2019/20 Orders and Deliveries [closed]

[AnthonyLR]

I decided to clean my car today. I took delivery on 26 March at Brent X in an indoor car park and my car has just sat on the drive with 12.1 miles on the clock since then. It rained once and put black spots all over it so it needed a clean.

I was very pleasantly surprised to find no paint flaws. I read all the horror stories about the paint but Tesla did a perfect job with mine.

The white paint really sparkles when it’s clean in the sun.

 

[Godsense]

Surprised to see they are still doing delivery, must be a nice treat for you guys!

Out of interest are you mostly PCP ? I've got a deposit on but can't decide how to finance it. Haven't ever leased before.

 

[EVMeister]

Surprised to see they are still doing delivery, must be a nice treat for you guys!

Out of interest are you mostly PCP ? I've got a deposit on but can't decide how to finance it. Haven't ever leased before.

How often have you kept a car when/before your PCP contract ends?

 

[bhav]

Surprised to see they are still doing delivery, must be a nice treat for you guys!

Out of interest are you mostly PCP ? I've got a deposit on but can't decide how to finance it. Haven't ever leased before.

Do you care about owning the car?
Do you care about having the option to exit/upgrade/change early?

That's what it really comes down to. If you want flexibility you probably want to go down PCP route, but ordinarily you will pay more for that

 

[stonecoldrmw]

Do you care about owning the car?
Do you care about having the option to exit/upgrade/change early?

That's what it really comes down to. If you want flexibility you probably want to go down PCP route, but ordinarily you will pay more for that

Exactly that. If you want the option of having some form of equity through the term, then PCP is the way to go.

 

[GeorgeSymonds]

Exactly that. If you want the option of having some form of equity through the term, then PCP is the way to go.

There's no guarantee of equity through the term though is there? As i understand it PCP just gives you the option to walk away earlier once 50% of the finance has been paid, the fnance includes the balloon payment. I tried to find an example PCP quote to run the figures but couldn't but as a simple example if the car was

£40k value
GFV was 18k
Monthly was £500 over 48 months
Total payable would be 42k

After 36 months you'd have paid 18k - to walk away it would cost you £3k to reach the 21k or 50% threshold.
After 42 months you'd be half way so if the GFV of the car looked above the market value you could if you wanted hand back the keys then with no penalty, keeping the car to the end of term doesn't really gain you anything.

Unless I've misunderstood?

 

[bhav]

There's no guarantee of equity through the term though is there? As i understand it PCP just gives you the option to walk away earlier once 50% of the finance has been paid, the fnance includes the balloon payment. I tried to find an example PCP quote to run the figures but couldn't but as a simple example if the car was

£40k value
GFV was 18k
Monthly was £500 over 48 months
Total payable would be 42k

After 36 months you'd have paid 18k - to walk away it would cost you £3k to reach the 21k or 50% threshold.
After 42 months you'd be half way so if the GFV of the car looked above the market value you could if you wanted hand back the keys then with no penalty, keeping the car to the end of term doesn't really gain you anything.

Unless I've misunderstood?

It's exactly for this reason that I refuse to go down the PCP route. It's just riddled with difficult choices and hooks to keep you paying forever. I love the emotional freedom of a lease... Just don't need to think about it.

 

[Cnixon]

There's no guarantee of equity through the term though is there? As i understand it PCP just gives you the option to walk away earlier once 50% of the finance has been paid, the fnance includes the balloon payment. I tried to find an example PCP quote to run the figures but couldn't but as a simple example if the car was

£40k value
GFV was 18k
Monthly was £500 over 48 months
Total payable would be 42k

After 36 months you'd have paid 18k - to walk away it would cost you £3k to reach the 21k or 50% threshold.
After 42 months you'd be half way so if the GFV of the car looked above the market value you could if you wanted hand back the keys then with no penalty, keeping the car to the end of term doesn't really gain you anything.

Unless I've misunderstood?

You are quite correct. A lot of people think 50% is 2 years out of a 4 year pcp but most pcp deals try to stop handback until the last few months.

 

[Sunraged]

I've fallen foul to PCP's before but keep going back to them. This is my first ever lease, and I feel totally liberated at the thought of not being tied into the PCP.

 

[Mr H]

It's exactly for this reason that I refuse to go down the PCP route. It's just riddled with difficult choices and hooks to keep you paying forever. I love the emotional freedom of a lease... Just don't need to think about it.

If you go from one lease to another then you're paying forever with nothing at the end to show for it. I went PCP and as long as the car gives me no trouble over the next 4 years then i intend to purchase it at the end

 

[Slr88]

If you go from one lease to another then you're paying forever with nothing at the end to show for it. I went PCP and as long as the car gives me no trouble over the next 4 years then i intend to purchase it at the end

This is why I've gone for the PCP option as well. I fully intended to keep previous cars but always went off them and never took the purchase option up. Hoping my M3 changes my mind!! The only downside I can think of is that I presume battery technology will be so far ahead of where it is now in another 4 years

 

[bhav]

If you go from one lease to another then you're paying forever with nothing at the end to show for it. I went PCP and as long as the car gives me no trouble over the next 4 years then i intend to purchase it at the end

Yeah I think that's the difference though - I don't want or need anything at the end - I know I will want a new car every 3 years, so I might as well just pay to use one and then pay to use the next one etc. And in doing so, I will tend to pay comparatively less over the 3 years.

To be clear though, I understand that over say 10 or 15 years I will pay more - I am clearly paying for the privilege of getting a new car regularly.

So I go back to my original point - if you care about keeping the car, or having all the options to do different things, then get a PCP. If you don't care about any of those things and you understand that you're not going to have an asset at the end, lease it.

 

[Mr H]

Yeah I think that's the difference though - I don't want or need anything at the end - I know I will want a new car every 3 years, so I might as well just pay to use one and then pay to use the next one etc. And in doing so, I will tend to pay comparatively less over the 3 years.

To be clear though, I understand that over say 10 or 15 years I will pay more - I am clearly paying for the privilege of getting a new car regularly.

So I go back to my original point - if you care about keeping the car, or having all the options to do different things, then get a PCP. If you don't care about any of those things and you understand that you're not going to have an asset at the end, lease it.

I just couldn't understand why you thought PCP was 'riddled' with difficult choices and hooks. There is one choice at the end, send it back and start again (as you do with a lease) or make the final payment and keep it. Choice is good for us all though.

 

[GeorgeSymonds]

There are a number of model s owners now faced with a pcp balloon higher than market value, they’re done well in practice but they want to keep the car and it’s difficult to justify paying a premium to keep the car over it’s open market worth. Of course that doesn’t always happen but jts a situation that can arise.

 

[Cnixon]

There are a number of model s owners now faced with a pcp balloon higher than market value, they’re done well in practice but they want to keep the car and it’s difficult to justify paying a premium to keep the car over it’s open market worth. Of course that doesn’t always happen but jts a situation that can arise.

Give it back then. Walk in next day and buy it back.

 

[Bobly]

The way VAT is treated for PCPs was changed last year, meaning that in general they got more expensive, leading to a sharp rise in PCH (leasing) in the UK.

everyone’s circumstances can be different so I’d suggest making yourself a little spreadsheet with all the options laid out (deposit, monthly payment, term etc) and work our your total cost over the 3/4 years or whatever term you decide. And then look at the total cost over that term. If you do plan to keep the car, maybe look into other sources for finance too (personal loans, using existing savings etc) as PCP interest rates can be quite high. A low monthly payment might look attractive at first but it adds up over 3/4 years.

then weigh up the costs against the various convenience factors, (I.e. how much do you want to “pay” for...)

Do you plan to keep the car for several years, do you want flexibility to hand back if circumstances change?

a PCP gives a bit of a “safety net” as you have a minimum guaranteed future value at the end of the contract.

If paying cash or pcp you can trade in your existing vehicle (generally not going to work on a lease)

as others mentioned, a lease gives you freedom to know it’s just a rental.
Etc.

Everyones situation is different, so work out what’s best for you.

 

[GeorgeSymonds]

Give it back then. Walk in next day and buy it back.

Not always possible, you have no idea where the car will reappear for sale, how long it may take before it reappears, it may go to auction which can take a month and that auction may be closed to the general public, and you may well lose any included benefits such a first owner unlimited free supercharging - and while all thats going on you are without a car. . The point was some were saying they were intending to keep the car beyond the PCP and you can be in a situation where thats not practical.. You could try bartering a revised GFV but thefinance company may not be interested as its not how they work and have no interest into getting into bartering otherwise everyone might try and do it regardless of the values.

 

[Mr H]

The current 4.9% offered by Black Horse is a lot less than many banks are offering for a personal loan

 

[AnthonyLR]

There is a different thread on the LR price having dropped on the Tesla website. I took delivery on 26 March just after the lock down. I think I would be £1000 better off now. I have sent an email asking Tesla if they can do something.

What happens to customers still waiting for the LR's to turn up from Southamption - do they get the lower price?

My calculation is:

I paid £51,490 less £3500 plug in grant equalling £47,990
The price now is £49,990 less £3000 plug in grant equalling £46,990.

So a £1000 difference

 

[ISKM3]

There is a different thread on the LR price having dropped on the Tesla website. I took delivery on 26 March just after the lock down. I think I would be £1000 better off now. I have sent an email asking Tesla if they can do something.

What happens to customers still waiting for the LR's to turn up from Southamption - do they get the lower price?

My calculation is:

I paid £51,490 less £3500 plug in grant equalling £47,990
The price now is £49,990 less £3000 plug in grant equalling £46,990.

So a £1000 difference

Agreed - per the other thread, I’m in the same position. Collected a LR MSM the other week for £48,990. Today’s price is how
£47,990. Have also emailed Tesla.