Yo
We're in the fortunate position to be considering a new car and want to go for an EV or not bother at all. We've tried a few things and have got down to a couple of vehicles - Nissan Leaf N-Connecta 40kWh or an MG ZS EV Exclusive. The MG is a surprisingly nice car.
Anyway, it seems that both are very similar prices for PCP or lease, despite the MG having 0% PCP finance it seems the residual value (balloon payment) after 4 years is lower than that of the Nissan so the monthly payments work out almost identical.
Essentially, we're looking at a £2-4k desposit followed by £275-£300 for PCP, or £250-£275 for a lease, both ofer 4 years.
The MG would cost £9,500 balloon, the Nissan would be £11,500.
The question is should we lease or buy? Leasing is going to be £1,200 cheaper over the 4 years (roughly speaking 48x£25). But with PCP we'd be able to buy the car at the end for a guaranteed price which could be a bargain. Especially with the MG which is 0% finance.
I think leasing looks like a waste of money, but my boss who has been in the car industry for many years thinks it's the only sensible option, based on his belief that the battery tech will be old hat and undesirable so may as well save the cash. He also says not to buy an MG.
Comments
Any semi-presentable vehicle approaching its seventh birthday will be accepted by a dealership as down payment on a new car but, once your back is turned, it will be swiftly consigned to the independent trading sector.
I agree with your boss.
Resale or trade-in value on a Nissan is always going to be better than an MIC MG.
Buying a battery powered car in 2021 has a direct parallel with buying a computer (especially Apple). The technology is improving all the time but, it is going to be superseded before you are ready to dispose of it.
Of necessity, charging rates, storage capacities and maximum ranges will increase.
My father almost went electric with his most recent change of car. He decided against because a round trip to the nearest major hospital was right on the limit of the car's range. Factor in traffic delays, heating, air-con or headlamps and it would have been necessary to recharge somewhere along the route.
I'd go the lease route. With the likes of Jaguar, Renault, VW and BMW going all electric by 2030 the battery tech is going to improve exponentially. If you buy now you could be left with a car that’s worth virtually nothing after five years. If you lease can can chop the car in for a newer model in say three years that will probably charge faster and have a greater range.
Remember, it's easier to criticise than create!
I did my time running around in second hand motors of various quality and age. I’m not handy on the spanners so just got sick of the inevitable unexpected repair bills and age related shit.
Leasing just brings it all down to a fixed monthly payment that’s affordable and the convenience of having a reliable, safe and new car. I don’t have to think about tax or MOT - just insurance and 1 service. And no asset means no hassle of selling it at the end.
I’m not a car lover, it’s transport so I shop on price and go for a decent deal over brand and colour etc.
You've said the lease works out cheaper for you so that’d be decision made for me - and as others have said a 4 year old EV isn’t something you’d really want to own. Go for the Leaf lease.
From the MG website:
What is rapid charging?
There are three different types of charging methods available: slow, fast and rapid. And, as you can guess, rapid charging is currently the fastest way to charge an electric vehicle. It’s worth noting that with most, they’ll only charge your vehicle to 80% rapidly, in order to preserve your car’s battery life, before dropping to a slower pace.
At the moment, there are two versions of rapid charging: alternating current (AC) which offers more power than fast car chargers at 43kW. The other way is via direct current (DC), with this, it provides DC straight to the car so there’s no need for a converter, allowing the vehicle to be charged at a much faster rate.
Fast car chargers come as two varieties either 7kW – the most popular option found in homes or 22kW – commonly found in supermarkets and shopping centres. 7kW takes between 4 to 6 hours to fully charge, whereas 22kW will take around 1 or 2 hours. Most fast devices will be AC, but a few providers are now creating DC ones too.
Additionally, the majority of fast car chargers are untethered, meaning the cable isn’t attached to the device, so you can use your own. This can sometimes be more convenient than rapid chargers which have tethered cables, so only vehicles which are compatible with that connector will be able to use that particular device.
Usually you can find rapid chargers at most motorway services, which makes it more convenient than ever. So, whilst you nip in for a cup of coffee or a quick bite to eat, you can leave your car charging and be on the road again in under an hour.
The best way to find rapid charging points near you is with Zap Map. This handy tool allows you to quickly and easily locate ones near you and they even have a route planner feature – perfect for longer drives if you’re worried about running out of juice.
At the moment there’s not as many DC rapid chargers when compared to AC, slow and fast car chargers, but this is set to boom with more and more people choosing to go electric.
Are all cars rapid charging friendly?
To be able to rapidly charge your car, it’ll need to have rapid charging capabilities. For chargers that use AC, your car will need to have a type 2 connector in order to use one. DC chargers on the other hand use CCS or CHAdeMO connectors, so you’ll only be able to use one of these if your car is compatible.
Remember, it's easier to criticise than create!
Likely to be Mg’s on there too.
If an EV works for you, go for it. Personally, i’d go 3 yrs to avoid the MOT implications, but i’m probably being overcautious.
Cut your own path. I got bored of hearing “oh, range anxiety”, “how long do the batteries last”. Yawn yawn yawn.
New car, leased. If you can swallow the £, you’ll never look back
The advantage of them is a warranteed car with no disposal worries at the end, providing you havent exceeded the mileage. The optimun deal with a pcp is low mileage and low deposit.
Your deal of £2k - £4k deposit is a poor one, as you would need to find that again in 3/4 years time to go for a similar dEal in the future.
Avoid the MG as that will bE worth no where near £9500 in 4 years time.
I was a business manager in the tradE in a previous life, and used to structure PCPS, so im happy to help.
I'm currently trying to get a van and none of the dealers can get hold of vehicles due to the computer chip shortage and factory shutdowns.
I'm looking at April next year regardless of buying / leasing. Very few companies have any stock.
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Just because you're paranoid, don't mean they're not after youMG say they can supply in 6 weeks in any spec and colour.
Nissan are nearer to Xmas.