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The thing with depreciation is it only affects you if you sell after a couple of years. I have had my Stilo for 12 years and is currently worth about £500 as a trade in. So you could say I’ve lost £8100 since purchase, which is true but as that works out at £675 a year so hardly steep… it probably lost £6k of that in first 2 years.
I’m not convinced PCP removes the risk of depreciation, unless your considering £6k for 3 years driving a bargain. Your just removing the pain to an extent of selling a car back to a dealer for half of what its worth (which incidentally is what you still owe). Positive equity in any car is not a given, unless you bought an original supercar, never registered it and stored it in a air tight bubble.
The prices on Renault site are always there for negotiation with the dealer, probably a good few £k profit for those few who pay top dollar. I know I could get the price down on new, but could I get it anywhere near second hand prices? Debateable. Which is why I’m currently leaning towards 2nd hand.
Unless of course someone tells me of woes of unreliability with higher mileage ZOE models of course?
I have to admit my partner is sick of me going on about the ZOE or hearing me watching Alloam YouTube voids lol. I wither go cold turkey or I buy one very soon.
For your partner’s sake, Sandy, just bite the bullet!
I am with you, btw, on the general finances. I paid much more for mine new than they are now going for, which could make me a little bit bitter and twisted inside except that I plan to keep it for a good number of years so it will begin to level out… Or at least that is what I am telling myself at the moment until the next best thing arrives.
Your videos, especially your long range drives are going a long way to convincing of the viability of EV ownership.
I’m on vid 14 tonight.
Vid14! How many videos have you done alloam?
I’m with alloam – ‘bite the bullet’ Sandy…one way or the other. Perhaps PCP is not for you…it’s not for everyone. It’s for those who want to have a new car and not have the worry of high maintenance costs or the depreciation. You are paying to offset those costs onto the other.
If that’s not you so go with outright ownership. Your anxiety is telling you to make a decision…what’s it gonna be?
I’m not convinced PCP removes the risk of depreciation, unless your considering £6k for 3 years driving a bargain.
It doesn’t remove the disk of depreciation; it removes the risk of it being unbearably high (or an unknown).
I’d consider it better to have £6k guaranteed for your ZOE after 4 years than buy it cash/own finance and it might be worth £3k!
Dr Steel got £7k trade-in after just 1.5 years. I don’t see how a 4 year old one *after a 200mi range ZOE is available* can possibly be worth £6k.
Obviously, if you plan to keep the car a long time; then handing back and starting over after 4 years might not be attractive. However if you’re likely to swap around then (which, I think is likely for most, given how tech, selection, range, prices will have changed by then), I think it makes perfect sense.
I know I could get the price down on new, but could I get it anywhere near second hand prices?
That depends if your used price is £9k. You can get a new ZOE for around £11k with almost no effort. I’d definitely pay £2k for longer warranty, no miles, first registered owner, choice of colours, etc.
If you can get a great used one for £6k, then it’s slightly blurrier.
Positive equity in any car is not a given
Correct; and I don’t think anyone is expecting it in their ZOEs in PCP. I only mentioned it because *if* it happens (and that’s the only reason the GFV wouldn’t be a great thing) you’re in profit anyway. There’s no way the effectively depreciation on PCP can be worse than the actual depreciation except for to the value of the 6% interest; and it seems incredibly unlikely to fall within that range.
We all have to remember we loos 20% straight after putting your foot down from dealer and driving away. £2k+ lost gone forever stupid VAT..
It my first time PCP after so many years of loosing 8-10-14k on cars after two years.
Here is one for you I bought a brand new Motorhome in 2009 after my mum passed away as she said enjoy yourself but on with the money I leave you so I did. 18 months later after paying £42k I got £26k back loosing a lot of dollar.
Now having a PCP putting £129 deposit down and in 4 years with battery lease I will have paid £10k which is what I have just lost on my 2 year old Mokka so all in all not a bad deal. But in 4 years I will change again there will be better battery tech out.
Go and sit in a tesla garage or Nissan and see what real you get there trust me the Zoe wins hands down I have been there and asked.
Buying 2nd hand is a massive risk with like any second hand car with warranty etc what happens when something goes wrong with like the dash display or something not covered and being new tech what will it cost.
I used to by second hand and to be honest I probably won’t again high risk in the failure department at a cost to me is my worry.
Craig
Craig – there is a clause on our battery contract that means we can exit our battery contract at some point and then enter into another agreement. I haven’t looked at this clause yet as I know it is too early for me to do so but I think there is a possibility that we could get a better battery contract deal without waiting 4 years. Something I plan to look at later.
but I think there is a possibility that we could get a better battery contract deal without waiting 4 years
There is a possiblilty that you can switch battery in a few years. I am going to say around 2017 – 2018. This new battery would probably be in the next Zoe version, could have a higher energy density and would give you more range. Renault have hinted at this possibility. Would probably require a software upgrade and stuff so it might not be free. I am closely watching Renault battery development. Then again, I am hoping to replace Zoe with a Tesla Model 3 when it become available if money will stretch 🙂
I was meaning exiting our battery contract and re-contracting from cost saving point of view rather than for tech reasons.
So I pay £70pm for my battery however as soon as I can exit my contract and enter into a new one which I can do part way through my existing lease contract…I believe….then I will instantly make a saving. Something I plan to look when the release clause allows.
There is an 18 month break clause in the battery lease contract I believe.
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