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TheProfessional

Hi all,

We run a 2018 1.4 Audi Q2 sport as a second car doing 6-7k a year max. Usually a 6 mile round commute for wife and local round town stuff with 2 kids and buggy. Other car is petrol Tiguan

It is 3 years in to a 4 year PCP and we were thinking of paying the £15k settlement and keeping it longer term. Paying settlement now saves £600 in interest. Current value is probably a bit more than that ?£19k

We then thought would it be worthwhile using this equity to get into an electric such as the VW ID4 and then keeping that longer term using the same process PCP and paying the balloon. The ID4 life has some sort of £2.5k grant currently but only that base model. We usually get a carwow/DTD price and ask dealer to match and the dealer says the wait is probably 4-6 months due to chip shortage so they would give us a part ex value what they think in 4-6 months locked in

Any thoughts?

DrEskimo

Buying a brand new car every few years with a bunch of interest on top just to drive 6k miles a year sound like an awfully expensive way to drive not very far....

My vote is get shot of the new car now and use savings to get a much cheaper used EV. Second hand Leaf, Zoe or Ioniq.

For context my used Zoe has cost me around £2,500-£3,000 over the last 30 odd months I've owned it if I were to sell today. That includes everything (depreciation, 'fuel', VED, servicing, maintenance, extended warranty, MOT and insurance). Probably about what your Audi has cost in interest alone....

AdrianC

DrEskimo said:

Buying a brand new car every few years with a bunch of interest on top just to drive 6k miles a year sound like an awfully expensive way to drive not very far....

Probably the thick end of a quid a mile, once the up-front payment is taken into account.

TheProfessional

Certainly can't disagree with you Dr Eskimo we spend a lot on cars every month.

The plan was to 'buy out' of the finance to keep the car longer to at least ameliorate some of that and reduce the cost as we have the car for longer. 

I will have a look at the used electric market to see what the nearly new electric SUV prices are like (wife likes driving position and would like boot space)

Grumpy_chap

TheProfessional said:

Hi all,

We run a 2018 1.4 Audi Q2 sport as a second car doing 6-7k a year max. Usually a 6 mile round commute for wife and local round town stuff with 2 kids and buggy. Other car is petrol Tiguan

It is 3 years in to a 4 year PCP and we were thinking of paying the £15k settlement and keeping it longer term. Paying settlement now saves £600 in interest. Current value is probably a bit more than that ?£19k

We then thought would it be worthwhile using this equity to get into an electric such as the VW ID4 and then keeping that longer term using the same process PCP and paying the balloon. The ID4 life has some sort of £2.5k grant currently but only that base model. We usually get a carwow/DTD price and ask dealer to match and the dealer says the wait is probably 4-6 months due to chip shortage so they would give us a part ex value what they think in 4-6 months locked in

Any thoughts?

Sell the Q2 for the £19k.
Settle the finance £15k.
Buy a used Leaf.

Petriix

Grumpy_chap said:

show previous quotes

TheProfessional said:

Hi all,

We run a 2018 1.4 Audi Q2 sport as a second car doing 6-7k a year max. Usually a 6 mile round commute for wife and local round town stuff with 2 kids and buggy. Other car is petrol Tiguan

It is 3 years in to a 4 year PCP and we were thinking of paying the £15k settlement and keeping it longer term. Paying settlement now saves £600 in interest. Current value is probably a bit more than that ?£19k

We then thought would it be worthwhile using this equity to get into an electric such as the VW ID4 and then keeping that longer term using the same process PCP and paying the balloon. The ID4 life has some sort of £2.5k grant currently but only that base model. We usually get a carwow/DTD price and ask dealer to match and the dealer says the wait is probably 4-6 months due to chip shortage so they would give us a part ex value what they think in 4-6 months locked in

Any thoughts?

Sell the Q2 for the £19k.
Settle the finance £15k.
Buy a used Leaf.

There's a bunch of better EV options than a Leaf. The choice is rapidly expanding. With used prices so high, now's a great time to buy new. My MG5 has depreciated by just £1500 in 10 months; some people who got a better deal than me could sell today for what they paid new. 

AdrianC

Petriix said:

show previous quotes

Grumpy_chap said:

Sell the Q2 for the £19k.
Settle the finance £15k.
Buy a used Leaf.

There's a bunch of better EV options than a Leaf. The choice is rapidly expanding. With used prices so high, now's a great time to buy new. My MG5 has depreciated by just £1500 in 10 months; some people who got a better deal than me could sell today for what they paid new. 

The main attraction of the MG is that it's the cheapest EV on the market. YTD sales on a par with Renault, slightly ahead of Mazda, slightly behind Citroen... It's not bad, but...

As soon as the mainstream removes that USP, it's going to get hit very hard as the reality dawns that it's a Chinese cheapie under false "British" pretences.

If they'd not rebadged it from Roewe Ei5, they'd have sold far fewer.

Grumpy_chap

Petriix said:

There's a bunch of better EV options than a Leaf. The choice is rapidly expanding. With used prices so high, now's a great time to buy new. My MG5 has depreciated by just £1500 in 10 months; some people who got a better deal than me could sell today for what they paid new. 

I like the MG5, but it cannot be blindly offered as the solution for every question.

troffasky

AdrianC said:

As soon as the mainstream removes that USP, it's going to get hit very hard as the reality dawns that it's a Chinese cheapie under false "British" pretences.

Japanese and Korean cars were cheap foreign rubbish once, too. I don't see why Chinese car manufacturers won't follow the same trajectory.

Petriix

Grumpy_chap said:

show previous quotes

Petriix said:

There's a bunch of better EV options than a Leaf. The choice is rapidly expanding. With used prices so high, now's a great time to buy new. My MG5 has depreciated by just £1500 in 10 months; some people who got a better deal than me could sell today for what they paid new. 

I like the MG5, but it cannot be blindly offered as the solution for every question.

I wasn't necessarily suggesting the MG5 in this case, just highlighting that buying new doesn't necessarily mean you're throwing money away. I had an updated offer from WBAC today and it has 'appreciated' by another £230 making it now, weirdly, worth more than the brand new 'affinity' price, if you can find a dealer with one in stock. There's also some great deals on the ID3 around at the moment.

Petriix

AdrianC said:

show previous quotes

Petriix said:

Grumpy_chap said:

Sell the Q2 for the £19k.
Settle the finance £15k.
Buy a used Leaf.

There's a bunch of better EV options than a Leaf. The choice is rapidly expanding. With used prices so high, now's a great time to buy new. My MG5 has depreciated by just £1500 in 10 months; some people who got a better deal than me could sell today for what they paid new. 

The main attraction of the MG is that it's the cheapest EV on the market. YTD sales on a par with Renault, slightly ahead of Mazda, slightly behind Citroen... It's not bad, but...

As soon as the mainstream removes that USP, it's going to get hit very hard as the reality dawns that it's a Chinese cheapie under false "British" pretences.

If they'd not rebadged it from Roewe Ei5, they'd have sold far fewer.

Their updated models of the ZS and MG5 look really impressive. They've responded to the feedback on all the missing features by basically including them: towing, vehicle to load, app, charge and climate timers etc. We eagerly await pricing but it looks like it will be similar in spec to the Korean offerings but keeping the price ~ £8-10k lower after discounts. I've been eagerly awaiting some of the mainstream manufacturers releasing a decent long range EV for an affordable price but there's absolutely nothing on the radar at this time.