Electric car for more debt vs ICE car with more outgoings

almillar

You mean a hybrid car, not an electric car.

As far as I am aware from my limited use of an Ioniq, if you are commuting 70 miles, it is unlikely that you will be travelling the whole time in electric mode

There are 3 versions of the ioniq - a hybrid non plug in, hybrid plug in, and a fully electric one. Since the OP says so, let's assume they're talking about the fully electric one!

What is the situation with the current car - how long left to run? If you go to the end on a PCP, you'll have £0 negative equity to worry about.

DrEskimo

What might be worth considering, is a Zoe lease from EVZY. I think the range of the Ioniq would be just short of comfortable, as you need to factor in the reduced range in winter, and the possibility that you can't charge at work on a rare occasion. 40kWh would leave plenty of additional range that you could commute to work and back and not worry about needing to charge in the middle.

The Zoe is £289 per month, and will include car, battery lease, insurance, maintenance, servicing and even the electricity (and I believe a subscription to Polar public chargers).

The real benefit is that it has no fixed term contract, so if you decide to stop, you just have to give 10days notice. There is also no upfront cost.

https://www.evezy.co.uk

This may be a good interim solution whilst you then look to build up a nice cash reserve and savings to look at more long term solutions (i.e. buying used with cash with the view of long-term ownership with no monthly outgoings).

gzoom

EVs are really cheap to run, there is no denying that. ALL in, including insurance, tax, servicing, fuel, our mini EV truck has cost 6p per mile to cover 20k. That figure is likely to drop even more over the next 15k.

BUT none of the current EVs on sale today are cheap to buy, on the contrary, they are all firmly in the upper end of the market. Even the Zoe/Leaf is far more expensive than their combustion car variants.

I would not suggest taking out a £20k loan to buy any EV at present, you need to buy one with your eyes open and understand your paying a premium to access the latest tech a few years before price come down - essentially early adopter tax.

Get a cheap car now, sort out the house, and than see what EVs are around. There are plenty coming .

foxy-stoat

Spend £3000 on a 1.2 Corsa CDTi or similar - Mito or Giulietta 1.3 jtdm would also be worth a look.

I have done the calculations for a secondhand Zoe and Corsa and the cost to drive per mile is the same with factoring in the electric costs, but you need to spend another £3000 in buying the Zoe against the Corsa.

No point in buying a £20,000 car just to save some money on fuel - in say 5 years its going to lose any saving you may of thought you would make.

Spend less - lose less.

jk0

Always a chance you could lose your job, isn't there? Then that big loan will put you in queer street.