Shortly to be buying a LEAF!

Trunk_z

My partner and myself had a 24 hour test drive of the Nissan Leaf.

In under 2 weeks time now, we have an almost 7 day test drive of a LEAF from our local dealer.

We have already decided that this is the car we want, and that an EV fits our lifestyle (we already have another car). We were going to buy a new car anyway, although have only ever owned used cars thus far - that being said, we would consider a used LEAF.

We are looking to purchase one in the first quarter of next year, and it will need to be on a finance deal of some kind. I understand that deals come and go, and that the numbers may change slightly from now until when we purchase it.


I was looking for some information on the PCP deal that is offered. Whilst there are others, I'll use the Nissan one as an example - this is current for the Tekna:

Monthly Payment £199.00
Nissan Deposit Contribution £3200.00
Customer Deposit £2688.11
Cash Price £25,590.00
Amount of Credit £19,701.89
Optional Final Payment £14,925.89
Total Amount Payable £25,590.00
Representative APR 0.00%
Duration 25 months
Rate 0.00%

After 2 years we wouldn't be looking at taking advantage of the Optional Final Payment. So, that leads me to believe that the car would be given back to Nissan. My question is, is it similar to a house, where you build up equity and could for example, use this equity against a new house? Or would it be a case of paying another deposit to get the next model of LEAF?

I calculate that we would have paid £10664.11 towards the car, could we use this £10k against the next car in 2 years time?
Obviously, this is below the OFP, does this mean that there would be no equity build up in the car, and that we would be left essentially nothing - if we wanted the next model LEAF we would still need to put a new deposit etc down?


Any help would be most welcome.
Chris

Mr_Mink

PCP works on an equity system that actually works in your favour.

Using your example deal. If you hit the return date and the car is worth 10k, you are not responsible for the negative.

On the other hand, if you get to the return date and the car is worth 20k, then you'd have the 5k balance as deposit on a new vehicle. Couldn't say if it would be possible to convert that to cash or not (I doubt it).

But generally they seem to be pretty good at getting the value right.

alleycat`

Is the battery "leased" as part of the deal or is it "all in"?
It will probably impact the value of the car.

Trunk_z

alleycat` wrote: »

Is the battery "leased" as part of the deal or is it "all in"?
It will probably impact the value of the car.

All in. The battery would be part of the car, and not on a separate lease.

Trunk_z

Mr_Mink wrote: »

PCP works on an equity system that actually works in your favour.

Using your example deal. If you hit the return date and the car is worth 10k, you are not responsible for the negative.

On the other hand, if you get to the return date and the car is worth 20k, then you'd have the 5k balance as deposit on a new vehicle. Couldn't say if it would be possible to convert that to cash or not (I doubt it).

But generally they seem to be pretty good at getting the value right.

Thanks for the reply.

So is this to say then, that if it was less than the OFP - then it would be similar to leasing the car, but if the car is worth more than the OFP then I have equity within it?

forgotmyname

Over £7500 to rent a leaf for 2 years???

Have you seen the price of a 2 year old one? You wont want to pay £15,000 for the final fee. You can get one closer to £10,000

You can get an almost new one for £16,000...

Trunk_z

So, from what I've found out, PCP is similar to a lease in the way that I might use it, except there is a small chance I might get lucky with it and be able to use it as a deposit for the next car.

From what I could find out about leasing a LEAF, it is quite a lot cheaper to use the PCP finance option.

My concern is this, as we know things are improving all the time, range is increasing etc...
Suppose that I build up no equity in the LEAF over the 2 year period, when I go to hand it back, I walk away with nothing.
If I get a used one and then try to sell it in 2 years time, will it still be as worthless as the PCP one?

This raises 2 questions:
1) Which one would hold the most value for me to release after 2 years for another car?
2) Where could I find more information about finance on a used car? I have only ever bought them outright!

This buying a new car is all... new!

Thanks thus far,
Chris

harveybobbles

I thought people were given these things rather than paid for them.

sh0597

Trunk_z wrote: »

My partner and myself had a 24 hour test drive of the Nissan Leaf.

In under 2 weeks time now, we have an almost 7 day test drive of a LEAF from our local dealer.

We have already decided that this is the car we want, and that an EV fits our lifestyle (we already have another car). We were going to buy a new car anyway, although have only ever owned used cars thus far - that being said, we would consider a used LEAF.

We are looking to purchase one in the first quarter of next year, and it will need to be on a finance deal of some kind. I understand that deals come and go, and that the numbers may change slightly from now until when we purchase it.


I was looking for some information on the PCP deal that is offered. Whilst there are others, I'll use the Nissan one as an example - this is current for the Tekna:

Monthly Payment £199.00
Nissan Deposit Contribution £3200.00
Customer Deposit £2688.11
Cash Price £25,590.00
Amount of Credit £19,701.89
Optional Final Payment £14,925.89
Total Amount Payable £25,590.00
Representative APR 0.00%
Duration 25 months
Rate 0.00%

After 2 years we wouldn't be looking at taking advantage of the Optional Final Payment. So, that leads me to believe that the car would be given back to Nissan. My question is, is it similar to a house, where you build up equity and could for example, use this equity against a new house? Or would it be a case of paying another deposit to get the next model of LEAF?

I calculate that we would have paid £10664.11 towards the car, could we use this £10k against the next car in 2 years time?
Obviously, this is below the OFP, does this mean that there would be no equity build up in the car, and that we would be left essentially nothing - if we wanted the next model LEAF we would still need to put a new deposit etc down?


Any help would be most welcome.
Chris

Essentially no, you don't get any equity. Also watch out for additional mileage charges and reductions for cosmetic damage.

forgotmyname

Its been known to happen. Usually to celebs or people that get noticed though.

Give free cars out so that people see them on the road. Have you ever seen a leaf on your daily travels?

Check the mileage on used ones. Usually very low with several owners.

Just the thought of paying over £7500 for just 2 years worth of use.

Trunk_z

Thanks for the reply.

So to cut a long story short, the PCP deal would be the same as leasing it for me.

Unfortunately the Nissan used section won't let me know about the finance options.
What finance options are usually available for a nearly new car?