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If the 7p a mile does go up I’ll be a little disappointed. It should be highlighted on the finance example it’s not difficult to add an * and expand the charge details.
For anyone looking at leasing, have a good think about the condition of the vehicle when you return it.
A colleague handed back his 3 year old leased BMW the other day. As a precaution against excess charges, he refurb'd the wheels, and had two panels resprayed (stone chips). Other than that the car looked pretty much immaculate.
Before the car was collected, it was inspected by someone from BCA who deemed its condition satisfactory - apparently BMW (Finance) outsource to BCA. The driver who later turned up later claimed that the car had a few issues! My friend explained that the condition of the vehicle had already been signed off and to politely get stuffed.
Leasing companies will be looking to recoup as much money as they can from a deal, and that might include seeing the car return as a perfect money making opportunity.
Just something to bear in mind.
Wanted to respond to the original question of whether to buy from Tesla or an independent dealer...
Personally I think that the most important factor is whether you can find the car you want with the spec you want at a price you are willing to pay. The best way to gauge what's available is to use this website: Tesla MS and MX cars for sale in the UK
That site is fantastic and will show you what's available, price changes and the cars to avoid based on ridiculous pricing.
I originally purchased a CPO car from Tesla but was so disappointed by its preparation on collection that I declined to take delivery of the car. At that point I nearly stopped considering buying a Tesla at all...
However soon after, I located an alternate Model S through an independent dealer which tuned out to be a newer and much better spec'd car for little more than that CPO car I had intended to buy. I am very happy with my Model S! In fact I absolutely love it and will never buy an ICE car again.
Things to note are that the free supercharging and warranty are transferrable so you shouldn't have any concerns over this point. Also at 50,000 miles it is possible to purchase the same extended warranty for around £1500 (I believe) that you get with the CPO cars. So if the car you intend to purchase is below 50k miles and 4 years old, you always have that option for the future.
If you can find a CPO car at the spec and price you are OK with then buy from Tesla. If you find an alternate from someone who specialises in Tesla's then I would be OK purchasing from them too. Personally I would also be OK buying from a private seller too provided you take the usual precautions when buying any car from anybody.
My advice would be to avoid pre 2015 cars, cars without autopilot, and to ideally choose a dual motor car over the single motor ones and the largest battery you can afford. Avoid high mileage cars because of possible warranty issues. The other options are really up to you. Always buy the best spec'd car that you can afford as it will always be easier to sell in the future.
So well worth checking (and I can still cancel my order if I need to).
Indeed the first 5000 miles over your allowance is 7p a mile. After that it’s 14p a mile - doubling.
Using the same example above, the excess mileage charge would be £6426.
Time to rethink. My budget can’t really cope with more than 10000 miles a year therefore I either cancel or accept handing the car back isn’t an option or I try and find a bigger deposit.
One thing that struck me on the PCP deal is that the GMFV is very generous (49% after 4 years) so you will almost certainly need to be handing the car back at the end to avoid negative equity. I really can't see the car being worth more than 49% residual in the private or trade market and quite likely considerably less. So I don't expect any real choice in this case i.e. pay the PCP for 4 years, don't exceed the agreed mileage by too much (might also have implications for the GMFV on top of the excess mileage charges?), hand it back and walk away. I think it's still a great deal at 1.5% APR, but I think it's important to be in a position to hand the car back at the end. Otherwise I expect it will become a big financial liability at that point.
However, I would be very surprised if Tesla don't offer at least the GMFV as a p/ex value just to keep me in the brand. If they don't and the only option is to hand the car back I'm free to go anywhere else.
after 4 years. No way will the car be worth that
I think that amounts to the same thing in effect. Handing it back covers the balloon and so does Tesla offering you the GMFV. The only way Tesla could sweeten the deal is to actually offer you slightly above the GMFV on p/ex, giving you a little equity for a deposit. Otherwise you are starting from scratch again either way. It will be interesting to see how this pans out at the end of a PCP.
which is when I think I’d probably like to bail out
I’m not sure it is. If the GMFV is above the trade in value then Tesla would have to effectively offer me more than the trade in value just to match the GMFV, and that’s the only way they could keep me in the brand. Tesla are certainly taking a punt, and I suspect they will be keen to keep me onboard and so will match the GMFV.
I’m assuming not a penny more and fully expect to stump up another chunk of deposit. What will be interesting is to see how the trade in looks at say, 3 years, which is when I think I’d probably like to bail out - especially as I’m certain to be over the PCP mileage based on the last 7 months .
Certainly exciting times, if you like cars that is
Technology leapfrog likely available then ...
I love the MS but a smaller car would be easier day-to-day - parking-bays and multistory car park ramps were not designed with the MS in mind, let alone an MX !
So perhaps 2019 when the M3 arrives in the UK ...
... but as soon as a new one will drive itself around I'm having one. Complete waste of my time driving from A-to-B ...
I think you misunderstand how this works - the guaranteed value that’s not PCP is reliant on you meeting the terms. Break the terms and they don’t need to honour it.
The future value on a PCP means you throw them the keys of the value is lower than the guarantee. You can then buy another Tesla or buyva y other car but you’d have no equity on the car to act as a deposit.
Technology leapfrog likely available then ...
I love the MS but a smaller car would be easier day-to-day - parking-bays and multistory car park ramps were not designed with the MS in mind, let alone an MX !
So perhaps 2019 when the M3 arrives in the UK ...
I’m not sure it is. If the GMFV is above the trade in value then Tesla would have to effectively offer me more than the trade in value just to match the GMFV, and that’s the only way they could keep me in the brand. Tesla are certainly taking a punt, and I suspect they will be keen to keep me onboard and so will match the GMFV.
Maybe they will put some incentive forward for me to p/ex rather than toss them the keys and walk away, maybe not. I guess a lot will depend on how residuals play out in reality, but 49% after 4 years is a very strong residual to beat.