Tesla M3 - Cash / Contract Purchase / Hire Purchase

[ThMo0118]

I have a current lease ending in March 2020 and I am close to pulling the plug on a Tesla Model 3.

What is everyone's thoughts on the three different ways that Tesla offer to finance the car - any personal experiences and/or recommendations?

Any advice would be much appreciated. I have knowledge of the different financing methods generally which is not a problem, it is just whether one is particularly advantageous here.

Many thanks!

T

[Otispunkmeyer]

Not got a full idea myself, but I was looking just yesterday

Their hire purchase (which I guess is just a loan and you buy in full)... doesn't seem too bad actually. Many bank loans want 6.6% APR for that level of loan. Though if you have some of your own dough up front, you can loan 25k for 2.9% so that would work out better?

[jjwilde]

It would seem from looking at speakEV that you should not go with Tesla unless it's cash, much better deals on the M3 are available from other finance companies.

[Dave Hedgehog]

M3P @ 51k, using Tesla's 4yr value at £23,750

50% deposit for out right purchase, or to cover the lease/pcp/hp deposit and banking the rest

taking the total payments and deducting any deposit left and asset left i came up with this

lease (3/48 10kmiles @£590) - £7000 (some lease companies are happy to take over your car when u have a vin allocated
Tesla PCP (assuming car handback zero value @ 48 months) - £14000
Tesla HP (highest monthly + 5 year) - £24,000
Purchase (25k loan @2.9% over 4yrs) - £29,000


this is approx of course

Edited by Dave Hedgehog on Wednesday 4th September 11:36

[ThMo0118]

Dave Hedgehog said:

M3P @ 51k, using Tesla's 4yr value at £23,750

50% deposit for out right purchase, or to cover the lease/pcp/hp deposit and banking the rest

taking the total payments and deducting any deposit left and asset left i came up with this

lease (3/48 10kmiles @£590) - £7000 (some lease companies are happy to take over your car when u have a vin allocated
Tesla PCP (assuming car handback zero value @ 48 months) - £14000
Tesla HP (highest monthly + 5 year) - £24,000
Purchase (25k loan @2.9% over 4yrs) - £29,000


this is approx of course

Edited by Dave Hedgehog on Wednesday 4th September 11:36

Hi mate - excuse my stupidity, do you mean to say that a lease company will take over my current lease once I had a Tesla vehicle allocated? Do you have names of any companies?

[Dave Hedgehog]

ThMo0118 said:

Hi mate - excuse my stupidity, do you mean to say that a lease company will take over my current lease once I had a Tesla vehicle allocated? Do you have names of any companies?

i have spoken to a couple and they have said that once i have a vin they can speak to Tesla amsterdam (buy it) and lease the car to me

Edited by Dave Hedgehog on Wednesday 4th September 11:55

[squirdan]

My recommendation is call up Drive Electric and ask for Matt Eade... ev leasing specialist broker

Because the technology is moving so quickly I’d rather let someone else take the depreciation/ residual risk, and I don’t want the faff of selling it in 2 years time.

[HalcyonRichard]

Availability may be a problem but this is hard to beat on cost grounds and conveinience

https://www.evezy.co.uk/

monthly cost monthly commitment hand it back any time ALL costs covered

Insurance
Breakdown cover
Wear & Tear
Service & Repair
Charging

M3 from £599/month

[ThMo0118]

HalcyonRichard said:

Availability may be a problem but this is hard to beat on cost grounds and conveinience

https://www.evezy.co.uk/

monthly cost monthly commitment hand it back any time ALL costs covered

Insurance
Breakdown cover
Wear & Tear
Service & Repair
Charging

M3 from £599/month

Yeah weighing up costs although 599 is steep, is a complete no brainer when everything is included

[Dave Hedgehog]

ThMo0118 said:

Yeah weighing up costs although 599 is steep, is a complete no brainer when everything is included

How long without having insurance is it before you lose your NCB?

[Dave Hedgehog]

squirdan said:

My recommendation is call up Drive Electric and ask for Matt Eade... ev leasing specialist broker

Because the technology is moving so quickly I’d rather let someone else take the depreciation/ residual risk, and I don’t want the faff of selling it in 2 years time.

Is it moving that quick thou? Look at a 3 year old model S and a new one the difference is about the same as any modern car that’s had a mid life cycle face lift

most of Tesla’s improvement are via software, the hardware seams to evolve at the a similar rate to ICE cars

[worsy]

Careful of the mileage charges on a lease. I had a quote for a 20k per annum lease but over mileage was 35p a mile!!!

[SWoll]

ThMo0118 said:

HalcyonRichard said:

Availability may be a problem but this is hard to beat on cost grounds and conveinience

https://www.evezy.co.uk/

monthly cost monthly commitment hand it back any time ALL costs covered

Insurance
Breakdown cover
Wear & Tear
Service & Repair
Charging

M3 from £599/month

Yeah weighing up costs although 599 is steep, is a complete no brainer when everything is included

FYI that's for 12k miles per year with an additional 250 miles per month charged at 8p per mile (so £20 extra a month for 15k miles per year)

The contract does state though if you go over 15k miles they can terminate the agreement.

I currently have an EVEZY i3 for my wife which will be being joined by an M3P later this month (hopefully) for me.

Couldn't do better than either deal on PCH/PCP when I worked through the figures and no long term commitment suited me perfectly. You can however sign a 6 month contract if you wish and will then allow you to get the £500 grant towards a home charger installation.

Edited by SWoll on Friday 6th September 10:49

[bad company]

HalcyonRichard said:

Availability may be a problem but this is hard to beat on cost grounds and conveinience

https://www.evezy.co.uk/

monthly cost monthly commitment hand it back any time ALL costs covered

Insurance
Breakdown cover
Wear & Tear
Service & Repair
Charging

M3 from £599/month

Looks great IF you live near one of their locations.

[SWoll]

bad company said:

Looks great IF you live near one of their locations.

They're getting new locations all the time and will deliver to you for 95p per mile (from their Midlands HQ)

[bad company]

SWoll said:

bad company said:

Looks great IF you live near one of their locations.

They're getting new locations all the time and will deliver to you for 95p per mile (from their Midlands HQ)

That’d be 135 miles each way for me. Good one to watch though if as you say they open new locations.