kbfern
Distinguished Member
I am getting bitten by the bug to buy an electric car possibly a new Enyaq IV60 probably a loft spec with minimum options so around £34k, my dilemma is how to finance it and what the car is likely to be worth in 3-5 years.
I am 69 and wife is 65 currently we will have no personal car to px and drive around 6-7k miles a year. Looking at leasing there seems to be deals around where we could pay around £300-400 per month for 48 months with advance rentals of £3k and no option to buy.
If we were to choose a standard loan to buy outright we would be looking at borrowing £30k paying back over 4 yrs would cost £700 per month and interest cost of about £3.5k
We have the cash available which earns virtually nothing in interest so could afford to buy outright and have reduced savings but would have no payments for the vehicle each month which could replenish our savings.
I think the buy outright for cash seems the best option, what do you think?
Also what is the Enyaq likely to be worth after say 3 years (around 50% of purchase price maybe?) with less than 20k miles on the clock as by then we may choose to px for a new vehicle which by then could be cheaper/better than todays models.
Thanks for any advice.
I am 69 and wife is 65 currently we will have no personal car to px and drive around 6-7k miles a year. Looking at leasing there seems to be deals around where we could pay around £300-400 per month for 48 months with advance rentals of £3k and no option to buy.
If we were to choose a standard loan to buy outright we would be looking at borrowing £30k paying back over 4 yrs would cost £700 per month and interest cost of about £3.5k
We have the cash available which earns virtually nothing in interest so could afford to buy outright and have reduced savings but would have no payments for the vehicle each month which could replenish our savings.
I think the buy outright for cash seems the best option, what do you think?
Also what is the Enyaq likely to be worth after say 3 years (around 50% of purchase price maybe?) with less than 20k miles on the clock as by then we may choose to px for a new vehicle which by then could be cheaper/better than todays models.
Thanks for any advice.