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Discussion Starter #1
Hi. I ordered my ZS EV Exclusive back in October, put my deposit down and got a PCP illustration based on 10,000 miles over 3 years.

The car is now in stock, and although I don't want it until April (as I said in October) it now turns out that MG has changed their finance co, with the new illustration being more expensive than the previous.

Are there good deals out there and is leasing a better option? I have no intention of buying the car at the end as it will then be 3 year old technology.

I was due to pay £293 for the red exclusive with a £5k deposit.

Is this now a good or a bad deal.

Thanks!
 

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I have a PCP agreement. I put 6K down and an annual mileage of 15,000. I pay £283 per month. It is under my magic limit of £300 and I will be keeping it for 4 years.
 

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Hi. I ordered my ZS EV Exclusive back in October, put my deposit down and got a PCP illustration based on 10,000 miles over 3 years.

The car is now in stock, and although I don't want it until April (as I said in October) it now turns out that MG has changed their finance co, with the new illustration being more expensive than the previous.

Are there good deals out there and is leasing a better option? I have no intention of buying the car at the end as it will then be 3 year old technology.

I was due to pay £293 for the red exclusive with a £5k deposit.

Is this now a good or a bad deal.

Thanks!
I think £293pm seems high. I picked up my MG last week and am using PCP finance. It appeared that the "optional final payment" on their PCPs has increased in the last few weeks from approx. £8500 to approx. £9500, possibly reflecting the 2020 registration. This is the current example on the MG website:


With the final payment increasing, the monthly amounts have been reduced.
 

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I was told this morning that finance would be at 4.9% for buying it, if that helps.
 

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Discussion Starter #5
Wowwee..... what a difference.

The final price on the original quote was £11070 - which is good if you intend to use that figure against another new one (which I did), whereas the new quote had it at about £10k - better if you want to buy at end....

My charge was for 3 years but it seems there's better deals out there. I spoke to a leasing company today and for a lot less upfront cost and the same mileage over 3 years, it was about £30 cheaper than my original quote and almost £50 per month less than the new one. It only required £2k up front, not £5k.

So, much as I want this car and have waited all these months, I still feel a bit cheated by the increased cost and am tempted to walk away. Shame.
 

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Can you put all the figures in here please? Car cost, your deposit, total amount of finance, and the GFV etc.

From what I can see so far £15k over 3 years with 4.9% APR sounds like a complete rip off.

EDIT: As an example you can get a car in stock now on PCH for £255.23 on a 9+23 with 8k miles, total cost is £8,167.36‬, and amortised monthly is £340.30, and if you convert that to a 3 year lease it would be £12,251 with the extra 6,000 miles costing you 7.2ppm or a total of £432, but if you were under the 30k you'd only pay the actual overages.

Once you get the figures we can work out how many thousands of pounds you'd save over that PCP which seems a bit pants.
 

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4.9% seems par for the course. thats what we're paying for the MG (via santander) and also what we were quoted by the kia dealer for the e-niro (can't remember the finance provider, but not santander). The trick is to make sure you're paying the maximum deposit (30% of capital, from most providers) by taking out a bank loan at less interest for whatever portion of deposit you don't have. I did the maths and replacing my wife's ageing Skoda fabia with a brand new MG actually paid us back money per month, so DEFINATELY take the car and do the 3 years. After that period, you have the choice of buying the car if it's worth more than the garanteed risudual, or giving it back if the market value is less. Then you can buy whatever exciting products are available then :).
 

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When you are saying that 4.9% is average, then you look at the cost of the loan, the interest is between £2,000 - £2,400 depending on the car value etc.

Taking the figures Mazzo has supplied so far, it puts the 3 year costs at ~£16k or £444 per month amortised.

Personally I'd grab one of the in stock 2-year PCH deals with an all-in cost of @?almost half that, leaving you with the option to continue it after 24 months if you still like they vehicle, or nothing else is out and presenting better value.

PCP unless heavily incentivised when you have no intention to keep the vehicle isn't usually a great deal.
 

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The MG is a strong proposition as an outright purchase you intend to keep for many years. Poor residuals and tight dealer margins make PCP and lease deals problematic. A £32,845 Leaf Tekna or £37,775 Peugeot e2008 GT are cheaper on lease than a £28,000 MG Exclusive.
 

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Discussion Starter #13
HI

Thanks for the responses.

The figures were:

35 (yes, 35) payments of ~£294
On the road price = £24,190
Deposit £5k
Arrangement £0
Optional final payment £11,070
4.75%pa interest but 4.9% APR
Total payable £2,6374
Average mileage 10k
Excess Mileage = 0.09p
Plan length = 36 months
All figures include VAT

This was the original quote and actually, I was reasonably happy with it. But it has gone up now with the change to Santander.

I really like the MG. I don't want a different EV. However I also can completely walk away and just keep using my Outlander PHEV, which is great around town and effectively fully electric, but hopeless on any longer journeys and not economical at all.
 

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HI

Thanks for the responses.

The figures were:

35 (yes, 35) payments of ~£294
On the road price = £24,190
Deposit £5k
Arrangement £0
Optional final payment £11,070
4.75%pa interest but 4.9% APR
Total payable £2,6374
Average mileage 10k
Excess Mileage = 0.09p
Plan length = 36 months
All figures include VAT

This was the original quote and actually, I was reasonably happy with it. But it has gone up now with the change to Santander.

I really like the MG. I don't want a different EV. However I also can completely walk away and just keep using my Outlander PHEV, which is great around town and effectively fully electric, but hopeless on any longer journeys and not economical at all.

Given those exact figures above, the price per month is effectively £26,374 - £11,070 then divide by 36 to get £425.11 per month, or if you want to work out the cost of the vehicle per mile, divide the £15,304 by 30,000 and your cost per mile is £0.5101.

If you look at an in stock MG (non specific colours etc) then the cost would be £12,728.52 or less, Pink Car Leasing(LINK!) are offering in stock cars on a 1+35 at £353.57 per month for a 10,000 miles p.a. which makes the cost £353.57 per month (obviously) or £0.424 pence per mile, or 20% less expensive, and no need to dump a massive deposit up front.

I cannot see how you can justify the extra 20% cost, or £2,576 over those 3 years. I am sure that even adding a specif colour etc. may only add a few £'s.

Those prices aren't even the best you can find, and I would strongly look at the cost per month, on 24 months contracts, and lower mileage options, as sometimes it actually works out less to just pay the overages, especially if you look at the low cost per mile options. As I mentioned previously most of the funders on contracts will allow you to also keep the car for longer if you wish, at the average monthly cost of the deal using the same mileage, but at the same time if it ends up being a bag of crap you can get rid of it sooner.

In-stock vehicles will sell out fast due to the changes in BEV BIK, but you can have delivery within 2-weeks so I'd be looking to make a decision as quickly as possible.
 

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Discussion Starter #15
Thanks. That's very interesting. Hadn't considered any of that. The longer term cost as opposed to the upfront is quite interesting too.

However the thing that you have made me think about most is the 24 month option. That isn't something I'd even considered before. I'll look into it today....
 

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I had a quote a few weeks ago for a lease:

Depost: £915
£305pm
10,000 miles per year
4 year term.
Works out at £323pm I thought this was a steal, but my current lease isn't up until November and the longest they could wait was June.
This was before the budget so perhaps this offer will no longer be valid.
 

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Works out at £323pm I thought this was a steal, but my current lease isn't up until November and the longest they could wait was June.
No point committing yourself in for 4 years, when the cost for two years is with in a margin of error half. If you go to 4 years, you have to MOT and service for 4 years, and change tyres etc. which you can usually avoid on a 2 year lease.

Not to mention the amount of vehicles available in 2 years will be much better, and you'll have a better idea on second hand values for doing an outright purchase.
 

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No point committing yourself in for 4 years, when the cost for two years is with in a margin of error half. If you go to 4 years, you have to MOT and service for 4 years, and change tyres etc. which you can usually avoid on a 2 year lease.

Not to mention the amount of vehicles available in 2 years will be much better, and you'll have a better idea on second hand values for doing an outright purchase.
Where is this 2 year lease example? The one above is over £8k for 8,000 miles. I agree there will probably be additional service and a single MOT to pay for. But the price differences is £900 without paying for the extra 4,000 miles at 10p a mile (more than likely more than this) so another £400, thats £1300 difference. Take £150 for 2 new front tyres, £35 MOT, and £150 for service (all guessed), still £1000 better off, which is around £40pm over the 2 years (about 12% more expensive). Not to be sniffed at in my opinion. But I do understand its not a huge amount of money to be able to give it back in 2 years.
I highly doubt there will be many cars that will rival this price in 2 years. I would like to add that the price of cars only seems to be going up though. To replace my Tiguan lease its an extra 10% in todays market than when I took it out. So even if you bought another MG ZS EV, it would likely be more expensive in 2 years time to lease again (at least 5% based on inflation, I'd guess more than that though personally based on own experience).
 

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Where is this 2 year lease example?
Here - LINK!

Select the relevant options in the list for 24 months in which ever profile you like, the cheapest from that broker is 9+23 for a total of £8,167.36 for 8k pa with a mileage cost of 7.2ppm or 4,000 miles would be £288 if you happen to use them all.

I highly doubt there will be many cars that will rival this price in 2 years.
I've leased many, many vehicles there are always deals around, you just need to ensure you can be slightly flexible, and as already pointed out you can generally continue the lease on past the agreed time on either a per month or 12 month basis, using the average previous monthly cost based on the same mileage

At the end of the day you are committing to fixed outgoing, and in the very new emerging market of EV's I don't think competition is going to be weak in 24-48 months.
 

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Here - LINK!

Select the relevant options in the list for 24 months in which ever profile you like, the cheapest from that broker is 9+23 for a total of £8,167.36 for 8k pa with a mileage cost of 7.2ppm or 4,000 miles would be £288 if you happen to use them all.



I've leased many, many vehicles there are always deals around, you just need to ensure you can be slightly flexible, and as already pointed out you can generally continue the lease on past the agreed time on either a per month or 12 month basis, using the average previous monthly cost based on the same mileage

At the end of the day you are committing to fixed outgoing, and in the very new emerging market of EV's I don't think competition is going to be weak in 24-48 months.
Forgot to mention - the prices I have quoted are for the exclusive. £500pm in the link you have provided.
 
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