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Model S finance and insurance

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Hello to all, my first post.
I am seriously considering purchasing a Model S 85 as a company car, especially as the UK price has turned out to be slightly better than I thought.
At the moment I can't make a decision because there are two pieces of vital information missing.


  • A finance quote, there's no information on the UK website. As part of selling the car in the US, where no one pays cash, my understanding is that the company has had to guarantee to buy back the car at the end of the agreement. This is to overcome customers depreciation fears on a new technology vehicle which does not have an established second hand market.
  • An insurance quote

Any help you can give on either of these subjects will be most appreciated!
Andrew
 
I went on a test drive this week and asked the very same questions. The answer around finance was that there isn't any - though of course you're free to arrange your own. There is also a lease option which is being worked on with LeasePlan and there is likely to be an option to take a car which you've put a deposit down on as a lease rather than purchase.

With regards insurance there wasn't any information available. My take on it is that I wouldn't expect any insurance companies to be able to quote on a Model S as yet, so I've not bother to ask any. I'm hoping its not too high though of course.

Hope that helps,

Cheers,
Ben.
 
Insurance quotes for MS have now gone live on comparethemarket.com. I had quotes from £700 to £800, 8k per year mileage, 2 previous claims, guaranteed NCB (I have 9 years NCB) on an S85

Thats good news - they have also added the Roadster. Previously its been very difficult / expensive to find anyone who would insure a Roadster and you had to get a "bespoke" policy from an underwrite (which seems exactly the same as normal insurance, except the documents come in a posh folder and it costs 3x as much as you would expect).
 
yep got a quote from Admiral this morning, not as bad as I expected

I'm curious - care to share ?


Previously its been very difficult / expensive to find anyone who would insure a Roadster and you had to get a "bespoke" policy from an underwrite (which seems exactly the same as normal insurance, except the documents come in a posh folder and it costs 3x as much as you would expect).

Following your advice a couple of years ago I think I ended up with the same underwriter and their posh folders! Their customer service was very good though.

At last renewal I went with Admiral. Their quote was £390 or so. Amazing. But I hope I don't ever have to find out what their claims handling is like..
 
Finance partners in the UK are Leasplan for contract hire and Alphera for Hire Purchase.

Neither impressed me (Leaseplan in particular just didn't really seem to want the business, putting up roadblock after roadblock to prevent themselves from actually having to finance a car, and Alphera weren't offering a payment profile with a "balloon" payment at the end).

There is no buyback guarantee in the UK, or anywhere other than the US I believe.

Others have had success with Lombard (for business finance), and generally more car finance brokers are becoming aware of the car and understand it enough to be able to quote for it.

Admiral are by far the cheapest for insurance, but provide comparatively low quality cover (in particular they won't let you choose where repairs are made in the event of damage, and will always look for 2 quotes for the work and choose the cheaper one, and they don't offer new for old replacement even in the first year so you'll probably want GAP insurance as well). LV have been producing reasonable prices for people, with a higher quality of cover included.
 
OK thanks just looking at some options and starting to put prices together, but realistically I would be a lot happier once the Manchester store and service centre are open, as I'm closer to there than London. But can't find any dates on when these will be opening other than soon :)

Thanks

Nick
 
My wife and I just ordered our S85 a few days ago. After a number of insurance quotes, it would appear Admiral and LV were the lowest for us coming in at about £1000 each. However the interesting fact I want to tell everyone is if my wife is the named driver and me as the secondary it reduces to £700. We both plan on driving it fairly equally so this appears to be better value for us. LV did seem to have better cover and I'm sure we will be going with them.

As as for finance we wanted to purchase it outright with no bubble so Alphera was fine with us. They did seem to take their responsibility to loan money sensible to heart and initially requested I paid a larger deposit and took it out over a longer period to reduce my payments. But finally after a chat direct to me they let me do what I had initially requested.

As for monthly costs just take the price of your car, deduct the deposit, then add 3.08% x number of years and divide by the number of months in your loan term. Gives you you payment per month. Works out very close to the pence.

I actually knocked up a simple spreadsheet so I could alter purchase costs and deposits and it gave monthly payments over years 1 to 5. It worked really well.
 
As for monthly costs just take the price of your car, deduct the deposit, then add 3.08% x number of years and divide by the number of months in your loan term. Gives you you payment per month. Works out very close to the pence.

I actually knocked up a simple spreadsheet so I could alter purchase costs and deposits and it gave monthly payments over years 1 to 5. It worked really well.

Hi,

Thanks for the info. I think i'm being a bit thick but I don't understand how to work this out. Could you give an example say based on £60,000. Also any chance of a link to your spreadsheet? :)

Thanks!!
 
Hi,

Thanks for the info. I think i'm being a bit thick but I don't understand how to work this out. Could you give an example say based on £60,000. Also any chance of a link to your spreadsheet? :)

Thanks!!


Try This:-

Tesla Costs - Google Sheets

If it fails tell me and I will just paste a calculation.

No flaming please, this was just a handy sheet that worked ok for me, which Ive tried to share as requested.

It may not be right or correct.
 
Looks pretty good to me on the 5 year term, could be handy to add the £5k government grant so people don't forget. The fuel savings are good too, I moved to 27mpg to match my current car and added a 4% increase in fuel cost per year (not that recent years suggest that's happening) which gives me almost £30k saved in fuel over the 5 year term.

And again, just re-affirms that the Tesla is fantastic in terms of TCO.
 
Finance partners in the UK are Leasplan for contract hire and Alphera for Hire Purchase.

There is no buyback guarantee in the UK, or anywhere other than the US I believe.

Now, if you finance through Alphera you get a buyback guarantee after 37 months.


Tesla has launched a new financing programme in the UK that will offer customers the chance to drive its Model S all-electric sedan from £820 a month.
The company announced late last week that it has teamed up with Alphera Financial Services, a division of BMW Financial Services, to launch a specially tailored financing model for the electric car that offers customers a guaranteed price at which Tesla will buy back the car after 37 months.


http://www.businessgreen.com/bg/news/2373871/tesla-model-s-yours-from-gbp820-a-month