Lease extension- Zen Auto

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We’ve had a quote to extend the lease on our Hyundai Ioniq Electric for an extra 12 months.

Currently paying £195/month. Extension is £266/month.

Considering the expense of new EVs and the general lack of availability, we’re tempted to accept. Anyone able to comment on if this sounds like a reasonable offer?

Update - found out this is an early quote. Ie there are 10 months left so the additional payments will be for 22 months, not 12. Hmm.

Edited by page3 on Tuesday 13th September 18:45

[BillTheButcher]

page3 said:

We’ve had a quote to extend the lease on our Hyundai Ioniq Electric for an extra 12 months.

Currently paying £195/month. Extension is £266/month.

Considering the expense of new EVs and the general lack of availability, we’re tempted to accept. Anyone able to comment on if this sounds like a reasonable offer?

Update - found out this is an early quote. Ie there are 10 months left so the additional payments will be for 22 months, not 12. Hmm.

Edited by page3 on Tuesday 13th September 18:45

I've just had the same for my Ioniq Electric. I thought, "Oh, that's not a bad deal," until I realised that the new monthly payment would start immediately rather than at the end of my original lease period in five months' time. Not as good a deal as I first thought but I still think it's going to be cheaper than starting a new lease on a different EV.

[page3]

BillTheButcher said:

I've just had the same for my Ioniq Electric. I thought, "Oh, that's not a bad deal," until I realised that the new monthly payment would start immediately rather than at the end of my original lease period in five months' time. Not as good a deal as I first thought but I still think it's going to be cheaper than starting a new lease on a different EV.

Thanks for the reply. Agree, nothing else comes even remotely close price-wise.

I wonder if waiting another 6 months would bring the cost down, or if they’d simply increase the payments to make up for the delay.

[BillTheButcher]

page3 said:

Thanks for the reply. Agree, nothing else comes even remotely close price-wise.

I wonder if waiting another 6 months would bring the cost down, or if they’d simply increase the payments to make up for the delay.

I'm wondering the same thing. I'm expecting a new extension quote next week (one month on from the last one) so I'll be able to see how much the payments have gone up by...

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Would be useful to know what they say if you don’t mind

[BillTheButcher]

page3 said:

Would be useful to know what they say if you don’t mind

[Canon_Fodder]

It would be madness to agree to higher payments before you need to.

Wait until 4 months remain and then ask the question

[page3]

Canon_Fodder said:

It would be madness to agree to higher payments before you need to.

Wait until 4 months remain and then ask the question

This makes sense, unless they up the price to account for the fewer remaining monthly payments.

[Canon_Fodder]

You have a good deal currently. Don't waste that.

In due course you can consider your options but don't fall for the old sales trap of "implied urgency"