PCP on a new EV car ?

Moley27272

In the past I have bought ex demo 2nd hand petrol cars. I usually keep them for 10 years or so, pretty much run them into the ground. My annual mileage is around 10k. 
I am now considering buying a new electric car from a dealership. They are offering me just 2.9 percent APR on a 3 year contract. I'm currently paying £130 a month on petrol, plus the annual repairs on a 2nd hand car, I estimate £800 a year for these repairs. So I'm estimating it cost me around £200 a month to run my 2nd hand car. If I take this amount off the monthly payment of a new EV car @ £273 a month, I can afford it. It seems to good to be true! Am I missing something  ?
I will and can charge at home, the dealership offer free installation, I'm told is no more than 10% of what  I would spend on fuel, so £13 a month. 
My only other concern is insurance. How can I get an insurance quote without the registration number ? 
Can anyone shine a light on perhaps something I am not factoring in here please? 
Thanks

Krakkkers

Insurance will probably be more than a petrol car but 10k a year is 800 miles a month, the very best electric car can do 4 miles per kwh in ideal conditions and then you have to add in charging losses so your £13 a month would be nearer £100 unless you have a cheap overnight tariff.
Depreciation on new EVs is horrendous but i guess if you are keeping it for 10 years that is less important.

Grumpy_chap

Moley27272 said:

In the past I have bought ex demo 2nd hand petrol cars. I usually keep them for 10 years or so, pretty much run them into the ground. My annual mileage is around 10k. 
I am now considering buying a new electric car from a dealership. They are offering me just 2.9 percent APR on a 3 year contract. I'm currently paying £130 a month on petrol, plus the annual repairs on a 2nd hand car, I estimate £800 a year for these repairs. So I'm estimating it cost me around £200 a month to run my 2nd hand car. If I take this amount off the monthly payment of a new EV car @ £273 a month, I can afford it. It seems to good to be true! Am I missing something  ?
I will and can charge at home, the dealership offer free installation, I'm told is no more than 10% of what  I would spend on fuel, so £13 a month. 
My only other concern is insurance. How can I get an insurance quote without the registration number ? 
Can anyone shine a light on perhaps something I am not factoring in here please? 
Thanks

The PCP has a low monthly payment.
What deposit do you need upfront?
What balloon payment do you need to make at the end of the 3 years?
Given your practice to keep the car for around 10 years, you will need to make that balloon payment at the end of the term.

Bigwheels1111

An EV is not an option for me, but Ive done the maths for a toyota Corolla estate hybrid. My next car as of now.

50 mpg a conservative estimate, 10,000 miles = 200 gallons @ £6.16 = £1232 a year. Todays price.

10 year warranty, The car will last that long and with 100k on the clock it would still sell for a few quid.

There is just not enough info on EV'S, ie battery life and replacement cost.

My friends 15 plate Prius has done 198,000 miles, serviced by himself from 3 years old.

Apart from service parts, plugs and breake pads and tyres he has had only 2 repairs.

Water pump £220.00 with anti freeze.

Hybrid battery at 183,000 ish £1400 fitted, genuine Toyota battery.

No ball joins, sprins & shockes etc.

His wife has a MG ZS EV and loves it. Only issues is range anxiety when on long trips or holidays.

I would not buy any breed of car for the next 18 month, until euro 7 comes in.

EV'S taxed retroactively etc, whats next.

daveyjp

Moley27272 said:

In the past I have bought ex demo 2nd hand petrol cars. I usually keep them for 10 years or so, pretty much run them into the ground. My annual mileage is around 10k. 
I am now considering buying a new electric car from a dealership. They are offering me just 2.9 percent APR on a 3 year contract. I'm currently paying £130 a month on petrol, plus the annual repairs on a 2nd hand car, I estimate £800 a year for these repairs. So I'm estimating it cost me around £200 a month to run my 2nd hand car. If I take this amount off the monthly payment of a new EV car @ £273 a month, I can afford it. It seems to good to be true! Am I missing something  ?
I will and can charge at home, the dealership offer free installation, I'm told is no more than 10% of what  I would spend on fuel, so £13 a month. 
My only other concern is insurance. How can I get an insurance quote without the registration number ? 
Can anyone shine a light on perhaps something I am not factoring in here please? 
Thanks

You need to add in to the monthly payment the cost to replace the amount paid as a deposit.

born_again

2,400 miles for me is £56 . on Octopus Intelligent tariff. 0.075p kWh
I'm getting 4kWh/Mile. That's 5 months usage.

So 10K is going to be around £270 Which is a bit more than £13, more like £22. But even then a big saving over old car.

Insurance. 
Look for same model online & use reg off that, or you can do it via car details without reg.

Veteransaver

That sounds like a good deal, and I think I know which car you are thinking of. But there is a pretty huge deposit on it isnt there?

ontheroad1970

Which car is it?  What's the deposit? 

Grumpy_chap

Bigwheels1111 said:

An EV is not an option for me, but Ive done the maths for a toyota Corolla estate hybrid. My next car as of now.

50 mpg a conservative estimate, 

At risk of the thread drifting off topic, I had a 2014 Toyota Auris Sports Tourer Hybrid and my actual fuel consumption was 52 mpg over the 2 years / 25k miles of use.
I don't know whether the Corolla is the same under the bonnet or moved on to a later drivetrain specification which would change the real world mpg.

The worst thing about my Auris were the "flat" headlights.  It meant that I could avoid the need for beam converters on the rare occasion that I took the car to Europe.  It also meant that the standard of illumination was very poor on the far more frequent occasion of driving at night.  If the Corolla also has the same "flat" headlights, you may wish to test drive in a dark stretch of road at night.

Moley27272

Thank you for comments and suggestions. To clarify. I'm planning a 3,year term for PCP. I intend to walk away after the term, no balloon payment, and either take another agreement or not. Ill be the wrong side of 70 , so that is an issue. Yes I accept I made a mistake on the cost in running an EV in my home electricity  I will charge at home. I'm currently driving around 1,500 miles a month. £25 a month on electricity?  I'm planning on making a 10k deposit, which I have. I'm considering a Kia. 

 I tried the hybrid and felt it was a stepping stone to EV, just my opinion. Weighing up the pros and cons just didn't add up.
Thanks again 
M
 

Krakkkers

You would need to charge at 6p/kwh to get 1500 miles at 4kw per mile, there are a lot of other considerations like not getting the max 4 miles per kwh, cold weather destroying the range, charging losses which are significant and getting that cheap overnight tariff.