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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Is this a crazy idea

31 replies

Queenie6655 · 09/09/2021 21:53

So wise people

Honest answers please
Never had a decent car
Always gone for a cheaper one to last a few years

Thinking of splashing out on a Tesler e car or a Lexus brand new e car

Both 42 k
Over 4 years would be 540 per month and I have 10 k deposit

The man in the garage said they would guarantee the Lexus would be worth around 20 k if I wanted to sell it in four years

Maybe I'm totally mad
I spend 200 per month on diesel so with e car this would be 35 per month
I travel for work around 15k miles per year

Worth it ??

Or maybe dream on !!!

OP posts:

kitkatsky · 09/09/2021 21:54

What about the charging costs?

Original poster

Queenie6655 · 09/09/2021 21:57

Yes so around 20-35 per month

Got the dealer to double check this figure

Would hope to keep car 8-10 years

Prob an insane idea

But would love to know if anyone has done similar??

OP posts:

Palavah · 09/09/2021 22:02

I dont understand your figures: £540 per month for 4 years is £25,920. £10k deposit isn't going to bridge that to £42k.

A guarantee of £20k after 4 years isn't going to help you if you want to keep it 8-10 years.

3luckystars · 09/09/2021 22:03

Is there any cheaper alternatives that you would consider?

Nissan Leaf are nice too. Kia have a new E car coming out soon that are very cool too.
Pity e-cars are so expensive and so rare second hand.

If it will make you happy then do it, but remember cars look roughly the same inside when you are driving them, it’s mainly the people outside that are getting the pleasure of your expensive car!

If you are going ahead with it, I would get a loan from your own bank or credit union and definitely not the garage. Good luck.

Cocomarine · 09/09/2021 22:07

What do you mean guarantee it would be worth £20K? They can’t guarantee it’s worth. Do you mean he was guaranteeing a buy back price? If so, what conditions?

Personally, I think it’s a ridiculous amount to spend on a car.

WhenISnappedAndFarted · 09/09/2021 22:09

They absolutely cannot guarantee it's worth

Bluntness100 · 09/09/2021 22:11

I very very much doubt it is worth twenty grand in four years, electric vehicles are undergoing a manufacturer redesign due to the signficant fire risk from the battery.

Google it

In addition the cost of ownership is much higher than combustion engine cars due to the limited battery life and high cost to replace.

Personally I’d do a bit more research into electric vehicles before I went there if I was you.

CoastalMum101 · 09/09/2021 22:11

Paying £20,000 to have a car for 4 years sounds like madness to me. I probably spend that on holidays in that time frame though so if it’s the thing that makes you happy and you can afford it then go for it.

Original poster

Queenie6655 · 09/09/2021 22:12

@Palavah

I dont understand your figures: £540 per month for 4 years is £25,920. £10k deposit isn't going to bridge that to £42k.

A guarantee of £20k after 4 years isn't going to help you if you want to keep it 8-10 years.

No exactly

So maybe I need to pay extra after 4 years or they buy it off me for the amount they said?

I'm really confused

It's normally save a few years
Buy old car outright

No idea why I'm thinking of this e car

Very valid replies also

A car is a car

OP posts:

Original poster

Queenie6655 · 09/09/2021 22:13

@Bluntness100

I very very much doubt it is worth twenty grand in four years, electric vehicles are undergoing a manufacturer redesign due to the signficant fire risk from the battery.

Google it

In addition the cost of ownership is much higher than combustion engine cars due to the limited battery life and high cost to replace.

Personally I’d do a bit more research into electric vehicles before I went there if I was you.

Very very interesting

Will be reading more car reviews and probably leave it for a year or two

Good to know this

OP posts:

Original poster

Queenie6655 · 09/09/2021 22:16

Isn't there a grant for e cars under 35k in price?

Hmmmm

Need to do so much more research but really appreciate any ideas/wise words

OP posts:

Cocomarine · 09/09/2021 22:19

@Queenie6655

Isn't there a grant for e cars under 35k in price?

Hmmmm

Need to do so much more research but really appreciate any ideas/wise words

I’m not in the market for a car so didn’t know, but Google took me instantly to the government page. As you say - under £35K. So not for what you’re looking at.

SavoyCabbage · 09/09/2021 22:19

Buy a cheaper electric car seems the most obvious solution.

We've got a Hyundai and it's been recalled and the battery replaced so hopefully it won't go up in flames.

Original poster

Queenie6655 · 09/09/2021 22:20

Will spend some more time looking

Thanks all as always

OP posts:

Anordinarymum · 09/09/2021 22:38

If you have plenty of money why not lease a car? That way you will know if you really like it and if you don't there is no harm done and you can had it back and get something else?

Original poster

Queenie6655 · 09/09/2021 22:41

No clue about leasing

Do you sign up for a year or more??

Also I don't have plenty of money
I wish I did
Just saved for the last 10-15 years very slowly and have this deposit

Previous cars cost 1-2k max
Over 100,000 on each one when buying them

OP posts:

Original poster

Queenie6655 · 09/09/2021 22:46

Miles

OP posts:

CombatBarbie · 09/09/2021 22:47

Ahhh garage is trying to sell you a PCP contract, you won't own the car after 4 years unless you pay the balloon payment of the shortfall which is going to be over £10k going off your figures.

The guaranteed buy back is the assumption of like most its treated almost like a perm lease where you swap the car every 4 years for the newer one. We done it once but it worked for us as it was 0% interest deal.

If you are happy to never own a car outright I'd maybe look at leasing rather than PCP.

CoffeeBeansGalore · 09/09/2021 22:48

Research some economical cars costing about £5K. Some with stop start are only £20 per year road tax. And look at insurance costs.

If you choose one with better fuel economy, low road tax & lower insurance you will be able to save back that £5K over a few years. By which time there will be far more info on electric cars, updated technology etc & you will be no worse off than you are now.

Original poster

Queenie6655 · 09/09/2021 22:52

So useful guys thank you

My gosh I had no clue

So clearly not going to go ahead with this

Maybe in a few years

Also just wondering

Anyone know someone with a tesla car?

And b) if I go for a much older car would it be madness to consider a car with over 100k miles on the clock ?

Sorry to be so dim yet again xxxxxx

OP posts:

Kjr33 · 09/09/2021 22:53

If you have 10k why not just buy a decent second hand car and save the monthly costs? You should be able to get a really nice reliable car for that much (or half that tbh) what you save on monthly fees will more than cover any bills for a good few years.

Kjr33 · 09/09/2021 22:55

For a second hand car around 10k miles per year of its age is a good basic thing to look for. So if it’s 5 years old 50k miles (roughly obviously)

Original poster

Queenie6655 · 09/09/2021 22:57

@Kjr33

Absolutely

Plus I don't know where this crazy idea came from today

Then I test drove a Lexus and was like I need this car so much !!!!

The back of the car was tincccccy
Would make no sense at all

OP posts:

AuntieDolly · 09/09/2021 23:03

Why don't you do contract hire instead? If it's worth nothing at the end of 3 years and the batteries are shagged it's not your problem. We've had a lovely electric car for £180 per month

TiredButDancing · 09/09/2021 23:05

While I've never bought a properly expensive car before, I think it' entirely up to you if you love driving it and can afford it. I have just upgraded my car, buying a car because I love it rather than because it's practical for the first time in my life. I know lots of people who do the same but on more expensive cars because nice cars are their thing.

Having said that, you need to understand what you're signing up for. The salesman is basically selling you a car whereby there will be a large balloon payment at the end of the term. At which point you either need to pay it, refinance it, or give the car back. At that point, the difference between the value of the car and the ballon payment can be used as a deposit on a new car. which is what the sales guy wants you to do because they love it when you replace the car every few years.

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