Thinking of getting an EV

You also need to consider you can easily refinance the loan if/when interest rates drop. If you are taking a 5 year loan for £18k then you'll likely be able to save a chunk after year 2 by paying it off with a cheaper rate loan. Still think you are bonkers buying the newer more expensive car when you are so hung up on cost, you could get this one for £9k, and if it died after 2 years buy another for £9k and be in the same position. Or when it doesn't die you'll have a car that has hardly lost you anything, saved you a fortune and you'll have been able to put some money to oneside for something else.
I know what you're saying but the facelift is a much nicer car internally so I think its worth it.
 
I know what you're saying but the facelift is a much nicer car internally so I think its worth it.

If you find value in that £9k spent that's cool, personally I'd suck it up and only keep the car two years then get something you really like then. Also you'd have understood the benefits and pitfalls of the car, what if you buy the £18k car and you hate it, after two years it's likely going to have lost £9k, where as the £9k car will have likely lost £3k at worst.
 
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That £15K mg5 motormiles dealer doesn't pass the sniff test half a dozen taycan's and viewing by appointment .. peculiar mix of vehicles supposedly on his stock, or selling for a friend.

hadn't realised the mg5 is only 1600Kg impressive ..however has it not had an ncap rating, but my older 3series isn't a 5.
Yeah this is another annoyance with buying off Autotrader. None of the cars around the price point im looking at are anywhere near me, so trapesing round the country again...
 
I won't buy anything further than 50miles from me, partly why I've been looking for 4 months - and it's getting boring (too many threads on long distance relationships)

Those rails you can get on some mg5 roofs would be pretty useful, ladders, diy (recent 4m ladder inside 3 touring was fun)
 
@dlockers i was just considering the loan option again some more. Obviously the loan option (£18-19k over 5 years) would include interest as well. The interest on that loan is around £3k. So the £18k car actually costs me £21k. Obviously that's built into the payments, but if considering residual value, should I be deducting the interest paid from the figures as that is dead money as per the lease as well?
The lease is totally dead money.
The loan at least leaves you with an asset you can sell/use.
 
The lease is totally dead money.
The loan at least leaves you with an asset you can sell/use.
yeah completely understand that, but the closer it gets to parity the less it matters.

If Im paying 3k on interest on the loan, and the car value might be lower in 5 years if the EV market has changed and older EVs (these cars are being used as taxi's remember - could be a lot of them hitting the used market), then all things considered I might not be losing out that much compared to the lease.

We've already seen I cant get much lower than £400 a month for my motoring no matter what I run, so the lease is only a bit above that figure. it does completely derisk everything and take away any hassle other than what to do in 4 years time.

Im not disagreeing that youre right in principle, but the lease is very easy and not too far off cost wise.
 
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yeah completely understand that, but the closer it gets to parity the less it matters.

If Im paying 3k on interest on the loan, and the car value might be lower in 5 years if the EV market has changed and older EVs (these cars are being used as taxi's remember - could be a lot of them hitting the used market), then all things considered I might not be losing out that much compared to the lease.

We've already seen I cant get much lower than £400 a month for my motoring no matter what I run, so the lease is only a bit above that figure. it does completely derisk everything and take away any hassle other than what to do in 4 years time.

Im not disagreeing that youre right in principle, but the lease is very easy and not too far off cost wise.
No need to single out interest. The difference on the lease is at the end of 3 years you'll have no car. On the loan you'll still have a car.
 
Question on 1 year old cars on 8k miles. Why would someone trade these in? Does it suggest an issue with the car?

Can be a variety of reasons and sources for such cars - ex demonstrator, dealership staff car, manufacturer short term lease programmes, rental cars, cancelled leases/company cars... even down to some people may have just concluded an EV wasn't for them and traded in
 
Your budget is £20k

There are plenty choices in the used car sector - a quick search shows there are 345 teslas for 20k or under. Teslas are known to be decent and you can get battery test report out of them fairly easily. They get constant software updates so won’t be “obsolete” anytime soon. They also keep residual pretty darn well considering the first gen M3 base was 30k and if they still able to fetch 15k-20k after 10yrs that’s better depreciation than any ICE car baring collectables.

it’s a no brainer really.

If you are worried have a watch of this series of video covering a high mileage MS

 
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2.75 year old MG5, £9k, little to no chance of depreciation beyond fuel savings being made, easy to move if it is hated, no big loan around your neck (£6k, £267 per month on a 24 month loan, only £400 interest to pay at 6.5% over the term) and easy to refinance if required, less to insure as lower replacement value, still under warranty. Seems to me like a decision is being made with the heart and not the head, but all the posts are about finances and keeping the costs down, and risk etc. aren't really being considering just written and ignored by the author.
 
Your budget is £20k

There are plenty choices in the used car sector - a quick search shows there are 345 teslas for 20k or under. Teslas are known to be decent and you can get battery test report out of them fairly easily. They get constant software updates so won’t be “obsolete” anytime soon. They also keep residual pretty darn well considering the first gen M3 base was 30k and if they still able to fetch 15k-20k after 10yrs that’s better depreciation than any ICE car baring collectables.

it’s a no brainer really.

If you are worried have a watch of this series of video covering a high mileage MS

He doesn't want a Tesla.
 
Just pointing out that Tesla seems to be the least risky choice as he seems to be very risk adverse.

It’s a paradox isn’t it…risk adverse yet ruling out the least risky choice of it all.
 
Just pointing out that Tesla seems to be the least risky choice as he seems to be very risk adverse.

It’s a paradox isn’t it…risk adverse yet ruling out the least risky choice of it all.
I just don't think a 10 year old Tesla is the right choice really, considering everything Ive been discussing.

2.75 year old MG5, £9k, little to no chance of depreciation beyond fuel savings being made, easy to move if it is hated, no big loan around your neck (£6k, £267 per month on a 24 month loan, only £400 interest to pay at 6.5% over the term) and easy to refinance if required, less to insure as lower replacement value, still under warranty. Seems to me like a decision is being made with the heart and not the head, but all the posts are about finances and keeping the costs down, and risk etc. aren't really being considering just written and ignored by the author.
I can definitely see what you are saying and I need to think about it some more. I think the one you've picked for £9k is also at the low end though as well, they are more typically around £12-13k for the pre-facelift model. The size of the loan to buy a £20k car is certainly on my mind and that's one of the reasons Im favouring the lease still. Some reasons are pulling towards lease and some reasons are pulling toward loan.
 
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