Model Y third best selling car in the UK in 2022

[2020M3SR]

Anyone in the a position to have a self administered pension should do it! (i.e. transfer a final-scheme pot from a way-back-when snippet of employment)

Just to throw my comment into the ring. Not financial advise, just my personal view.

I have a final salary pension thats now closed, but I'm letting it sit there and grow with inflation (although its capped at 5% PA )

I fully intend to transfer it out, but I'm waiting until I'm close to retirement. I know of a few people that transferred out in the last couple of years and they've watched the value erode due to volatility in the markets that we've seen lately

My own strategy from a de-risking point of view is to just let it sit there and grow and once I'm close to retirement, then I'll do the transfer to gain control of it. Its grown 5% in 2022 and I know some who transferred out have seen their pot reduce by 10%, so thats a 15% swing on a not insignificant amount of money.

 

[Alan J]

Just to throw my comment into the ring. Not financial advise, just my personal view.

I have a final salary pension thats now closed, but I'm letting it sit there and grow with inflation (although its capped at 5% PA )

I fully intend to transfer it out, but I'm waiting until I'm close to retirement. I know of a few people that transferred out in the last couple of years and they've watched the value erode due to volatility in the markets that we've seen lately

My own strategy from a de-risking point of view is to just let it sit there and grow and once I'm close to retirement, then I'll do the transfer to gain control of it. Its grown 5% in 2022 and I know some who transferred out have seen their pot reduce by 10%, so thats a 15% swing on a not insignificant amount of money.

As someone who cashed in their Final Salary Pension 4 years ago I'm on the opposite side of this equation. Since then it initially grew well pre-covid then plunged with COVID and then slowly recovered until the more recent Market volatility. Hopefully you have already taken Independent Financial Advice (if not then please do so on probably the biggest Financial decision of your life) most IFA's will tell you that it's a mistake to try to time the Market but these are very personal decisions, good luck !

 

[2020M3SR]

As someone who cashed in their Final Salary Pension 4 years ago I'm on the opposite side of this equation. Since then it initially grew well pre-covid then plunged with COVID and then slowly recovered until the more recent Market volatility. Hopefully you have already taken Independent Financial Advice (if not then please do so on probably the biggest Financial decision of your life) most IFA's will tell you that it's a mistake to try to time the Market but these are very personal decisions, good luck !

Yes indeed, thats very important. The people I spoke with said that the independant financial advisors said its best not to transfer out, unless your specific circumstances mean that it can work better for you. Eg, if your partner already has a final salary pension and you don't need two of them, plus many other individual factors. They went ahead and transferred out regardless.

I have chosen to wait until closer to retirement to take that decision and to stick with locked in/guaranteed annual increases but like I say, thats me de-risking my retirement fund. Cashing in now, at least for me, is 'trying to time the market' which I'm reluctant to do. Part of that reasoning of course is heavily influenced by my personal situation in that I'm currently building a separate pension pot, defined contribution already. Moving my other pension into that more volatile space doesn't make sense to me.

 

[MashinBenzin]

Anyone in the a position to have a self administered pension should do it! (i.e. transfer a final-scheme pot from a way-back-when snippet of employment)



So everyone (you included, Natch!) is happy with the price they paid, assuming it was the best deal available, whereas actually everyone got a worse deal, that day, than the one person who didn't!



Sure, but in doing so they have maintained a short queue for those that are happy to pay the raised price, whereas the other Marquees have moved to 12 - 24 month wait instead ... Personally I can't figure out why the other marques haven't done a wait-shortening (and profit-raising!) price rise too

Tesla haven’t removed the dealer to benefit the consumer, it’s for their own benefit. I know it’s sport on these forums to mock dealers and their high costs. Nobody is looking at the jobs taken out of the market. Salesmen, business support admin staff, receptionists, building support staff, cleaners, construction work for dealerships. But, fantastic, the automaker gets to make high profits and everyone pays the same inflated price. Once everyone adopts this model, we are left with the usual race to the bottom and tens of thousands of jobs taken from the economy. (Except I don’t think everyone will adopt this model)

Other marques have reduced or removed discounts, which has the effect of raising prices.

And on the pension, not so simple as just deciding to do it. There are guidelines and rules to prevent people making that decision. To make the transfer, an IFA must recommend it, and to recommend it they have to follow the regulator’s rules.

 

[MashinBenzin]

Yes indeed, thats very important. The people I spoke with said that the independant financial advisors said its best not to transfer out, unless your specific circumstances mean that it can work better for you. Eg, if your partner already has a final salary pension and you don't need two of them, plus many other individual factors. They went ahead and transferred out regardless.

I have chosen to wait until closer to retirement to take that decision and to stick with locked in/guaranteed annual increases but like I say, thats me de-risking my retirement fund. Cashing in now, at least for me, is 'trying to time the market' which I'm reluctant to do. Part of that reasoning of course is heavily influenced by my personal situation in that I'm currently building a separate pension pot, defined contribution already. Moving my other pension into that more volatile space doesn't make sense to me.

I’m in a similar position, if I value my final salary pension at its transfer value and my various defined contribution pensions, then the split is about 50/50 defined benefit vs. define contribution. With the former growing with inflation and the latter growing through contribution and market growth. Maybe a balanced position?

However, I’m an older father with two kids about to be incurring school fees, followed by university. The chance to flex my drawdown rates over the earlier part of my pension may be useful. I’m happy to provide for the kids and then live on buttons once they’re through education and on the housing ladder. What I mean is I expect to spend vastly more between 50 and 70/75 than post that. Whereas many planning for pensions may be looking at a more tapered reduction in living costs. (If I manage to keep working in a decent job until 60+ then none of this is a concern).

 

[WannabeOwner]

I fully intend to transfer it out, but I'm waiting until I'm close to retirement. I know of a few people that transferred out in the last couple of years and they've watched the value erode due to volatility in the markets that we've seen lately

I'm in no position to give financial advice, so I'm only speaking on the experience of a family member.

They worked for a final-salary company from 25-ish to 35-ish, transferred the pension to a SSAS at age 55. Its a professionally qualified person, so they would have been earning well for their age at the time, but nothing outrageous! but even so the transfer value was £gigantic ...

My recollection is that they were advised to wait until 55 before making the transfer. Back then they were salaried, but now an owner/manager; their pension bought the business property, so the Business Rent goes into the pension. Even if the business goes Pop the property has increased significantly in that period. And as best as I understand it transferable to Sprogs on death as well.

 

[MashinBenzin]

I'm in no position to give financial advice, so I'm only speaking on the experience of a family member.

They worked for a final-salary company from 25-ish to 35-ish, transferred the pension to a SSAS at age 55. Its a professionally qualified person, so they would have been earning well for their age at the time, but nothing outrageous! but even so the transfer value was £gigantic ...

My recollection is that they were advised to wait until 55 before making the transfer. Back then they were salaried, but now an owner/manager; their pension bought the business property, so the Business Rent goes into the pension. Even if the business goes Pop the property has increased significantly in that period. And as best as I understand it transferable to Sprogs on death as well.

Transferable to wife and sprogs is a key benefit.

I was told similar on age by an IFA (an acquaintance, not engaged to work for me) - that below 55 the FCA will not entertain transfers unless the circumstances are exceptional.

In terms of transfer value, mine was (iirc) around 52x the current annual value of the pension. I.E. self investing I’d have to equal inflation for around 5 decades to stay on par. I will probably get another quote soon as I’m just curious as to what difference the financial environment will make.

 

[Rooster6655]

Not sure why those end of quarter numbers were necessary when the overall numbers were enough - it’s a common thing I see done on here at the end of every quarter where they’re thrown about with zero context to make it look like Tesla are doing much better than they actually are

Yes context is important, it's already well known that they deliver towards the end of quarters.

One thing nobody seems to mention is the Model 3 Sales numbers:
2020: Not Sure
2021: 34k
2022: 18k (-47%)

I think the numbers in 2023 will be interesting for both models

 

[2020M3SR]

I'm in no position to give financial advice, so I'm only speaking on the experience of a family member.

They worked for a final-salary company from 25-ish to 35-ish, transferred the pension to a SSAS at age 55. Its a professionally qualified person, so they would have been earning well for their age at the time, but nothing outrageous! but even so the transfer value was £gigantic ...

My recollection is that they were advised to wait until 55 before making the transfer. Back then they were salaried, but now an owner/manager; their pension bought the business property, so the Business Rent goes into the pension. Even if the business goes Pop the property has increased significantly in that period. And as best as I understand it transferable to Sprogs on death as well.

That's a huge influence on my reasoning too. Once you die, assuming your kids are over 18 by then, they get nothing from a final salary pension.

It's a key reason I want to make the transfer closer to retirement age rather than now as if I die while in employment, they'll get a big one off payment but once retired, that one off payment goes away. If you transfer just before retirement, all the money goes to your will/estate when you die so it's a huge consideration.

Annoyingly, the Govt moved the early retirement age to 57 and I had 55 penciled in to stop working. I just hope they don't move it to 60 before you can access it!

 

[Drew57]

....then live on buttons once they’re through education and on the housing ladder.

So you're planning on keeping the Tesla beyond the warranty period then .

 

[MashinBenzin]

So you're planning on keeping the Tesla beyond the warranty period then.

Warranty doesn’t worry me, but I can’t see me wanting to live with it much more than 3 years.

 

[roadcred]

Did you quote the wrong post? I didn’t call a Tesla expensive and you’d have to go a long way to find me using the word luxury and Tesla in the same sentence

They’re more expensive than Kias and Nissans though. Please don’t talk about tooling cars up to a similar spec to Tesla, you have to start ripping features out of cars to bring them DOWN to Tesla’s spec level.

Sorry I used your post to add to the sentiment on this topic. You are right about tooling down though. Tesla continue to have a single advantage over all other EVs - to charge you only have to queue with other Teslas unlike all other EVs. Long may it last.

 

[MashinBenzin]

Sorry I used your post to add to the sentiment on this topic. You are right about tooling down though. Tesla continue to have a single advantage over all other EVs - to charge you only have to queue with other Teslas unlike all other EVs. Long may it last.

That actually caught me out - believing that bit of hype about Teslas. I parked next to (and didn’t use) and drove past three empty sets of gridserve chargers smugly assuming I’d use a supercharger (showing two stalls free in the car). Only to arrive as they filled up. Had to bail and drive slowly rather than wait as my daughter was tired and emotional after a long day in the car and at the airport. From now on I’m charging anywhere.

The car has not yet had a fast charge, that was the only time I’ve needed it. Lesson learnt and I’m not going to trot out the supercharger line to anyone that asks me about my EV

 

[roadcred]

Yes context is important, it's already well known that they deliver towards the end of quarters.

One thing nobody seems to mention is the Model 3 Sales numbers:
2020: Not Sure
2021: 34k
2022: 18k (-47%)

I think the numbers in 2023 will be interesting for both models

The Model 3 is dead without a complete update and look. It is grossly overpriced compared to the Y. As any new Model 3 would take maybe 2 years to reach the UK after release in the US, I anticipate the numbers sold will almost disappear in 2023. The only thing that will save it is a £20k price drop across the Model 3 range.

 

[Adopado]

One thing nobody seems to mention is the Model 3 Sales numbers:
2020: Not Sure
2021: 34k
2022: 18k (-47%)

Eh? Model 3 numbers are in this very thread! It appears to be the second biggest selling EV to the Model Y which had a pent up demand, 2022 being the first year of UK deliveries.

Model Y third best selling car in the UK in 2022

The SMMT figures for December and the whole of 2022 are out: Car Registrations Headlines: Model Y was the third best selling car (that's all cars, not just EVs) in 2022 Model Y was the best selling car in December 2022 Model 3 was the second best selling car in December 2022 Also reported by...

teslamotorsclub.com

 

[MashinBenzin]

The Model 3 is dead without a complete update and look. It is grossly overpriced compared to the Y. As any new Model 3 would take maybe 2 years to reach the UK after release in the US, I anticipate the numbers sold will almost disappear in 2023. The only thing that will save it is a £20k price drop across the Model 3 range.

I think that makes a model 3 £28.5k. I’m not Tesla’s biggest fan but I think the 3 makes sense if you don’t need a family hatchback or a slightly raised driving position and it’s better looking than the Y. Of course the world is moving fast towards SUVs and crossovers (the MY being the latter imho) so the 3 will always have lower sales.

 

[Rooster6655]

Eh? Model 3 numbers are in this very thread! It appears to be the second biggest selling EV to the Model Y which had a pent up demand, 2022 being the first year of UK deliveries.

Model Y third best selling car in the UK in 2022

The SMMT figures for December and the whole of 2022 are out: Car Registrations Headlines: Model Y was the third best selling car (that's all cars, not just EVs) in 2022 Model Y was the best selling car in December 2022 Model 3 was the second best selling car in December 2022 Also reported by...

teslamotorsclub.com

Yes context is important, it's already well known that they deliver towards the end of quarters.

For context I was referring to the Model 3 numbers having declined -47% YOY in 22 compared to 21 that nobody mentioned, not that the model 3 numbers for 2022 hadn't been mentioned. Yes its the Model Ys first year perhaps that took away some of the 3 sales this year.

 

[Alan J]

Transferable to wife and sprogs is a key benefit.

I was told similar on age by an IFA (an acquaintance, not engaged to work for me) - that below 55 the FCA will not entertain transfers unless the circumstances are exceptional.

In terms of transfer value, mine was (iirc) around 52x the current annual value of the pension. I.E. self investing I’d have to equal inflation for around 5 decades to stay on par. I will probably get another quote soon as I’m just curious as to what difference the financial environment will make.

Having the control to leave it to Mrs and Sprogs was also a key decision point for me.

 

[imstitch]

The Model 3 is dead without a complete update and look. It is grossly overpriced compared to the Y. As any new Model 3 would take maybe 2 years to reach the UK after release in the US, I anticipate the numbers sold will almost disappear in 2023. The only thing that will save it is a £20k price drop across the Model 3 range.

Just bringing it in line with US pricing would help... It's a $40k car in the US (£33k) which should be £40k with vat, UK buyers are effectively paying an £8k premium. Prices for new and used will tank even more soon imo.

 

[Js1977]

Just bringing it in line with US pricing would help... It's a $40k car in the US (£33k) which should be £40k with vat, UK buyers are effectively paying an £8k premium. Prices for new and used will tank even more soon imo.

How about we have petrol prices inline with US or many other goods?

It's funny that any good news about tesla doesn't bode well on this site recently (for the most part). Maybe we could rename this site TeslaHatersClub.com so that it becomes more in keeping