Considering returning leased IPace early.

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DickiePhitt
Posts: 36
Joined: Mon Sep 17, 2018 10:26 pm
Location: UK

Considering returning leased IPace early.

Post by DickiePhitt » Sun Mar 22, 2020 8:33 pm

I was fortunate to get the 'cheap' Fleetprices lease deal a year ago. With 6 months to run I forsee a situation, maybe in days, where we will have total lockdown in place. The car could spend 6 months on the drive and not turn a wheel.
Any other leasers thinking of bailing out early? Even better if you've any experience from starting the process. I think the hit is 50% so paying nearly £1k but better than paying £2k and not using it for 6 months.
I'd be gutted, as I love the car. Ironic too as only a few weeks ago I planned to enquire about extending by a year!

51mes
Posts: 130
Joined: Sat Aug 24, 2019 5:26 pm
Location: Cumbria /UK

Re: Considering returning leased IPace early.

Post by 51mes » Sun Mar 22, 2020 10:51 pm

I can't see us in total lock down for more than 3 or 4 weeks. With a gradual relaxation and more focused temporary restrictions after that unless you are in one of the critical at risk groups.

The damage to the economy is already significant, but extending beyond that period would pretty much break it. Furthermore I don't see people willing to curtail their liberty to the current extent for that long. I wouldn't think we will all be jetting off abroad this summer, but some level of normality will return.

I use my car to go shopping visit local family - with appropriate social distancing, and even go sit in somewhere scenic and work for an hour or 2. It helps living in the lakes, 3 weeks in living and working at home is driving me stir crazy already.

If you terminate the lease now, what do you think you will do when this does end? At least with the lease you can extend.. Without you will be at the back of a very long queue to get anything..

I'm only 4 months in to 3 years so am quite happy to sit it out for a good few months.

S.
MY20 (Nov19) I-pace SE |AIR|Pan Roof|Light Oyster 10 way Heated Seats|F/R Splash Guards I Caesium Blue| 18" 5055 wheels
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Maxwell_400
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Joined: Mon Oct 14, 2019 10:09 am
Location: Norway

Re: Considering returning leased IPace early.

Post by Maxwell_400 » Mon Mar 23, 2020 7:34 am

Depends what you want to do in your spare time. This Sunday I went out for a drive just for fun and joy.
I-Pace SE++, MY20, 18" summer & winter, no panoroof, towbar, spare wheel, H264

DickiePhitt
Posts: 36
Joined: Mon Sep 17, 2018 10:26 pm
Location: UK

Re: Considering returning leased IPace early.

Post by DickiePhitt » Mon Mar 23, 2020 9:10 am

Thanks for your thoughts. I really hope not, but I have a different view of how this will go.

I drove back from the Alps last week having seen at first hand the way things ramped up from a normal Saturday on the slopes, through a Sunday when everyone disregarded the call to isolate (sound familiar?) to draconian lockdown on Tuesday.
Friends living in France have to write permits to walk the dog, go to work. One person one car and so on.

Think this is what we have coming so you may not be going far, long term not just a few weeks.

As for what I may get to replace it I would expect there will be plenty of bargains around, due to the combination of high stocks and lowered general purchasing power, as and when we come out of this.

kermit68
Posts: 260
Joined: Sat Sep 15, 2018 1:06 pm
Location: Rome / Italy

Re: Considering returning leased IPace early.

Post by kermit68 » Mon Mar 23, 2020 9:16 am

3 / 4 weeks maybe is a little optimistic, but at the same time it's not going to last 6 months. And for sure after the peak there will be a gradual removal of the restrains. Also, this summer is going to be very strange in the sense the I presume everybody will be forced to have vacation in its own country and maybe even not too far from home. A perfect combination for short to medium trips where our I-Pace excells :D
Returning the car seems a little bit too much IMHO
MY20 Yulong White SE, 20", air suspension, privacy glass, black pack and other fine stuffs

Delta5
Posts: 132
Joined: Tue Sep 24, 2019 1:32 pm
Location: Midlands

Re: Considering returning leased IPace early.

Post by Delta5 » Mon Mar 23, 2020 11:13 am

I’d make plans to use up the milage allowance allowance after any restrictions are gone, you don’t have to worry about fuel cost, just drive it for fun.
IPace SE Caesium Blue, Ivory interior promised for May

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ELray
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Joined: Sat Dec 29, 2018 2:02 am
Location: Norway

Re: Considering returning leased IPace early.

Post by ELray » Tue Mar 24, 2020 7:00 pm

My guess is that we be over the “hump” in about 3 months... that is, if people actually follow the rules set by the government..
🇳🇴 Norway
:arrow: I-Pace S Edition X590 (19MY)
:arrow: Build date: 1 Feb 2019 | Delivered: 15 March 2019
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HertzVanRental
Posts: 1
Joined: Mon Mar 30, 2020 2:38 pm
Location: Bucks

Re: Considering returning leased IPace early.

Post by HertzVanRental » Mon Mar 30, 2020 3:02 pm

Long time lurker to this forum and thought I'd join to share my experience as I'm in the same situation.

My lease is through Lex and, as I utterly love the i-Pace, I contacted them at the beginning of March 2020 to look at increasing the rental period and mileage; mine is on 5k per year, but need 10k per year. The cost quoted for a 2 year extension at 10k per year went from £300 per month, although excluding the initial deposit, to £550 per month without any deposit. I questioned this as why would I pay more for an older vehicle, when the lease extension would then incur maintenance and (probably) tyre replacements, and the customer rep said she got that comment frequently from personnel who had these cheap 18 month lease contracts.

I then looked at a price to purchase the i-Pace and was quoted £48,200.

These prices were only valid for 30 days, so they did comment that it would be worthwhile contacting them shortly prior to the lease ending as they may have changed. Personally, I'll do that rather than look at an early return, but the OP does raise a very interesting point about savings that could be made, and that also includes insurance, rather than a thing-of-beauty that is sat doing nothing in the drive!

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