Switching to PHEV - Man Maths check!
Discussion
So I think I've decided I need a Vauxhall Ampera. Daily work commute around 35-40 miles. Very occasional short-ish trips out to local shops and friends locally at weekends and even more occasional long-range trips. I intend keeping the Ampera for a couple of years or until there are reasonable alternatives available in the all-electric or hybrid ranges. If looked after then hopefully depreciation will be sensible as they appear to have taken their major hit already.
Currently pay around £200 per month in fuel averaged over the year. I have a leased car, paying £265 per month and that is due to expire in March 2018. £1865 to pay after this month's payment. Speaking to VWFS they will accept £1020 if I terminate early. If I don't terminate, then I pay £1865 in lease payments and approx £1400 in fuel payments = £3265.
If I buy a used Ampera the finance will cost me approx £230 per month with no deposit, so to get to the same point as lease end in March, I'm looking at 7 x £230 = £1610 plus the £1020 VWFS want = £2630. To that I need to add fuel costs. If I very roughly say £1 per night electricity then that's approx £210 and I'll maybe add £20-30 petrol per month for extended trips beyond the battery life and that's another, say, £210.
Total if I switch to Ampera appears to be £3050 compared to £3265 staying on current lease and that's even taking into account the cost to drop the lease early. Beyond March, assuming I got another ICE car, I'd be saving considerably going forward as I'd be using the much cheaper battery/electric costs instead of fuel for my regular commute.
Is there a gaping hole in my calculations that I've missed or do I just need to get on with switching over? Admittedly I only stand to lose c. £200 if I hang on until March but I suppose I'm also then risking wear & tear on the lease car or damage that could skew the figures more!
Currently pay around £200 per month in fuel averaged over the year. I have a leased car, paying £265 per month and that is due to expire in March 2018. £1865 to pay after this month's payment. Speaking to VWFS they will accept £1020 if I terminate early. If I don't terminate, then I pay £1865 in lease payments and approx £1400 in fuel payments = £3265.
If I buy a used Ampera the finance will cost me approx £230 per month with no deposit, so to get to the same point as lease end in March, I'm looking at 7 x £230 = £1610 plus the £1020 VWFS want = £2630. To that I need to add fuel costs. If I very roughly say £1 per night electricity then that's approx £210 and I'll maybe add £20-30 petrol per month for extended trips beyond the battery life and that's another, say, £210.
Total if I switch to Ampera appears to be £3050 compared to £3265 staying on current lease and that's even taking into account the cost to drop the lease early. Beyond March, assuming I got another ICE car, I'd be saving considerably going forward as I'd be using the much cheaper battery/electric costs instead of fuel for my regular commute.
Is there a gaping hole in my calculations that I've missed or do I just need to get on with switching over? Admittedly I only stand to lose c. £200 if I hang on until March but I suppose I'm also then risking wear & tear on the lease car or damage that could skew the figures more!
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