Keep the Nissan Leaf on lease or buy?

liberty1968 · 13 June 2017 at 10:56PM

Hi all

We have been leasing a brand new Nissan Leaf for two years, ends soon. Need to decide whether to renew lease, get a lease on a newer model (slightly better range, more money) or buy one - either this one or another.

It has a few panels dented which would need to be fixed too.

At least four scenarios here and they are doing my head in a bit I have to say. Want the easier path (keep it) but don't want to be over charged. Residual is £14.5K but we think we could get one elsewhere for C£12K. Panel work could be £500 (waiting for a quote).

Would only be paying around 2% for the finance, as we will be remortgaging anyway. So buying seems cheaper than leasing. BUT....

Perhaps it boils down to the difficult question of, what will a Nissan Leaf be worth in 2 > 3 > 5 years. Not much I'm imagining.

Have to decide soon to play it safe.

All thoughts welcome.

Many thanks

Libby

parking_question_chap · 13 June 2017 at 10:59PM

Depends what is most important.

Money in bank or newer car on drive.

Shaka_Zulu · 14 June 2017 at 8:12AM

liberty1968 wrote: »

. Residual is £14.5K but we think we could get one elsewhere for C£12K. Panel work could be £500 (waiting for a quote).

From what you say the car is over valued, unless you can haggle the price down walk away. I doubt they will haggle I have tried this before.

You will have to pay for the repairs one way or the other.

Please don't add this to your mortgage that will cost you a fortune unless you over pay your mortgage.

LandyAndy · 14 June 2017 at 8:19AM

liberty1968 wrote: »

Would only be paying around 2% for the finance, as we will be remortgaging anyway. So buying seems cheaper than leasing. BUT....

Perhaps

Libby

This is madness.

Borrowing long to buy short is one of the worst things you can do.

wgl2014 · 14 June 2017 at 9:55AM

2015 Leafs start at £7.5k on Autotrader (I appreciate yours may be higher spec). That's a hell of a difference if yours would cost twice that.

Guinness-Cat · 14 June 2017 at 10:22AM

RCI have been officering to let current owners keep for the CAP rather than GFV - defiantly worth enquiring with them. There is quite a long post if you google it on an electric vehicle forum.

I was in the same situation in December, and RCI said at the time the CAP offer was only until the end of the year (mine was due back Jan 4th) and they weren't sure whether it was being extended. Other people have confirmed it has been.

I chose to let them have my 64plate 30k miles Tekna back (which they wanted ~ 13.5k) and bought a 15 plate Acenta with 6kmiles for 10k

I don't miss the Teckna spec that much - and prefer the better economy for the accenta and the fact it has the 6.6KW charger.

I agree with Landy Andy - don't add it to your mortgage. I got a personal loan over 4 years and pay ~220 per month. PCP charged for a new one would be more for me as I do 15k per year.

Guinness-Cat · 14 June 2017 at 10:25AM

wgl2014 wrote: »

2015 Leafs start at £7.5k on Autotrader (I appreciate yours may be higher spec). That's a hell of a difference if yours would cost twice that.

I can't find any decent battery owned 2015's for less than 10k - if you find one this much cheaper be cautious that it isn't a flex model (meaning you have to make battery payments too)

Nobbie1967 · 14 June 2017 at 10:47AM

LandyAndy wrote: »

This is madness.

Borrowing long to buy short is one of the worst things you can do.

That assumes no overpayments are made. I did this when I bought a car and simply overpaid by an amount that would have the money paid back well within the life of the car.

almillar · 14 June 2017 at 2:01PM

I've got a similar situation coming up with my Zoe, but am planning to hand it back of course. Renault purposely set it up for the PCP payments to be very low, and therefore the final payment very high, to get cars on the road (I guess). That sets them up for the final payment being far more than the car's worth, and that's what's happening. Looks like you've got a similar situation with the Leaf, so for your current car, you should likely hand it back, unless you can get that offer above, where the dealership will accept CAP value from you to let you keep it. This avoids having to carry out the repairs, or getting stung for them.
Leaf deals are very good though, at the moment as I'm sure you've seen - I've seen under £200 per month. There'll be some deposit to add to that I'm sure, but you may find it'll be cheaper to run a new (soon to be replaced, 24kWh or 30kWh) Leaf for 2 years than to buy your current one! Get a quote for repairs before you hand back, it might end up cheaper.

rtho782 · 14 June 2017 at 2:45PM

Assuming you're financed through RCI, they will probably let you pay the CAP price rather than the GFV. This has been done by many over at speakev.

https://speakev.com/threads/2-yr-pcp-ending-pay-cap-instead-of-gfv.21043/

On the other hand, a lease on a new 30kW Tekna is about £230/m, so might be cheaper to just swap for a new one.

Also worth considering the new leaf at either 40kW or 60kW should be out soon.

Jonesya · 14 June 2017 at 9:56PM

I expect that when the new crop of EVs are launched with ranges of 200+ miles, within a couple of years of launch, the existing sub-100 mile EV fleet won't be worth that much at all.

But that said - car value only matters if you intend to sell or trade the car at some point - if you're going to run it until you scrap it, the value doesn't matter.

Keep the Nissan Leaf on lease or buy?

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