First Lease EV
Discussion
Hi All
Looking at Leasing an EV, need the following really
SUV
10k pa
Monthly no more than £400 (rough sums we would save £150pm petrol, £100 on all costs via service rental, £50pm interest on the lump sum we would get from selling our family car - meaning instead of losing £200pm depreciation we would lose £100 and be set up for the future EV purchase)
36 month
Maintenance Package included
No initial upfront payment unless makes sense
Range as close to 300mils
Need to buy a home charger so would like recommendations on that front
Will move to an EV tariff via British Gas but receive free charging at work too.
Seen a deal on Lex Autolease for just over £400pm, Maintenance (think they call it service rental) included and no upfront payment
For an Ioniq 5 Premium
Any alternative lease companies you would recommend to look at also or any deals you have seen?
Also what are the Ioniq 5's like? Seen a few reviews and seem to tick all the right boxes.
Reason for £400pm target - rough sums we would save £150pm petrol, £100 on all costs via service rental, £50pm interest on the lump sum we would get from selling our family car - meaning instead of losing £200pm depreciation we would lose £100 and be set up for the future EV purchase)
Any help or advise really welcome
Thanks
Dan
Looking at Leasing an EV, need the following really
SUV
10k pa
Monthly no more than £400 (rough sums we would save £150pm petrol, £100 on all costs via service rental, £50pm interest on the lump sum we would get from selling our family car - meaning instead of losing £200pm depreciation we would lose £100 and be set up for the future EV purchase)
36 month
Maintenance Package included
No initial upfront payment unless makes sense
Range as close to 300mils
Need to buy a home charger so would like recommendations on that front
Will move to an EV tariff via British Gas but receive free charging at work too.
Seen a deal on Lex Autolease for just over £400pm, Maintenance (think they call it service rental) included and no upfront payment
For an Ioniq 5 Premium
Any alternative lease companies you would recommend to look at also or any deals you have seen?
Also what are the Ioniq 5's like? Seen a few reviews and seem to tick all the right boxes.
Reason for £400pm target - rough sums we would save £150pm petrol, £100 on all costs via service rental, £50pm interest on the lump sum we would get from selling our family car - meaning instead of losing £200pm depreciation we would lose £100 and be set up for the future EV purchase)
Any help or advise really welcome
Thanks
Dan
Aghh right, possibly dyslexia at play.
I have a handle on depreciation just fine.
Hence my rough calculations. If I stay with the car I have I’m
Losing £200 a month and paying out all those costs.
If I twist I could at least lower than depreciation which is inevitable when buying a car.
Possibly now better to lease brand new and serve the maintenance aspect because in the first 3 years what il pay is probably 1 x service and a set of tyres.
Prime example is Kia Niro - https://www.leaseloco.com/car-leasing/kia/niro-ev/...
Also save £40 on my initial £400pm Ioniq 5 2nd hand lease deal.
I have a handle on depreciation just fine.
Hence my rough calculations. If I stay with the car I have I’m
Losing £200 a month and paying out all those costs.
If I twist I could at least lower than depreciation which is inevitable when buying a car.
Possibly now better to lease brand new and serve the maintenance aspect because in the first 3 years what il pay is probably 1 x service and a set of tyres.
Prime example is Kia Niro - https://www.leaseloco.com/car-leasing/kia/niro-ev/...
Also save £40 on my initial £400pm Ioniq 5 2nd hand lease deal.
Kingdom35 said:
Not sure what you mean. Handle on depression?
I guess autocorrect - depreciation?Can't comment on the lease deals (not in the UK, too many miles per year for it to work out here). As for Ioniq 5, I have to admit I love ours. Only downsides in my experience are a large turning circle and less than stellar economy above 124km/h (~77 mph). Have done 300 miles on the equivalent of B-roads in good conditions.
Looking at the used EV prices in the UK and the budget of 14,000£ (36-month leasing payments), I'd be tempted to buy a used Ioniq 5 at around 20k£ and just use Level-1 charging at home (since you have the free charging at work).
If you don't need the space, KIA EV6 shares the platform with Ioniq 5. It should have a slightly longer range and marginally lower maintenance costs (no separate battery coolant). There seemed to be a few highish-mileage ones for sale at around 16k (RWD) or 19k (AWD).
I would imagine all of the used options would be worth 5000-6000£ three years from now (seeing what you'd get for that money today).
Serious answer. You have obviously done the numbers. EVs can cost more to insure so look into that. Any deposit needs to be considered when working out your monthly costs of ownership /hire. The advantage of a lease is as you have worked out you can predict reasonably accurately the monthly cost to your household to have a new safe reliable car with zero consideration for depression, sorry depreciation.
Years ago I leased a diesel Transit Connect for work about £300 pm plus £250 a year tax (plus another £50 VAT at tax time because they held the log book) and £400 pm in fuel. So I was in for about £700pm but it was a legitimate business cost as I am self employed. 10 years later I have an amazing Smart #1 for about £350 pm and it costs me £360 per year in electricity to do 24k miles a year. I absolutely love my EV . I do have a 2022 Defender that I purchased new and other cars too.
I can’t recommend lease companies but have you considered the Chinese brands ? I would be hitting the phone calling round companies that are desperate to lease you an EV. My next car in 18 months will be a pre reg or 6 month old EV which I will buy outright.
Years ago I leased a diesel Transit Connect for work about £300 pm plus £250 a year tax (plus another £50 VAT at tax time because they held the log book) and £400 pm in fuel. So I was in for about £700pm but it was a legitimate business cost as I am self employed. 10 years later I have an amazing Smart #1 for about £350 pm and it costs me £360 per year in electricity to do 24k miles a year. I absolutely love my EV . I do have a 2022 Defender that I purchased new and other cars too.
I can’t recommend lease companies but have you considered the Chinese brands ? I would be hitting the phone calling round companies that are desperate to lease you an EV. My next car in 18 months will be a pre reg or 6 month old EV which I will buy outright.
Thanks needed that mindset
When you construct it like that. Buying a second hand one for £20k, 6k value at the end. Means the £14k leasing after the savings in petrol costs alone across the 3 years will be about £6k. Means the Lease actually costs much less. Ie £8k over 3 years. Service intervals are also every 2 year with the Ioniq 5.
I had considered the Kia too but I think it’s not as big.
Food for thought indeed.
When you construct it like that. Buying a second hand one for £20k, 6k value at the end. Means the £14k leasing after the savings in petrol costs alone across the 3 years will be about £6k. Means the Lease actually costs much less. Ie £8k over 3 years. Service intervals are also every 2 year with the Ioniq 5.
I had considered the Kia too but I think it’s not as big.
Food for thought indeed.
Mikebentley said:
Serious answer. You have obviously done the numbers. EVs can cost more to insure so look into that. Any deposit needs to be considered when working out your monthly costs of ownership /hire. The advantage of a lease is as you have worked out you can predict reasonably accurately the monthly cost to your household to have a new safe reliable car with zero consideration for depression, sorry depreciation.
Years ago I leased a diesel Transit Connect for work about £300 pm plus £250 a year tax (plus another £50 VAT at tax time because they held the log book) and £400 pm in fuel. So I was in for about £700pm but it was a legitimate business cost as I am self employed. 10 years later I have an amazing Smart #1 for about £350 pm and it costs me £360 per year in electricity to do 24k miles a year. I absolutely love my EV . I do have a 2022 Defender that I purchased new and other cars too.
I can t recommend lease companies but have you considered the Chinese brands ? I would be hitting the phone calling round companies that are desperate to lease you an EV. My next car in 18 months will be a pre reg or 6 month old EV which I will buy outright.
Thank you. Years ago I leased a diesel Transit Connect for work about £300 pm plus £250 a year tax (plus another £50 VAT at tax time because they held the log book) and £400 pm in fuel. So I was in for about £700pm but it was a legitimate business cost as I am self employed. 10 years later I have an amazing Smart #1 for about £350 pm and it costs me £360 per year in electricity to do 24k miles a year. I absolutely love my EV . I do have a 2022 Defender that I purchased new and other cars too.
I can t recommend lease companies but have you considered the Chinese brands ? I would be hitting the phone calling round companies that are desperate to lease you an EV. My next car in 18 months will be a pre reg or 6 month old EV which I will buy outright.
I am a bit of a numbers person. But in saying that I know I don t always cover all areas.
More I ve discussed this situation the more I m moving my thoughts around.
Fundamentals are i need to save on fuel costs and lower overall costs while like you say having a fixed no hassle monthly.
I ve had my eyes opened to EV s as a family car. My Kia Sportage drinks the petrol more than I thought and I ve also lost £200pm a month depreciation so far so why not transition that and negate some the overall loss with an EV.
2nd hand outright is a thought but it s also a risk.
I really like the look of the Ioniq 5 s though.
Had thought about the Chinese but not a massive fan of the MG’s for instance. I like the Jaecoo’s though but I’m not sure they’re full electric.
Kingdom35 said:
Thanks needed that mindset
When you construct it like that. Buying a second hand one for £20k, 6k value at the end. Means the £14k leasing after the savings in petrol costs alone across the 3 years will be about £6k. Means the Lease actually costs much less. Ie £8k over 3 years. Service intervals are also every 2 year with the Ioniq 5.
I had considered the Kia too but I think it s not as big.
Food for thought indeed.
Swings and roundabouts... When you construct it like that. Buying a second hand one for £20k, 6k value at the end. Means the £14k leasing after the savings in petrol costs alone across the 3 years will be about £6k. Means the Lease actually costs much less. Ie £8k over 3 years. Service intervals are also every 2 year with the Ioniq 5.
I had considered the Kia too but I think it s not as big.
Food for thought indeed.
If you buy outright, you take some risk, but you can use the car longer than 36 months. In three years' time, the knowledge that a 200,000-mile EV is most likely still a perfectly viable daily might start to push used prices up to the level of the rest of Europe (Swiss Ioniq 5/EV 6 prices seem to be about 6000£ higher than the corresponding UK cars).
True very much swings and roundabouts.
Perhaps dip my toes at the beginning. Lease something for around £350-400pm new without the maintenance. Knowing il save all the costs stated (petrol, service intervals, upkeep) plus servicing, low cost on the tyres etc which I wouldn’t as much with the family car as it’s yearly intervals and £300 a pop for servicing. Plus have some interest coming in on the lump sum I get from the current family car.
Working out about £100pm cost to me against a £350pm outgoing.
Then the confidence is built up, I have the £8-10k lump sum and I can then buy something 3 years old outright.
Perhaps dip my toes at the beginning. Lease something for around £350-400pm new without the maintenance. Knowing il save all the costs stated (petrol, service intervals, upkeep) plus servicing, low cost on the tyres etc which I wouldn’t as much with the family car as it’s yearly intervals and £300 a pop for servicing. Plus have some interest coming in on the lump sum I get from the current family car.
Working out about £100pm cost to me against a £350pm outgoing.
Then the confidence is built up, I have the £8-10k lump sum and I can then buy something 3 years old outright.
You have 2 scenarios to consider.
Owning outright say at £20k you will likely have something worth £10k in 3 years but the reality is guesswork. So in that scenario it’s losing £3333 per year so just shy of £300 pm. It could be worth more….it could be worth less therefore moving the monthly cost of ownership up or down.
A lease or PCH with set monthlies might be more attractive. It provides you with a brand new car and you just hand it back at the end. You know what it’s worth at the end and the risk isn’t yours.
When I moved to EV I personally looked at a well publicised if not entirely accurate media stories of EV depreciation and went down the lease route. I am though now I know the reality of EV ownership happy to purchase the next one and keep it for 4/5 yrs. I do though look at for example say a Renault 5 or Inster and think at £22kish new how bad could it be in 3/4 yrs. if it’s down to £10 k then that’s cheap motoring in a new car for 3/4 years. If it’s depreciating worse than that just keep it.
Owning outright say at £20k you will likely have something worth £10k in 3 years but the reality is guesswork. So in that scenario it’s losing £3333 per year so just shy of £300 pm. It could be worth more….it could be worth less therefore moving the monthly cost of ownership up or down.
A lease or PCH with set monthlies might be more attractive. It provides you with a brand new car and you just hand it back at the end. You know what it’s worth at the end and the risk isn’t yours.
When I moved to EV I personally looked at a well publicised if not entirely accurate media stories of EV depreciation and went down the lease route. I am though now I know the reality of EV ownership happy to purchase the next one and keep it for 4/5 yrs. I do though look at for example say a Renault 5 or Inster and think at £22kish new how bad could it be in 3/4 yrs. if it’s down to £10 k then that’s cheap motoring in a new car for 3/4 years. If it’s depreciating worse than that just keep it.
Thanks all
I think looking at the lease deals now. Ive worked out that Maintenance packages arent really worth it.
Front runners so far are Kia Niro, Skoda Elroq, i see the Renault E-Meganes but i dont really know what theyre like these days.
Anyone have experience with these or the Niro...or The Enyaq as i know the Elroq is new.
I have a few questions......what to look at when it comes to charging, ie home chargers any brands or min requirements?
Thanks for the input. I think Im going to Lease 3yrs then once im more confident in longevity il be saving on the side to purchase possibly in the future.
I think looking at the lease deals now. Ive worked out that Maintenance packages arent really worth it.
Front runners so far are Kia Niro, Skoda Elroq, i see the Renault E-Meganes but i dont really know what theyre like these days.
Anyone have experience with these or the Niro...or The Enyaq as i know the Elroq is new.
I have a few questions......what to look at when it comes to charging, ie home chargers any brands or min requirements?
Thanks for the input. I think Im going to Lease 3yrs then once im more confident in longevity il be saving on the side to purchase possibly in the future.
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