Hello, newbie with questions about buying, leasing and suchlike

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Foulenough
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Hello, newbie with questions about buying, leasing and suchlike

Post by Foulenough » Sun Dec 01, 2019 10:24 pm

On 6 April 2020 I want to celebrate the new tax year and BIK changes by taking delivery of a Corris Grey SE, with air suspension, HUD, panoramic roof, configurable ambient lighting (the mistake was letting the children know the option existed).

The whelk stall is doing okay and it should have ample free cash in April, so I’m not inclined to lease. However, there’s a small VAT advantage with leasing, which confers a 10% saving, and I’m pretty comfortable about staying in mileage limits. Is there any reason to think that iPace residuals are risky enough that leasing might be a good idea, even given all the extras I want to add?

The other question is when I should buy to get the best deal and to have the car turn up at the right time. December when quarterly targets loom? January or February to ensure it is 20-plated? And, is there any chance that the combination I want is going to appear on a forecourt for a keen price in March with a 19 or 69 plate? Air and panoramics seem quite common on test cars and the Jag approved used website, but HUDs never seem to appear, and AIUI they aren’t aftermarketable.

I also suspect that I’d be perfectly happy with 18” wheels and springs, but leather seats, driver pack, folding heated mirrors are all essential, which is what’s sending me down the SE route, even though that means spending £1100 on air to compensate for the bigger wheels. That’s a residuals question as well, really, I’m guessing that a ludicrously pimped S wouldn’t be as sellable in 5-8 years time as an SE. But that may be wrong.


Yousif
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Location: Oxford

Re: Hello, newbie with questions about buying, leasing and suchlike

Post by Yousif » Mon Dec 02, 2019 3:29 pm

I researched both the IPace and Tesla Model 3 for contract hire leasing deals and found the iPace to be better value as long as you find a promotional deal, in fact cheaper than buying outright by my calculations even on a personal lease. Like you I started with a specification (SE, including HUD, 18" wheels, heated seats) but found that as soon as you ask for a factory order the contract hire charge shoots up. In the end I went for a standard stock SE from a Jaguar dealer at the end of October. I found that nearly all stock specials are standard spec cars (S, SE or HSE), usually in white or black- if you don't mind that you can get some great deals depending on the timing. The lead time on factory orders is also quite long (I was quoted 14 weeks).
Narvick black SE MY20.


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NightFox
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Location: Shropshire, UK

Re: Hello, newbie with questions about buying, leasing and suchlike

Post by NightFox » Mon Dec 02, 2019 4:08 pm

I went for the leasing option rather than cash as I was also concerned about the residuals with potential advances in battery technology over 3 years. I was actually going to go for PCP so I could still reap the benefits if residuals were high, but for me the leasing numbers worked out much better than PCP. Still not sure whether I made the right decision though.

If you're looking at leasing/PCP and want a few extras, do the price comparison with the next model up if that includes those extras, even if it also has extras you wouldn't want - as it can still work out cheaper. Basically, any extras you go for will be charged back to you at 100% over the length of the contract, whereas the car itself (and anything that comes with the spec) you'll only pay the predicted depreciation on. Unfortunately some of the "must-have" (for me) options such as HUD and air suspension are extras on any spec so I'll end up paying 100% of the cost of those over 3 years and won't get anything back for them.


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Spiderand
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Location: Gateshead UK

Re: Hello, newbie with questions about buying, leasing and suchlike

Post by Spiderand » Mon Dec 02, 2019 4:29 pm

I went for PCH on a promo deal (no up front deposit, decent monthlies).
It was a great deal but mainly my drivers were that with the fast pace of advances in EV tech I didn't want to own or part own something that felt obsolete to me in three years.
Maybe I'll feel differently in a few years when the tech stabilises a little more and the I-PACE MKIII is able to fly.
Narvik Black SE - standard spec - 2020 model


Adski989
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Location: United Kingdom

Re: Hello, newbie with questions about buying, leasing and suchlike

Post by Adski989 » Mon Dec 02, 2019 7:50 pm

Leasing was the cheapest way i found to using an I-Pace, i like to change my cars every 2/3 years. £16k for 3 years usage and 30k miles in total seemed like a deal i couldn't pass on, i'd expect depreciation to be £25k to £30k after 3 years for a base £60k model.


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anorak
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Location: Cambs. UK

Re: Hello, newbie with questions about buying, leasing and suchlike

Post by anorak » Mon Dec 02, 2019 8:58 pm

Adski989 wrote:
Mon Dec 02, 2019 7:50 pm
Leasing was the cheapest way i found to using an I-Pace, i like to change my cars every 2/3 years. £16k for 3 years usage and 30k miles in total seemed like a deal i couldn't pass on, i'd expect depreciation to be £25k to £30k after 3 years for a base £60k model.
That is an exceptional deal! I take it it's a business lease. The best personal leases on those terms are £21 - £22k at the moment.

The depreciation on a £64k S model with a few extras is £22k after 3 years. Or at least that's Jaguar Finance's view with their guaranteed minimum future value.

Leasing is still cheaper overall though - the interest on a PCP is 8 grand over 3 years.
I Pace EV400 S, Caesium blue, Oyster leather, 18" wheels
MY19, delivered 01/2019
IMC: S19B_19.40.4-436082 || Telematics: 17.2
Now on its 2nd front EPIC


Adski989
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Location: United Kingdom

Re: Hello, newbie with questions about buying, leasing and suchlike

Post by Adski989 » Mon Dec 02, 2019 9:07 pm

Nope it was a personal lease, VAT included.... they only had 3 vehicles at that price from what i was told, i got very lucky i think. But if you're putting options on a car leasing isn't always the cheapest as the full cost of the option is normally charged over the term.


Foulenough
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Joined: Sun Nov 10, 2019 7:56 am
Location: London

Re: Hello, newbie with questions about buying, leasing and suchlike

Post by Foulenough » Wed Dec 04, 2019 7:31 pm

Thanks for all replies, oddly although they were all from leasers they’ve confirmed my thinking that with £4.5k of extras it’s better to buy.

The only real worry left is that BIK rates will shift back to something exorbitant in 2023/24, but otherwise (with that monstrous buffoon Johnson looking nailed on to screw the automotive industry completely in his pursuit of English nationalist votes), residuals look just as likely to improve due to tariffs and scarcity as to be eroded by innovation.

Cheers again though, and I’ll be back in April with stupid questions about the actual car, looking forward massively, it’s like being a kid on Christmas Eve in certain expectation of a Lego cornucopia.


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anorak
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Location: Cambs. UK

Re: Hello, newbie with questions about buying, leasing and suchlike

Post by anorak » Wed Dec 04, 2019 9:04 pm

You'll love it however it's financed but I just wanted to clarify that I actually got mine on a PCP deal over 3 years - total cost c. £30k minus any residual value above the GMFV at the end of the term.

My point really was that in hindsight I'd go for a lease deal now, especially as there are some cars supposedly in stock for lease. Unless you're right about Boris I'm not confident that there'll be £8 - £9k equity in mine at the 3 year point. I jumped in because I wanted it NOW! (at the time).

And any BIK change won't affect you in that period - unless whoever becomes our new P.M. reneges on that promise. That wouldn't be like a politician though would it.....
I Pace EV400 S, Caesium blue, Oyster leather, 18" wheels
MY19, delivered 01/2019
IMC: S19B_19.40.4-436082 || Telematics: 17.2
Now on its 2nd front EPIC


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