Redundancy March - Predicament and Choice!
Discussion
Help me weigh things up please!
Context:
•I've currently an Enyaq on SS which will go back when my job closes end of March.
•I have 2 tween kids (not tall), occasionally there will be another female adult and a youngster - but this is very infrequent, think one/two weeks a year.
•As a family we don't go on long road trips nor do we camp or whatever... The car gets to clubs/classes and social gatherings or days out.
•Currently have another car (SLK), but will sell that in the spring run-up. I'd like to stay single car, costs.
•I want my car to be an EV as I have home charging and that saves me a packet.
•I have a Labrador, but she's usually with me alone and usually only in the car to drop her with family (therefore car seat covers/harness okay).
•I'll have money for a year or more to live on from my settlement, so no immediate financial worries though I plan to be frugal.
Choices:
1. Do I buy a cheapish motor for say £6-8k, think something like an A4 Avant/Octavia/330i etc and take a risk on it needing work? Obviously there's fuel costs to factor and it doesn't meet my brief (EV cheap to run).
2. Do I buy a cheapish EV (Jag iPace '21 for 11k/Tesla M3). I'd love an iPace but the reliability we all know about, MY21 see's improvement but warranty/brave pill needed?
3. Lease a Tesla Model 3 for £300pm and deal with the odd time the car doesn't meet my space needs and either take a taxi (airport blah) or hire a bigger car for the day/weekend?
Perhaps there are more choices, perhaps there's a banging car someone would recommend or life experience of similar positions others lived through.
In my head, the T M3 lease stands out as a winner as it keeps my capital fluid, de-risks any left field maintenance worries and gets me cheap miles. But, my heart would love a MY21/22 iPace for the excellent finish and driving dynamics, plus it's relatively practical... But battery concerns exist as outlined by their residuals!
So... What are your thoughts ladies/gents?
Context:
•I've currently an Enyaq on SS which will go back when my job closes end of March.
•I have 2 tween kids (not tall), occasionally there will be another female adult and a youngster - but this is very infrequent, think one/two weeks a year.
•As a family we don't go on long road trips nor do we camp or whatever... The car gets to clubs/classes and social gatherings or days out.
•Currently have another car (SLK), but will sell that in the spring run-up. I'd like to stay single car, costs.
•I want my car to be an EV as I have home charging and that saves me a packet.
•I have a Labrador, but she's usually with me alone and usually only in the car to drop her with family (therefore car seat covers/harness okay).
•I'll have money for a year or more to live on from my settlement, so no immediate financial worries though I plan to be frugal.
Choices:
1. Do I buy a cheapish motor for say £6-8k, think something like an A4 Avant/Octavia/330i etc and take a risk on it needing work? Obviously there's fuel costs to factor and it doesn't meet my brief (EV cheap to run).
2. Do I buy a cheapish EV (Jag iPace '21 for 11k/Tesla M3). I'd love an iPace but the reliability we all know about, MY21 see's improvement but warranty/brave pill needed?
3. Lease a Tesla Model 3 for £300pm and deal with the odd time the car doesn't meet my space needs and either take a taxi (airport blah) or hire a bigger car for the day/weekend?
Perhaps there are more choices, perhaps there's a banging car someone would recommend or life experience of similar positions others lived through.
In my head, the T M3 lease stands out as a winner as it keeps my capital fluid, de-risks any left field maintenance worries and gets me cheap miles. But, my heart would love a MY21/22 iPace for the excellent finish and driving dynamics, plus it's relatively practical... But battery concerns exist as outlined by their residuals!
So... What are your thoughts ladies/gents?
Panamax said:
1. Don't live on your settlement. Bank it/ invest it and look after it.
2. Get another job. Fast.
3. Keep your outgoings strictly under control. No expensive new cars.
4. After the event, congratulate yourself on having "come out ahead" from a potentially tricky situation.
This. I think it's lunacy going into redundancy taking on the cost of another pricey car. Cut back, find another job ASAP, and who knows, it might come with a car. 2. Get another job. Fast.
3. Keep your outgoings strictly under control. No expensive new cars.
4. After the event, congratulate yourself on having "come out ahead" from a potentially tricky situation.
Personally I’d forget about Audis, BMW, Tesla and get something cheap and cheerful. Also without knowing your annual mileage it’s hard to know how much an EV is going to save. If you go EV a 5+ yr old 5 door Leaf, Zoe, MG ZS, Corsa should be cheap to buy and run. A small petrol engined Fiesta may also suffice. In general also I’d choose a car suitable for 98% of journeys rather than be dictated by the exceptional requirements of the remaining 2%.
Worth having an EV as lower running costs and less to go wrong as long as it isn't a Jaguar.
For an EV it's worth working out how much range you think you need, or in other words how many times a year you're prepared to stop for public charging. From the sound of things you don't need a huge range, so could get a cheaper EV - Leaf is a good shout, another is the original Hyundai Ioniq. BMW i3 an outside possibility, at the cost of higher repair risk.
Owning is better than leasing as if you own a car and need cash you can sell it potentially for most of what you paid, whereas a lease is a fixed term commitment in the face of uncertainty.
From experience of selling a thirsty old Merc, it's easy to underestimate how long it will take and overestimate how much it will fetch - I certainly did.
Only you can know your financial position and the trade-offs of taking a risk on a cheap I-Pace at this point, and how you feel about those risks. If you do want to take on a bit more upfront cost and risk, the Jag does seem the obvious path vs Merc EQC or original Audi eTron (later branded Q8 eTron).
For an EV it's worth working out how much range you think you need, or in other words how many times a year you're prepared to stop for public charging. From the sound of things you don't need a huge range, so could get a cheaper EV - Leaf is a good shout, another is the original Hyundai Ioniq. BMW i3 an outside possibility, at the cost of higher repair risk.
Owning is better than leasing as if you own a car and need cash you can sell it potentially for most of what you paid, whereas a lease is a fixed term commitment in the face of uncertainty.
From experience of selling a thirsty old Merc, it's easy to underestimate how long it will take and overestimate how much it will fetch - I certainly did.
Only you can know your financial position and the trade-offs of taking a risk on a cheap I-Pace at this point, and how you feel about those risks. If you do want to take on a bit more upfront cost and risk, the Jag does seem the obvious path vs Merc EQC or original Audi eTron (later branded Q8 eTron).
I had an iPace. It was cheap to buy but everything about it was expensive - tyres were expensive, services were expensive (needed to keep the warranty), insurance was expensive. Oh, and it used a lot of electricity, which wasn't an issue when home charging, but was spendy when away from home. It was great, but at a cost. The costs weren't outrageous for a vehicle of that type, but it was not a cheap car to run. Oh, and then it went wrong ..... it absolutely isn't a car you want to have to pay to fix out of warranty.
There are plenty of good, low(ish) cost used EVs out there now - Kia e-Niro, ID3, MG5, Leaf. They all have their issues but most of them are manageable.
Personally I'd be looking at a £5k Honda Civic, Kia Ceed or similar. You would have to do a lot of driving to burn through the extra £5k you would be paying for an EV. Once you know what your long term trajectory is you can get a car top suit that.
There are plenty of good, low(ish) cost used EVs out there now - Kia e-Niro, ID3, MG5, Leaf. They all have their issues but most of them are manageable.
Personally I'd be looking at a £5k Honda Civic, Kia Ceed or similar. You would have to do a lot of driving to burn through the extra £5k you would be paying for an EV. Once you know what your long term trajectory is you can get a car top suit that.
Edited by this is my username on Tuesday 13th October 12:12
https://www.autotrader.co.uk/car-details/202609306...
24 plate Kia Soul with 15,000 miles will still have 4+ years left of its 7 year warranty. Nice quirky newish EV keeps things interesting under £300/m PCP and it will never really be worth less than this in the short term. If you get a job and want a trade up I doubt you will lose much, if you don't get a job and keep it for a year I doubt you will lose much.
The one thing I know about family sanity, is mobility... with tween's, clubs and a dog you don't need expensive repair bills and cars off road and you do need practicality and reliability to get people places they need to go. You can't become a hermit, but likewise some sensible restraint is a good thing.
24 plate Kia Soul with 15,000 miles will still have 4+ years left of its 7 year warranty. Nice quirky newish EV keeps things interesting under £300/m PCP and it will never really be worth less than this in the short term. If you get a job and want a trade up I doubt you will lose much, if you don't get a job and keep it for a year I doubt you will lose much.
The one thing I know about family sanity, is mobility... with tween's, clubs and a dog you don't need expensive repair bills and cars off road and you do need practicality and reliability to get people places they need to go. You can't become a hermit, but likewise some sensible restraint is a good thing.
Gassing Station | Car Buying | Top of Page | What's New | My Stuff