Speak EV - Electric Car Forums banner
1 - 20 of 23 Posts

·
Registered
Joined
·
1,477 Posts
Discussion Starter · #1 ·
So I've been reading this forum for a few months - thanks for great advice, have watched loads of Youtube videos and read blogs, and am ready to buy an EV. Having narrowed the options down to 3 models and wanting a good deal I have requested offers for the cars I'm interested in on Carwow and awaited a response. One of the cars has too long a lead time, one of the cars is available but I'm not impressed by prices offered but hurrah the third model I'm interested in is available for a price that looks reasonable. I follow up with the dealer and there is a differential of £3,000 between cash and finance price with finance purchase being cheaper due manufacturer's contribution.
I'm able to pay cash but like a deal as much as the next man, so enter into dialogue with dealer to buy on finance. He provides figures for deposit, monthly payment, term and GFV. I add these figures together and get a total that is £5000 more than the advertised finance offer and £2000 more than the cash price.
How does that work? Is it unreasonable to expect to pay the total amount indicated in the offer? I'm happy to pay any deposit, monthly and final payment as long as it adds up to the offer price.
 

·
Registered
Joined
·
2,669 Posts
If you're buying on HP then you can pay it off without penalty immediately i.e. take all the finance offers and then pay cash.

With EVs I'd always take the lease deal and bargain on handing it back at the end - the technology is moving so fast that the second hand prices tend to bomb, pushed down by the later cars having much better specs..
 

·
Registered
Ioniq 5 Ultimate
Joined
·
2,653 Posts
@Mark Cornwall I'm not adverse to an ex-demo but Carwow offer was £10,500 off list for a brand new car. Most ex-demos were scarcely cheaper and of a lower spec.
Perhaps I should have added I didnt work from the list price. Off the list price, before government grant saving was £15500. Carwow have a habit of including the grant as part of the claimed 'discount'.
 

·
Registered
Joined
·
1,477 Posts
Discussion Starter · #10 ·
You are right of course - the government grant is included in the savings making it seem cheaper than it really is. My point is if an offer price including finance is made, should the total actually paid over the repayment period equal this?
 

·
Registered
Joined
·
731 Posts
I'm able to pay cash but like a deal as much as the next man, so enter into dialogue with dealer to buy on finance. He provides figures for deposit, monthly payment, term and GFV. I add these figures together and get a total that is £5000 more than the advertised finance offer and £2000 more than the cash price.
How does that work? Is it unreasonable to expect to pay the total amount indicated in the offer? I'm happy to pay any deposit, monthly and final payment as long as it adds up to the offer price.
How does the finance work? If the price on the ticket for "finance" is the amount that you borrow, and what you're adding up is the total payments, then you are including all of the interest and the advertised offer isn't. 5 grand seems like a lot of interest though??
 

·
Registered
Joined
·
1,477 Posts
Discussion Starter · #13 ·
hi, I have purchased my car through the carwow and I got the same figure as quoted on the website.
Was that for a cash or finance deal?

How does the finance work?
No idea. The dealer seems very reluctant to provide his working. There is no relation between the carwow offer price and the deposit/term/monthly repayment\GFV that I can see. I have calculated that the real apr being charged is 16% which is nuts. I can afford to buy cash hence happy to maximise deposit and minimise financed amount but guess there must be a certain amount you need to borrow in order to qualify for the manufacturers contribution?
 

·
Registered
Joined
·
1,477 Posts
Discussion Starter · #14 ·
With EVs I'd always take the lease deal and bargain on handing it back at the end - the technology is moving so fast that the second hand prices tend to bomb, pushed down by the later cars having much better specs..
That's a sensible approach to take. For Nissan Leafs the deals tend to be low deposits and monthly payments with a high GFV meaning there is lots of scope to negotiate on the difference between GFV and CAP. The deal I was attracted to based on headline figure appears to be structured differently with high deposit and monthly payment, and low GFV so it is almost certain that the true value would be considerably higher than the GFV, meaning you pretty much have to buy at the end.
 

·
Premium Member
Joined
·
1,347 Posts
I bought my current Leaf 24 via Carwow and the deal worked out to be really good. I'd suggest you look at the total cash outlay required over the term and compare that to what you're likely to incur if you buy outright. The Fleet News website gives predicted residual values for a range of ownership periods and mileages.

It's probably worth querying the figures with the dealer and also asking if they have a pre-registered or ex-demo car that's available for cash. I bought a one-month-old car at a crazy discount to list price and I don't have any concerns about residual value because of the fuel saving I'm going to enjoy.

Two years ago the consensus on here was 'lease because battery reliability is unknown and there will be a car with twice the range this time next year'. Well, in our case, a 30 kWh battery will give me very acceptable range, I'm confident in the technology and battery warranty and I'm happy to enjoy the benefits now.
 

·
Registered
Joined
·
1,477 Posts
Discussion Starter · #17 ·
I just used the carwow price as a bargaining tool. My local matched it and I bought it from them.
Good tactic. Unfortunately dealers seem to want you as a captive audience on premise before negotiating their best deal and the nearest EV specialist is over an hour away. I'm not in a rush so will pop in when I get the chance.

I'd suggest you look at the total cash outlay required over the term and compare that to what you're likely to incur if you buy outright.
Good advice and exactly what I was trying to do. Offer price for finance claimed to be £3000 less than cash price, but when I say "I'll have that then please", I'm presented with a repayment profile that equates to a total repayment that is £5k more than the offer, and £2k more than a cash purchase.

I'm pretty unimpressed with this particular dealership. Firstly 2 different branches of the same dealership provided quotes (meaning I only got 3 others), the nearer one then said they couldn't supply because they are not an EV specialist, the other seems unwilling to deal at the offer price. I'm ready to move on to the next cheapest dealer but am I going to find the same thing? Is it usual for the total amount paid under a finance deal to be the finance figure quoted by carwow?
 

·
Premium Member
Joined
·
1,347 Posts
I'm pretty unimpressed with this particular dealership. Firstly 2 different branches of the same dealership provided quotes (meaning I only got 3 others), the nearer one then said they couldn't supply because they are not an EV specialist, the other seems unwilling to deal at the offer price. I'm ready to move on to the next cheapest dealer but am I going to find the same thing? Is it usual for the total amount paid under a finance deal to be the finance figure quoted by carwow?
I don't think there's any real trend. I guess some dealers use fairly junior admin people to whack out quotes in response to queries. One of the recent quotes I got for a Leaf gave the OTR price as more than the official Nissan figure after PICG. The dealer contact said he'd look into it and I never heard back.

If you haven't already done so, it's worth contacting dealers who are active in the classified board here. By finding this forum and posting it's clear that they are taking EV drivers seriously and they will almost certainly be more enthusiastic, better informed and hopefully keen for your business. I've had a recent very good experience doing just that.
 

·
Registered
Joined
·
1,477 Posts
Discussion Starter · #19 ·
it's worth contacting dealers who are active in the classified board here
Again good advice. Seem to be quite a number to choose from if you want a leaf or Zoe. Doesn't seem to be quite so many for other marques. There is no list of recommended dealers on here is there?
 

·
Electric Leaf Man
Joined
·
1,641 Posts
Good tactic. Unfortunately dealers seem to want you as a captive audience on premise before negotiating their best deal and the nearest EV specialist is over an hour away. I'm not in a rush so will pop in when I get the chance.
You don't need to pop in.

I rang them, told them I had this quote and I'd prefer to buy from them. I said I'll put the deposit over the phone now if they'd match. 2 calls in 1 hour later deposit placed and car ordered. I didn't set foot in the dealer until I picked the car up.

No test drive, no time spent, it's the easiest sale they'll get.
 
1 - 20 of 23 Posts
Top