Alternative cars to Enyaq

[IanEV]

So I’m in a dilemma.

Having bought my car on PCP two years ago, do I carry on with my original plan of paying the balloon payment in two years time to own the car?

Autotrader appears to show the current value of the car is around £25k. To pay the finance off would cost £21k today.

What do people think the car will be worth In two years time? Is the value of the car likely to be higher than the balloon payment of approximately £13k? I have my doubts.

Additionally, I can now get a car from my employer on salary sacrifice, a Tesla model y is £540 @ month as an example.
This figure includes insurance, servicing and tyres so is close to the monthly finances for the Enyaq.

I need a car with a hatchback for a dog so looking for alternatives to look at the cost difference.

I’m concerned about owning the current car when it’s out of warranty in a year.

[wassap]

Theres quite a few cars now in reality. I looked at the Ariya, I4, EV6, EQB & XC40. They all have pros and cons, the perfect car doesnt exist :p

[Ken3966]

You have to do the calcs and work out the tax benefit to you.
Bear in mind that you know your own car and can decide if it suits you or not and is a good long term bet as always cheaper to buy secondhand.
If you go to a Tesla you have to like the style and spartan interior, which doesn’t seem to wear well after looking at display cars. I doubt if you can keep it anyway at end of lease?

[Stripy]

So I’m in a dilemma.

Having bought my car on PCP two years ago, do I carry on with my original plan of paying the balloon payment in two years time to own the car?

Autotrader appears to show the current value of the car is around £25k. To pay the finance off would cost £21k today.

What do people think the car will be worth In two years time? Is the value of the car likely to be higher than the balloon payment of approximately £13k? I have my doubts.

Additionally, I can now get a car from my employer on salary sacrifice, a Tesla model y is £540 @ month as an example.
This figure includes insurance, servicing and tyres so is close to the monthly finances for the Enyaq.

I need a car with a hatchback for a dog so looking for alternatives to look at the cost difference.

I’m concerned about owning the current car when it’s out of warranty in a year.

I’m in same boat as you - what to do, what to choose.

Very much looking at the finance quotes. If you order a new 85/85x ‘yaq now, you should be able to get the 0% - but the thought of £14k deposit to get same payments as I have now, is not really an option I want to explore, so I’ve started looking on the lease-option as well.
Sadly my employer doesn’t offer any salary sacrifices for cars (only bicycles), so have to look on it for myself.
Tesla MY you can get right now with £3,5k down then 24 months of 399. Insurance is for yourself.
I’d ideally want to wait for the refresh, but that may not come until spring ‘25 here in UK - at a higher price, so if I start now, I should be lucky to get a decent monthly payment again on a face lifted MY.

And these face lifted versions is my dilemma - I want the upgraded version.
Had a test drive in the Polestar 2 - lovely car, but too narrow in the cabin - smaller than the Enyaq.
EV6 not updated yet - and I think it has got an important issue with being incredibly easy to steal.
Beemer & Mercs out of my price league, not really a fan anyway.
Stellantis- not enough range nor cabin.

Oh decisions, decisions

[orrery]

Autotrader appears to show the current value of the car is around £25k. To pay the finance off would cost £21k today.

So, order your new salary sacrifice car, sell the enyaq for 25k and pay off the 21k finance. Win win.

[Ken3966]

Autotrader appears to show the current value of the car is around £25k. To pay the finance off would cost £21k today.

So, order your new salary sacrifice car, sell the enyaq for 25k and pay off the 21k finance. Win win.

Surely you can’t sell a car you don’t own legally!
First you need to pay off the finance and obtain all the documentation needed to prove you own it.
Then you can sell it.

[MK09]

Autotrader appears to show the current value of the car is around £25k. To pay the finance off would cost £21k today.

So, order your new salary sacrifice car, sell the enyaq for 25k and pay off the 21k finance. Win win.

Surely you can’t sell a car you don’t own legally!
First you need to pay off the finance and obtain all the documentation needed to prove you own it.
Then you can sell it.

You can sell a car with outstanding finance secured against it. Car buying services like Motorway, Carwow and WBAC will settle the outstanding finance with the finance company on your behalf, and you keep the remaining equity that’s left. There’s no need to pay it off beforehand and then sell.

[Dorsetandy]

My Enyaq is just over halfway through its 48 month PCP with a similar £13k to buy outright. I can’t make my mind up what to do at the end of the PCP, or even whether to keep for another 2 years. Second hand car values seem to have plummeted imo, or “market adjustment “ is the term dealers seem to use. I’m retired so don’t have the option of a salary sacrifice seem, or similar. When I brought my Enyaq, the government EV grant was still available and interest rates were half what they are now, so even replacing it with a new Enyaq or similar will be expensive. The motor and battery are warranted for 8 years so I’m inclined to keep it or pass it on within the family. My Tesla Model 3 has a much higher guaranteed final value so more likely to just hand it back and let the finance company take the hit as I think it will be worth less than the gfv.
If replacing both EVs I would wait for the refreshed Model Y to become available and buy the RWD version which will have a decent range and spec and road tripping in a Tesla is so easy with its supercharger network.

[ricky10]

Taking out salary sacrifice now needs to be weighed up against current car finances.

If you don’t have a job and can’t do salary sacrifice not sure how getting a new car would be cheaper than keeping an existing 2yr old Enyaq.

Existing salary sacrifice holders are in the win against a backdrop of insurance premium increases. But that’s just one facet. Those salary sacrifice might be expensive already to start with. Certainly it was in my case. I was quoted £650 net/m for Enyaq 80.

How do you find out how much finance you have remaining??

[Dorsetandy]

Your Finance Co ought to be able to tell you how much finance is outstanding - in my experience most send an annual statement at least. With VAG you can check on their Finance App at anytime and generate an outstanding balance and current settlement figure. The VAG scheme is one of the most flexible around imo, as it lets you make additional payments, either to reduce monthly payments or the outstanding balance. Other schemes may not offer such flexibility’s ( Tesla for example).