread it contains most of what you need

When are you going fully electric?

In my experience there are chargers everywhere, they just aren’t necessarily where you expect them like in the corner of a car park of a random retail park or where you want them like at a hotel. In my experience, when I’m away from home and on the public network, I charge when I have the...

forums.overclockers.co.uk

 

[Nasher]

You aren't going to save money with a new EV vs old diesel/petrol. It's still costing way more to actually buy the car, plus depreciation.

Most EVs are fleet cars. If someone is giving you a car to use it makes sense, no petrol cost. But buying one is a different matter.

 

[danlightbulb]

Do you plan to charge regularly at home or at rapid chargers. There is a higher difference is cost calculation if you don't charge at home regularly

have a read of this thread it contains most of what you need

When are you going fully electric?

In my experience there are chargers everywhere, they just aren’t necessarily where you expect them like in the corner of a car park of a random retail park or where you want them like at a hotel. In my experience, when I’m away from home and on the public network, I charge when I have the...

forums.overclockers.co.uk

Yes almost all charging would be at home and I could look at what tariffs are available on octopus for cheaper overnight rates.

You aren't going to save money with a new EV vs old diesel/petrol. It's still costing way more to actually buy the car, plus depreciation.

Most EVs are fleet cars. If someone is giving you a car to use it makes sense, no petrol cost. But buying one is a different matter.

No i know I won't save money. But if considering no big maintenance bills and a new EV vs a 10 year old petrol/diesel for the £10k equivalent, it feels like the better option?

 

[Spleen Sauce]

I can't see any sensible way it would end up being cheaper when you consider total cost of ownership.

If you're really set on an EV and are near Tesla superchargers, you could consider getting a used Model S that has access to free supercharging. If I lived closer to a supercharger its something I'd have strongly considered.

 

[Barry Smalley]

£200 quid a month is £200 quid a month. Bank that and when your car goes bang, then change it. That’s assuming it’s still ok and you like it and it’s not dropping to bits.

 

[Kenai]

If you're looking for cheap motoring, it'll be very hard to make the figures stack up on a new car whatever way you spin it or however you purchase it.

If you want a new car, an EV can be cheaper compared to ICE if you have a decent salary sacrifice option available.

 

[danlightbulb]

The thing is that, as discussed on here many times, even £10k now doesn't get you a very new good quality car. I'm still looking a ten year old 100k milers for that money.

I wasn't considering a new car because I didn't think I could afford it. But the EV gives me petrol savings, which spending on a new petrol car would not. So it brings the net cost of changing down quite considerably.

 

[Barry Smalley]

So you want a change?

 

[lordrobs]

The thing is that, as discussed on here many times, even £10k now doesn't get you a very new good quality car. I'm still looking a ten year old 100k milers for that money.

I wasn't considering a new car because I didn't think I could afford it. But the EV gives me petrol savings, which spending on a new petrol car would not. So it brings the net cost of changing down quite considerably.

Are you comparing like for like as you talk about 'good quality car' but do you actually mean a premium brand? Because a quick look on AT shows that 10k can get you into something much younger than 10 years old and much less than 100k on the clock.

If you are looking at premium ICE cars that's fine, but then comparing to an MG5 might leave you a little disappointed.

Personally I'd bank the £200 a month or buy an EV outright that has hemorrhaged a chunk of cash in depreciation. Salary sacrifice is great on paper but it's just a tax efficient ticket to the neverending car finance merry go round.

 

[danlightbulb]

buy an EV outright that has hemorrhaged a chunk of cash in depreciation

I can't find £20-£30k up front to do this option.

A loan of that amount would be a) hard to get and b) around £4-500 a month.

you comparing like for like as you talk about 'good quality car' but do you actually mean a premium brand? Because a quick look on AT shows that 10k can get you into something much younger than 10 years old and much less than 100k on the clock.

Every time I look on AT I don't find anything decent. Not necessarily premium but I need something that will be a nice cruiser, as I do 50 miles a day on the motorway for my commute. I also need something of a mid to large size due to outdoor activities. The car I own now is the first auto I've had and it's great so I definitely want auto.

The thing is that anything I buy for my £10k will still have the failure risk. A new EV on contract hire will be completely maintenance risk free.

Is that worth £200 a month? Don't know. How close does it have to get before its the optimum choice, £100? £50? £20?

Salary sacrifice is great on paper but it's just a tax efficient ticket to the neverending car finance merry go round.

Yeah I get that. If I buy a car outright with a loan then it's mine and paid for after 5 years. If it wasn't for the salary sacrifice saving there is no way I could afford it. That £200 per month is the magic number for me where I consider it affordable. It's what the £10k loan would cost as well so I can directly compare a £10k loan to buy a car with the contract hire option.

The thing is I could buy a car with that £10k and the next day the engine blows up. I'm not willing to risk that, hence why I buy older cars the last few times. But older cars are getting more expensive so there is more money at risk.

I know the £200 a month contract hire isn't the cheapest option long term but it's the lowest risk option in terms of car failure.

Personally I'd bank the £200 a month

Lets say I bank that £200 a month and in 6 months time my head gasket fails. That £1200 is then spent on the repair. What do I have for that? £1200 less and still an 18 year old car that could throw another bill the very next day.

At least if I spend that £200 on a new car via contract hire, yes I'm still £200 down but I'm driving a brand new car and carrying no failure risk at all.

 

[Tinders]

Are you running an E90 or E46? i think id rather spend time in an E90 than a MG5. It requires a bit of home work but sub 3k decent cars are out there, for example i went with a mate to collect a e220 cdi 2012 for 3k. High miles, but the major common problems had been addressed, new guides and chain, EGR and DPF sorted etc. That doesnt leave much else to go wrong.

 

[danlightbulb]

Are you running an E90 or E46? i think id rather spend time in an E90 than a MG5. It requires a bit of home work but sub 3k decent cars are out there, for example i went with a mate to collect a e220 cdi 2012 for 3k. High miles, but the major common problems had been addressed, new guides and chain, EGR and DPF sorted etc. That doesnt leave much else to go wrong.

I currently have an e91, 325i, auto.

I'm just looking on AT. Am I doing something wrong here? Because what I see for £10k automatic estates is 10-12 year old cars, generally diesels, already on or approaching 100k miles.

 

[Journey]

I do around 12k miles a year and spend around £200-£250 per month on petrol getting around low 30s MPG.

You could literally buy a used EV and keep it charged for that much per month. I have an Ioniq 38kWh you can pick up a 2021 model for ~£10.5-11k. you'll get an average of about 4.5mpkWh all year round without trying, and on a good tariff from Octopus you'll be pay 7ppkWh or about 1.55ppm, or £186 per year for 12k miles.

 

[413x]

I looked at this recently, wrote in the EV thread and got told!

Sure I do less miles than you, but the maths never added up.

And when it came down to it, 2-300 a month of "burn" for the EV (or 3k a year, which hits home more) was just too much for me just to have "a nice car".

 

[danlightbulb]

You could literally buy a used EV and keep it charged for that much per month. I have an Ioniq 38kWh you can pick up a 2021 model for ~£10.5-11k. you'll get an average of about 4.5mpkWh all year round without trying, and on a good tariff from Octopus you'll be pay 7ppkWh or about 1.55ppm, or £186 per year for 12k miles.

Ok I just took a look on AT and you're right. It's knowing what you can get for what money, which I don't.

It's not an estate and the range isn't great with those smaller (older) batteries.

But yeah I could offset much of my fuel costs and would own the car outright. Still need the loan to buy it though.

Any other options similar? I could perhaps stretch the loan further (£15k?) if I'm saving on fuel.

 

[danlightbulb]

You could literally buy a used EV and keep it charged for that much per month. I have an Ioniq 38kWh you can pick up a 2021 model for ~£10.5-11k. you'll get an average of about 4.5mpkWh all year round without trying, and on a good tariff from Octopus you'll be pay 7ppkWh or about 1.55ppm, or £186 per year for 12k miles.

I just had to double take this. Are you saying that if I buy a 3 year old EV for £11k ish that it pays for itself in fuel savings alone?

If so that's a complete no brainer isn't it?

What's the risks buying a used EV? Warranty, repairs, servicing?

 

[Journey]

Ok I just took a look on AT and you're right. It's knowing what you can get for what money, which I don't.

It's not an estate and the range isn't great with those smaller (older) batteries.

The boot is really decent, we use our to go camping etc. Also the range is deceptive due to the high efficeincy of the car, in the summer you'll get 200 miles, we get 220 on ours but don't try to drive at at light speed, also due to the pack chemistry there is has been almost no degradation since new.

Here's the smaller battery version (28kWh) 6 years old with 162km on it, lost 7%, also not to forget the warranty is 5 years on the vehicle and 8 years on the battery and drive train.

But yeah I could offset much of my fuel costs and would own the car outright. Still need the loan to buy it though.

Any other options similar? I could perhaps stretch the loan further (£15k?) if I'm saving on fuel.

There are always more options, by spending more, but you'll be hard pushed to get more range unless you get a 64kWh e-Niro or Kona, they are small crossover SUV type cars, not very big boots at all.

 

[Haggisman]

One thing to be careful of with salary sacrifice - we've just had a new government elected, and there's no guarantee of what they'll do with BIK rates over the next couple of years.

One of my work colleagues got burned when he got a MK1 Leaf through our Salary Sacrifice scheme a few years ago, when the rate was a really low %, and then they announced it was going up loads and ended up costing him an extra ~£100/month for the last couple of years he had it!

Have you considered a personal lease on a used EV? While the savings on the "fixed" costs won't be there (e.g. you'll need to sort the maintenance and insurance yourself) the cost of the actual car will be lower