This following table shows that whereas the Mobility Scheme may be more cost affective in the short term, over a longer period the advantage can swing towards outright purchase.
|
Example:- |
As of June 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
MODEL: |
KIA RED LABEL 3 AUTOMATIC |
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| 5 year period | |||||||||
|
Motability |
Outright Purchase |
||||||||
|
Advance payment |
£17,351 |
Purchase Value |
£34,779 |
||||||
|
Allowance £51.40 x 52 x 5 |
£13,364 |
|
|
|
|
||||
|
Insurance |
5 x £500 |
Inc |
Insurance |
5 x £500 | Estimated |
£2,500 |
|||
|
Servicing costs 5 x £250 |
Inc |
Servicing costs 5 x £250 |
£1,250 |
||||||
|
Tyres 16 x £128 |
Inc |
Tyres 16 x £128 |
£2,048 |
||||||
|
MOTs x 3 |
Inc |
MOTs x 3 |
£150 | ||||||
|
Windscreen cover |
Inc |
Allowance for Estimated |
-£7,700 |
||||||
| 5 year cost |
£30,715 |
Approximate cost |
£33,027 |
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|
£6,143 per year |
£6,605 per year |
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|
At end of year five customer handbacks vehicle and starts again |
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|
If customer wishes to remain mobile after year 5 then as follows |
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|
NEW CONTRACT |
KEEP ORIGINAL PURCHASE |
||||||||
|
Advance payment |
£17,351 |
|
|
|
|||||
|
Allowance £51.40 x 52 x 5 |
£13,364 |
|
|
||||||
|
Insurance |
5 x £500 |
Inc |
Insurance |
5 x £500 |
£2,500 |
||||
|
Servicing costs 5 x £250 |
Inc |
Servicing costs 5 x £250 |
£1,250 |
||||||
|
Tyres 16 x £128 |
Inc |
Tyres 16 x £128 |
£2,048 |
||||||
|
MOTs x 3 |
Inc |
MOTs x 5 |
£250 |
||||||
|
Windscreen cover |
Inc |
||||||||
|
Wear and tear |
Inc |
Additional wear and tear YR 6+7 |
£1,600 | ||||||
| Yr 8+9+10 additionals | £3,000 | ||||||||
| 5 year cost |
£30,715 |
Allowance for Estimated |
-£1,500 |
||||||
|
10 year total cost |
£61,430 |
Approximate cost |
£49,867 |
||||||
|
£6,143 per year |
£4,986.7 per year |
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Note: Several of the figures used are illustrative approximations and should not be assumed to be the actual cost e.g. cost of tyres, servicing etc.
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