Are you all of the opinion that it is not possible to replicate (the car i have Ford Kuga) with all you get from Motability for the £250 per month on the open market,now ? Its looks like a minefield should you choose to jump ship,to get (like for like) car wise and cost wise,another thing that would worry me,is the sky high cost of cars on the second hand market they are at a premium,and at some point in the not too distant future they will begin to drop in value and the car you have will more than likely take you into negative equity,unless you put a huge deposit down initially. And how is inflation going to play its part. Thanks for all your inputs above.
MickC – Sounds like you should definitely stick with Motability. It’s not a wise move to jump ship if you are nervous about it or not in the financial position to do so. For most people, Motability will remain their best option. You are right that used prices are artificially high and that will only go one way. If we jump ship at the end of our current lease we will buy new. Lots of deals to be had (see my last post) so buying at inflated used prices doesn’t make great sense IMHO. We would order in time to allow for the long lead times and if delayed extend our Motability lease until it arrives, so it would be seamless As mentioned before though, your maths are flawed! You cannot get a Ford Kuga for £250 a month on Motability. The cheapest Kuga on Motability at present has an AP of £3,245 so you have to divide that by 36 months and add it to your sacrificed benefits to make a correct comparison. You are looking at an outlay of around £13,500 over 3 years (so £375 a month, not £250) or almost £17,000 if you keep the car 5 years – and you have nothing to show for it at the end. Motability is a great scheme (current poor choice aside) but it’s not the absolute bargain that many believe.
Good info @Glos Guy
I did get a full grant for the AP last time,i would hope for the same next time fingers crossed,thats why i put £250 ish.
It does bug me not having anything to show for all the £’s taken at the end,but there is a bonus !