I wonder if the ap is high because of high depreciation, lower residual after 3 years means that’s gotta be covered somewhere…
Yes, residual values will always play a big part in APs, but it’s also the case that far better deals will be negotiated with brands where residual values are poor. I wouldn’t be at all surprised if Motability can get as much as 30% discount from the brands with the highest depreciation, which would be a good 10% more than they’d get from those with stronger residuals. If it wasn’t that way, the premium brands would be the cheapest on the scheme and the budget ones the most expensive, due to the vast differences in residual values.