Leasing & ROI

Where every euro goes

Drei Investor-CashflowsAnschaffung, Miete mal Auslastung, Restwert nach 12 bis 18 Jahren.1. CapexWagen 80–220 k€Lok 3–6 Mio €2. Miete × TageAuslastung schlägtden Tagessatz3. RestwertJahr 12–1815–35 % vom Neu
AfA und Casco sitzen im Netting, nicht als Überraschung nach dem Close.

Investor FAQ

Best residual-value wagon class?

Tank wagons (Z): high replacement cost, thin spot, RID. Sgnss second.

How large is ETCS risk?

Material without Level 2. Retrofit €350–500k. Vectron MS / Traxx MS3 factory-compliant — premium rent.

Realistic utilisation?

Long-lease wagons 85–92%, spot 65–80%, multi-system FSL 88–94%. Overhaul year −30–40% — model it.

Bare, full-service or operating?

Wagons run short and long; availability sits in telematics and the overhaul calendar. Locos typically 8–10 year operating lease.

Main-overhaul cost?

Wagon BR2 ~€25k / 2–4 weeks. Loco HR €600k–1.2m / 3–4 months, 4–5 cycles over 35–40 years.

What does TSI mean for the ticket?

No TSI, no corridor, no ERA file, no institutional lease. Retrofit ~€50k wagon, up to €500k loco.

Leasing vs. ownership

For swap bodies the ROI stack is €12k capex and €2.50–4.50/day. For rail the three cash flows are the same — rent × utilisation, residual, depreciation — only the tickets are larger.

Contract forms

  • Bare lease: RU bears maintenance, insurance, tax. Lowest day rate, highest operator margin.
  • Full-service (FSL): manager keeps BR/IS/HU in-house. The 15–25% workshop margin stays in the book, not with a third party.
  • Operating lease: full service plus availability risk on the manager. Loco standard, 8–10 years.

Utilisation beats the day rate: Vectron MS €1,700 × 90% = €558k p.a.; at 75% only €465k. Lost days: workshop 3–4% of life, re-positioning 1–2% active / up to 8% passive, off-hire in the trough.

Residual value & depreciation

DE depreciation is typically 25 years straight-line for wagons and locos (the portal KPI quotes 30 years for a wagon — operationally longer than the tax shell). Model S-curve: years 0–8 to 60% of new, 8–18 to 30% (wagon) / 40% (loco), then 15–25% in CEE resale. Z tanks flatter via RID and replacement cost.

Loss cover is often under-modelled: hull 0.6–1.0% p.a. of asset, loss-of-use 0.3–0.5%. A €3.8m Vectron is not replaced by running yield. After-tax in DE/PL/CZ sits on the vehicle shell (special AIF/KAGB), not the single wagon.