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I struggle a bit with the concept of PCH and PCP, it's maybe a generational thing, I don't like debt.
PCH isn't really debt it is rental, you just pay to use something. Putting cash into a depreciating asset isn't really a great idea, but many of us do it. Historically I too have always paid cash, from my company in the case of the Ampera, but it isn't always the best plan. It is easy to ignore that the £30K car you bought and traded in after 3 years for £15K (50% residual is not that unusual) cost £417 a month in depreciation. Obviously keeping longer reduces depreciation, but cost to change becomes very high. Yes, we have done well with low depreciation on EVs in recent years, but with cheaper ones on the horizon, that probably won't last.

For people who want a new car every 3 years, when you look at that £417 a month depreciation some PCH deals are difficult to argue against.
 

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Would be fully paid off in 5 years and would try to keep it for another 5 or so
Keeping a car 10 years definitely reduces depreciation per year, but after Year 5 maintenance costs tend to rise. With a BEV the risk of a significant fault is low, but the cost to repair can be very high. Even a faulty heater or air con can cost £1000 or more due to cost of (EV specific) parts and not always easy to access. Costs will come down as more independents fix EVs and salvage parts come available, but it won't be as cheap as fixing an ICE.

If you are looking at that length of ownership then I would suggest cars with longer warranty that can hopefully be extended at affordable cost. The new Zoe has 5 years (with some limitations) or perhaps a Kia Soul with 7 years. Do consider ex-demo or 1 year old too as cash prices are often better due to less manufacturer support on finance deals.

Good luck...
 

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Yeah I wouldn’t keep a zoe past the warranty given our old 22kwh one had about £3k worth of work due to the seeded heating and suspension faults, you don’t want to keep any EV out of warranty as labour costs are the killer as generally only dealers can fix them, even then I question that lol
 

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Discussion Starter #24
Yeah I wouldn’t keep a zoe past the warranty given our old 22kwh one had about £3k worth of work due to the seeded heating and suspension faults, you don’t want to keep any EV out of warranty as labour costs are the killer as generally only dealers can fix them, even then I question that lol
The 5 year warranty is giving the Zoe the edge over the corsa at the moment. I think that you can extend the warranty too. Is that right?

Not committing to keeping it for 10 years. May sell it before then but would like to at least have the choice of holding on to it if running well.
 

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Worth remembering that a Zoe has very reasonable cost to extend the warranty from the manufacturer's standard (either 3, 4 or 5yrs depending on the MY). £289 for the first year extension, and then it looks like £319/year for the subsequent years until the car is 10years old.

When you consider it's relatively easy to buy a three year old 41kWh Zoe and have in fully in warranty (car and battery) for a further 5 years at relatively little additional cost, a used Zoe will have much much lower running costs than any brand new lease.

Case in point, had I used EVEZY to get my Zoe back in Feb2018 I would have spent close to £5,000 by now. Instead, buying my used Zoe has cost me less than about £1,000 all in. Probably less.

Since I bought it, my only outgoings have been £200 on annual insurance and £40 on an MOT (and of course paying for charging). Have another year until I have to worry about paying for services or extending the warranty.
 

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A new car every 2 years? That is a level of consumerism that I would struggle to live with.

In those circumstances, I don't see the appeal of 4.5% deals where you get hit with a massive balloon payment at the end. Am I missing something?
If you are looking for the lowest possible cost, it is usually best to buy 2 or 3 year old car and drive it until it is beyond economic repair.

The PCP and PCH deals sometimes have a large incentive that is hard to match with a cash or hire purchase. Taking one of these deals can be a lot less expensive than buying a new car and selling it after 3, 4 or 5 years.

We took the 0% APR PCP deal on Debbie's Mazda. We had always planned to keep the Mazda 5+ years but now I'm happy we have the flexiblity to hand it back in October. I may be made redundant when the Furlough program ends.

With LEAF 24, I never wanted to keep the car. I knew there would be something better in two or three years.
LEAF 30 I would have kept but the PCP deal was really cheap - £199 down £205 a month for 10,000 miles a year and 2 years. At the end the balloon was thousands more than the car was worth so keeping it didn't make sense.

The i3 was as much an emotional decision as a financial one. I doubt I would keep any i3 out of warranty and BMW's extended warranty is expensive. The DriveElectric PCH deal easily beat anything else but I'm paying a lot to rent the car.
 

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LEAF 30 I would have kept but the PCP deal was really cheap - £199 down £205 a month for 10,000 miles a year and 2 years. At the end the balloon was thousands more than the car was worth so keeping it didn't make sense.
Unrelated question, but do you happen to recall what the actual price of the car was? As in how much did you finance overall, on top of the £199 deposit?

Also, do you happen to remember the GFV, and the trade in prices you were offered?

I've always been curious but when I search everyone quotes monthly costs but never the actual prices!
 

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If you are looking for the lowest possible cost, it is usually best to buy 2 or 3 year old car and drive it until it is beyond economic repair.
That's my normal pattern. Previous cars in the house hold were 12 and 14 years old before being beyond economic repair. Current other car is a 57 plate Honda Civic, bought 4 years old, now 13 years old and still going strong. A few minor niggles (known issue with radio screen fading out, which is apparently a connector that is very awkward to get at that becomes corroded and the air-con has yet another hole in the condenser - its low down at the front so prone to stone chips. Can't be bothered placing it a third time).
I plan to keep my Zoe till it dies - hopefully after about 15 years :).
 

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who wants to keep a car more than 2-3years don’t people get bored? Personally 2yrs is my maximum
Goodness, I can't see the logic in only keeping a car for that long. You must have chosen some boring cars in the past? 8-10 years is usually our max time owned due to running/parts costs etc. I am talking ICE cars so an EV might be completely different.

part using the Scottish Government 0% loan
I don't see the appeal of 4.5% deals where you get hit with a massive balloon payment at the end. Am I missing something?
Everyone else in the UK has now choice but pay the interest on loans, I think many float around 2.9% (unless you can borrow from the parental bank of course). I just want to know where the Scottish government's getting the money from in the first place! 🤷‍♂️
 

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Everyone else in the UK has now choice but pay the interest on loans, I think many float around 2.9% (unless you can borrow from the parental bank of course). I just want to know where the Scottish government's getting the money from in the first place! 🤷‍♂️
Id take a fair guess at all the extra tax we pay compared to the rest of the UK ;)
 

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The 5 year warranty is giving the Zoe the edge over the corsa at the moment. I think that you can extend the warranty too. Is that right?

Not committing to keeping it for 10 years. May sell it before then but would like to at least have the choice of holding on to it if running well.
extended warranty isn’t on same terms though and only up to value of car, which could be limiting Given the cost of repairs and parts
 

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Goodness, I can't see the logic in only keeping a car for that long. You must have chosen some boring cars in the past? 8-10 years is usually our max time owned due to running/parts costs etc. I am talking ICE cars so an EV might be completely different.



Everyone else in the UK has now choice but pay the interest on loans, I think many float around 2.9% (unless you can borrow from the parental bank of course). I just want to know where the Scottish government's getting the money from in the first place! 🤷‍♂️
well I wouldn’t call a P model X boring, that was 3 years before it went back as the newer Tesla’s are even better, why keep an EV for long when the tech is changing every year to make the cars even better, just look at Ze50 vs 22 zoe it’s a joke, the dash in the 22 zoe is from a 2009 scenic!
 

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well I wouldn’t call a P model X boring, that was 3 years before it went back as the newer Tesla’s are even better, why keep an EV for long when the tech is changing every year to make the cars even better, just look at Ze50 vs 22 zoe it’s a joke, the dash in the 22 zoe is from a 2009 scenic!
Alternatively, why pour money into the drain if the car you have is adequate for your needs? Eg - look at a ZE40 compared to a ZE50. Cost to change is > 10 grand - for that you get a small increase in range and power, a nicer interior and CCS. Not worth it to me, but others may disagree - your perspective is clearly different given 3 years in your Model X probably cost as much as me buying the Zoe outright.
I drive an EV because it is cheap efficient green motoring. I don't want more tech in my white goods, it is just more stuff to go wrong. If I want something fun and different, I'll get a classic ICE alongside the EV.
 
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