One has to wonder what has happened to capitalism. Is there nothing left to sell? Is everything now just a financial service or a chance to borrow?
As if BuyToLet Landords were not enough of an issue for society – to the point where a Conservative government is talking about legislation to control the bulk purchase of new builds by foreign builders – we now have the strange new phenomenon of the Buy To Let Car.
If you travel north along the Purley Way a gargantuan hoarding advertises 8-10 per cent profits for investing in a BuyToLet cars. If you travel south a poster on the reverse side of the hoarding boasts of the benefits of hiring a car. Is anyone stupid enough to not put the information on these two posters together?
It would seem so for today an email from the AA offered me the joy of driving an electric car…
…to indulge this pleasure all I have to do is pay them ~£250 a month for at least 24 months … “You will not own the vehicle at the end of the term”. Now I can see the point of renting a car sometimes rather than owning. But what is the point of this? Okay, there’s the snob value of driving a new electric car, but is that really worth paying £5760 for over two years?
Is this driving a price inflation of new motors as people are buying them for a speculative investment... so the rest of us will forever be buying from Arthur Daley...?
Okay new electrics are expensive (don’t ask
me why – it must be the materials because they have less moving parts) but you
could still own the whole car in 8 years starting from no deposit and without
taking into account any government grant.
Why would you want to lock yourself into any contract where at the end
of it you own nothing?
To be fair there is “insurance” so you can exit the deal if
you have been made redundant, gone blind 6 months ago, got divorced or have
suffered “the death of you or your partner, where it’s not the result of
alcohol, solvent or drug abuse and” <- Judgy or what? So if you divorce your wife we’ll let you off
but if she dies of an overdose tough on your druggy posterior?
This offer is so insulting I think that it would have been
easier for the AA to simply send an email calling me a rude word.
*From the point of submitting your signed agreement.
^Not available during first 6 months of your term. Life events are limited to: 1) loss of driving licence for medical reasons for 6 months or more (excludes conditions that were pre-existing when you ordered your Smart Lease vehicle), 2) redundancy, 3) the death of you or your partner, where it’s not the result of alcohol, solvent or drug abuse and 4) a divorce or a dissolution of a civil partnership. Please note: Early termination cover included within this product allows for the vehicle to be returned in the event of loss of license due to a newly diagnosed medical condition. For information relating to DVLA reportable medical conditions, please refer to https://www.gov.uk/driving-medical-conditions. You are not required to inform us about any medical conditions at this stage, unless they have rendered you unable to drive now, but we may require evidence to process a claim. The early termination fee is calculated as 50% of the sum of the remaining monthly payments due on the vehicle at the time of the early termination. This product provides up to £10,000 worth of cover. If the early termination figure exceeds this you will be required to pay the difference.
AA Smart Lease is a Personal Contract Hire product which is subject to status and credit acceptance. You will not own the vehicle at the end of the term. The minimum duration is 24 months and 5,000 miles per annum. All prices shown include VAT at 20%. Road Fund Licence, Breakdown Cover, Servicing and Maintenance are included in the monthly price for the duration of the term. The prices on this website may change from time to time. Sometimes the exact car is not always available to be photographed, so our team will confirm the exact specifications when you enquire. On return the vehicle must be in the same condition as on delivery subject to age, mileage and fair wear and tear exceptions. If the vehicle exceeds the contract mileage when returned, an excess mileage charge will apply. An accepted quote is valid for 28 days, however the vehicle price may change during this time due to manufacturer prices or VAT adjustments.
AA Financial Services Limited, a credit broker and not a lender, is authorised and regulated by the Financial Conduct Authority. Registered Office: Fanum House, Basing View, Basingstoke, Hampshire RG21 4EA. Registered in England and Wales number 912211.
AA Smart Lease is provided by LeasePlan UK Limited, authorised and regulated by the Financial Conduct Authority under authorisation number 312989. AA is a trademark of AA Group of Companies and is used with permission under licence to LeasePlan UK. LeasePlan UK Limited registered in England and Wales number 1397939. Registered office: 165 Bath Road, Slough, Berkshire SL1 4AA.
© Automobile Association Developments Ltd 2021
PS There's not much justice in the world but after I wrote this I discovered that...
More Info here about just how few cars Buy2LetCars actually had. So few the Serious Fraud Office have been called in...
Buy to Let property works because the number of properties is limited leading to monopolies. Buy to Let cars.... They can just make more.... How could this ever work?
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