EVEZY Discussion thread

Author
Discussion

Ryder35

Original Poster:

355 posts

184 months

Saturday 6th April 2019
quotequote all


Hi All,

I notice that there is quite a lot of talk about EVEZY on the leasing deals thread so I thought I would start one here. Below is a copy of the post I put up on the SpeakEV forum a few weeks ago. Thought it might be a good starting point. Also if people want to post their experiences and referral codes in here it can help people who are taking the plunge!

First some background

EVEZY are a short term electric car lease company with a unique business model.

1) You rent the car month by month, no deposit and no minimum term (well a month minimum technically but you pay in advance)
2) Rental includes insurance (£1000 excess though in fault claims) up to 1000 miles. month, tax and all maintenance costs
3) you do not get a key, you use an app to lock and unlock the car.
4) You can pick cars up and drop them off and "depots" around the country.

You can use a referral code (see below wink ) to get £50 off your first month.

My experiences so far.

I phoned on Wednesday and asked for a 120 i3. No problems at all; arranged pickup the next day from Windsor

Took the train to Windsor only to realise it is a 4 mile trip to the pickup point, I stupidly decided to walk. The pickup point is not obvious and is actually someone's house (the cars are all parked in a big yard) There were at least 3 i3s and a few Zoes there as well.

Once I find the car (the reg is on the app) it connect to the app via bluetooth and a button unlocks the car. The car was brand new and still had the plastic seat covers on so I was pleasantly surprised (note there is no guarantee that this will always be the case.)

The only hitch was that the 3 pin cable to charge the car is in the front boot and the button on the app did not seem to work. I phoned them and it is a known problem that they are working on (hint to EVEZY, if this is an issue don't put the charging cable in the boot!) Fortunately I RTFM and found the emergency release wire in the cabin so used that to open and move the cable into the back boot.

Car is great, there is a dash-cam but you soon forget about that, otherwise it is just like a normal i3. When I got home I was able to activate the BMW connected app and set preconditioning times etc so that all works like a normal car.

Overall I am very impressed, the lease is cheaper than most other places and far more flexible, it also includes insurance so that is another saving. My only concern is the app but it is working fine so far. I have only had to enter the password once but do now carry my reading glasses everywhere I go!

My referral code is in my sig. I know others have codes as well so feel free to contribute and people can pick a code at random!

Please feel free to ask any more questions if you have them.


EVEZY Referral code 61163 (you get £50 off your first month I get £50 off too...win win!)

SWoll

18,207 posts

257 months

Saturday 6th April 2019
quotequote all
I've had an i3 120ah via EVEzy for a week now and got to say I'm hugely impressed with both the car and the company. It's a 19 plate and had covered < 200 miles when collected.

Registering was painless, any questions answered quickly. Picking up the car was just as easy and neither my wife nor I have had any issues using the phone based app so far.

The car itself is great fun. Very nippy around town, surprisingly spacious inside (I'm 6.4 and can still fit a teenager in the seat behind me), the amount of kit is spot on (excellent nav, audio connectivity and active cruise control) and I've covered 250+ miles so far. Charged it once midweek at a 50kwh charger at my local Waitrose (< 1 hour) while we did a shop and had a coffee and Thursday night tested charging at home via a standard 3 pin which although slow worked just fine.

Range is very much affected by the outside temperature both due to battery warm up and then use of heating/air con and I'd imagine it would fall significantly during the really cold part of the year but have been seeing about 150 miles to a full charge in mixed driving so far even with the recent single figure temps.

Re-gen braking takes some getting used to as does the level of grip on offer from the very skinny tyres, but then I'm coming from a car fitted with 245's so no surprise there.

Assuming the prices don't suddenly ramp up significantly I can see us keeping it for the foreseeable future as a replacement for my wife's Mini Countryman SD as with the charging, insurance and maintenance included it's saving us at least £200 a month in running costs and another £100-150 in depreciation.

I'm so impressed I'm considering an i-Pace through them in the next month to run alongside it. Most of our driving is < 50 mile round trips with a 2-250 mile run a few times a year so EV suits our usage as does the short term commitment offered by EVEzy.

My referral code is e4859 if anyone would like to use it. Cheers

EddieSteadyGo

11,727 posts

202 months

Saturday 6th April 2019
quotequote all
I wonder how they are going to make any money.

I assume they have discounted their launch rates to try and get some traction in the market. Offering an i3 120ah for £399 per month inc insurance and maintenance with no deposit can't leave them any margin if they are buying new cars (which it sounds like they are).

And they seem to allow 1 month contracts, which means they are going to get voids at some point, which will eat into any margin.

Hope it works out for them though.


untruth

2,834 posts

188 months

Saturday 6th April 2019
quotequote all
So glad someone's created a thread. Returning to the UK this winter after being in the US a few years and will be jumping straight back into housing, cars, and all that BS, which seems like a good time to refactor how I go about cars...

The culture shock of coming from US fuel prices to UK fuel prices I think is going to be huge, so it feels like it's EV time... even if the long term economics don't fully add up, I'm willing to put a bit down to do my bit with local pollution.

We will be doing lots of local driving living up North, but a regular 200 mile jaunt down South to family, and I'm not particularly keen on getting my wallet out for 60-80 quid each time we do it.

Whilst I'm curiously nosing around the VW ID launch, Evezy seems like a great model for me - I can get sorted with a car with no complications of insurance, tax, MOT, etc, quickly.

Anyone had any *negative* experiences? I've used plenty of car sharing services before, and my usual gripes are "minor damage" turning into "major cost", breakdown cover not being particularly urgent, and also the risk your car gets recalled "because they want to".

untruth

2,834 posts

188 months

Saturday 6th April 2019
quotequote all
EddieSteadyGo said:
I
Hope it works out for them though.
Yes, feeling for me is... IF they will still exist in 6 months. It out strips PCP, leasing, by a significant margin, which either means everyone leasing is charging too much... or Evezy too little! It's a great idea and if it scales to a good volume, maybe they'll make it work...

EddieSteadyGo

11,727 posts

202 months

Saturday 6th April 2019
quotequote all
untruth said:
Yes, feeling for me is... IF they will still exist in 6 months. It out strips PCP, leasing, by a significant margin, which either means everyone leasing is charging too much... or Evezy too little! It's a great idea and if it scales to a good volume, maybe they'll make it work...
It's a great idea while they have the money in the bank to hire them out at a loss.

Can't criticise people for signing up to the offer though. After all, the main risks are with Evezy, not the user.

The reason more companies don't offer flexible pay-as-you-go leasing with bundled maintenance and insurance, as that it is usually much more expensive if you want to keep the car on a long term basis.

Witchfinder

6,250 posts

251 months

Saturday 6th April 2019
quotequote all
It'll be interesting to see how this works out for them. They may be relying on the currently very strong EV residuals, which surely can't last once the next generation of EVs starts to arrive in 2020.

untruth

2,834 posts

188 months

Saturday 6th April 2019
quotequote all
The way I see it, even with £100/month or 33% increase it still makes a ton of sense... especially given convenience, so they've got quite a distance to fall... just depends how far they fall into 'realistic' costs later on.

It's very right place right time - right now the idea of committing to an ICE as they're getting rapidly tolled out of cities is not attractive, and leasing (or buying) an EV over a 3 year period when there's so much diversity hitting the market 2019/20 doesn't sound like the perfect option.

EddieSteadyGo

11,727 posts

202 months

Saturday 6th April 2019
quotequote all
untruth said:
The way I see it, even with £100/month or 33% increase it still makes a ton of sense... especially given convenience, so they've got quite a distance to fall... just depends how far they fall into 'realistic' costs later on.

It's very right place right time - right now the idea of committing to an ICE as they're getting rapidly tolled out of cities is not attractive, and leasing (or buying) an EV over a 3 year period when there's so much diversity hitting the market 2019/20 doesn't sound like the perfect option.
Makes sense - completely agree if you take can take a new i3 120ah for a 6 or 9 months and see how you get on with it. And continue leasing if you like it. Or give it back as and when a better deal comes along.

anonymous-user

53 months

Saturday 6th April 2019
quotequote all
EddieSteadyGo said:
I wonder how they are going to make any money.

I assume they have discounted their launch rates to try and get some traction in the market. Offering an i3 120ah for £399 per month inc insurance and maintenance with no deposit can't leave them any margin if they are buying new cars (which it sounds like they are).

And they seem to allow 1 month contracts, which means they are going to get voids at some point, which will eat into any margin.

Hope it works out for them though.
I'd imagine they'll put the rate up once they hit launch targets .

They are also only a system failure away from a lot of locked out pissed off customers.

However it's also possible that there is a lot of fat in the current market contract rate.

I've got a great system that would make the sign up process instant by confirming with DVLA and other sources so I am trying to contact the management anyway.

Edit: given the insurance will have to be around 60 quid a month for them, maybe they have some big money backers who are trying to make a long term impact.

Edited by anonymous-user on Saturday 6th April 18:02

EddieSteadyGo

11,727 posts

202 months

Saturday 6th April 2019
quotequote all
desolate said:
I'd imagine they'll put the rate up once they hit launch targets .

They are also only a system failure away from a lot of locked out pissed off customers.

However it's also possible that there is a lot of fat in the current market contract rate.

I've got a great system that would make the sign up process instant by confirming with DVLA and other sources so I am trying to contact the management anyway.
I don't think they have found a lot of excess profit in the regular contract hire rates. That might be the explanation if their discounted pricing applied to a particular model but, based on a cursory glance, their prices on every model seem to be undercutting the current best contract hire rates available.

More likely they are hoping to follow the approach those new streaming services use e.g. sign someone up for £5 or £10 / month and at some point try and increase the price to £20 / month, hoping that apathy rules and people continue paying the higher price without suffuring too high a churn rate.

Except if you have a new i3 and you start paying £399 / month, people are probably going to pay more attention if the price goes up to closer to a more realistic price (where they can make a profit) at something like £600+ / month.

anonymous-user

53 months

Saturday 6th April 2019
quotequote all
Eddie - with a short term commitment and insurance and others stuff built in I'd probably pay over the normal contract rate.

If it works I could use the BMW for out runaround, maybe add a car for a month if I have to or swap for the ipace for a month if I need a bigger car.

If they expand the range it could be compelling.

If they did the electric smart I'd switch to that as well, despite the fact my wife and kids think I am a bell for loving ours.

SWoll

18,207 posts

257 months

Saturday 6th April 2019
quotequote all
desolate said:
Eddie - with a short term commitment and insurance and others stuff built in I'd probably pay over the normal contract rate.
Same here. Comparing the i3 to my wife's Mini Countryman SD the figures work out as below

Depreciation - £1200
RFL - £160
Insurance - £480
12k miles of diesel at 40MPG - £1780
Maintenance and Tyres - £250

Total of £3870 a year or £322.50 a month for a 5 year old out of warranty car that in my view has been pretty cheap to run in the grand scheme of things and those figures donlt include the purchase cost.

So a brand new i3 with much better standard kit is costing us £27.50 more this month than the mini and possibly £77.50 next month if I don't get a referral discount. Comparing the cost to PCP/PCP on a comparable new car and the numbers get even more compelling as you'd expect.

A £1500 snotter would barely be cheaper to run over 12k per year once you take into account more expensive RFL, lower MPG and higher maintenance costs than quoted above for the Mini, even without the depreciation.

anonymous-user

53 months

Saturday 6th April 2019
quotequote all
One downside is if they go pop tomorrow it's likely we'll all be stranded somewhere.

EddieSteadyGo

11,727 posts

202 months

Saturday 6th April 2019
quotequote all
SWoll said:
Same here. Comparing the i3 to my wife's Mini Countryman SD the figures work out as below

Depreciation - £1200
RFL - £160
Insurance - £480
12k miles of diesel at 40MPG - £1780
Maintenance and Tyres - £250

Total of £3870 a year or £322.50 a month for a 5 year old out of warranty car that in my view has been pretty cheap to run in the grand scheme of things and those figures donlt include the purchase cost.

So a brand new i3 with much better standard kit is costing us £27.50 more this month than the mini and possibly £77.50 next month if I don't get a referral discount. Comparing the cost to PCP/PCP on a comparable new car and the numbers get even more compelling as you'd expect.

A £1500 snotter would barely be cheaper to run over 12k per year once you take into account more expensive RFL, lower MPG and higher maintenance costs than quoted above for the Mini, even without the depreciation.
Your figures show the problem with their figures.

Not that many people add up the main costs of car ownership like you have done. When you do, it often adds up to a surprisingly big number.

And your figures don't include the opportunity cost (or finance cost) of the money tied up in the vehicles, which a business will also need to take into account.

So I think their pay-as-you-go offer is significantly underpriced. Probably to the extent they lose money. And getting more vehicles under contract doesn't help - it just increases the outgoings. So they will need to substantially increase pricing at some point, probably to the extent that it won't make sense to most to the users currently signing up.

But I guess the OP didn't create the thread for me to start pissing on their bonfire. (I will leave that to the Tesla thread hehe) so I'll bow on this thread. I genuinely hope their new business works out.

SWoll

18,207 posts

257 months

Saturday 6th April 2019
quotequote all
Completely agree, and will see what happens as things move forward but in the meantime my view was "make hay while the sun shines"

I will say though that it does leave me thinking about the i-Pace. Happy enough with the monthly cost once the numbers are run but having to put down a £2k deposit up front with the possibility of them ramping up prices or going pop does concern me a bit..

anonymous-user

53 months

Saturday 6th April 2019
quotequote all
EddieSteadyGo said:
So I think their pay-as-you-go offer is significantly underpriced. Probably to the extent they lose money. And getting more vehicles under contract doesn't help - it just increases the outgoings. So they will need to substantially increase pricing at some point, probably to the extent that it won't make sense to most to the users currently signing up.
I suppose for early adopters it's no lose.

I've had a car a week and it's more or less persuaded my that an EV if the way to go for us for the mundane stuff

Even the Zoe is quick enough in a straight line with the green button off. Plus there is the perverse pleasure of increasing the range estimate as you drive.

untruth

2,834 posts

188 months

Saturday 6th April 2019
quotequote all
I can’t get behind that deposit. I think we’re on a similar page here that the benefit is that the consumer doesn’t take much of a risk (hey, stranded with a car happens when you own one and at least with a bad Evezy situation you don’t even have to transport the car anywhere!!!) ... but that deposit loads the risk onto you.

Chances of the company having the same shape in 2 years are very low. Which makes the iPace deal not much better off than being baked into a lease IMHO.

The no deposit deals however... now they are tasty risk/reward ratios.

anonymous-user

53 months

Saturday 6th April 2019
quotequote all
Pay the deposit on a credit card and it's protected.

untruth

2,834 posts

188 months

Saturday 6th April 2019
quotequote all
desolate said:
Pay the deposit on a credit card and it's protected.
Alright I’m standing behind it now! Gets better!