Now the official figures have been released I can`t help feeling that LEVC are pulling the wool over peoples eyes with the pricing structure.
"Ahead of taking deposits for the first time and opening the order book, LEVC confirms final pricing and indicative running costs for the all-new TX model. The launch finance package – through which more than 90% of drivers are expected to buy the new TX – is confirmed at £177 per week, including the battery over five years. The outgoing TX4 model was priced at £167 per week over four years."
So we are led to believe that a brand new all singing all dancing electric cab will only cost us £177 per week on finance, this is after paying a £3250 deposit. Then we are told that fuel savings should easily exceed £100 based on a 500 mile week.
All sounds great so far.
No mention of the £7500 gov subsidy.
So just on the figures provided £177 x 52weeks x 5years = £46020
take away initial deposit of £3250 we are left with £42770
So until you dig into the smaller detail not mentioned in any of the press reports we have a shortfall.
In the small print on the LEVC website the real figures emerge.
Finance offer available on Personal Contract Purchase 6.9% APR Representative; figures based on TX at £55,599 OTR with a customer deposit of £3,250 followed by 60 monthly payments of £764.46 (equivalent weekly payments of £176.41)
plus an optional final payment of £18,880 (including an option to purchase fee of £10). Based upon an annual contracted mileage of 30,000 (150,000 miles over term).
So If you add on the cost of the final payment of £18880 divided by the number of weeks of the 5 year term it comes to £72.60 pw
£177 + £72 = £250
So the real cost over 5 years is actually £250 per week give or take a few pence,
unless you either Trade in and replace or refinance the final payment.
Not the figures that are quoted in the press
https://www.businessgreen.com/bg/news/3 ... lack-taxisQuote:
However, with more than 90 per cent of London cabbies reportedly buying their taxis on finance, LEVC also revealed the full finance price for the vehicles would be £177 per week over five years, with an initial deposit of £3,250 but no separate charges for the battery.
In comparison, the company's outgoing TX4 diesel taxi model was priced £10 cheaper at £167 per week over four years. But LEVC said drivers of the new electric vehicle are expected to make substantial running cost savings of £100 per week compared to the current diesel cabs.