The MG5 is today the only affordable electric station wagon on the market if we exclude the expensive Porsche Taycan Sport Turismo. The MG5 is displayed at the start of 2023 from 329 euros per month and could appeal to customers looking for a fairly spacious electric car without spending a fortune or buying an SUV.
Record sales, presentations of new products, opening of new dealerships… MG’s year 2022 in Europe, and more particularly in France, was one of the most attractive. Obviously, the arrival of the new MG4 was undoubtedly the most significant news for the British manufacturer, and it should allow MG to beat new delivery records in 2023.
2023 will be a slightly “quieter” year for MG, but the manufacturer will continue to be talked about. In a few weeks, we should discover the brand’s new electric roadster, while the MG4 Triumph Edition and its 450 hp will arrive on the market later this year. At the same time, it is rumored that an MG4 with greater autonomythat is, which should exceed 500 km on a single charge according to the WLTP cycle, should support the catalog.
If the MG4 has been in the spotlight for a few months, let’s not forget that the manufacturer already has a fairly complete range, including the ZS EV, a freshly restyled 100% electric SUV, the EHS, a plug-in hybrid SUV, the Marvel R, a 100% electric SUV aimed at the top of the range, and finally the MG5, the only affordable electric station wagon on the market (excluding the Porsche Taycan Cross Turismo).
And precisely, it is the MG5 that will interest us today, with an offer at the start of the year from 329 euros per month. This is not necessarily a monthly payment to arouse curiosity since it seems relatively “classic” for this type of vehicle, but we will still check if, for this sum, the MG5 offered is a good deal.
The MG5 offered at 329 euros per month
As with the majority of “starting at” financing offers, this is the basic model. At MG, it is the “Comfort” trim level that takes on this role, and as you can see from the list of main equipment below, it is rather complete for an entry-level model.
- Heated front seats
- 10.25 inch touch screen with MG iSMART
- 7 inch digital speedometer
- Navigation and Apple CarPlay & Android Auto system
- MG Pilot driving aids
- LED headlights
- Reversing camera
- 16 inch alloy wheels
The MG5 offers another finish above called “Luxury”, but it is not affected by this offer at 329 euros per month. These finishes incorporate some interesting elements, but not necessarily the most essential:
- Black leatherette upholstery (grey optional)
- Electrically adjustable driver’s seat
- 360° camera
- 17-inch two-tone alloy wheels
- Automatic air conditioning
- Auto-dimming interior mirror
- Rain sensor
For a basic model, the MG5 in the “Comfort” finish is rather well equipped, even if the small 16-inch rims and the branch color “Dover White” give it a small commercial car side that will probably not please everyone. world.
The MG5 comes in two versions: the first, called Standard Autonomy, which has a 50.3 kWh battery (nominal capacity), a power of 177 horsepower and offers up to 320 kilometers of autonomy. The Extended Autonomy version has a larger battery, 61 kWh, less power of 156 horsepower, and an announced autonomy of 400 kilometers. The model concerned by this offer is the Standard Autonomy versionnamely with the “bigger” motor and the smaller battery, therefore, consequently, the smaller autonomy.
During our test of the MG5 with the Extended Autonomy version, we noted a consumption of approximately 20 kWh / 100 km with a majority of motorway. This gives us a range of about 300 km on this type of journey. For the Standard Autonomy version that interests us, on the same type of journey, it will take about 250 km on the highwaydata that is too fair for a vehicle that is intended to be family-friendly and no doubt required to make, sometimes, long journeys.
What are the conditions to be eligible for the MG5 LLD offer?
This is a long-term rental offer on 48 months and 10,000 kilometers per year, i.e. 40,000 km in total. MG indicates that the offer at 329 euros per month is subject to a first rent of 7,000 euros, but this is absorbed by the ecological bonus of 7,000 euros. The contribution therefore falls to zero euros.
Be careful, because MG is playing on a small tax detail in this year 2023. The maximum ecological bonus has fallen to 5,000 euros at the start of 2023, but it can still be 7,000 euros under certain tax conditions. Indeed, the bonus can reach 7,000 euros (within the limit of 27% of the purchase price) for households with a taxable income per unit of less than 14,089 euros. In other words, it did not concern the majority of buyers.
How much will the MG5 LLD cost you?
Over four years of long-term rental, your MG5 will cost you €15,463. MG displays its car from 25,990 euros on its site, ecological bonus of 7,000 euros deducted. Always considering that you are entering the right tax regime.
Starting from this price, you will pay over the four years of the rental 59.5% of the price of your car. This is more than the discount over four years for this type of car, especially for electric cars where demand continues to increase, thus implying a certain price stability. As the offer is not an LOA, there is no option to buy back the vehicle. It will therefore be necessary to return the car at the end of the financing.
Beware of repair costs, these can be high at the time of return. We advise you to do it before at a bodybuilder, it will cost you less than at your dealer in general. If you take a vehicle back to your dealer after your LLD, he will also be a little less careful about the costs of repairs.
Should we favor the LLD or a classic credit?
About 80% of cars purchased new are financed today, either by an LOA / LLD, or by a conventional loan. And precisely, compared to a classic loan, is the LLD offered by MG more interesting?
Even if the rates have increased in recent months, they are still quite attractive, especially if you buy an electric car. For example, at Crédit Agricole Île-de-France, thanks to the “Green Vehicle Loan” and its APR at 1.92% from 12 to 84 months and without administration fees, there is a way to achieve lower monthly payments considering the price of the car.
So, by funding €25,990 (ecological bonus of 7,000 euros deducted), still over 47 months, we arrive at monthly payments of €723.76, without insurance. The total amount due is €26,779.29the credit will therefore have cost you €789.29.
Note that Crédit Agricole is not the only bank to offer this type of loan for electric cars. For example, at the national level, the CIC offers a rate of 2.75% for the financing of a zero-emission car. A rate that has increased compared to last year since it was posted at 2.15% a few months ago.
Things to remember
From a purely financial point of view, conventional credit in a bank, in this case Crédit Agricole and its “Green Vehicle Loan” offer, is not necessarily the best solution, at least in the short term since the monthly payments are twice as high compared to the LLD offered by Volvo.
The difference is explained by the fact that with a conventional loan, you finance the entire car and, at the end of 47 months, this one belongs to you. Also, you have no mileage limit. When it comes to LLD, you are really only paying for part of the car and at the end of the four years you have to return the car and pay a fee if you go over the mileage limit. In general, this is a fairly paltry sum and perfectly negotiable with the dealer, especially if you are able to take another car behind.
| MG5 | LLD | Classic credit |
|---|---|---|
| Bring | 0 euros | 0 euros |
| Maximum mileage | 40,000km | – |
| Duration | 47 months | 47 months |
| Monthly payments | 329 euros | €723.76 |
| Cost of financing | – | €789.29 |
| Total cost | €15,463 | €26,779.29 |
Even if the totality of the monthly payments corresponds globally to the natural discount of a car, the LOA solution is interesting only if you want to change cars regularly, without bothering you with resale. Let us also recall that in the LLD, maintenance and warranty is included throughout the duration of the financing. With a classic loan, the guarantee is the basic one. At MG, it is very very interesting since it is seven years or 150,000 km, with a degression however.
The LLD is interesting if you do not really have visibility concerning the second-hand price of your car and you already know that you are going to resell it. With this type of financing, you know in advance the total cost of ownership of your car. On the other hand, in cash or on credit, you cannot know this price, since it will depend on the resale value.
Nevertheless, the demand for electric cars being on the rise, prices should not discount as quickly as a thermal modelespecially with the new restrictions on the circulation of certain old diesel and petrol engines in certain urban areas which will gradually encourage motorists to change energy.
Displayed from 28,990 euros, the new MG 4 is significantly cheaper than its rivals, the Volkswagen ID.3 and other Renault Mégane E-Tech. However, it still makes money…
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