EVs... no one wants them!
Discussion
Macron said:
akadk said:
I got another crazy pcp quote on a Polestar 2. It’s real
This is genuinely intriguing,Currently EV prices are, what... volatile? In a consistent direction?
We've seen an E-Golf on here drop heap in a few weeks, for example.
Yet there is a funder happy to guarantee practically no movement at all over 2 years.
What do they know that no one else does, they've got both hands and legs wrapped around the falling knife!?!?
the RV's on the finance will drop massively on 1st April
I pulled the trigger at £1.8k in, £269 pcm on a 71 plate PS2 from Volvo dealer
@dmsims
Sorry for your problems, but that was the funniest thing I've read this week, what a story. A family member of mine had a similar problem regarding fixing the car and customer support throughout the time he had his xf, it was a 4 year lease, but managed to give it back end of the 3rd year, he wouldn't want to be dealing with those types of stuff out of warranty. I would guess it's the worst experience his ever had. (Something about British cars and then breaking that go hand in hand). However he has replaced it with an ipace, so all good for now I presume, no complaints I've heard, also helps with getting into central London as it's electric.
Sorry for your problems, but that was the funniest thing I've read this week, what a story. A family member of mine had a similar problem regarding fixing the car and customer support throughout the time he had his xf, it was a 4 year lease, but managed to give it back end of the 3rd year, he wouldn't want to be dealing with those types of stuff out of warranty. I would guess it's the worst experience his ever had. (Something about British cars and then breaking that go hand in hand). However he has replaced it with an ipace, so all good for now I presume, no complaints I've heard, also helps with getting into central London as it's electric.
akadk said:
Auto810graphy said:
akadk said:
its a small window in time
the RV's on the finance will drop massively on 1st April
I pulled the trigger at £1.8k in, £269 pcm on a 71 plate PS2 from Volvo dealer
Why are residuals going to drop n April 1st?the RV's on the finance will drop massively on 1st April
I pulled the trigger at £1.8k in, £269 pcm on a 71 plate PS2 from Volvo dealer
Surely the residuals have to be rock solid for them to say the price will dip Only 2k in 2 years, or they're paying 2k for the car and winding it down to zero.
I appreciate it is real, I just can't get my head around how this is possible, and who is paying nearly the same price for an EV in 2 years time that they are today. Its not 2019 you know!
Macron said:
akadk said:
Auto810graphy said:
akadk said:
its a small window in time
the RV's on the finance will drop massively on 1st April
I pulled the trigger at £1.8k in, £269 pcm on a 71 plate PS2 from Volvo dealer
Why are residuals going to drop n April 1st?the RV's on the finance will drop massively on 1st April
I pulled the trigger at £1.8k in, £269 pcm on a 71 plate PS2 from Volvo dealer
Surely the residuals have to be rock solid for them to say the price will dip Only 2k in 2 years, or they're paying 2k for the car and winding it down to zero.
I appreciate it is real, I just can't get my head around how this is possible, and who is paying nearly the same price for an EV in 2 years time that they are today. Its not 2019 you know!
The current EV blood bath is pretty unheard of except for 2008
akadk said:
Funders typically lock in GFV’s each quarter.
The current EV blood bath is pretty unheard of except for 2008
Still don't get it, you're paying £6487. 32 to borrow a car for two years. An electric car. At the end of which the funding model thinks it is worth £32931, with today's price being £34711.The current EV blood bath is pretty unheard of except for 2008
Meanwhile, in a month in electric car land, which may not be representative of 24 months, but you get the picture...
TRKid said:
I had a quote to buy my 3yr old egolf from vwfs a month ago for £17900. Quoted again last week at £15200. Today received another formal quote for £13300. 31k on the clock.
Values are dropping hugely. I’m now in a tough position. At £13k it’s quite tempting to buy it, but prices could keep falling
Eta I appreciate that two years ago a GFV was a guess anyway, but you'd think they'd all be a little more conservative right now, with what's going on. Values are dropping hugely. I’m now in a tough position. At £13k it’s quite tempting to buy it, but prices could keep falling
Edited by Macron on Thursday 23 March 20:32
I saw a couple of EVs go £3k under trade book at auction today (against March CAP prices). Nothing particularly wrong with them but interestingly the vendor let them go and they sold. One a Lead and one a Kia.
The Leaf went over 30% under book and was clean with a healthy battery.
I'm sure prices will stabilise but what brave lunatic is underwriting such low future losses over the next 2 years?
The Leaf went over 30% under book and was clean with a healthy battery.
I'm sure prices will stabilise but what brave lunatic is underwriting such low future losses over the next 2 years?
To add to the cheap pcp - glad someone else benefited
I don’t believe there is any kind of live index of values. So finance companies might rely on numbers which are lagging reality especially in a fast moving market. So the GFV they are using is probably too high. On the other hand in 2 years time, who knows. But then, even if it is too high, they are still charging 9pc interest. I think the lender is a subsidiary of Fiat. So let’s say their cost of funds is 4pc. Plenty of margin in the loan part then…. And even if they lose money when they sell the car in 2 years time, well they’ve got a decent profit on the loan.
As said in my first post - miles cheaper than a lease and similar in that I assume my deposit is a sunk cost.
I don’t believe there is any kind of live index of values. So finance companies might rely on numbers which are lagging reality especially in a fast moving market. So the GFV they are using is probably too high. On the other hand in 2 years time, who knows. But then, even if it is too high, they are still charging 9pc interest. I think the lender is a subsidiary of Fiat. So let’s say their cost of funds is 4pc. Plenty of margin in the loan part then…. And even if they lose money when they sell the car in 2 years time, well they’ve got a decent profit on the loan.
As said in my first post - miles cheaper than a lease and similar in that I assume my deposit is a sunk cost.
I have previously done a crazy pcp on a Aston Martin Rapide S
It was in Feb 2020, just before the world went mad
Was from Aston Martin Newcastle Main Dealer.
Car was £55k, 2yr GRV was £50k. APR was 5.9% !
£5k deposit and £292 pcm
At the time, I thought the £50k GFV was fantasy
But as it turned out, 2yrs later - Rapide S were still the same money
So who knows
It was in Feb 2020, just before the world went mad
Was from Aston Martin Newcastle Main Dealer.
Car was £55k, 2yr GRV was £50k. APR was 5.9% !
£5k deposit and £292 pcm
At the time, I thought the £50k GFV was fantasy
But as it turned out, 2yrs later - Rapide S were still the same money
So who knows
blueacid said:
Was this a one-off, or do you think this'd be available to more people? Also, what were delivery times like?
(Can you tell I'm looking at new car options? This has genuinely piqued my curiosity)
That works out at, what, £340ish per month amortised.(Can you tell I'm looking at new car options? This has genuinely piqued my curiosity)
I don’t know if you have access to a salary sacrifice scheme, but a new Polestar 2 is currently £430 per month net on my work scheme. And that obviously includes insurance, servicing, tyres etc. on 8k per year.
Not saying the PCP deal isn’t very good. But there’s other really good deals out there, too.
TRKid said:
blueacid said:
Was this a one-off, or do you think this'd be available to more people? Also, what were delivery times like?
(Can you tell I'm looking at new car options? This has genuinely piqued my curiosity)
That works out at, what, £340ish per month amortised.(Can you tell I'm looking at new car options? This has genuinely piqued my curiosity)
I don’t know if you have access to a salary sacrifice scheme, but a new Polestar 2 is currently £430 per month net on my work scheme. And that obviously includes insurance, servicing, tyres etc. on 8k per year.
Not saying the PCP deal isn’t very good. But there’s other really good deals out there, too.
the one I am getting is Long Range and has the Plus pack which appear to be £8k options on the current configurator (£4k + £4k)
so that £430 could be closer to £500 on like for like.
the one I am getting is a 71 plate, so still has 18 months new car warranty for the 24 month term, and don't anticipate any servicing requirement
TRKid said:
blueacid said:
Was this a one-off, or do you think this'd be available to more people? Also, what were delivery times like?
(Can you tell I'm looking at new car options? This has genuinely piqued my curiosity)
That works out at, what, £340ish per month amortised.(Can you tell I'm looking at new car options? This has genuinely piqued my curiosity)
I don’t know if you have access to a salary sacrifice scheme, but a new Polestar 2 is currently £430 per month net on my work scheme. And that obviously includes insurance, servicing, tyres etc. on 8k per year.
Not saying the PCP deal isn’t very good. But there’s other really good deals out there, too.
It’s a bonkers use of taxpayers money when they are currently handing out money for people heating bills, slashing services everywhere because of having no money yet it’s ok handing taxpayers money so people can drive round in brand new 60k EV’s doing 8k miles a year.
Bit of a rant there! Sorry!
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