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Post by Humph on Sept 21, 2023 22:20:18 GMT
I think you’re making the right short term decision too WDB.
For all manner of reasons actually.
The main ones being that you already have a very pleasant car that suits your needs for now, I guess it owes you nothing much but could keep being very useful for a long time.
You’re in the early phase of a new job, and I’m sure it’ll work out well for you, but it’s a strange old world we live in right now and the short term could get even tougher for reasons we haven’t dared to think of yet.
And, you already have a BEV for those occasions when that or that type of vehicle is the smart or preferred choice.
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Post by EspadaIII on Sept 22, 2023 10:35:25 GMT
So glad that I leased my EV.
Probably worth looking at a purchase in 2025 post lease expiry. I reckong a year's extension may be expensive.
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WDB
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Post by WDB on Sept 22, 2023 11:06:33 GMT
I don’t think it matters for this purpose whether you buy, PCP or lease. A lease is just a finance product, to which the main inputs are the interest rate, the depreciation and, yes, the price. So I expect this week’s announcement to affect leases too.
But you’ve had the use of the car for all this time, so I don’t think you’ve missed out, whatever happens next. I suppose what you have escaped is the additional depreciation I’m expecting to affect the EVs already sold as new ones come down in price.
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Deleted
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Post by Deleted on Sept 22, 2023 11:37:51 GMT
Yes, I always thought a PCP a better bet than a lease because there's a racing chance you'll have some equity to play with at the end. Worked for me on my first Leaf, will probably fail on my current Leaf. But, if I decide to hand the car back because there's no, or negative, equity, then it's been just like a lease and I haven't lost anything. And, I'd struggle to find anywhere I could have leased the car for £150 a month. Although of course my case is used cars, where there is no lease option.
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Post by Humph on Sept 22, 2023 11:51:02 GMT
Huffs puffs and mutters something about these people who are too impatient to save up for things and want everything now on tick. Further mumbling about not knowing they’re born and it wasn’t like that in my day and so on…
🥸
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Post by EspadaIII on Sept 22, 2023 11:56:08 GMT
Yes yes but when your accountant tells you to lease the car even though the money is in the bank to buy it.... I think he was wise given the way EV values are falling.
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Post by Humph on Sept 22, 2023 12:52:20 GMT
I never took any notice of what my accountant had to say about cars.
He drove a Passat.
😬
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bpg
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Post by bpg on Sept 22, 2023 13:09:53 GMT
Good cars Passat in a I need a car and have absolutely zero interest in cars kind of way.
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Post by Humph on Sept 22, 2023 13:22:41 GMT
Yeah, he struggled a bit with my decision to to buy a Sierra Cosworth to do 40,000 miles a year in when I didn’t have much (any) money beyond what it cost…but like you say, good worthy cars Passats.
😬
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bpg
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Post by bpg on Sept 22, 2023 13:36:28 GMT
How did that work for your business ? Did your customers think they were paying too much and really sharpen their pencils when dealing with you, looking at what was parked outside ?
Or, did you park a couple of streets away, no forget that, you couldn't possibly park a Cosworth a couple of streets away and expect it to still be there when you returned.
Hero car of the time, I remember hearing Ford warranty department were not happy at being told the engines could reliably run at 300hp and insisted it was dialled back to 204hp. Whether that's true or an old wives tale only a limited few will know.
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Rob
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Post by Rob on Sept 22, 2023 20:46:18 GMT
Sometimes leases directly with a dealer (looking to hit targets) can result in really good deals compared to PCPs. Two ex-colleagues got deals where the initial payment was one month and not more. So a mid spec Volvo V90 for less than £250pm??? How. Or a Tiguan for even less.
Talking of Passats... I'm surprised there is a new (estate only) Passat. And of course the rumours of re-using names rather than IDx are gaining.
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WDB
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Post by WDB on Sept 28, 2023 11:16:41 GMT
After a couple of days of telephone tennis, I spoke to my BMW man yesterday and explained that I’ve decided to sit tight, and that he could blame Rishi Sunak. He didn’t seem surprised, and said something that was very nearly “I’d do the same in your position.” This article reports a survey that suggests I’m not alone. www.motortrader.com/motor-trader-news/automotive-news/government-2025-pivot-cools-appetite-ev-transition-26-09-2023I did my occasional survey of approved-used EV prices yesterday evening. Going rate for a 2022 iX3 non-Pro (lesser audio but smaller, prettier, more efficient wheels) is £46,000. A 2021 iPace HSE is more variable but maybe £39,000. So those go into my reckoner to try to establish cost of ownership to an arbitrary final age of seven years. At the moment, £18,000 for that new car smell and the first year of iX3 ownership doesn’t look like fantastic value. When I chose the i3S in 2021, I could spec it exactly as I wanted — audio system, silver wheels, no ‘privacy’ glass. (MrsB1 vetoed the blue seatbelts.) Now, BMW’s package build system leaves me just M Sport or Pro, and there are plenty of used examples of both. I’ve established that I can add a detachable towbar like the one on the CLS without affecting the warranty, so it’s hard to see why I’d choose a new iX3. But, of course, everything may be about to change. |
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bpg
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Post by bpg on Sept 28, 2023 11:32:43 GMT
Yes, something is afoot.
The EV car we've been leasing for the last three years that we could not buy has suddenly become available to us...
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Post by EspadaIII on Sept 28, 2023 11:40:37 GMT
Hmmm - makes the opportunity of buying the I5 when its business lease expires in 2025 more attractive.
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WDB
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Post by WDB on Oct 29, 2023 14:12:39 GMT
I went back into the Arval system this week for another look. Nothing exhaustive but I did find that the to-me cost of a four-year lease on an iX3 is £100 less than it was in August.
I can only speculate on the reason — so I will. Interest rates are no lower but this may be the first sign of BMW reducing its prices to the fleets to maintain the take-up rate in the face of Sunak’s pandering to the deniers. If so, it won’t be long before that filters through to list prices and thence to BIK amounts and used values. I just need to be patient.
It’s new data for my value for money calculation. I’d like a car to run till it’s seven years old, so a lot depends on whether I’d be allowed to buy the lease car after four years. I’m assuming a 7-year-old iX3 will be worth £15,000 in today's money, and using that to derive a lifetime monthly cost for each model — leasing, new purchase or Approved Used. More hot Excel action to come!
Meanwhile, I got MrsB1 into an iX3 yesterday. She rates it OK, enough like the i3 to be easy to use, although she objected to the width, the bonnet, the glass roof and the head-up display. (There may have been other items; I wasn’t taking notes and, even if I had been, probably couldn’t have written fast enough.) The car itself was in Father Ted not-quite-black, which has surprised me by becoming the one I’ll choose if we do go for an iX3. It is recognisably blue, even on an overcast and rainy afternoon, and manages to flatter the bulk of the shape better than the other three colour options.
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