Morris
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It doesn't seem to be a good experience if you lease to be honest.
- Thread starter AVI_8
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8ob
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I am not sure how leasing companies are set up for warranty claims these days. In the past some waived the right to dealership warranties in the purchase deal.
Bob
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It is not something I would even consider TBH. Its like having a never ending mortgage.
I will stick with my end of life bangers.
Will an end of life EV be called a buzzer ?
AVI_8
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It would be a very brave person who buys an EV outside of a dealership warranty, my son did, the car needed a £5000 component part that’s another long story.
A work colleague bought a new Tesla, not long after the warranty ran out it broke down, again needs a lot of money spent to get it fixing and that was after it got a new battery pack fitted under warranty.
Having said that you can pay £4-5 grand for a second hand engine these days from a breakers, remember when you could go to a scrappy and pay £150 for a Pinto
Pigeon_Droppings2
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Within the first 30 days I think your rights are very strong...in my case I chose to allow the dealer to fix the car...but that was my choice.
My understanding is that provided the issue is raised in writing and evidence kept then the clock effectively stops at that point...so they can't simply delay things until day 31 for example.
I can't remember all the details but it's all online.
My understanding is that provided the issue is raised in writing and evidence kept then the clock effectively stops at that point...so they can't simply delay things until day 31 for example.
I can't remember all the details but it's all online.
You can see why so many (esp the "aspirational" types for whom the kudos they feel they get from having a new car) are being drawn to these "Lease" things.
Apart from the sheer insane cost of new vehicles now, there's the far greater worries of unreliability with potentially massive repair bills etc etc, along with crippling depreciation.
Add in the "Salary Sacrifice" incentives to sweeten the deal, with the (you'd have thought, though this thread by the OP blows that out of the water as a benefit) the perceived protection from breakdown & repair stress & cost - then especially the totally mechanically ignorant will be attracted.
But, maybe £7k annually to RENT a car - is total anathema to me. That's damned expensive motoring..... & this thread opens a whole new can of worms - in that (as @premmington pointed out) - your contract is with the Lease Co, not the car provider - very much limiting your legal recourse options.
Stuff that.
Apart from the sheer insane cost of new vehicles now, there's the far greater worries of unreliability with potentially massive repair bills etc etc, along with crippling depreciation.
Add in the "Salary Sacrifice" incentives to sweeten the deal, with the (you'd have thought, though this thread by the OP blows that out of the water as a benefit) the perceived protection from breakdown & repair stress & cost - then especially the totally mechanically ignorant will be attracted.
But, maybe £7k annually to RENT a car - is total anathema to me. That's damned expensive motoring..... & this thread opens a whole new can of worms - in that (as @premmington pointed out) - your contract is with the Lease Co, not the car provider - very much limiting your legal recourse options.
Stuff that.
I get it, you lease a car and its a fixed cost. If it breaks its their problem (or it bloody well should be, this company is terrible it seems, they should have been hounding the dealership from the start). If it wears out prematurely its their problem. All you have to do is drive it, pay for it, charge/fuel it, and depending on your lease put tyres on it, though some of the arrangements cover tyre replacement within reasonable limits also. If you trash it in a crash, the leaseholders own the insurance policy and they take the pain of sorting it out.
If your tight on finances without any buffer for when things go wrong but want a spanking new car, its a good way to buy sureity, albeit at a huge price.
The ones I was involved with had a guaranteed condition to return it in, so it would pay off the remainder of the leasehire's companies loan on resale (they take a loan out to buy the car, and the payments repay that loan + a bit of profit), and you had the option to instead settle the outstanding loan amount on the car direct and keep it.
So if the customer looked after the car, and liked it, they could save up towards the end of the lease and buy it out instead of it going for disposal, getting them out the cycle.
For the record we bought the mii ev mentioned earlier outright, I think it was about 11k because ti was the showroom's demonstrator, end of line, and had a few hundred km on it all put on by us test driving it and other ev's making our choice, then all the schemes and trade in for a old diesel ford galaxy had been factored in. Still havent had a single issue with it outside of the flap breaking and getting invisibly repaired with reinforcement mesh and epoxy by me.
Another year and it'll have paid for itself outright in fuel savings over running our clio4 estate diesel which is kept only for longer trips to avoid the mess that is charging point payments and infrastructure.
One does wonder how many Lease people have the spare income to save up and pay the balloon payment to keep the car though?
I suspect one helluva lot can't.
(It's good you managed to offset depreciation and Lease cost by taking on the Demonstrator.... no doubt that made setting aside money to buy it easier.... but most won't be able to do that).
Pigeon_Droppings2
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For the missus I do 3 year pcp cars...usually buy them out and then sell at the end of the warranty...costs about £3k a year if you buy right! Our second car is usually a shed...if it breaks I can just park it till I have time to look at it.
It all comes down to time cost...when I'm working i can't simply drop my work and spend a couple of days recovering/fixing a car.
I should add our EV was an epic fail on the cost front...won't be doing that again.
It all comes down to time cost...when I'm working i can't simply drop my work and spend a couple of days recovering/fixing a car.
I should add our EV was an epic fail on the cost front...won't be doing that again.
ajlelectronics
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premmington
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I run old cars and vans - but I normally got three or four on the go at the same time.
"working on your theory - one will still be able to get me about if I got a dead one - I not got time to fix"
addjunkie
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My brother in law leases an electric car think its a Polestar 4. Hes an accountant type, that works limited company, for major companies consultancy type stuff. He explained the numbers to me, with the car being a vatable expense, lower company car tax being electric, various other things. And the numbers seemed reasonable when viewed this way. But in their case the bonus is he works from home most of the time, or flys to his clients offices, most are in europe. So my sister uses the car and claims milage from her employer, and its charged at home with a solar battery set up.
As for buying out the lease final payment hes done that in the past with normal cars, but the depreciation on electric is just give it back after 3 years.
addjunkie
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Think this will be fairly common with most motors now, not just electric as theres over supply of new, and used prices have dropped like a brick post covid artificial inflation.
premmington
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Not sure how the big "finance houses" - are dealing with this - there are a lot of used three year old PHEV/EV's - nobody wants to "re" lease them - when they out of manufacturers warranty (I would not).
Reckon the first tear new ones - are gonna be big money monthly "for rent"...
New car sales need "second tear" buyers - to part fund the first tear purchases - it is just a chain - the bottom end needs to buy up the end of life cars from the bottom. The chain needs everybody to pay to make it work....
addjunkie
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Id agree, the numbers will need a rework, as it was cheaper to run a pcp new car than buying a 3 or 4 year old one for a while.
Company leasehire cars and the likes of car hire cars the likes of hertz etc are under 2 years old normally and under a certain mileage so they are disposed of with warantee still. They're de-fleeted and sold off at auction en mass to repay the outstanding loan. BSM and other fleet buyers cars go through the same process. I dont know how the 3 year private pcp companies deal with the question of disposal values because I never worked in one.
The clio was ex hertz at 12 months old bought directly from Hertz themselves because it had hit 30k and got defleeted before the mileage started to hurt its resale value, vastly cheaper than buying a used one from a dealers or private sale, and we got to hire the actual car and take it away (where it promptly went up on a ramp for a poke around) and return it if we weren't happy with it. You cant do that with dealer sales or private sellers without a lot of hassle & they get to cut out the risk from auction going low etc.
MIL in UK went to collect a 3 year old Renault Zoe GT today that was supposed to be perfect, she gets there and suddenly they want to sell her a warantee at 2.5k, the mats are all missing, its scratched and is a custom colour and the interior plastics also scratched and pethair and it hadn't been valetted, and it didnt come with the granny charger that it was supplied with new and they were very indifferent about all this. Also they insisted it had to go to them for all work to honor any warantee. She just walked away. It was imho top money for the age too.
Fault of the car design or fuel source? no just a shady dealer with crappy customer service and a ex pcp car that's been defleeted with a poor inspection. So yes, with cars of this quality getting in the supply chain, the market needs a readjustment. It should have gone off for remedial work on the finance companies insurance policy on the car condition that they have to have to guarantee their loan value, and the PCP driver having to pay the agreed portion of the sum for repair to put it back in the condition that the termination value merited.
What sort of size upfront payment is there to have a lease car?
badabec
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premmington
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