Thinking of getting an EV

[danlightbulb]

Have to disagree with you there, based on experience.

To say that the point where a car has halved in value (saving lets say £12k for arguments sake) is the worst point to buy a car because in another 30 or 40 thousand miles, and three years of use, it might need a grand or two spending on it is a car finance companies wet dream of a statement.

My experience is that this is true. Obviously the sample size is small. But my 3 year old Mondeo needed a DMF replacement after a year of ownership. It needed a power steering pump, a steering rack, brake lines, exhaust, broken suspension spring. Numerous other things that I can't remember now. All around the 100-120k mile mark. The one thing it never needed was any engine work, which was ironic because all the reviews warned about injector problems on that car and I never had any issues with the engine. I kept this car to 190k miles and the electrics were playing up.

Honda Accord estate after this, bought at around 110k miles I think and I kept it to about 140k. Clutch pedal failed whilst driving. Also rear arches went badly rusty and fell apart. Car was scrapped.

This was replaced with another Mondeo, estate, Engine failed at 115k miles (timing belt was done at 95k). Car was scrap value after that.

This car, the BMW, the previous owner had the water pump fail (common fault) at approaching 100k miles. I think that cost him nearly a grand too.I had to have the valve cover gaskets done, replace the ignition coils, battery, aux belt. It is lumpy starting up now and I don't know why.


Its not just the cost of doing this work. Its finding a garage where I don't get ripped off, that does a proper job and considers any work that could be done at the same time (none of them ever do consider this), getting to and from the garage and having to take time off work for it.

Im fed up of having to deal with repairs on old cars, I don't want it any more.

 

[danlightbulb]

Ok well you need to put in more effort than nil because I found those with 30 secs of effort. Add another filter on and fill your boots.

I have done, numerous times and hours Ive spent filtering on autotrader and I cant see anything that Im happy spending £15k on. They aren't value for money.

 

[danlightbulb]

I can understand that, it's stress that you don't need with everything else going on.

All of these are used-approved so will have warranty (at least a year of worry-free motoring, plus many will have the option to extend said warranty). All automatic gearboxes too. And a big boot. Anything that would suit?

https://www.autotrader.co.uk/car-se...o=16000&sort=price-asc&transmission=Automatic

I think the reason I am not getting any vibes from any of these is because deep down I liked the idea of getting an EV and saving on the petrol.

Anything ICE now feels like old tech and therefore not value for money. And I just don't want the risk of mechanical failure, however unlikely I know it is, I just can't help not wanting to carry it any more.

 

[danlightbulb]

Auto Trader UK - New and Used Cars For Sale

Find your next car with Auto Trader UK, the official #1 site to buy and sell new and used cars. Over 400,000 cars online. Simple, easy, quick!

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What's the catch?

 

[danlightbulb]

It's £23k and you didn't want to spend that?

No I mean why is it £10k off a brand new car?

 

[danlightbulb]

You said yourself. The MG5 makes up half of the available used market as it is.

A list price of £33k and they are offering it brand new for £23k would be great - but if its only this one dealer then I may find it hard to access that deal. For example if the salary sacrifice scheme could also get this price then it would make that a lot cheaper too.

 

[danlightbulb]

You think that a company offering lease cars via salary sacrifice isn't already getting that same vehicle for less than Joe Bloggs can buy a single car for via Auto Trader?

Maybe, but are they passing that on to me?

 

[danlightbulb]

This thread is too much lol. You're a lost cause. Best wishes.

You don't think its reasonable to question whether a lease company is passing on the dealer discount to me or creaming off the top?

Its no wonder inflation is rampant if people never question value and just pay.

 

[danlightbulb]

Im going to get the MG5.

I just need to decide whether to go zero risk and get the lease or get a loan and buy the car myself.

Here are four options. Lease, buy new car (for very good £23k deal price seen earlier), buy 3 yr old previous spec model, or buy 1 yr old facelift model.

Ive put on what the residual values might be after 5 more years. £9k for the new car, £5k for the older one and going in the middle, £7k for the 1 year old car. These are complete guesswork so I don't think they should influence the figures really.

Obviously the facelift model is nicer and has upgrades in several areas over the pre-facelift model.

 

[danlightbulb]

If get an insurance quote for the MG5, I can believe it'll be £840 per year.

£680 is my best quote.

 

[danlightbulb]

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?

 

[danlightbulb]

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?

 

[danlightbulb]

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.

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.

 

[danlightbulb]

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.

 

[danlightbulb]

You're doomed to be poor if this is how you think.

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.

 

[danlightbulb]

If we're really at the point where this is considered a benefit...

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.

 

[danlightbulb]

No one pays full price for AA/RAC and if you look around outside of those two you can get breakdown cover for almost pennies a year after cashback.

Its a bit variable Ive found. Some years the cashback is good and I can get it for nearly nothing, other times its not as good and the offer I get when I call up to cancel is nearly as good.

 

[danlightbulb]

Here's a car for £15k, originally list at £14,950, so £12k loan once you sell your current vehicle. Doubt £3k more is worth it for something 6 months newer when the warranty is so long.

I saw that one. Consider that the MG warranty is only up to 80k miles though, and that car is already on 42k miles in a year, so its had a lot of use. If I am buying I would want lower miles so would have to go up to c.£18-19k.

 

[danlightbulb]

your money, your choice for 42k miles on an EV is nothing imo (but then i would say that, my car had 42.5k on it when i bought it)

It may be, all im saying is that in 3 years I'll have reached that 80k miles level and be out of warranty with 2 years still to run on my loan. On that basis I think its worth more for lower miles so I get the MG warranty for the full 5 years of my loan period.

 

[danlightbulb]

What do you think about either the loan option or the salary sac option regarding impacts on mortgage renewal in mid-2027? If I stick with the same company I don't think they will look at either, but if I move, they will. I wonder if the loan will be seen as a higher liability than the sal sac? (Its also a higher monthly amount).