Vehicle Finance | The Reality Of Leasing An EV

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Leasing is such a misunderstood topic and something we receive questions on all the time. And when it's such a big financial decision, you certain don't want to get it wrong. So in this video, we break it all down and do the maths for you so you can understand whether it's all it's cracked up to be and whether you can save money by going this route.
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5 июл 2024

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Комментарии : 66

@mikadavies660 8 дней назад

I lease my BEV.... buying my car from Citroën would have cost me £534/mth, with a £5,000 deposit. So I leased it.... deposit £1,200 and monthly payments of just £265. As well as cheaper payments, I do not have to worry about depreciation or breakdowns. Leasing allows me to test a new car for 2 years and then change to the latest technology.

@no-oneman.4140 8 дней назад

I'm happy to be corrected but don't lease companies work from the list price of a new car whereas you can buy a brand new car from a dealer for much much less . Electric Vehicle Man just released a video on exactly this today. He shows a brand new Nissan Leaf, list price £29,000 available for £16,500. Surely best to borrow the money from a bank and buy it outright.

@bordersw1239 8 дней назад

Lease companies can negotiate large discounts from manufacturers.

@grahambate1567 7 дней назад

Agreed

@galloway9707 4 дня назад

Yes this is a key point ignored from this analysis. Nearly always leasing is more expensive.

@poohstick777 8 дней назад

Agree with everything you say, great idea for newbies to have a proper go with an EV b4 fully committing but there are tons of pre reg and nearly new stock available for 50% less than new price. So if you know what you want and have the cash it brings that option back into the equation. The whole story is also leasing companies always like to 'play' you if the car is returned with any dinks, knocks, extra miles etc, some people don't like this hassle 👍

@solentbum 8 дней назад

For me the biggest drawback with leasing a car is the very low mileages offered. The VW example you showed had a restriction of only 5000 miles, most others only allow 6k or 8k miles before you get into penalty mileage payments. If you want more mileage in the agreement just watch how quickly the costs rise. My words of caution , an EV is so good to drive, and so cheap to run per mile, that your mileage will be much higher than with your ICE car.

@LeeP88 8 дней назад

Agreed however I found it cheaper to pay 12p per excess mile when I was getting quotes of 6k, 8k and 10k miles on NHS Fleet

@davetakesiton 7 дней назад

No, not true, you choose, most offer up to 20,000 miles if you want that much. The Kona I featured offers 30,000 miles. And no, you don't get penalties if you exceed 8,000 miles, you only get them if you exceed the number of miles stated in the lease.

@solentbum 6 дней назад

@@davetakesiton The monthly payments offered vary with the proposed mileage, the finance companies involved want a saleable car at the end of the lease period. I was only referring to a specific mileage as examples. If you look at the 'deal' for the VW Buzz that you showed it was the price based on 5000 miles per annum. I bet the deal would be different for 20K miles a year, etc. When I was looking for a PCP deal some time ago it just was not worthwhile at the mileage I proposed.

@mrmitch5054 7 дней назад

This is true provided that you only do low mileage, higher causes monthly lease to be much more expensive

@boballen2932 8 дней назад

Yep salary sacrifice has saved me a huge chunk in tax, plus I have a q4 and everything is paid for (apart from charging) but that’s still cheaper then petrol over the period of the lease compared with petrol/diesel

@mikejsoames1996 8 дней назад

Another very informative video. My Leaf is on PCP so I get an option to purchase it after 3 years, also my monthly payments are less than the diesel I had to purchase each month.

@ianemery2925 8 дней назад

Being disabled and living on Universal Credit and Disability Living Allowance, I dont know if I could even get approval for a new lease deal; I am not allowed to save up enough money to buy new, or newish (£6K in savings, then they start taking money away); so second hand is my only choice; what I did was look at how much I was spending on fuel and servicing parts for my ICE (I did all minor services myself until I got too ill); and how much it would cost in electricity to charge at home for the same mileage. That gave me a target of £320 per month, as insurance is almost identical - and that was my monthly loan repayment target; plus my £6K of savings and the trade in value of my ICE car. 2 years ago, prices were badly inflated; today, a similar amount would get me a MUCH newer and more capable car; however I am still very happy with my little EV; and if I qualify for a Motability car at my next assessment, I will keep it to teach my wife to drive (or try!). I prefer to own and not rent my cars; even if that increases the risk.

@karlwest437 8 дней назад

Leasing or buying, you're gonna lose money either way, you just have to figure out which option will lose you least

@davetakesiton 7 дней назад

virtually every car ever made loses money, the only question is by how much.

@steverichmond7142 8 дней назад

You are the registered keeper - that is important from a legal standpoint. Also there is always a hassle selling a car... Handing it back is painless.

@adwol48 6 дней назад

We lease our EV via salary sacrifice, obviously we benefit from lower taxes but after everything is done the new mach e is costing us 375 a month with mileage of 16000 a year this includes servicing ,tyres, insurance for 5 people etc pretty much any cost except charging cost is included, also we had no desposit so the total cost over 3 years is like £13500

@gunnarparment5050 8 дней назад

Just one little comment. I have only seen good lease deals for a yearly driving range of 10000 to 15000 km (6214 to 9321 miles). Anything longer than that, buying is much cheaper. At least in Sweden. You didn't even mention longer ranges.

@michaelketley1252 8 дней назад

I look forward to hearing more….

@Jaw0lf 8 дней назад

I leased my first BEV as it was far cheaper than PCP or any other option. Three years later, prices have risen drastically for a personal buyer, so ended up buying my Tesla Model 3 RWD. I took a lease that allowed just 1 month upfront and then the one I was happy paying each month.

@AndyUkLeic 8 дней назад

Big issue leasing through Tesla if you're an employee driving the car... Car needs ordering through the app, then the driver is just added as an extra driver.... This gives the boss access to your location and cameras 24/7.... Surly a breach of the employees privacy! Also unable to upgrade.. ie premium connectivity... Neither Tesla nor the finance company unwilling or unable to transfer the main access to the primary driver... This does not happen when you lease vie someone like Select car leasing

@markthomas9256 7 часов назад

Dave do you think that Labour would bring back a scrappage scheme similar to the previous one when they were last in power!? Just an idea for lower paid people to make the leap to EVs

@robertkimber822 7 дней назад

Compare buying an ICE car and leasing an EV. At the end of the lease/ finance on the car you have a different picture. The ICE buyer has an asset with the residual value you calculated, the leasing company company is stuck with the catastrophic depreciation that EVs inevitably incur. If you must have an EV, lease it. They're all disposable, anyway.

@trisknight9430 8 дней назад

Very few offering £2500 deposit on a lease

@davetakesiton 7 дней назад

I showed about half a dozen in just a few screenshots.

@trisknight9430 6 дней назад

@@davetakesiton dave yes but only for small cars no mid size Tesla is still only offering around 4K deposit

@JonathanMorris777 8 дней назад

I sold a diesel car in 2021 and made the decision to lease a petrol car (Citroën C3 top spec) for £147/m over four years. I hoped that by 2025 there would be more affordable options and I think I chose well. I now plan to get the e-C3 and hope it might cost me under £200/m and I'll get the money back on the fuel savings. I doubt there will be anything for under £150 due to inflation.

@dh10178 7 дней назад

With leasing you need to find the deal not the car. If you want a specific model it might not work for you

@pauldenney7908 5 дней назад

I think the best way to get into an EV is to buy a 3 year old ex-lease, ex-company car. I paid £10'500 for a 3 year old Seat Mii with 14k on the clock. Which ever way you do it you pay an awful lot of money for the "privilege" of owning a brand new car.

@mrmawson2438 8 дней назад

I keep trying with my dad to get an EV but he just says I'm 79 know and 80 in August

@stuartburns8657 8 дней назад

Why do you buy one? And why would you be pushing your 8p yo father to get one as well?

@grahambate1567 7 дней назад

I bought my first ev when I was 70 best thing I ever did

@stevenbarrett7648 8 дней назад

So what y9ou are saying is he who has leased has most ?

@Dentos19 8 дней назад

Personal contract hire is a great way to get a new car,small deposit and then take the car over 2/3/4 years whichever is the better deal,always shop the deal not the car because manufacturers put lots of bonus on cars to the leasing companies, no disposal problems or depreciation, includes all your road tax for the period of the contract👍🥳

@BMWHP2 8 дней назад

These numbers go for the UK, in the Netherlands it is the other way around. When i want to lease a Citroën ë-C3 Max for 4 years at 10.000mls a year, It will cost us around €500 a month. In 4 years that would cost us €24.000 for an EV that is new just over €29.000, and we end up with . . . nothing. After 4 years that €29.000 EV should still be worth 50% = about €14.000. . . . . . and we still own that EV. Question is. Who pays all the staff at the lease company? . . . . When I buy my car . . . not me. When you lease a car, . . . .you will pay the staff. Nothing is for free. But somehow, in the UK someone else is paying the staff at the lease companies?

@mrmawson2438 8 дней назад

Looks like you caught the sun will 👍

@harmony3138 8 дней назад

That was Viking!

@user-yl4st7wi5w 8 дней назад

buying only make sense if you keep your vehicle for say 10 years or more and you have money to buy outright. You can buy cheaper cars that are 6 months old and been used a demonstrators etc and get 10% off new price.

@stuartburns8657 8 дней назад

That 10k deposit over 4 years with even 4% interest (on the low end at the moment is nearly £1,700 bear in mind

@issiewizzie 8 дней назад

With 0% finance on PCP for Tesla, even though I had a chunk of the money I’ve placed that in an ISA Tesla stock. I need to make a capital walk for me.

@Chris-mh3vf 8 дней назад

Who the hell can do 8k per year? I do 25k without much holiday travel

@davetakesiton 8 дней назад

The average driver

@paulbuckingham15 8 дней назад

I do less than 8k miles per year. In the past I have done 25k miles per year from driving 50 miles each way to work.

@grahambate1567 7 дней назад

Well said

@gonzaloleviatanh 8 дней назад

The Ev market is changing very fast. It isn't just battery. There are some interesting Chinese car. I like the Zeekr X.

@archiefleming652 8 дней назад

Why wouldn't you decide the best car you at the start of the deal ?

@davetakesiton 7 дней назад

I once chose the best smartphone recommended for me and I absolutely hated it, I sold it and replaced it with a different OS. Sometimes what people tell us is the best doesn't work out for all.

@davidg9057 8 дней назад

You also earn investment income/interest on the difference in deposit. Buying an electric car makes no financial sense for an individual

@davetakesiton 7 дней назад

unless you want one!

@davidg9057 7 дней назад

@@davetakesiton I drive a Mercdes EQC - If I had brought it privatlely id be sitting on 40% depreciation in 12 months and if relying on public charging fuel costing more than petrol. Same for most other EVs

@huwjones5879 8 дней назад

Buy the 4yr old ex lease car.

@davidg9057 8 дней назад

They will be the ones that have been ragged around and have problems as the driver carries no risk

@computerbob06 7 дней назад

@@davidg9057The driver carries lots of risk with Finance or Lease, there's huge prices to pay at the end of the agreement if the car hasn't signs of jusr wear and tear on it! And then even that is ambiguous, as to the opinions of the people whom take the car back from you! You only have no risk if you hire a car with all the indemnities purchased!

@mrmawson2438 8 дней назад

Cheers Dave

@johndinsdale1707 8 дней назад

So , the BIK salary sacrifice is not that great even for a 40% tax payer. Octopus energy the largest BIK provider has quoted £400/month after tax saving for Tesla Model 3 STD This includes insurance and maintenance. An PHEV Citroen C5 Aircross can be leased for £200/month 3+24M 5k/year miles. So half the TCO. Buying new is a mugs game with market distortions especially PCP balloons!

@computerbob06 7 дней назад

Octopus can be on the expensive side but you should never just think about 1 car and then look at just 1 lease company, that's silly! But then, why compare a Tesla Model 3 to a crap Phev Citroën? No comparison at all! NB. Non Tesla driver

@mrmawson2438 8 дней назад

Afternoon mate

@stevenjones916 7 дней назад

Buy a Toyota and take full advantage of it's 10 year warranty.

@computerbob06 7 дней назад

That's with servicing at Toyota of course, expensive? Kia will allow you to service it anywhere for its 7 year warranty and don't forget that long warranties are usually limited as well! Then there's the thought of driving around in a car from a company that was inspirational with it's move to hybrids 30 years ago but has been slow to adopt EV's and has even held BEV sales back worldwide with global advertising saying how 'self charging' hybrids are the better choice!?

@crumbschief5628 8 дней назад

There's some strangeness in the lease offering. The lease company often get great discounts. I've seen as much as 30%. The lease company don't pay vat on buying the car, so if they get 30% off, they get 44% off list. You pay vat on the rental. The car is subject to vat when sold, so if the car is valued £40k when new and £20k when sold, they only pay vat on £20k. £4k instead of the £8k paid by those buying.

@davetakesiton 7 дней назад

I wasn't aware any commercial company buying any product didn't pay VAT, it's the law. Where is your proof Leasing companies don't pay VAT?

@crumbschief5628 7 дней назад

@@davetakesiton only experienced company vehicles with 50% or 100% able to be reclaimed. When you get a quote for lease there is with or without vat so i don't expect double vat.