I got a bit lucky before too. I had a Polo GTI on pcp I traded in for almost what I paid for after 2 years and ID3 and traded that in for a profit on the Born.monkeyhanger wrote: ↑Wed Jan 10, 2024 7:43 pmIf you're PCPing, that 0% APR will make a big difference to your monthlies.TheBornIDentity wrote: ↑Wed Jan 10, 2024 11:30 am The MG4 doesn’t seem to fair too badly, I did have a look first. I guess it’s a bit like, Dacia in that is so low priced it not got as far to fall.
The one I’m getting is cheaper than a base spec automatic Golf.
If it does fall like a rock I can hand it back or as it’s got a long warranty, pay it off. The Born was £36k with. GFV of £18k which it’s not much over now and if I got the same now it would have a GFV of £16k. The MG4 is £25k after discount with a GFV of £12k. So unless the Born bounced back sharply I stand to lose a lot less on the MG4. It 0% PCP too, if it wasn’t I’d hang on the Born until the warranty ended and hope it didn’t go down much more.
Used would be more sensible but in 3 years I’d expect this epic depreciation trend to end. Most of which has been driven by negative media coverage.
I do think that poor residuals for BEVs are here stay for a good few years yet. It really does feel like every private buyer who wants a BEV already has one, there's a lot that don't want one, and with diminishing incentives, there's even less reason for those people to change their minds.
That does mean that there are bargains to be had in the used market if you want a BEV. About £4k pa is about all I'm willing to lose in depreciation currently. My S3 should lose me no more than £12k over 3 years. It's a £43k RRP car that I ended up paying £38k for, and it has a £26k GFV on PCP terms (I bought it outright, but still pay attention to the GFV, which should be beaten for ICEVs currently, and historically always has).
I've always bought cars with strong residuals at a reasonable discount. The Born was the first car I've ever bought that's bucked the trend, although I expected it to hold its value better than it is.
I don't feel too bad about the Born as I was £10k in profit on the ID3 that preceded it, but I wouldn't knowingly go back for another hefty dose of depreciation.
The Born has been a nightmare though. Loads of faults and, useless after sale experience. The only common fault I don’t seem to have had was the battery recall actually needing work but tbh I don’t actually trust that to be the case considering how utterly useless Heritage Gloucester have been. The last time it was in I kept looking at it on the app and it didn’t seem to move in the entire 2 days they had it. It lost 1% battery and was in the same spot and locked every time I looked. I was amazed when they said it was fixed when I collected it!
They didn’t actually manage to fix anything it was booked in for; boot door still filling with water and the steering still has the same problem with the servo that it’s now been in for 4 times!! The worst one though is it juddering like mad at motorway speeds. It’s like the wheels aren’t balanced but they have been and the cruise control at 80 acts like it’s pumping the throttle but they refuse to test it over 70 mph when it happens. The MG4 is completely smooth!!
When the boot started filling with water again I just wanted out
