Tesla model Y - good deal?

[Sippa]

Hi all

I am looking to get a Tesla through a salary sacrifice scheme and wanted to get your thoughts on whether this is a good deal. Obviously in last 6 months the lease costs have gone up greatly but I need a new car and this sounded like a sensible option.

Would also appreciate advice if someone has done anything similar and got a model Y - which spec did you go for?

The offer is:
Tesla model Y performance
Black paint
Black interior
10,000 miles
Insurance included
Servicing included
Tyres included
4 year lease
No deposit

Net cost to me after tax is £650 a month

The gross cost must be really high but to me as a 40% tax payer the net cost is £650 a month

Based on my man maths I save £300 a month by switching to electric due to savings on petrol, insurance, warranty, road tax, MOT and congestion charge.

[J1990]

As a 40% tax payer you're dropping yourpre-tax income by £1k, on which your employer is also no longer having to pay your pension contributions and your own contributions will be lowered - So there's added costs there, which could be substantial depending on how generous your employer's pension scheme is.

For that spec via Tesla PCP you're looking at £5k deposit and £1,024/month payments for 4 years (With a £25k final option) which comes in at £1,128/month average if you hand the vehicle back.

Given the inclusion of insurance and servicing I'd actually be quite tempted by that offer, however my mileage is quite a bit higher and so I'm yet to find any deals that stack up.

I guess the question is, what are your actual savings over 4 years on fuel, servicing etc of your current (or a non BEV) car - Subtract that from the monthly cost (£650+missing pension contributions) and decide if that's a price you're happy with for the car you're getting - Which IMO is very 'white goods' once you're sat inside of it.

[jaydeeuk1]

Bik rates could shoot up from 2025.

Over £1k a month on a model Y is mental

[AudiMan9000]

jaydeeuk1 said:

Bik rates could shoot up from 2025.

Over £1k a month on a model Y is mental

These sort of prices are normal now for the most hum drum of cars.

[Sippa]

£1k a month on a Tesla is mental

But £650 a month - with insurance maintenance etc sounded decent to me! Especially these days with car prices being so high and long wait times 😵‍💫

[Edible Roadkill]

How much does it cost on charges for 10kpa ??

Don’t forget to add that into your calculations. Suddenly the added in insurance (costs very little for me), servicing (costs little on ev - not much to service), road tax (free!?) pales into insignificance!!

[Sippa]

Good point re charging

My “saving” on road tax, insurance and servicing is in comparison to my current 1 series which I plan to sell.

Also my firm said the deductions come out of benefits allowance not base pay - so no impact on pension contributions phew!

[ChevronB19]

Sippa said:

£1k a month on a Tesla is mental

But £650 a month - with insurance maintenance etc sounded decent to me! Especially these days with car prices being so high and long wait times ?????

Really consider how salary sacrifice can affect your pension contributions, as mentioned above.

[ChevronB19]

Sippa said:

£1k a month on a Tesla is mental

But £650 a month - with insurance maintenance etc sounded decent to me! Especially these days with car prices being so high and long wait times ?????

It’s not £650 pm though if you do it that way - see post above which explains it well.

[Edible Roadkill]

Sippa said:

Good point re charging

My “saving” on road tax, insurance and servicing is in comparison to my current 1 series which I plan to sell.

Also my firm said the deductions come out of benefits allowance not base pay - so no impact on pension contributions phew!

I’m not one bit blindsided by the all inclusive gaff that’s on show with these salary sacrifice deals. Insurance and servicing & tyres costs what, £500-600 a year.

Essentially paying 600 a month for the car with an inferred discount of 40% (if higher tax payer) it sounds very expensive to me.

Then again I’ve never paid more than 400 a month for a car, always seem to find a bargain

[Dimebars]

Edible Roadkill said:

I’m not one bit blindsided by the all inclusive gaff that’s on show with these salary sacrifice deals. Insurance and servicing & tyres costs what, £500-600 a year.

Essentially paying 600 a month for the car with an inferred discount of 40% (if higher tax payer) it sounds very expensive to me.

Then again I’ve never paid more than 400 a month for a car, always seem to find a bargain

Tesla insurance may surprise you - it catches a lot of people out and can be very expensive regardless of your previous history

Servicing is £0.00 a year. There is none effectively.

Tyres can be expensive - £600-800 a set, but should last 18-24 months