Niro HEV end of lease deal

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djbobbins
Posts: 132
Joined: Fri Mar 03, 2017 7:57 pm

Niro HEV end of lease deal

Post by djbobbins » Thu May 06, 2021 2:53 pm

So... my Niro "2" HEV is coming to the end of its lease in late June.

It is a 2017 car, a couple of very minor marks on the body but in good condition and has full service history, relatively recent front tyres etc. A slight change of job, then C-19, have meant that instead of the circa 80k miles I'd have expected to cover in the four years, it's on about 54k.

I was quite surprised (pleasantly) to get a "buy" quote from the lease company for a fraction over £10,500 - it seems like a pretty good price compared to forecourt prices for similar age / spec / mileage? I'd been thinking about returning the car and buying something cheap as a runabout but am now having second thoughts...

allford
Posts: 1
Joined: Thu May 06, 2021 8:27 am

Re: Niro HEV end of lease deal

Post by allford » Fri May 07, 2021 10:15 am

Keep it for £10500 as anything you get second hand is a risk with unknown problems

duncanda
Posts: 40
Joined: Wed Aug 01, 2018 9:17 pm

Re: Niro HEV end of lease deal

Post by duncanda » Wed May 12, 2021 11:01 pm

Hi djbobbins. I'm in a similar position to you. Got a 2017 Niro 3 in 2018 on a 3 year PCP, thinking I'd be doing 20k miles/year. Well because of Covid, I decided to retire in 2020 and I'm sitting at 38k miles, instead of the anticipated 60k-70k miles. The lease company will want £9,000 in August. Checking used prices, I'm thinking of buying it and either keeping it or selling it for a £2k-3k profit. Good luck with your decision.

djbobbins
Posts: 132
Joined: Fri Mar 03, 2017 7:57 pm

Re: Niro HEV end of lease deal

Post by djbobbins » Thu May 20, 2021 9:21 pm

I considered it and decided not to buy the Niro in the end.

My logic was that although I can opt out from my company car policy and take the cash (subject to tax and NI), doing so means I have to provide a car that is less than five years old for business use when necessary.

Realistically that meant that in 12 months from now I would either have a five year old Niro and still not be doing much driving at all (C-19 dependent), so could make do with something different and cheaper, or would have to sell the Niro and buy something newer or take another lease car to use for business purposes.

I opted for the cheaper short term route as we’ve just moved house and have a load of other stuff going on. It may turn out to be false economy / a sign of mid-life crisis, but I have always hankered after a Volvo C70 convertible, ever since they came out, so I’ve put a deposit on one of those. Completely not what I was expecting a few months ago, but I am looking forward to it. I will sob slightly when I fill it will then fuel, but as I’m only doing about a few thousand miles a year at the moment hopefully that won’t be too often!!

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