Tusker lease example

BeanStalk64

Hello all. I'm new to this forum and thought I'd start with asking a question about leasing with Tusker. I recently got a quote for a VW iD3 pro s Match 77kwh battery, so the longer range version. My quote comes in at £469 per month for 3 years set at 10000 miles per year and no deposit at all 

Does this strike anyone as a pretty good deal? I've not leased before but this is one through my company as a "benefit" and includes all insurance, maintenance, tyres etc. I don't really have anyone to compare this with but I think it comes out better then doing PCP on one of these when you consider everything else.

Any input welcomed, thanks for reading.

flashg67

I've found leasing to be better value for me for my last two cars. You just need to consider you're tied in for 3 years and needs to be returned in good condition. I can't find a nil deposit example but Leasing.com has that spec car for £369 with a month up front, total over 3 years is £13,549.84 plus of course insurance. If yours is a salary sacrifice scheme, then this might be worth a read -  https://www.fleetevolution.com/employee-zone/

Ectophile

Personal opinion - paying £16,884 for a car that you will never own doesn't look like a good deal to me.

BeanStalk64

Thanks for both of your comments. Not sure if this is how to reply but the 3 dots don't seem to bring up any menus. 

Comment 1 - thanks for the heads up on that. I found a similar one on there but haven't been able to find the specific one you've mentioned. Is that business lease or private? Not really sure how those two work or the difference tbh. I can day however that I work for a company rather than own a company. 

Comment 2 - Yeah it does irk me somewhat thinking I won't ever own it. I'm finding it difficult to get a long range EV though that doesn't come out at a lot more than this. I'm thinking the savings on fuel over each year from charging at night would be quite substantial. I did do a PCP quote on an MG4 long range and with just the insurance added on it came out as more than the lease overall but I guess you hope there is some equity left in the car at the end. Though I'm not sure about that in respect to EV's at the moment with everything changing all the time.

Goudy

If you had cash to buy this car it would be £40,500.

On a PCP over three years/30,000 miles it would cost you £40,000 overall as they have a 0% finance deal with a £500 VW contribution but you would need to stick up £6+ deposit, but you'd have some value in it as a used car in three years.

The PCP deal comes with a GFV after three years/30,000 miles of £18,739.

This is VW saying that this £18,739 is what they think it will be worth at that time.
It could be more or it could be less, but that is what they think and I think around that figure is what you should use as a guide to work out it's value to you/VW finance after 3 years and 30,000 miles.

So if you bought cash it would have cost you something like £21,761, give or take in deprecation. 

If you bought it on the 0% PCP finance and handed it back after 3 years, you'd initially save £500.
So over the three years you really would have paid out £21,261.

If it was worth less on a PCP, VW finance would take the hit (if it wasn't worth less due to damage/excess mileage).
If it was worth more, VW finance would keep that as you're handing it back.
The only way to earn any equity if it had any after three years would be if you paid the GFV and sold it or traded it in for another car.

You'd then need to add in your insurance and maintenance for three years.
EV's tend to be expensive to insure but regular servicing should be cheaper.
So you could add in another £3000 or so for insurance, servicing and maintenance.

I would imagine to keep a car like this three years on a PCP or even buying outright and paying cash, it could easily cost you up to £24,000 in one way or another.

If I knew I only wanted/needed the car for 3 years and I could do that for £16,800 instead of £24,000, the lower figure is certainly better. 

timbotambo

We have a similar scheme at work and do think it is good value as I have a car this way. It's basically a much less risky, all inclusive, lease paid for by pre-tax salary so get big savings depending on tax rate.  You also usually get more protection via your company in case anything goes wrong given you are part of a larger group and have account managers etc,  and can give the car back, no strings attached, if you quit / made redundant / big life event (new baby etc). We also get a free charger and 4000 free miles. Insurance is included as well as one other driver, all running costs etc. 

I was weighing it up vs privately buying a used diesel car around £25-30k with a loan, and the lease worked out only slightly more expensive when all factors taken into account (depreciation, resale value, EV vs petrol charge savings etc) but obviously for a much nicer, brand new, electric car. 

So yes I'd go for it. You may want to speak to Tusker to see if better deals are around though as in stock vehicles often come with mega discounts and the ID3 is quite small. 

flashg67

Sorry OP, I'd left 'business' selected in error so it's ex vat, so inc vat £431 p/m making yours look a decent deal with insurance included.  https://leasing.com/independent-brokers/carparison-limited/volkswagen/id-3/L0103590000004148029

Arunmor

Look for the deal and not the make and model (ie explore other brands).

I personally think leasing a EV is the way forward at the moment with uncertain residuals etc.   Prices are dropping from the absurd levels they have been and if they want to sell they will need to reduce prices.

Bigphil1474

OP, just a slight word of caution. If you get paid to drive your car for work - i.e. receive a mileage payment and/or lump sum payment, it's worth checking to see what happens with those payments. At my workplace, you lose most of it, so all the savings I might make in tax are wiped out by losing the lump sum payment even though I'd still be paying for the car. (Depends on your salary bracket of course) The cost of getting a lease privately would be marginally cheaper than through the work salary sacrifice scheme for me, taking all things into consideration.

BeanStalk64

Thank you all so much for your advice. Work has been hell lately so haven't really had a chance to progress car bits on any great way. As far as tusker go, I'm getting pretty sick of them telling me different things over the phone about pricing and lead times. The id3 I was looking at went from £469 up to £540 in one day! 

I did have time to test the new BYD dolphin last weekend and I must say, on the face of it, it's a far better car than the id3 and a few other small ones I've had a go in. They've got an offer on pcp for £269 deposit and £269 a month for 4 years which seems pretty damn good. Guess they are trying to make their presence known in the UK.

I'm not totally off leasing but Tusker strike me as fairly ratty with their information. I was told lead times were not accurate and to check with my local dealer, which I did. I was then told that is nonsense and they have"fleet" lead times which are longer. A colleague at work was told they over exaggerate their lead times to try to shift the in stock cars. Problem is, I'm losing trust 🤷‍♂️.

BeanStalk64

It's worth mentioning that with Tusker, the BYD dolphin is £433 a month for year 1, £438 for year 2 and £443 for year three so £15768 for three years with everything included. Considering the dolphin can be had for £11969 for three years on pcp with two years free servicing it does make me question the value of Tusker. Seems to be all over the place.