Soldato
If get an insurance quote for the MG5, I can believe it'll be £840 per year.
Thinking of getting an EV
- Thread starter danlightbulb
- Start date
£680 is my best quote.
If I go for the lease the insurance will be included, what will happen with the no claims discount I've already built up on my private policies?
Depending on the insurer, after 2 or 3 years of having no car/policy, they'll stop recognising it.
So I can't pass it on to the lease scheme insurance and then get it back after the lease is finished?
Is this an issue?
No you can't, not if your scheme is anything like mine.
Depends, if you're going to keep leasing via salary sacrifice, not at all. If you're going to buy a car in three years, your insurance might be more expensive than you think. Or you might find an insurer who will make allowance for time on the sal sac scheme.
Associate
My vote is for loan, you have something at the end of it and keep your NCD.
Also definitely test drive it before you commit.
Also definitely test drive it before you commit.
Soldato
Given the huge deal about ongoing costs I feel this is the most sensible move. He could always pretend he is on SS, and put the cost difference to one side every month to see how much is accrued before an unexpected expense arises. I predict at least 3 years. So at £50pm that is £1,800, not including the pot of money saved in the calculation for repairs @£21 per month.
Just as another mention for breakdown cover you should be buying it through one of the cashback websites, you'll get at least 50% of the monthly cost back, and I've had as high as 80% just depends what offers are on, £3-4 per month all in.
The loan option is more expensive (monthly) than the SS scheme - what £50 are you talking about? Or are you talking about the older model? Ive decided against the older model after watching reviews - the facelift is much better. So min loan for that is c.£18k, but i get a max 1 yr old car with 6 years warranty left.
Yes I know its cheaper over the long term considering residual value. There is huge uncertainty in that though isn't there, technology is moving very fast in EVs. It will be worth something of course.
Also whilst covered by warranty it would fall on me to organise any repairs, whereas under the SS scheme all that hassle is taken away.
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You're doomed to be poor if this is how you think.
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If we're really at the point where this is considered a benefit...
Where do you read that the current crop of EVs will be made obsolete? In 5yrs? 10yr? 15yrs?
Nissan leaf and Renault Zoe’s are arguably the first generation of mass EV - look at them and they still have value. Actually they are probably some of the most affordable entry point into EV as used atm. Albeit I wouldn’t buy one myself for various reasons. But they are obsolete. There is a place for older cars just as with non-ULEZ compliant ICE cars and much older heavily polluting ones.
Also personally (been watching EV development for decent 5yrs now), I don’t think the pace of EV evolution will be as fast as you think.
The biggest advance could be in battery energy density. The current trend is to mass produce cheaper less energy dense batteries rather make the next evolutional jump. So I don’t think the batteries we have will change in chemistry or usage much. NMC and LFP they will be with us for the decade at least.
More improvements will come in overall car efficiency - aero, motor, electrical etc.
But if you don’t like the look of a Tesla then you might as well commit now cos a boxy shape is never gonna get you that Cd value close to a fish.
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There's not a great deal of difference between phoning an MG dealer yourself or phoning the SS company to say something is wrong. It wouldn't surprise me if whilst under warranty the SS lease provider simply tell you to phone up an MG dealer yourself anyway.
I wouldn't bank on a significant difference in 'customer experience' from this perspective.
I think this is unfair actually - ive run old cars not with any kind of finance or loan for over 10 years - i have tried to minimise my costs.
Insurance is a good example. The price is fixed for 4 years on the SS scheme, but what if we get a spike in insurance costs in the private market? Which happened last year.
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Soldato
- Joined
- 19 Oct 2010
- Posts
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I'm in a similar position with less requirements. All I care about is cheap miles.
I'm coming to the end of a 3 year lease on a Nissan Leaf. I do all of my charging at home and over the last 3 years that's cost me 5p,7.5p, 9p (for a month) and we're down to 7p now. I drive approx 15k miles a year.
The lease has cost approx £3k/year.
I now have the decision of leasing another Leaf or similar car for similar money....or buying one for around £8 to £10k. I'm leaning towards buying one and keeping it under Nissan warranty. In 3 years time i'm confident the car will still work and will still be suitable for my requirements. I'll be in profit every month it keep working
I'm coming to the end of a 3 year lease on a Nissan Leaf. I do all of my charging at home and over the last 3 years that's cost me 5p,7.5p, 9p (for a month) and we're down to 7p now. I drive approx 15k miles a year.
The lease has cost approx £3k/year.
I now have the decision of leasing another Leaf or similar car for similar money....or buying one for around £8 to £10k. I'm leaning towards buying one and keeping it under Nissan warranty. In 3 years time i'm confident the car will still work and will still be suitable for my requirements. I'll be in profit every month it keep working