Battery Electric Vehicle News / Enjoying the Transportation Revolution

Grumpy_chap

JKenH said:

I don’t recall having to declare my income when I took out my PCP. The dealer may have carried out a credit check - I don’t know. 

1961Nick said:

I've always leased my cars & have never been asked about my income. Finance companies did the usual credit check & that was it.

That seems quite worrying to me as it could lead to irresponsible lending.  Income and affordability are critical IMO.  I know the PCP is secured against the car, but still...

I have never had PCP or any car finance and always buy the car I can afford to buy.  Exceptions have been a couple of company cars, but that is not an option for me at present.  Nor is a SS car.  Buying the car you can afford does mean that there is a real impact in terms of extra cost to go EV.  I was thinking, however, that next car will be on PCP to take the incentives and I was wondering whether I'd be able to do that given NMW.  Seems like I could.  Even seems like I could go "all in" and Tesla S or EQS.  Is it really that easy?

1961Nick

Grumpy_chap said:

JKenH said:

I don’t recall having to declare my income when I took out my PCP. The dealer may have carried out a credit check - I don’t know. 

1961Nick said:

I've always leased my cars & have never been asked about my income. Finance companies did the usual credit check & that was it.

That seems quite worrying to me as it could lead to irresponsible lending.  Income and affordability are critical IMO.  I know the PCP is secured against the car, but still...

I have never had PCP or any car finance and always buy the car I can afford to buy.  Exceptions have been a couple of company cars, but that is not an option for me at present.  Nor is a SS car.  Buying the car you can afford does mean that there is a real impact in terms of extra cost to go EV.  I was thinking, however, that next car will be on PCP to take the incentives and I was wondering whether I'd be able to do that given NMW.  Seems like I could.  Even seems like I could go "all in" and Tesla S or EQS.  Is it really that easy?

All the lender is interested in is whether you are going to make the payments. A credit history check will provide them with all the information they need.

Personally I like the system just as it is. Nothing irritates more more than some financially illiterate twerp on the other end of the phone asking dumb questions & then not understanding a complex answer - mortgage renewals are fun for a controlling director of your own company where income is predominantly made up of dividends & rental income. 

JKenH

Elon Musk has 'super bad feeling' about economy, wants to slash Tesla jobs

https://www.cnn.com/2022/06/03/tech/elon-musk-tesla-jobs-economy/index.html

Martyn1981

Norway still leading the charge. BEV sales up 21% on May 2021.

Norway Continues To Grow EV Share In May

Watched a good vid from Fully Charged looking at what Norway has done to foster the move to BEV's.

How Norway KILLED the Petrol Car

orrery

Grumpy_chap said:

That seems quite worrying to me as it could lead to irresponsible lending.
...
I have never had PCP or any car finance and always buy the car I can afford to buy.

I've always said that the people who need credit are the people who can't afford it. There are plenty of stories of youngsters getting a car on PCP then falling on hard times and going back in to garage to hand the car back and stop the payments, only to find that they can't and that they are now in debt.

However, just like buying a house on credit makes sense (you couldn't ever save the money as the prices increases too fast), buying an EV on PCP may make perfect sense in that you can afford a new car, with a warranty, with the high range. I see lots of people in other places whinge because they are restricted to cheap s/h cars and therefore almost excluded from the EV market because they'd end up with an old car, which had short range from new (and now has a tired old battery with even shorter range) and the maintenance risk would be too high.

I learned about PCP from an old guy who was an ex bus driver and whinged about people discussing new cars, which he couldn't afford. The next thing, he was driving a new Merc - he'd seen an advert, popped into the dealer and found he could get a very nice new car for (say) £300pm and, as he was retired, he could see that he could afford that each month. He's now, after about 5 Mercs, driving an Ioniq 5 - on PCP of course.

michaels

orrery said:

Grumpy_chap said:

That seems quite worrying to me as it could lead to irresponsible lending.
...
I have never had PCP or any car finance and always buy the car I can afford to buy.

I've always said that the people who need credit are the people who can't afford it. There are plenty of stories of youngsters getting a car on PCP then falling on hard times and going back in to garage to hand the car back and stop the payments, only to find that they can't and that they are now in debt.

However, just like buying a house on credit makes sense (you couldn't ever save the money as the prices increases too fast), buying an EV on PCP may make perfect sense in that you can afford a new car, with a warranty, with the high range. I see lots of people in other places whinge because they are restricted to cheap s/h cars and therefore almost excluded from the EV market because they'd end up with an old car, which had short range from new (and now has a tired old battery with even shorter range) and the maintenance risk would be too high.

I learned about PCP from an old guy who was an ex bus driver and whinged about people discussing new cars, which he couldn't afford. The next thing, he was driving a new Merc - he'd seen an advert, popped into the dealer and found he could get a very nice new car for (say) £300pm and, as he was retired, he could see that he could afford that each month. He's now, after about 5 Mercs, driving an Ioniq 5 - on PCP of course.

I bought my leaf off the finance company at 2 years old, 5 years ago for 9k - they kindly let me do it 0% over 4 years although I did have the cash.  Based on selling prices for similar now it has quite possibly appreciated in those 5 years and 50k miles so would have made a great asset for any finance company loan....

In fact over the whole 7 years and 66k miles capital cost is 12.3k new less whatever it is worth now (9k+?).  Seems like EV = cheap motoring

JKenH

JKenH said:

Elon Musk has 'super bad feeling' about economy, wants to slash Tesla jobs

https://www.cnn.com/2022/06/03/tech/elon-musk-tesla-jobs-economy/index.html

Update on above story

Elon Musk has clarified that Tesla laying off 10% of its workforce only applies to “salaried employees,” and that the automaker is still hiring hourly workers.

https://electrek.co/2022/06/03/elon-musk-clarifies-tesla-layoffs-salaried-employees/

CKhalvashi

JKenH said:

JKenH said:

Elon Musk has 'super bad feeling' about economy, wants to slash Tesla jobs

https://www.cnn.com/2022/06/03/tech/elon-musk-tesla-jobs-economy/index.html

Update on above story

Elon Musk has clarified that Tesla laying off 10% of its workforce only applies to “salaried employees,” and that the automaker is still hiring hourly workers.

https://electrek.co/2022/06/03/elon-musk-clarifies-tesla-layoffs-salaried-employees/

Sounds like he wants to remove fixed expenses and make expenses more variable.

Not against this in principle, but we do offer a 20/25/30 hour guarantee for most positions in this case. I don't think replacing experienced (expensive) workers with hourly employees on effective zero hour contracts (which as a company we don't offer and never will for as long as I'm running it) is a moral or reasonable way to go.

QrizB

CKhalvashi said:

JKenH said:

JKenH said:

Elon Musk has 'super bad feeling' about economy, wants to slash Tesla jobs

https://www.cnn.com/2022/06/03/tech/elon-musk-tesla-jobs-economy/index.html

Update on above story

Elon Musk has clarified that Tesla laying off 10% of its workforce only applies to “salaried employees,” and that the automaker is still hiring hourly workers.

https://electrek.co/2022/06/03/elon-musk-clarifies-tesla-layoffs-salaried-employees/

Sounds like he wants to remove fixed expenses and make expenses more variable.
Not against this in principle, but we do offer a 20/25/30 hour guarantee for most positions in this case. I don't think replacing experienced (expensive) workers with hourly employees on effective zero hour contracts (which as a company we don't offer and never will for as long as I'm running it) is a moral or reasonable way to go.

I think the salaried vs. hourly-paid is a white-collar vs. blue-collar comparison. Tesla want to shed 10% of their professional & managerials staff but are still hiring shop-floor workers.

CKhalvashi

QrizB said:

CKhalvashi said:

JKenH said:

JKenH said:

Elon Musk has 'super bad feeling' about economy, wants to slash Tesla jobs

https://www.cnn.com/2022/06/03/tech/elon-musk-tesla-jobs-economy/index.html

Update on above story

Elon Musk has clarified that Tesla laying off 10% of its workforce only applies to “salaried employees,” and that the automaker is still hiring hourly workers.

https://electrek.co/2022/06/03/elon-musk-clarifies-tesla-layoffs-salaried-employees/

Sounds like he wants to remove fixed expenses and make expenses more variable.
Not against this in principle, but we do offer a 20/25/30 hour guarantee for most positions in this case. I don't think replacing experienced (expensive) workers with hourly employees on effective zero hour contracts (which as a company we don't offer and never will for as long as I'm running it) is a moral or reasonable way to go.

I think the salaried vs. hourly-paid is a white-collar vs. blue-collar comparison. Tesla want to shed 10% of their professional & managerials staff but are still hiring shop-floor workers.

That could be another reason.

However, engineers etc would typically be salaried, so this signals to me that there may be small cuts to things like R&D.

We work such things on a trial and error basis, but for a car manufacturer this surely wouldn't be possible.