EVs... no one wants them! (Vol. 2)
Discussion
cerb4.5lee said:
Are electric car owners skint or something...with all this lease and finance chat? I've got 5 ICE cars, and every one of them is paid for. 
Who the hell rents cars nowadays?
In saying that, I wouldn't pay cash for an electric car either in fairness.
I have rented cars Lee. The skinflint in me won as it was cheaper than to buy, back in the day and for a few years. Who the hell rents cars nowadays?
In saying that, I wouldn't pay cash for an electric car either in fairness.
cerb4.5lee said:
Are electric car owners skint or something...with all this lease and finance chat? I've got 5 ICE cars, and every one of them is paid for.
Who the hell rents cars nowadays?
In saying that, I wouldn't pay cash for an electric car either in fairness.
Mine's owned outright, it just made much more sense as a commuter and family car than the 2.0 diesel equivilent model.Who the hell rents cars nowadays?
In saying that, I wouldn't pay cash for an electric car either in fairness.
SDK said:
cerb4.5lee said:
Who the hell rents cars nowadays?
The majority of all new cars are rented, like for 12+ years alreadyKeep up there at the back !
I couldn't resist the leg pulling that's all! I often wished that I'd leased my washing machine...rather than bought it outright to be honest for example, and that's a similar thing to an electric car isn't it?
IanJ9375 said:
_kitt_ said:
Actually it is sometimes possible to buy the car at the end of the lease.
Lex, for example, have a webpage about it https://driver.lexautolease.co.uk/Login/BuyMyCar
Yeah and you'll be told to turn up at a BCA auction to buy it if you want it - on our 4th Lex car here, the last one was a 330e that I tracked via the myBMW app as it went via various BCA locations....they didn't reset it and neither did the new owner lolLex, for example, have a webpage about it https://driver.lexautolease.co.uk/Login/BuyMyCar
cerb4.5lee said:
Are electric car owners skint or something...with all this lease and finance chat? I've got 5 ICE cars, and every one of them is paid for.
Who the hell rents cars nowadays?
In saying that, I wouldn't pay cash for an electric car either in fairness.
Come on Lee, you're better than this, aren't you?Who the hell rents cars nowadays?
In saying that, I wouldn't pay cash for an electric car either in fairness.
cerb4.5lee said:
Are electric car owners skint or something...with all this lease and finance chat? I've got 5 ICE cars, and every one of them is paid for.
Who the hell rents cars nowadays?
In saying that, I wouldn't pay cash for an electric car either in fairness.
Before you award yourself a medal for your financial prowess, how much is that X5 going to cost you in depreciation when you sell it?Who the hell rents cars nowadays?
In saying that, I wouldn't pay cash for an electric car either in fairness.
I can tell you to the penny how much my leased EV is going to cost me over the 3 years I'll have it. No hidden surprises, and it's almost certainly going to be cheaper than if I'd bought it using my own money.
New cars are expensive. Whether it's an EV or ICE. Whether you buy using cash or use a form of finance.
cerb4.5lee said:
Are electric car owners skint or something...with all this lease and finance chat? I've got 5 ICE cars, and every one of them is paid for.
Who the hell rents cars nowadays?
In saying that, I wouldn't pay cash for an electric car either in fairness.
Because a lot of them are leased via Salary Sacrifice. Which means a saving for most of at least 40%, maybe up to 62%.Who the hell rents cars nowadays?
In saying that, I wouldn't pay cash for an electric car either in fairness.
And those who "buy" a new one tend to do so via a preferential finance deal - often 0%.
Thus ensuring your hard earned savings can continue to work for you, and you're protected from any risk of price turbulence of the EV down the line.
CMTMB said:
Before you award yourself a medal for your financial prowess, how much is that X5 going to cost you in depreciation when you sell it?
I can tell you to the penny how much my leased EV is going to cost me over the 3 years I'll have it. No hidden surprises, and it's almost certainly going to be cheaper than if I'd bought it using my own money.
New cars are expensive. Whether it's an EV or ICE. Whether you buy using cash or use a form of finance.
Plus the money spend buying a car could be earning money doing something else if you leased instead. Apparently around 3/4 of >£100k cars are financed rather than bought outright, and they're generally being bought by people who could afford it but have better things to do with their money.I can tell you to the penny how much my leased EV is going to cost me over the 3 years I'll have it. No hidden surprises, and it's almost certainly going to be cheaper than if I'd bought it using my own money.
New cars are expensive. Whether it's an EV or ICE. Whether you buy using cash or use a form of finance.
I bought my current car (<£100k
) because I don't do that much mileage and didn't want to know it had cost me to be sat in the garage unused for a week 
Deep Thought said:
Because a lot of them are leased via Salary Sacrifice. Which means a saving for most of at least 40%, maybe up to 62%.
And those who "buy" a new one tend to do so via a preferential finance deal - often 0%.
Thus ensuring your hard earned savings can continue to work for you, and you're protected from any risk of price turbulence of the EV down the line.
It's the not knowing that makes me nervous with electric cars to be honest as well, because they're so volatile in the marketplace really I think. You'd always be taking a bigger risk paying cash for one versus ICE in my view, so it's better to remove some of that risk, and that is generally what most folk seem to do from what I can gather. And those who "buy" a new one tend to do so via a preferential finance deal - often 0%.
Thus ensuring your hard earned savings can continue to work for you, and you're protected from any risk of price turbulence of the EV down the line.
cerb4.5lee said:
It's the not knowing that makes me nervous with electric cars to be honest as well, because they're so volatile in the marketplace really I think. You'd always be taking a bigger risk paying cash for one versus ICE in my view, so it's better to remove some of that risk, and that is generally what most folk seem to do from what I can gather.
To be honest, we're pretty much taking that view with the Tesla thats coming. We've bought our respective cars for cash now for quite some time, but this is going to be (our first) lease.Removes that risk down the line of unknown future value as well as likely working out cheaper overall - like for like - than the cash purchase of a new one because of the big tax saving.
Alternative might have been to buy a year old one outright, but then you've still that question mark down the line as to future value, but then a year old Long Range one with similar spec if nigh on £40K anyway, so we'd still be exposing ourselves to a fair bit of depreciation risk, particularly given its going to be doing 20K per year.
Maybe next time round we'll be more gung ho and seek out a used bargain.
MightyBadger said:
SteBrown91 said:
Mine's owned outright, it just made much more sense as a commuter and family car than the 2.0 diesel equivilent model.
How much has it depreciated?Bought mine outright. Back in 2021 I worked out if I kept it six years (2 x 3 year lease) I'd end up paying the same, so if I can sell it for anything over £0 it's a win!
CMTMB said:
Buzz84 said:
cerb4.5lee said:
Are electric car owners skint or something...with all this lease and finance chat? I've got 5 ICE cars, and every one of them is paid for.
Who the hell rents cars nowadays?
In saying that, I wouldn't pay cash for an electric car either in fairness.
Who the hell rents cars nowadays?
In saying that, I wouldn't pay cash for an electric car either in fairness.
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