[Gordon Bradford]

It looks like lease prices are coming down for the EV6

 

[DrEskimo]

Zoom in on the small print. It's for a 5-year lease (9+59) with 5,000/year mileage.

 

[Cheshirecat]

Yes unfortunately another one of those nonsense "deals" I'm afraid

 

[Logicpro8]

These lease deals are terrible but some like them, few friends have them as work cars though schemes are work. But....as I learned in 2014 with Audi.... You are really tired in knots for the full term unless you pay 50% of outstanding balance. In this case, £4000 down and tied in for this 5 years at 5k miles, who keeps a car for 5 years or puts £4k into lease you will never see ever again, I suppose good if it was 0% deposit at 10k miles per year over 36 months . better putting £4k into a PCP deal with a glimmer of hope you may see it again. I got lucky in my past car, I did see the deposit again, £3.5k in this case. doubt I will experience that ever again but at least there is options with PCP that don't require you to sell your house

 

[EVJourney]

£30,766.60 over 5 years? You'd be better off just buying it.

 

[stageshoot]

£30,766.60 over 5 years? You'd be better off just buying it.

Of course you would be better off buying it

why do people seem to think these lease companies are charities. They are massive profit making machines and will take people for every penny they can to put a shiny new lawn ornament on the drive.

 

[TJEV]

It’s interesting that the term “lease” implies flexibility, yet it’s the most restrictive option. At least with PCP or HP you can get shot of it easily (and I have done, early in the term, many times over at little cost).

 

[EVJourney]

Of course you would be better off buying it

why do people seem to think these lease companies are charities. They are massive profit making machines and will take people for every penny they can to put a shiny new lawn ornament on the drive.

Yes but not always my 2 year Ioniq lease cost me less than £5k, yes for both of the years, I couldn't get anywhere near £5k off the list price when I bought it, and they are selling for ~£21-23k now.

In fact every lease deal I have every had, I would only be better off buying if I kept them 8+ years, and more like 10 years to be on the safe side.

I buy the deal, not the car, that is the trick

 

[stageshoot]

Yes but not always my 2 year Ioniq lease cost me less than £5k, yes for both of the years, I couldn't get anywhere near £5k off the list price when I bought it, and they are selling for ~£21-23k now.

In fact every lease deal I have every had, I would only be better off buying if I kept them 8+ years, and more like 10 years to be on the safe side.

I buy the deal, not the car, that is the trick

Try that when you do 50k miles a year ;-). £2000 a month minimum,

 

[Cheshirecat]

Here’s a test
On our fleet at work
19 plate LRover Velar 300 diesel is 3 years old in 5 weeks with 33000 miles on it

Could have bought it when new in 19 for £54397…. (£45330 +vat)but chose to lease instead purchase (driver choice)
£872+ vat a month including RFL and maintenance ( it has had. 2 services and 1 replacement set of tyres)
1+35 profile

Given that payments total £31392 +vat. That leaves £13938 plus 3 yrs RFL(£1500) plus Interest (say £4000) and 2 services (say <£750+vat)
So it owes them £19500+ vat-ish =£23500

How much do you think leasing company want off the driver to buy it at end of lease?

 

[Cheshirecat]

Answer £45500

 

[EVJourney]

Try that when you do 50k miles a year ;-). £2000 a month minimum,

You implied always better off buying, not just in some circumstances where you do massive mileage, and used the phrase ornament on the drive? I assume you mean if you do less than 8k it is an ornament? So not sure what the winky smile was all about.

People who do 50k a year have to be something in the region of 0.01% of cars/drivers unless they are a Taxi or Delivery vans/HGV, and they are business not personal so you expect to pay more for that sort of usage.

 

[Utumno]

Answer £45500

<spits tea on keyboard>

Drugs. Lots of drugs.

 

[CasperStorm]

Leasing works in your favour when the manufacturer wants to shift metal and can disguise big discounts in the deals they do with leasing companies.

Just now, however, you are paying for the car, AND the leasing company's costs as the manufacturers can't satisfy the demand.

Hence the shitty lease deals out there.

 

[MrMoonUK]

Leasing works in your favour when it’s on a salary sacrifice scheme, saves me 40% in tax and costs me 1% car value in BIK taxes

 

[dk6780]

Answer £45500

Which proves that the current market is "unusual".

Typically fashion items like that depreciate by 50-60% over 3 years and more so for that above average mileage and before you factor in the legendary unreliability of the Solihull product. That would bring the expected final value to somewhere closer to £22-27k under normal circumstances. Anyone paying more than that is taking a huge one way risk if supply and demand returns to anything more like recent decades. And ask any investor in tech stocks about "new paradigms".

 

[Panda]

Yes but not always my 2 year Ioniq lease cost me less than £5k, yes for both of the years, I couldn't get anywhere near £5k off the list price when I bought it, and they are selling for ~£21-23k now.

In fact every lease deal I have every had, I would only be better off buying if I kept them 8+ years, and more like 10 years to be on the safe side.

I buy the deal, not the car, that is the trick

100% agree with this. I am in the same boat for the last 5 leases. Buy when the deal is there, chase the deal, not the car. It is tough at the moment, but good deals will return. The question is can you wait?

 

[MashinBenzin]

Answer £45500

That’s a function of the crazy used market though. I bought a new 2019 Discovery that listed at £78k and invoiced at £67k in July 2019. I rejected it and it was replaced in July 2020 with another Discovery.

The booked value of the first one at 12 months old was £47k and it went on as an AUC at £53k. (Didn’t matter to me as LR funded the difference to the new car which had a £25k discount on the invoice, btw)

My identical 2020 replacement is now 19 months old and trades at £62k. Likely £20k more than it would have been anticipated to be worth at this age.

I’m not saying the Velar lease deal was good, but used prices right now are not remotely where they were “meant” to be when that deal was inked.