Goodbye to my MG4, a cautionary tale

[LenEV2016]

Yes, I agree with him but as @Chrisdriving says above you need to find a good lease deal and do your own spreadsheet!!

I guess you could disagree if your intention is to keep the car well over the 3 years but then there are unknown MOT and repair costs etc.

Never leased before but considering it for next time, in your experience is it better to try individual companies or use a site like leaseloco

 

[JonnyG]

I find it best to use Leaseloco or Leasing.com initially as they are like comparison sites where you can filter and rank the best value deals.

Then if you find a car you like you can click on the “Find Deals” or similar tab and it will give you the broker name offering the deal.

Then I go to the broker website and double check the deal is still there. It will also give more details and colour options etc…

See my inserts below. 1. My filtered search results (EV etc.) 2. The Deal Available. 3. The broker page with more details after Googling "Carparison".

If I was ordering now that's probably what I'd go for too !. Saw one on display in Meadowhall Shopping Centre and had a good look round and sit inside

They deliver to your house for free and pay all the VED. I stick to 2 year leases as you are a bit committed with a lease deal and I like to change car frequently!!! especially with EVs advancing so quickly

It’s hassle free motoring for two years and you can opt for a maintenance pack (servicing and tyres etc. if you want but I don’t bother for a 2 year lease.

It also doesn’t seem to affect your credit record as much as PCP as it’s not shown as a debt.

 

[Charlie the coach]

A bit of unequal comparison this though. Business lease or salary sacrifice schemes will always be cheaper compared to PCP. (Till government changes the rules).
Private lease can be quite more expensive compared to PCP. Also any manufacturer contributions do not apply.
As for any negative equity I can't see the problem.
Hand the car back and walk away. Same with a lease.

Hi Niki.
The problem is that I would be paying £300 a month for a two year old MG4 for the next two years before handing it back.
Although taking out a 4 year PCP and changing my car every two years before, the high depreciation has now removed that option.
The price I've quoted is the lease price before the Government salary sacrifice schemes kicks in, therefore like for like. I am a sole trader business and therefore I am not even getting the large fleet discounts and it is still a better deal. Therefore my comment is useful to the many solopreneurs out there (this forum doesn't only cater for employees, unemployed and retired folks.)
Add to that the list price for the Enyaq I described is £49,500, which means my similar monthly outlay is getting me a new, superior, and better equipped car with brilliant reviews in all the EV columns.

 

[Charlie the coach]

I find it best to use Leaseloco or Leasing.com initially as they are like comparison sites where you can filter and rank the best value deals.

Then if you find a car you like you can click on the “Find Deals” or similar tab and it will give you the broker name offering the deal.

Then I go to the broker website and double check the deal is still there. It will also give more details and colour options etc…

See my inserts below. 1. My filtered search results (EV etc.) 2. The Deal Available. 3. The broker page with more details after Googling "Carparison".

If I was ordering now that's probably what I'd go for too !. Saw one on display in Meadowhall Shopping Centre and had a good look round and sit inside

They deliver to your house for free and pay all the VED. I stick to 2 year leases as you are a bit committed with a lease deal and I like to change car frequently!!! especially with EVs advancing so quickly

It’s hassle free motoring for two years and you can opt for a maintenance pack (servicing and tyres etc. if you want but I don’t bother for a 2 year lease.

It also doesn’t seem to affect your credit record as much as PCP as it’s not shown as a debt.

I agree Jonny
PCP worked well enough for me over the years when I could change my car every two years with a trade in contribution to my next car. With the massive depreciation we are seeing now, leasing is a much superior option.

 

[JonnyG]

^^^^

Even more so now that EV’s are subject to VED tax. I know the MG4 is under the £40,000 luxury threshold but many EV’s aren’t and people forget that the lease company pay all the VED which would be over £400 a year alone for a PCP owner of that Polestar 4 I linked to above.

 

[domwild]

So, coming up to two years after buying my MG4 long range, registered November 2023, bought from Arnold Clark on PCP 0% finance. Overall I've been happy with the car, nice to drive and decent range, there have been a few niggles though. The original app was very flakey and inconsistent, although the recent replacement app works a bit better for charging. The tyre pressure warning light is a nuisance, always coming on when the car is cold which has me constantly checking the pressure. The infotainment screen is inconsistent especially using Android Auto and the DAB radio signal is awful. As I say, I've been generally happy with the car's overall drive and performance, the niggles are easy to live with.

My biggest disappointment is learning that the settlement figure after 25 months is around £2400 more than the car is now worth, despite it only having 8,300 miles on the clock and me putting in over £8000 deposit. I probably would have considered keeping hold of the car but I don't really want to pay £15,900 settlement for a car that's only worth £13,500. Lesson learnt is don't buy brand new electric cars at the moment as the depreciation is way too high. I've just sourced a Ford Explorer Long range, registered Aug 2024 with 230 miles on the clock, it has £2000 worth of driver assist extras on and would normally retail for around £47K. Cost to me is £29K for what is almost a brand new car, driven as a demonstrator. Still will be quite sad to see my little MG4 been driven away by the finance company next month.

Fully agree! As they said in the Wild West: The pioneers catch all the arrows! MG4 51kWh Excite, April 2024 AU$40,000 from John Hughes, West Australia, minus $3,500 WA gov. rebate. Two months later price dropped to $31,000, perhaps 2023 model? My warranty was 7 years, then it went up to 10 years adding insult to the lower price injury!

Now John Hughes will no longer advertise the price for the 2025 model, but competitor is asking $38,000, no more WA gov. discount. So MG has upped the price as too many complained about the drop in price of brand new MGs. There is strong competition from BYD with its Dolpins, Attos, etc.

Battery prices will drop year-by-year and performance will increase, so drive your ICE bomb as long as possible as ICE/EV parity is around the corner.