They are, i’ve literally just taken out another deal with them, just choose PCP when you make the order and you can play around with the financial calculator - or just cal them up….although they will struggle to explain everything to you
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M3P lease or pcp opinion
- Thread starter Futur3EV
- Start date
Wattsisname
MY Red/White/Gems
Thank you for that, I will try it.They are, i’ve literally just taken out another deal with them, just choose PCP when you make the order and you can play around with the financial calculator - or just cal them up….although they will struggle to explain everything to you
Yes, it totally exceeded my expectations! When I took out the PCP, the guaranteed 4 year residual was 49% with 10k miles p/a. At the time I thought that was a reasonable deal as future EV residuals were very hard to predict back then. Even Tesla themselves surviving was still touch and go at that point. I fully expected to be handing over the keys and walking away at the end of the PCP. So £13.5k equity after paying it off was a very nice surprise indeed!
When it comes to working out the total cost of credit I just add up all the payments and then deduct the cash price of the car. My PCP was back when they were offering 1.5% APR. It worked out at about £3.5k in credit interest over 4 years on a £90k car!
Wattsisname
MY Red/White/Gems
I understand that bit;
I know the the total interest charge, my issue is that the quoted interest rate does not equate with the total interest charge. That charge seems much too high relative to the quoted interest rate.You sure got a great deal, as it turned out, but you took a gamble so well done. I can't see how, what with the production increases over the next three years and the increasing availability of competitive EV cars, that residuals will be as high as at present. I guess, like you, one pays one money and takes ones chance.
PS As I understand it, residual wise, the guarantee is to the funder and represents the amount of the purchase price outstanding rather than the market value of the car at that time. Residual debt really. It was less ambiguous when they were called Balloon Payments.
WannabeOwner
Well-Known Member
With no actual knowledge / data to go on, Tesla seem keen to buy at trade-in which suggests to me that they are maintaining high 2nd hand prices, perhaps in order to drive new sales as punters are saying "Wow! Look at the 2nd hand price / low depreciation"
Given they don't give any discounts, nor any referrals any more, this might be one of their demand levers (along with jacking the price up as demand exceeds supply ! - which also helps the 2nd hand price)
But I know didly-squat about economics and finance ... oh! nor Marketing either ...
Wattsisname
MY Red/White/Gems
To modest! I think you are spot on. I have been watching Tesla Used Inventory Model S prices for a while. They are heading up and up and are closely followed by the dealers.
I think it helps that there are very few independent Tesla used dealers and no competing Tesla franchise dealers, so Tesla themselves have more control over the used Tesla market. No discounts, no haggling, take it or leave it approach. Plus they can leverage software and potentially hardware updates/upgrades. It's almost a closed eco-system, not unlike Apple.
As for driving new car sales, it compelled us to buy 2 new Model Ys in a matter of days! Had we decided to buy any other EV, the trade-in would have been far less favourable. Motorway and WBAC were quoting £8.5k less for our MX, so very significant.
Wattsisname
MY Red/White/Gems
Done! It took just a couple of minutes on my phone including credit approval. No cheaper than anyone else but might as well keep all under Teslabrella.
Now I wondering if I should change to 20" wheels
.I have hear criticism of the Tesla Wall Charger but they, like everything else been through a few iterations. Any thoughts on chargers y'all?
Wattsisname
MY Red/White/Gems
Did you have any luck with that? What did you go for finally?
I went PCP with Tesla: £18k plus change deposit was the highest possible with them. Also, 10k miles the lowest miles/month.
I will not do that mileage and will have to hope for a better resale value due to lower mileage to compensate for the built 10k miles cost whatever that is.
I noticed today that my March 22 deal , for a similar spec, is £110 per month more due to price rises and a 1% interest rise.
The difference would have been even greater if I had plunged in January.
Hey hoy, I am happy with the deal and delighted with Lizzie my MY LR.
I went into the Tesla dealership and requested finance through Blackhorse. I'm not sure off the top of my head what the annual mileage was in the end up, but monthly payment wise, I saved £80 or so.
MashinBenzin
Member
On the residual point, I think we can be fairly certain of strong residuals for cars being bought right now. My reasoning:
Your 60k M3/MY - in three years time it’s not hard to imagine a new equivalent will be £70-75k. Our inflation projections pretty much guarantee that.
Supply shortfall - over 2020-2022 new registrations in the UK probably total 2.5-3 million less cars than history would suggest. That restricted supply is not going to end any time soon. The demand vs. supply balance is going to remain tilted very much in favour of the supply side.
The move to EV - by 2025, the end of ICE is going to seem a lot closer and more city restrictions will be in place. It’s very likely that any EV will have a significant residual advantage over an equivalent ICE car.
My GFV is 22k iirc. In the autocar road test of a MY a few months back, the industry prediction was a £37k value at 3 years old. Given what’s happened since, I’d actually be surprised if a typical 3 year old 30k mile MY LR is not worth we’ll into the £40k bracket.
TL;DR - PCP or cash.
Your 60k M3/MY - in three years time it’s not hard to imagine a new equivalent will be £70-75k. Our inflation projections pretty much guarantee that.
Supply shortfall - over 2020-2022 new registrations in the UK probably total 2.5-3 million less cars than history would suggest. That restricted supply is not going to end any time soon. The demand vs. supply balance is going to remain tilted very much in favour of the supply side.
The move to EV - by 2025, the end of ICE is going to seem a lot closer and more city restrictions will be in place. It’s very likely that any EV will have a significant residual advantage over an equivalent ICE car.
My GFV is 22k iirc. In the autocar road test of a MY a few months back, the industry prediction was a £37k value at 3 years old. Given what’s happened since, I’d actually be surprised if a typical 3 year old 30k mile MY LR is not worth we’ll into the £40k bracket.
TL;DR - PCP or cash.