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DJ Neil Fox spent £350,000 on a helicopter in 2005 as his earnings took off

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dj neil fox spent 350000 on a helicopter in 2005 as his earnings took off
High earner: Neil Fox presents the Heritage chart rundown on United DJs Radio

High earner: Neil Fox presents the Heritage chart rundown on United DJs Radio

Neil Fox would revamp income tax if he were Chancellor of the Exchequer – making everyone pay the same rate. 

Talking from his home in South-West London, the 59-year-old DJ told Donna Ferguson he has fallen back on his savings in recent months as his work has dried up. 

‘Dr’ Fox presents the Heritage chart rundown on United DJs Radio every Sunday evening – and is married to Vicki, 47. They have three children – Scarlett, 19, Jack, 17, and Martha, 14. 

How have you been affected by the pandemic? 

My work as a broadcaster and media entertainer has been put on hold. But I had some rainy day savings I could fall back on which has been useful. I haven’t been ill but Vicki, Scarlett and Jack have all been tested and they’ve had the coronavirus. 

They’ve all got antibodies. I didn’t get it, amazingly, despite living in the same house. 

My son felt a bit grotty and they lost their sense of taste and smell, but they seem OK and nothing too bad happened. Thank God. 

What did your parents teach you about money?

That it doesn’t grow on trees. They taught me to work hard and not to borrow more than I need because I will have to pay it back. Mum was a housewife. She had been in the Wrens in National Service and my dad had been in the military. He became a businessman and ended up working in a senior role for food manufacturer Birds Eye.

I wouldn’t say my parents were well off, but we were comfortable and lived a nice life. My brothers and I all went to private school, but I know my parents really struggled to send us there and made sacrifices. They put our education first.

Have you ever struggled to make ends meet? 

Yes, to some extent, when I took my first radio job. It was really badly paid – about £5,000 a year. This was 1985 but even then £5,000 didn’t buy you a lot. It just about paid for my food and rent. So if I wanted anything else, I had to go out and DJ in clubs to earn extra money. I wasn’t on the breadline, but money was tight. There were times I worried about paying my rent and bills. 

I could have asked my parents for help, but I didn’t want to treat them like a bank. Plus, my dad thought I was crazy to go into broadcasting. I had got a business degree from Bath University and he had assumed I was going to be this amazing captain of industry. Then I said to him: ‘Actually, Dad, I’m going to be a DJ.’ 

He slightly freaked out about it. He said: ‘Please tell me you have a plan.’ And so I did a deal with him – I promised that if I wasn’t on Capital or Radio One by the time I was 30, I would quit. And then I just went for it. I worked really hard seven days a week to get to where I wanted to go. 

Have you ever been paid silly money? 

Yes – for voice-overs and TV work. You don’t really have to work for that kind of work and you get paid a lot of money. The money involved makes you go, ‘Wow.’ 

I remember once doing a voiceover for a radio and TV commercial. They liked the second take I did. And that was it, job done. It took me all of five minutes, including the time I spent walking into the studio, and I got paid £10,000. Even at the time, I thought, ‘That’s insane.’

What was the best year of your financial life? 

It was 2003. I was doing Pop Idol, a massive show on Capital, and the Pepsi chart which was broadcast nationwide. Plus lots of commercials and other TV shows too. Money was coming in from all angles. I’d rather not say exactly how much I made that year, but it was a six-figure sum. 

The most expensive thing you bought for fun? 

It was a Gazelle helicopter for £350,000, 15 years ago. I’ve always been obsessed with helicopters. I got my licence in 1991. It was a massive indulgence, but I used it quite a bit doing gigs around the country. 

Sadly, there wasn’t room for a helicopter pad at my house in Fulham in South-West London so I kept it at an airfield. I sold it 12 years ago. After our daughter was born, I just wasn’t using it as much. Helicopters are expensive to buy, but they’re also very expensive to maintain and insure. 

Up in the air: Neil used the Gazelle chopper to fly to gigs around the country

Up in the air: Neil used the Gazelle chopper to fly to gigs around the country

What is your biggest money mistake? 

Buying a Bentley. My kids kept being sick in the back because it had such small windows. So I got rid of it after six months for 25 per cent less than I had paid for it. That cost me about £30,000. 

The best money decision you have made? 

Buying our home in Fulham in 1998. It’s a five-storey, five-bedroom terrace house dating back to 1860. Over the 22 years we’ve lived there, we’ve extended both upwards and backwards. I would say it has quadrupled in value. 

I sold my helicopter 12 years ago. After our daughter was born, I just wasn’t using it as much. Helicopters are expensive to buy, but they’re also very expensive to maintain and insure.

But that is partly because house prices have risen a lot in London over that period. In a way, my best decision was to save into a pension while I was earning lots of money. I started saving into a pension when I was in my late 20s. My dad advised me to do it. That was a really wise move.

Do you invest in the stock market outside a pension? 

No. I’ve tried it a couple of times and didn’t do it successfully. I think investing in a pension is sensible because it is tax-efficient and you are putting money away long term for your retirement. But I think investing in the stock market outside of a pension is a bit like gambling on the horses and I don’t gamble at all. 

If you were Chancellor, what would you do? 

I would simplify the tax system so there were no ways to get out of paying tax. I’d raise the threshold at which you start paying income tax and make everyone pay the same standard rate – probably around 30 per cent. 

I think the Government would make more tax revenue overall because there would be fewer tax dodgers. Also, by raising the threshold, more people on low incomes would be taken out of tax, so I think it would be fairer. 

What is your number one financial priority? 

Security for me and my family. I don’t think it’s the Government’s job to look after me. 

THIS IS MONEY PODCAST

This post first appeared on dailymail.co.uk

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Citroen slashes the costs of its cars as part of new ‘fair pricing’ initiative

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citroen slashes the costs of its cars as part of new fair pricing initiative

Citroen is slashing its prices – and its discounts – to make the cost of its cars ‘more transparent’ to customers in the UK whether they buy in a showroom or online.

Instead of customers having to haggle down inflated price, the French maker says it has reduced its published retail prices based on what customers usually pay on average after negotiating with salesmen.

The move also aims to protect the longer-term residual value of its cars – so they are worth more to owners when eventually sold on in the second hand market, and reduce monthly payments for those taking out PCP finance.

And in another glimmer of positive news from Citroen, bosses say the super-company Ami electric vehicle looks likely to be sold in the UK.

Price slash: Citroen UK has launched a new initiative that's designed to almost eliminate the need for customers to haggle and help keep monthly finance payments low

Price slash: Citroen UK has launched a new initiative that's designed to almost eliminate the need for customers to haggle and help keep monthly finance payments low

Price slash: Citroen UK has launched a new initiative that’s designed to almost eliminate the need for customers to haggle and help keep monthly finance payments low

The British arm of the French car maker is introducing a ‘Fair Pricing’ initiative knowing that many buyers feel uncomfortable haggling.

Dealers will still have some discretion to offer a discount, but this will be far less than in the past.  

It is one of a number of changes the car-firm is making under its new three year strategy called ‘Citroen Advance UK’.

The company said: ‘Key to the strategy is the move to fair pricing, which means reducing list prices and being transparent and upfront with the customer.

The initiative is already in place, with the price of the RRP for the C1 city car been cut by £700 from £11,015 to £10,315.

The C3 supermini and C3 Aircross Compact SUV have also had their prices slashed by up to £1,175 and £1,775 respectively.

Citroen has slashed the RRP of the C1 city car by as much as £700

Citroen has slashed the RRP of the C1 city car by as much as £700

Citroen has slashed the RRP of the C1 city car by as much as £700

The C3 Aircross - a compact SUV designed to take on the Nissan Juke - will be listed £1,755 cheaper than it currently is in showrooms

The C3 Aircross - a compact SUV designed to take on the Nissan Juke - will be listed £1,755 cheaper than it currently is in showrooms

The C3 Aircross – a compact SUV designed to take on the Nissan Juke – will be listed £1,755 cheaper than it currently is in showrooms

The firm said the new pricing strategy will be effective across the full range from 1 December with buyers ‘able to enjoy this fair and transparent pricing across Citroen’s entire model line-up’.

It noted: ‘The rationale behind this bold new approach is simple, it is about being transparent and trustworthy.

‘This long-term and fundamental change to the UK business model will see list prices across the model range reduced to new fair and transparent levels.’

While Citroen will hope this will encourage more customers into its UK dealer network, the move could also spring a backlash from previous buyers who will question if they have overpaid for their cars.

It also brings into question the pricing of new motors across the UK. 

Citroen price cut: How it affects the price of its current model range 
Model Today’s Starting Price December New Fair Pricing Starting Price Change
C1 £11,015 £10,315 -£700
C3 £16,280 £15,105 -£1,175
C3 ‘C-Series’ £16,280 £13,980 -£2,300
C3 Aircross £21,445 £19,670 -£1,775
C3 Aircross ‘C-Series’ £20,225 £17,000 -£3,225
C5 Aircross £25,655 £24,335 -£1,320
Grand C4 SpaceTourer £27,460 £26,210 -£1,250

As part of the strategy, Citroen has introduced a new and additional ‘C-Series’ range, which is aimed specifically at online buyers.

A new Virtual Showroom service offers customers the ability to book live walk-around tours of key Citroen models and to ask questions, prior to placing an order via the online store.

Citroen said: ‘New ‘C-Series’ models are offered with strong levels of standard equipment, a competitive fair price well below that of key competitors, and a five-year extended warranty for retail customers purchasing online.’ 

The maker’s UK managing director, Eurig Druce, said: ‘Our Advance UK strategy represents the next step as we continue to strengthen the Citroen brand in the UK.

‘At the heart of our strategy are fundamental, long-lasting changes to the way we do business to serve our customers better, it is the strategy our business needs today, to thrive tomorrow.’

The Citroen Ami has created it for urban areas. And you won't be able to go much further than the city, as the range is only 44 miles

The Citroen Ami has created it for urban areas. And you won't be able to go much further than the city, as the range is only 44 miles

The Citroen Ami has created it for urban areas. And you won’t be able to go much further than the city, as the range is only 44 miles

Ami likely to come to UK showrooms

In an exclusive interview with Auto Express, Druce also suggested that the ultra-compact Ami electric vehicle could be sold in the UK.

Having been granted quadricycle classification in France – partly down to its miniature dimensions of 2.41-metres long and 1.39-metres wide – it is already being sold in the manufacturer’s home land and is being offered to teenagers in Paris as a safe alternative to public transport during the coronavirus pandemic

That’s because its categorisation as a quadricycle means it can be driven by anyone over the age of 14.

A line of Citroen Ami cars seen in Paris, France, available for hire in a range of funky colours

A line of Citroen Ami cars seen in Paris, France, available for hire in a range of funky colours

A line of Citroen Ami cars seen in Paris, France, available for hire in a range of funky colours

The car is almost 8 feet long and 4.5 feet wide, which helps it fit into small parking spaces in busy and congested areas

The car is almost 8 feet long and 4.5 feet wide, which helps it fit into small parking spaces in busy and congested areas

The car is almost 8 feet long and 4.5 feet wide, which helps it fit into small parking spaces in busy and congested areas

CITROEN AMI SPECS 

Speed: 30mph

Dimensions: 8 feet long, 4.5 feet wide

Range: 44 miles

Capacity: Two passengers 

Charge: 5.5kWh lithium ion battery

Charge time: Three hours 

Price:  £5,054

The vehicles are priced at around £5,000, though most are being leased for approximately £18 a month, after a deposit of £2,350. 

Druce said it does come to Britain, it will be in left-hand drive form only. 

The UK boss told Auto Express there was a 75 per cent chance of the Ami being sold to UK customers, and confirmed that discussions are going on with Citroen’s head office in France to secure the vehicle’s availability for the UK market.

He told the magazine that it was his intention ‘in the next two to three weeks is to evaluate feedback from customers that they see with the cars here on home ground’. 

A Free2Move free-floating car-sharing service new electric car with a customised pattern. The eye-catching exteriors should attract Paris's artistic types

A Free2Move free-floating car-sharing service new electric car with a customised pattern. The eye-catching exteriors should attract Paris's artistic types

A Free2Move free-floating car-sharing service new electric car with a customised pattern. The eye-catching exteriors should attract Paris’s artistic types

The funky diminutive vehicle has contrasted hinged doors and no rear seats

The funky diminutive vehicle has contrasted hinged doors and no rear seats

The funky diminutive vehicle has contrasted hinged doors and no rear seats

The car has a basic interior to keep prices low, with UK customers likely to have to pay around £5,000

The car has a basic interior to keep prices low, with UK customers likely to have to pay around £5,000

The car has a basic interior to keep prices low, with UK customers likely to have to pay around £5,000 

The Ami is powered by a 5.5kWh lithium-ion battery that provides a driving range of up to 44 miles and a top speed of 28mph,

Charging from a conventional household plug takes just three hours. 

SAVE MONEY ON MOTORING

This post first appeared on dailymail.co.uk

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Insta-mortgages are an instant hit with new lender Generation Home

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insta mortgages are an instant hit with new lender generation home

Aspiring homeowners struggling to raise a large enough deposit to qualify for a mortgage might find they now have an alternative option – available through Instagram. 

Generation Home is a brand new mortgage lender, launching earlier this month and marketing its home loans to Britons through social media.    

While all other UK mortgage lenders require buyers to have a cash deposit, this lender lets buyers team up with friends or relatives who can ‘invest’ in the property alongside homeowners to boost their buying power.   

The rate of homeownership among young people has slumped over the  past 20 years

The rate of homeownership among young people has slumped over the  past 20 years

Home Generation is working to reverse the trend

Home Generation is working to reverse the trend

Generation Home claims to create ‘better ways’ to buy with family or friends

This model effectively means buyers with a small deposit can invite others to put some cash into their home purchase and in exchange, own a share of the property. 

Another option allows friends or family members to top up monthly payments. 

The lender was founded by husband and wife team Will Rice and Sophia Guy-White after they tried to buy their first home jointly with some friends a few years ago. 

‘This has just been a life saver’

Generation Home customers Rosalyn (25) and Peter Greenwood (23) are in the process of buying their first home

Generation Home customers Rosalyn (25) and Peter Greenwood (23) are in the process of buying their first home

Generation Home customers Rosalyn (25) and Peter Greenwood (23) are in the process of buying their first home

Rosalyn, 25, and Peter Greenwood, 23, discovered Generation Rent on Instagram.

They are currently in the process of buying their first home in Bath.

Rosalyn, a full-time mum, said that even with a 15 per cent deposit no mortgage lender could give them what they required even though they could easily afford the mortgage repayments.

Generation Rent’s ‘home booster’ option enabled Rosalyn’s Dad to use some of his income to help them borrow the necessary mortgage amount.

Peter, who works for Open Reach, said: ‘It was literally a pipe dream for ages. 

‘We really wanted to get on the market but we just didn’t see how it would be possible in our situation without saving for a further 10 years. 

‘This has just been a life saver. They have given us an option that just was not there before.’

‘When we spoke to banks, we discovered they would not consider us as a group. They only wanted to assess us a married couple,’ says Guy-White. 

‘So we began thinking about how we could offer a solution to young people like ourselves that would empower them to be able to afford more by collectively pooling together with friends and family.’

In just two weeks since first advertising through Instagram, Generation Home has received applications worth hundreds of millions of pounds – all through social media platform Instagram. 

Rice says: ‘I think we’re doing the world’s first Insta-mortgages. We have taken people from clicking through an advert on Instagram, all the way to now owning a house which is pretty exciting.’ 

While the lender is currently offering loans directly to buyers, Rice confirms their deals will be available through mortgage brokers at Mortgage Advice Network from Q1 next year and then more broadly through Legal & General’s mortgage club advisers. 

Rice added: ‘While we have our own in-house advisers, we also understand that independent advice is really important to customers, particularly to first-time buyers. 

‘We’re being very careful about who we partner with. We want to ensure that there’s a really high quality of advice provided by that third party.’  

How does it work? 

There are two options: home booster and home investor. 

The home booster option allows buyers to add a friend or family member’s income to their mortgage application so that they can afford to borrow more. 

This person – or people – can make regular payments or simply be on standby until you don’t need their support. 

The home investor option allows a friend or family member to help with the deposit. They can choose to be repaid, or to gift this money later on. 

Say you and your partner have raised £10,000 to buy your first home together. You want to purchase a property worth £200,000, meaning your deposit is equal to 5 per cent. 

At the moment, there are no mortgages available at 95 per cent loan-to-value, meaning your purchase simply can’t go ahead unless you have a willing family member who is prepared to give you £10,000 or tie it up with your mortgage lender for a fixed amount of time.

Generation Home is different. Say you have a brother and a god parent, both of whom have spare cash and want to help you get on the ladder – but not for nothing. 

Using the home investor option, Generation Home allows you and your partner to apply for a 90 per cent LTV mortgage using your £10,000 cash deposit, plus £5,000 from your brother and another £5,000 from your god parent. 

In return, your brother and god parent each own 2.5 per cent of your property, you own 95 per cent of it and it has a 90 per cent mortgage secured against it. 

Rice explains: ‘Our research has found that over 60 per cent of parents would be willing to provide greater deposit support to their children if they were able to invest alongside them with a view to getting the funds back at a later date. 

‘Their investment amount was more than double their proposed gifting amount.

‘Our deposit booster lets you do this. We provide the legal framework, securing your investment against the property and acting as your agent for the return of funds.’  

Generation Home also enables users to set specific targets on how this ownership pans out. 

The lender monitors the value of your home in real time, and offers the option of linking up banking details through secure open banking to enable it to monitor changes to income and affordability. 

It will send alerts when your loan-to-value hits a certain point – say, 80 per cent – and inform you that if you were to remortgage, you could buy out your co-owners. 

With the home booster option, those who ‘help’ boost buyers’ income and pay a small amount monthly towards the mortgage build up ‘shares’ in the property, which they can either keep and be repaid for or gift to buyers at a later date. 

The ‘deposit booster’ is the big game changer

34949584 8885765 image a 14 1603889021167

34949584 8885765 image a 14 1603889021167

Sebastian, 32, and Liv Miller, 31, are Generation Home’s first customers and recently completed on a maisonette in Tufnell Park in North London.

Sebastian and Liv, who both work in renewable energy, were struggling to raise a sufficient deposit in order to buy in London. By using Generation Home, some friends of theirs were able to boost Sebastian and Liv’s deposit by investing directly in the property they ended up buying.

Sebastian explains: ‘Generation Home creates a framework which removes the risk to both yourself and your friends who invest.

‘Yes, it may not offer the absolute best rates, but it’s competitive, and the ‘deposit booster’ is the big game changer because it removes the awkward conversations and side deals that would otherwise be required.

‘For the home investor, they know their money is safe, while we as a recipient felt better about it because we don’t feel like we have taken advantage of anyone.’ 

‘Each pound put towards the deposit and mortgage repayments is captured by our accounting system and reflected in each individual’s stake in the property,’ explains Rice. ‘So, if you’re paying more, you are issued with more shares.’ 

Guy-White adds: ‘Our ledger ensures the fair division of ownership in the property where the owners – and any family supporters – want to manage their finances separately.’

Examples would include an unmarried couple who keep their finances separate, siblings or friends owning together, or a parent providing repayment support for a mortgage. 

How does it compare? 

A selection of rates on offer to first-time buyers from Generation Home

A selection of rates on offer to first-time buyers from Generation Home

A selection of rates on offer to first-time buyers from Generation Home

Generation Home offers a full range of options for those looking to borrow with a deposit from 40 per cent to 10 per cent.

Rates are not the cheapest in the market, but those looking to use Generation Home are probably not able to qualify for the best buys anyway.

You’re paying a few decimal points more to be able to take advantage of the much more flexible approach to measuring what you can afford to borrow. 

Generation Home offers a two-year fixed rate up to 90 per cent loan-to-value, with an interest rate of 4.25 per cent and no fee. An option with a £999 fee is available with a lower rate of 3.99 per cent. 

 It’s a nice concept and it’s actually pretty easy to understand once you arrive on its website. It’s trying to help people onto the property ladder.
Andrew Montlake, Coreco 

In comparison, the cheapest offer currently on the market for someone looking to buy with a 10 per cent deposit is with Virgin Money which is offering a two-year fixed rate of interest at 3.64 per cent with a £745 fee.  

If you were to purchase a £200,000 home with a £180,000 mortgage over a 25-year term, your monthly repayments would amount to £918 with Virgin and £975 with Generation Home on its fee free deal. 

While the latter does cost more, most mortgage lenders have restricted the number of mortgages available to first-time buyers with less than a 15 per cent deposit amid worries that house prices could fall and an overwhelming number of applications putting pressure on their systems.

Andrew Montlake at mortgage broker Coreco said: ‘With the widespread withdrawal of 90 per cent mortgages the outlook for first-time buyers is quite bleak at the moment.

‘Especially at a time when they would want to be making the most of the stamp duty holiday.’

Montlake praised Generation Home’s ‘innovative’ and ‘inspiring’ approach to mortgage lending. 

‘It’s a nice concept and it’s actually pretty easy to understand once you arrive on its website. It’s trying to help people onto the property ladder,’ he said.

‘It has taken an innovative and inspiring approach during a time when other mainstream lenders are struggling to service first-time buyers.’  

Alternative options for buying with family 

There are several options for buyers who need help with their deposit. 

Barclays Family Springboard mortgage lets home buyers borrow up to £500,000 deposit-free at an interest rate of 3.25 per cent fixed for five years by linking their mortgage to a friend or relative’s savings.

These savings – the equivalent of 10 per cent of the value of the home – are locked away in a Barclays fixed term savings account for five years as security for the home loan, while the home buyer pays down the mortgage.

While it’s called the Family Springboard mortgage, it doesn’t need to be a family member doing the helping – Barclays says anyone with the equivalent deposit can act as the guarantor.  

On the same mortgage amount as above, monthly repayments on this deal would be £877.   

Other similar options include Family Building Society’s Family mortgage, and the Tipton’s Family Assist mortgage.

The Post Office’s Family Link mortgage is currently unavailable due to the pandemic and Post Office doesn’t yet have a date when this will be reintroduced. 

All of these restrict who can help to family members – usually a parent, whereas Generation Home doesn’t restrict who can chip into the deposit, so long as they have the money, can afford to invest it and understand how doing so will affect their own ability to borrow.  

Are there any limits on who can apply?

Generation Home requires borrowers to have the permanent right to reside in the UK whilst it does not accept applications from borrowers with bad credit.

The lender will allow for anywhere between one and six people to be on the same mortgage. 

Britain’s banking is increasingly online 

 The dawn of open banking at the start of this year promised a revolution in the way individuals manage their money, allowing different providers’ technology systems to ‘talk’ to each other if customers give their permission.

It promises customers safety online and indeed, the most recent statistics from the Open Banking Implementation Authority show over 3 million uses of API calls in July where a customer accessed a service that required open banking – up from 2 million in June. 

Guy-White says Generation Home is keen to reduce the number of documents required from purchasers by using open banking which they hope will particularly appeal to the self-employed.

This essentially allows the lender to automatically see what your financial position is so that they can give a more accurate assessment of how much you can borrow. 

While not yet available to the self-employed, they are planning to offer this ‘real-time’ affordability underwriting next year. 

This would mean no longer having to submit annual accounts and bank statements when applying for a mortgage. It would also allow for a more complex calculation on how much these borrowers can afford. At the moment, lenders typically take an average annual income based on the past three years and lend against around half of that.   

Buy-to-let is not on offer, and both Rice and Guy-White say they’ve no plans to extend into this market. 

What happens to investors’ money if couples break up?

According to Rice and Guy-White, their Generation Home agreement establishes legal parameters which removes the risk of parents losing out were their children to break up with a partner whom they had bought with.

‘The money is still theirs, it is secured against the property and Generation Home acts as their agent for repayment of the funds.’ 

Should you apply?

Raising a deposit is the greatest barrier for most young people hoping to buy their first home and Generation Home is trying to help address this.

The new lender is also offering 90 per cent mortgages which will be a huge draw considering the disappearance of these products across the sector.  

Boris Johnson might claim he is going to transform ‘Generation Rent into Generation Buy’ but at the moment Generation Home is the one putting its money where its mouth is.

This post first appeared on dailymail.co.uk

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Jaguar launches an E-Pace plug in hybrid aimed at eco-conscious buyers of family SUVs

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jaguar launches an e pace plug in hybrid aimed at eco conscious buyers of family suvs

Jaguar has added a new plug-in hybrid option to its compact E-Pace sports utility vehicle as part of its mid-life upgrade.

The new P300e PHEV powertrain combines a sprightly new 200 horsepower 1.5-litre three-cylinder Ingenium petrol engine, 15kWh lithium-ion battery and a 109 horsepower (80kW) electric motor that combine to emit just 44 gram per kilometre of CO2.

But to have these eco credentials, buyers are going to need to pay through the nose. Priced at £45,995, it’s over £10,000 more expensive than the entry-level diesel – a premium of 41 per cent.

Plug-in hybrid premium: Jaguar has confirmed the arrival of the E-Pace P300e PHEV, which costs over £10,000 more than the same SUV with a diesel engine

Plug-in hybrid premium: Jaguar has confirmed the arrival of the E-Pace P300e PHEV, which costs over £10,000 more than the same SUV with a diesel engine

Plug-in hybrid premium: Jaguar has confirmed the arrival of the E-Pace P300e PHEV, which costs over £10,000 more than the same SUV with a diesel engine

The new plug-in hybrid sprints from 0-to-60mph in 6.1 seconds and up to a top speed of 134mph.

It also provides up to 34 miles of drive in zero-emissions pure electric mode, with fuel economy of up to 141mpg on average. 

The new plug-in E-Pace is also capable of reaching an 80 per cent charge in 30 minutes using a rapid DC charger or 1 hour and 24 minutes on a domestic wall box.

But the biggest stumbling block for many customers will be the price. 

The new E-Pace PHEV range starts from £45,995 for the R-Dynamic S, to £47,920 for the R-Dynamic SE and £50,860 for the R-Dynamic HSE.

34945080 8868853 image a 37 1603881504719

34945080 8868853 image a 37 1603881504719

The new PHEV E-Pace is priced from £45,995. The entry-level E-Pace D165 diesel costs from £32,575

The new PHEV E-Pace is priced from £45,995. The entry-level E-Pace D165 diesel costs from £32,575

The new PHEV E-Pace is priced from £45,995. The entry-level E-Pace D165 diesel costs from £32,575

That compares to the starting price for the newly refreshed E-Pace range which begins from £32,575 for the D165 diesel engine with a front-wheel drive and a manual gearbox.

Jaguar says the new lightweight 1.5-litre three-cylinder aluminium engine – some 33kg lighter than the four-cylinder version – ‘delivers strong performance and refinement with low levels of friction which contribute to excellent efficiency and fuel consumption’.

The compact electric motor is powered by a 15kWh lithium-ion battery located under the boot floor: ‘When fully charged it provides up to 34 miles of all-electric range, enabling the new E-Pace PHEV to complete the average UK daily commute, to and from work, of 18.8 miles in EV mode without requiring a recharge’, says Jaguar.

The hybrid has been launched as part of the E-Pace's mid-life facelift, which has seen the design updated and interior revamped

The hybrid has been launched as part of the E-Pace's mid-life facelift, which has seen the design updated and interior revamped

The hybrid has been launched as part of the E-Pace’s mid-life facelift, which has seen the design updated and interior revamped

Jaguar says the updated model now has an 'aerodynamically optimised' bumper, upgraded LED headlights, and a new grille design for an 'assertive presence'

Jaguar says the updated model now has an 'aerodynamically optimised' bumper, upgraded LED headlights, and a new grille design for an 'assertive presence'

Jaguar says the updated model now has an ‘aerodynamically optimised’ bumper, upgraded LED headlights, and a new grille design for an ‘assertive presence’

The new E-Pace is also available with the next-generation 2.0-litre four-cylinder Ingenium diesel and the latest 2.0-litre four-cylinder Ingenium petrol powertrains, paired with mild-hybrid or ‘MHEV’ technology, all-wheel drive and nine-speed automatic transmissions.

These ‘mild hybrid’ petrol and diesel versions of the E-Pace – employing the lightest touch form of hybrid technology- use a belt-integrated starter generator in the engine bay to harvest energy usually lost when slowing and braking.

This energy is then stored in a 48V lithium-ion battery located beneath the rear load-space ready to be redeployed to assist the engine during accelerating and to deliver a more refined and responsive stop/start system.

The 2.0-litre four-cylinder Ingenium petrol engine is available in three power outputs, all featuring mild-hybrid technology. 

Among the cosmetic tweaks, the new E-Pace offers an enhanced exterior, an ‘aerodynamically optimised’ bumper, upgraded LED headlights, and a new grille design for an ‘assertive presence’.

Driver touchpoints around the instrument cluster are now wrapped in soft touch materials while the knee-side contact area has been sculpted to provide improved luxury and comfort

Driver touchpoints around the instrument cluster are now wrapped in soft touch materials while the knee-side contact area has been sculpted to provide improved luxury and comfort

Driver touchpoints around the instrument cluster are now wrapped in soft touch materials while the knee-side contact area has been sculpted to provide improved luxury and comfort

Inside the enhanced interior is a more intuitive new Pivi Pro infotainment system with simplified menus and a modern cabin redesigned for greater tranquillity.

The 11.4-inch curved-glass HD touchscreen at the centre of the dashboard has been ‘chemically strengthened’ with two coatings – one of which is anti-glare and a second which resists fingerprints.

Driver touchpoints around the instrument cluster are now wrapped in soft touch materials while the knee-side contact area has been sculpted to provide improved luxury and comfort.

The new Drive Selector is lower and wider and features an upper section finished with ‘cricket-ball’ stitching and a lower part made of precision-engineered metal to make it feel more tactile to the touch.

Jaguar design director Julian Thomson said: ‘New E-Pace features key design elements from across the Jaguar family, enhancing the exterior and introducing beautiful new details to the interior. 

‘All this ensures the latest model has a more grown-up appeal while retaining its compact performance SUV sensibilities.’

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This post first appeared on dailymail.co.uk

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