On my previous leases, they wanted above market rate for the car so I returned the cars.
End of term is normally either return the car and pay for any damages or a cash sum to buy the car.
Not sure if they offer further finance on the cash sum though tho.
PCP - Equity at end of term
I'm interested in what people are being offered for their Enyaqs after three years, plenty of horrendous depreciation stories out there.
Negative equity anyone?
Negative equity anyone?
MY22 Enyaq 60 nav suite, Race blue, 21" Betria wheels, 100kW charging, Comfort seat pack basic, Climate pack basic, Chrome pack, Driving sport package basic, Assisted drive pack basic, Parking pack basic, Panoramic roof.
My 60 Loft, 21 plate, traded in recently at 2 years 11 months into a four year PCP deal, had a value that just about matched the outstanding finance. I had to pay the equivalent of one month's payment to the dealer, but that was refunded by VW finance as they had already taken it (this was because the dealer settled my finance before that payment was taken). So I was able to start the new PCP on my current car from zero. I understand they have adjusted the final balloon payments down a little recently in light of the relatively fast drop in second hand EV values. This does mean higher monthly payments, but less chance of being stuck if you want to trade up early like I did.
In the past, when trading in ICE vehicles as they approach the end of their term, I've usually had £1-3K surplus to top up the deposit, so this is the "worst" result I've had. In fact, the dealer has often called me 60-70% of the way into the term to tell me I've currently got decent equity and ask if I'd like to trade up. At least on a PCP deal you cannot ever be forced into a loss. The very worst that can happen is you reach the end of the term and hand back the car, starting with zero on any new deal.
In the past, when trading in ICE vehicles as they approach the end of their term, I've usually had £1-3K surplus to top up the deposit, so this is the "worst" result I've had. In fact, the dealer has often called me 60-70% of the way into the term to tell me I've currently got decent equity and ask if I'd like to trade up. At least on a PCP deal you cannot ever be forced into a loss. The very worst that can happen is you reach the end of the term and hand back the car, starting with zero on any new deal.
Thanks. I'm normally in a position of positive equity, suspect this wont be the case this time so doubt i'll make the same mistake twice and buy another new Enyaq.
MY22 Enyaq 60 nav suite, Race blue, 21" Betria wheels, 100kW charging, Comfort seat pack basic, Climate pack basic, Chrome pack, Driving sport package basic, Assisted drive pack basic, Parking pack basic, Panoramic roof.
The Skoda finance website is: https://myskodafinance.vwfs.co.uk/
(You'll probably have received an email with this right at the start of your agreement, but there are so many emails it's easy to miss!)
(You'll probably have received an email with this right at the start of your agreement, but there are so many emails it's easy to miss!)
Enyaq iV 80 Sportline, Energy Blue, Assisted Drive Plus, Infotainment Plus, Convenience Plus, Comfort Seat Plus, Transport Pack, Heat Pump, ME3.2. Delivered Nov 2021.
On order: Enyaq iV 85 vRS Maxx, Race Blue, Transport Pack, Heat pump. Expected Jan 2025.
On order: Enyaq iV 85 vRS Maxx, Race Blue, Transport Pack, Heat pump. Expected Jan 2025.
Thing is, if your in negative equity at the end, its acutally in your favour... You have paid them less than you should have, and get to walk away pocketing that difference due to the GFV. Your quids in.
If your in positive equity, its in their favour. If you walk away your giving up that equity, or you are forced to roll the deal into a new PCP, or find the money to pay the baloon payment.
The only time the negative equity is a problem, is if you want out before the end of the term.
'21 Enyaq 60 Ecosuite
Does anyone think that the rumoured changes in fuel duty etc in the forthcoming budget (I say rumoured as that’s all it is) might have some impact on the used values of eVs as ICE cars get more expensive to run?
Two Yaq;
Energy blue 60 suite, parking, convenience and climate pack basic
brilliant silver 80 coupe sportline plus
Energy blue 60 suite, parking, convenience and climate pack basic
brilliant silver 80 coupe sportline plus
As EV's will be paying a VED of sorts from next year they'll become slightly less attractive, coupled with no grants and massive depreciation and i believe they will be included in the 40k luxury car tax too.
Personally due to a change in circumstances I'm probably going back to an ICE vehicle soon anyway.
MY22 Enyaq 60 nav suite, Race blue, 21" Betria wheels, 100kW charging, Comfort seat pack basic, Climate pack basic, Chrome pack, Driving sport package basic, Assisted drive pack basic, Parking pack basic, Panoramic roof.
The new VED change affects all existing EVs too, which is a bit cheeky but unavoidable. The luxury tax at least is not retrospective, so only applies to EVs registered after it comes in next April, which is why I chose to upgrade this year to "lock in" my 85 Edition with no luxury tax.
I suspect we will see manufacturers adjusting prices to get under the £40K list price for as many models as possible as the EV manufacturing costs come down with economies of scale. At the moment the low residuals are probably partly due to the fact they could get away with charging a premium a few years ago due to grants etc. that are now long gone.
It is also possible the VED/luxury tax will all be mixed up again with per-mile charging if that goes ahead. They still need to promote EVs if there's any hope of meeting the current targets, so something like different bands of per mile charges for cars, starting low for EVs and then rising in line with CO2 emissions as VED currently does. Luxury tax would make far more sense as a VAT surcharge to be honest - why bother with the admin of charging different rates each year, when you could just slap a £2000 surcharge at new purchase on a £40K+ car, rising again in bands?
I suspect we will see manufacturers adjusting prices to get under the £40K list price for as many models as possible as the EV manufacturing costs come down with economies of scale. At the moment the low residuals are probably partly due to the fact they could get away with charging a premium a few years ago due to grants etc. that are now long gone.
It is also possible the VED/luxury tax will all be mixed up again with per-mile charging if that goes ahead. They still need to promote EVs if there's any hope of meeting the current targets, so something like different bands of per mile charges for cars, starting low for EVs and then rising in line with CO2 emissions as VED currently does. Luxury tax would make far more sense as a VAT surcharge to be honest - why bother with the admin of charging different rates each year, when you could just slap a £2000 surcharge at new purchase on a £40K+ car, rising again in bands?
This may be of interest to some, I have recently part exchanged our 72 plate Enyaq and got 20750 for it which was better than i was expecting.
Anyway our EV journey is over for a while as a change in circumstances made the return to petrol more practical.
Anyway our EV journey is over for a while as a change in circumstances made the return to petrol more practical.
MY22 Enyaq 60 nav suite, Race blue, 21" Betria wheels, 100kW charging, Comfort seat pack basic, Climate pack basic, Chrome pack, Driving sport package basic, Assisted drive pack basic, Parking pack basic, Panoramic roof.
