Electric Cars: Are they Really Worth it? (Ch5)

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Cornucopia said:

sheenas said:

The worse example I have seen Porsche taycan gen 1 owner by the youtuber MacMaster.. He said that he purchased the car for around £120,000 on a 4 year PCP with a £20K deposit and £1,000 ish per month. So thats cost him £68K over 4 years well its worse than that because he has gone over the milage which will cost hime something like £8,000. The PCP value is £50,000 and the WebuyAnyCar.com value is around £26,000, so no easy ways out of it for him. Point being while a petrol tycan would use a shed load of petrol and devalue badly it's nothing like £68,000s worth.  

That sounds like user error (and MacMaster is a typical doom-boomer).   Any transaction involving a £120k car is always going to be costly.   And at least he was in a position with his PCP to know in advance what he was getting into.  

On my lease, it looks like I will be quids-in.   The list price of the car when new was c. £32k.   I am part-way through a 4-year lease which will cost c. £14k.   But the secondhand value of the car will probably be c. £10k.   So, I'm around £8k ahead.

Maybe I misunderstand, but the whole point of PCP is that it isn't your car (and certainly not your problem) unless you pay the balloon, if you don't pay the balloon you hand it back, so if the balloon is £40K and the car is worth 30 bob, it goes back (if you can manage to drive it there with all the tears of laughter in your eyes).

MacMaster probably went for a lower mileage than he needed to inflate the balloon and reduce the monthlies, so now he coughs up the money he saved on the monthlies and still walks away laughing. He should have put the correct mileage and paid another £100 or so a month from the outset, so no sympathy from me.

WellKnownSid

facade said:

Cornucopia said:

sheenas said:

The worse example I have seen Porsche taycan gen 1 owner by the youtuber MacMaster.. He said that he purchased the car for around £120,000 on a 4 year PCP with a £20K deposit and £1,000 ish per month. So thats cost him £68K over 4 years well its worse than that because he has gone over the milage which will cost hime something like £8,000. The PCP value is £50,000 and the WebuyAnyCar.com value is around £26,000, so no easy ways out of it for him. Point being while a petrol tycan would use a shed load of petrol and devalue badly it's nothing like £68,000s worth.  

That sounds like user error (and MacMaster is a typical doom-boomer).   Any transaction involving a £120k car is always going to be costly.   And at least he was in a position with his PCP to know in advance what he was getting into.  

On my lease, it looks like I will be quids-in.   The list price of the car when new was c. £32k.   I am part-way through a 4-year lease which will cost c. £14k.   But the secondhand value of the car will probably be c. £10k.   So, I'm around £8k ahead.

MacMaster probably went for a lower mileage than he needed to inflate the balloon and reduce the monthlies, so now he coughs up the money he saved on the monthlies and still walks away laughing. He should have put the correct mileage and paid another £100 or so a month from the outset, so no sympathy from me.

Last time I heard MacMaster was getting another BEV in replacement.  I know the comments have been pretty hilarious from his fanbase feeling let down that he's getting another EV ("go and work for Keir Starmer") - but he does admit that in the four years he's owned the car the charging infrastructure has improved massively and it's the option that makes the most financial sense.

WellKnownSid

Hoenir said:

The rhino in the room is when the Government seeks to make up for the shortfall of tax revenue. In the US there is already discussion about levying EV owner's with an additional annual tax. Free lunches never last forever. 

Absolutely.  In the meantime we've saved a lot of money switching to an EV before the great unwashed, and there simply aren't enough on the road yet to justify the Government making any significant changes to the status quo.

The negative press is ultimately good for us.  It lowers the cost to change for when I swap our hybrid for a full EV later this year, and it kicks the can down the road for extra tax.  We avoided the £190 or so extra tax on the Zoe by re-taxing early for £0.  When we do eventually have to pay it - the cost will be dwarfed by the actual money saving going electric.

The music will - of course - stop at some point and the money-saving will reduce or even come to an end  - but only once the early adopters like us have already banked our money.

Ultimately this is a money-saving forum.  It's no different to schemes like the LISA - yes "the rhino in the room is when the Government seeks to make up for the shortfall of tax revenue".  Truth is - no-one is saying "don't invest in a LISA because one day the Government will remove that incentive" - the smart money is ploughing everything you can into one before the incentive goes away...

Ibrahim5

Good to hear that the guinea pigs are happy.

henry24

Ibrahim5 said:

Good to hear that the guinea pigs are happy.

But will they still be happy when they take a new lease out now the lease companies are now not getting the money back on their cars that they thought they would 

Cornucopia

henry24 said:

Ibrahim5 said:

Good to hear that the guinea pigs are happy.

But will they still be happy when they take a new lease out now the lease companies are now not getting the money back on their cars that they thought they would 

There are still quite a few good value EV leases.

WellKnownSid

Cornucopia said:

henry24 said:

Ibrahim5 said:

Good to hear that the guinea pigs are happy.

But will they still be happy when they take a new lease out now the lease companies are now not getting the money back on their cars that they thought they would 

There are still quite a few good value EV leases.

Quite like the look of the i5 touring.  £550 a month all-in no deposit, 3 years 36k miles.  Maintenance, road tax, SD&P+C+Class 1, breakdown and tyres.  Just plug it in once a week.

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WellKnownSid said:

Quite like the look of the i5 touring.  £550 a month all-in no deposit, 3 years 36k miles.  Maintenance, road tax, SD&P+C+Class 1, breakdown and tyres.  Just plug it in once a week.

That's not bad (although £19,800 to borrow a car for 3 years seems a bit steep to me! )

The poverty spec. has an inflated list price of £70,045. 

You will be getting a set of tyres, the servicing at BMW rates, £620 a year road tax for years 2 & 3 and your insurance.

They aren't making much money overall- unless they can get them for under £30K and sell for £20K at the end.

  

Cornucopia

WellKnownSid said:

Cornucopia said:

henry24 said:

Ibrahim5 said:

Good to hear that the guinea pigs are happy.

But will they still be happy when they take a new lease out now the lease companies are now not getting the money back on their cars that they thought they would 

There are still quite a few good value EV leases.

Quite like the look of the i5 touring.  £550 a month all-in no deposit, 3 years 36k miles.  Maintenance, road tax, SD&P+C+Class 1, breakdown and tyres.  Just plug it in once a week.

Nice car, though I had in mind some cheaper examples (all 36 months, 10000 miles pa) ...

Vauxhall Mokka (50kWh) - £235pm 
Renault 5 (40kWh) - £235pm
Renault Scenic (87kWh) - £275pm
Skoda Enyaq (63kWh) - £305pm

Lease rates vary continuously, and it may be another set of value for money cars next month.

maxmycardagain

born_again said:

Are they worth it..

My math
Kia Niro Hybrid 16,400 miles, cost in Petrol £2,108,83
Kia E-Niro 11,183 miles, cost in electric £209.15

OK so just over 5K less in E-Niro. So that's just another £100.
Got to love home 7p charging.

And compare purchase price, fees, etc?

how much is the home charger?

if you want to do a 500 mile round trip compare petrol vs a home charge and 3 away charge ups? (and time spent when/if you find a charger)