u/Fast_Safe5160

Hi all,

I'm looking to replace an old sedan with a more family friendly car so naturally looking at an mid-size EV. Got a quote from an NL company (Starts with an S) for a BYD SL7 Premium but when I do the maths, it doesn't look as attractive as people have claimed?

Quote Summary:

• BYD SL7 Premium ~$62.4k driveaway
• 5 year lease, residual value ~$17.7k
• Interest rate 8.14%
• Have asked to remove things like fuel money/ roadside assistance but kept the MDR (Minor Damage Repairs)
• Monthly Pre-tax payment @ $652/fortnight, Post-tax $400/fortnight

https://preview.redd.it/mp7u05udpb2h1.png?width=1198&format=png&auto=webp&s=adfc2a1701d070f20ed2e9444572f17adc1476b2

So basically over the 5 years, plus the balloon payment, I will have paid:

$400 x 26 fortnights x 5 years +$18k = $70k

$70k for a $62k driveaway car? I know there are inclusions, but if we divide the $8k difference by 5 years ($1.6k pa), essentially i am paying $1.6k each year to cover insurance, regos, tyres and services? I am not sure if it's worth the trouble of being locked in a contract for 5 years?

Am I missing something here?
Thanks in advance!