Considering swapping my M3P for a Lotus Eletre. What will I miss?

[M3P_W8]

My Model 3 Performance just had its third birthday, and I’ve started thinking about what’s next.

I continue to thoroughly enjoy my Tesla (despite the auto lights and wipers). It’s been the best car I've owned by far. However, I have been stung by depreciation, having bought the car outright, which I've always done in the past. As a result, I'm now seriously considering lease options for my next vehicle and wondering why I've never done this before!

I've looked at the new Model 3 Performance, which I like, but the lease rates seem ridiculous at the moment. I’ve also considered the Model Y Performance for the extra space and slightly improved ground clearance, which is attractive. However, I'm not too fond of the bloated appearance of the Y, and it doesn’t feel like much of an upgrade. I like to feel like I'm moving up the car ladder.

I know it’s a love-it-or-hate-it situation, but if the Cybertruck were available in the UK, I’d be one of the 'Love It' crew strongly pursuing that option.

Now, the Lotus Eletre has firmly caught my attention. This is due o some VERY attractive lease rates currently on offer for what is a £100k+ very attractive vehicle both inside and out (to my eye). I never thought I could afford such a car, but it seems I just might!

I am aware of some reliability concerns with the Eletre, so I need to do a lot more research before making a decision. I am however interested to hear people's thoughts on what I might regret or miss if I leave Tesla for the Lotus.

For the record, I do not consider myself either a Tesla fanboy or hater. It’s all about balance!

 

[James-R10]

I’m picking up an Eletre R on Tuesday after years of Teslas.

My biggest misses so far are:

1. Inbuilt dash cam - it’s coming apparently
2. 1 pedal driving not quite there all the time - hope they can do this via software improvement e over time
3. Aligning phones/keys to profile - apparently coming
4. Ability to turn of the speed warnings that all new cars have to have thanks to our friends in Brussels. Some manufacturers have made it easier to disable (has to be done each drive) but this is more a universal problem

But everything else is making up for it so far. The quality, the ride, the space. The tech is far better imho

 

[Durzel]

Is Eletre the one they’re doing 48 month, 0% APR, £799/month on?

Aside from that I was in agreement with you until you said you loved the Cybertruck. Now I’m questioning your faculties

 

[gangzoom]

I continue to thoroughly enjoy my Tesla (despite the auto lights and wipers). It’s been the best car I've owned by far. However, I have been stung by depreciation,

If you bought cash than deprecation isn't a thing until you sell, our X is 7 years this year, I have zero interest in selling it at present, it does everything we need it for, with quite manageable going running costs.

Even the occasional random trips to the local garage is surprisingly unpainful on the wallet, just had another new set of front control arms replaced, £480, should be fine for another 50k+ on them.

 

[gangzoom]

Is Eletre the one they’re doing 48 month, 0% APR, £799/month on?

Presume that's a lease, £38k down the drain over 4 years and the end of it you don't own anything. It's fine if you have ££££ to waste, it's alot of money otherwise to spend on a rental car.

 

[btc1k]

Presume that's a lease, £38k down the drain over 4 years and the end of it you don't own anything. It's fine if you have ££££ to waste, it's alot of money otherwise to spend on a rental car.

Rent the depreciating assets and own the appreciating ones.

 

[btc1k]

I’m picking up an Eletre R on Tuesday after years of Teslas.

My biggest misses so far are:

1. Inbuilt dash cam - it’s coming apparently
2. 1 pedal driving not quite there all the time - hope they can do this via software improvement e over time
3. Aligning phones/keys to profile - apparently coming
4. Ability to turn of the speed warnings that all new cars have to have thanks to our friends in Brussels. Some manufacturers have made it easier to disable (has to be done each drive) but this is more a universal problem

But everything else is making up for it so far. The quality, the ride, the space. The tech is far better imho

Awesome car, enjoy!

I'd be concerned about the tech, how is it better if they can't get the basics right like a phone key or one pedal drive? Never liked the "oh its coming" - usually never does!

 

[James-R10]

Awesome car, enjoy!

I'd be concerned about the tech, how is it better if they can't get the basics right like a phone key or one pedal drive? Never liked the "oh it’s coming" - usually never does!

Voice control with wake word rather than button press.

CarPlay support. Android automotive so more apps available. They seem to be fairly steady on updates today already.

Phone key is proper Apple key integration so much better than Teslas bespoke integration. The profile linking is the only thing. Doesn’t work perfect on the Tesla anyway with me and the wife.

Tempted to get her a Dacia duster as worried about her parking the lotus anyway

Lotus is part of geely that owns Volvo and polestar and they share development and platform so gives me hope.

 

[Durzel]

Presume that's a lease, £38k down the drain over 4 years and the end of it you don't own anything. It's fine if you have ££££ to waste, it's alot of money otherwise to spend on a rental car.

True, but if you want the car and buy it outright you’re down that, or close to it, in depreciation every month anyway.

All told my M3P that I bought outright has lost that much a month, if not more. That accumulated depreciation is just gone, like that £38k would be.

The only practical difference between me and someone who finances is that I have already paid an additional sum of money - the guaranteed future value if you will - to own the car at the start of the deal, rather than at the end. Someone who PCP or often with leases as well has the option to buy the car at the end, at which point they’d be in exactly the same position as me.

In actuality someone who finances and has the capital to buy outright - as I did - would likely be in a much better position because of the money making potential of that capital. I’ve said it before but if I’d put that £60k into Tesla shares back in 2020 I’d be considerably better off.

I used to be pretty dismissive of finance, and people “buying things on the never never”, always bought my cars outright figuring it was “the cheapest way to buy”, but that has definitely proven not to be the case with Tesla.

 

[James-R10]

True, but if you want the car and buy it outright you’re down that, or close to it, in depreciation every month anyway.

All told my M3P that I bought outright has lost that much a month, if not more. That accumulated depreciation is just gone, like that £38k would be.

The only practical difference between me and someone who finances is that I have already paid an additional sum of money - the guaranteed future value if you will - to own the car at the start of the deal, rather than at the end. Someone who PCP or often with leases as well has the option to buy the car at the end, at which point they’d be in exactly the same position as me.

In actuality someone who finances and has the capital to buy outright - as I did - would likely be in a much better position because of the money making potential of that capital. I’ve said it before but if I’d put that £60k into Tesla shares back in 2020 I’d be considerably better off.

I used to be pretty dismissive of finance, and people “buying things on the never never”, always bought my cars outright figuring it was “the cheapest way to buy”, but that has definitely proven not to be the case with Tesla.

Absolutely this.

the lotus right now is 0% finance and deposit . I can get 5%+ on just an easy access savings account and 9-11% with my FA.

So it makes sense to finance it by far.

Only the mega rich buy cars outright as it’s not worth their time to think about a few % on the money here or there. Or those on low budgets.

 

[M3P_W8]

Is Eletre the one they’re doing 48 month, 0% APR, £799/month on?

Aside from that I was in agreement with you until you said you loved the Cybertruck. Now I’m questioning your faculties

That's Marmite for you! (I hate that BTW)

 

[M3P_W8]

Presume that's a lease, £38k down the drain over 4 years and the end of it you don't own anything. It's fine if you have ££££ to waste, it's alot of money otherwise to spend on a rental car.

If I were to sell my M3P now it would have very nearly cost me the £38k you mention for the 3 years I've owned it (34k miles) .... for a car that cost around £60k new.

Clearly I could hold onto it for longer to make the maths more favourable, but I'm getting itchy for something new so it feels like leasing is the right option for me.

The equity I have left in the Tesla will then get invested. I'm going to be the next Warren Buffet. Watch this space!

 

[Js1977]

Only the mega rich buy cars outright as it’s not worth their time to think about a few % on the money here or there

I would say that is the furthest from the truth. Mega rich do self assessment for their taxes and its actually beneficial when you submit your expenses and its nice to have a new car every year or so and never visit an MOT station again etc.

Or those on low budgets.

That will be me

 

[James-R10]

I would say that is the furthest from the truth. Mega rich do self assessment for their taxes and its actually beneficial when you submit your expenses and its nice to have a new car every year or so and never visit an MOT station again etc.



That will be me

When I say mega rich, I mean those on 8-9 figures of wealth or more.

 

[M3P_W8]

True, but if you want the car and buy it outright you’re down that, or close to it, in depreciation every month anyway.

All told my M3P that I bought outright has lost that much a month, if not more. That accumulated depreciation is just gone, like that £38k would be.

The only practical difference between me and someone who finances is that I have already paid an additional sum of money - the guaranteed future value if you will - to own the car at the start of the deal, rather than at the end. Someone who PCP or often with leases as well has the option to buy the car at the end, at which point they’d be in exactly the same position as me.

In actuality someone who finances and has the capital to buy outright - as I did - would likely be in a much better position because of the money making potential of that capital. I’ve said it before but if I’d put that £60k into Tesla shares back in 2020 I’d be considerably better off.

I used to be pretty dismissive of finance, and people “buying things on the never never”, always bought my cars outright figuring it was “the cheapest way to buy”, but that has definitely proven not to be the case with Tesla.

100% This.

Having previously owned all my previous vehicles outright, for all the reasons stated above my next will be leased whether it be a tesla, lotus or Porsche.

It will also 100% be an EV!

 

[spdpsba]

The equity I have left in the Tesla will then get invested. I'm going to be the next Warren Buffet

Sorry bit late, I ve already done that the only difference is there is a big balloon payment to be paid in the future.

 

[btc1k]

Absolutely this.

the lotus right now is 0% finance and deposit . I can get 5%+ on just an easy access savings account and 9-11% with my FA.

So it makes sense to finance it by far.

Only the mega rich buy cars outright as it’s not worth their time to think about a few % on the money here or there. Or those on low budgets.

You'll find the "mega rich" use debt much more than you might think, they become mega rich because they understand how to leverage cheap money to generate returns

 

[thax1]

I’m picking up an Eletre R on Tuesday after years of Teslas.

My biggest misses so far are:

1. Inbuilt dash cam - it’s coming apparently
2. 1 pedal driving not quite there all the time - hope they can do this via software improvement e over time
3. Aligning phones/keys to profile - apparently coming
4. Ability to turn of the speed warnings that all new cars have to have thanks to our friends in Brussels. Some manufacturers have made it easier to disable (has to be done each drive) but this is more a universal problem

But everything else is making up for it so far. The quality, the ride, the space. The tech is far better imho

Did Lotus sort the matrix lights yet? Were some horror stories on here (possibly @FastLaneJB - apologies if not) about dazzling oncoming drivers.

 

[init6]

Never buy software features that are 'coming soon'.

 

[rincewind]

Harry wasn't completely impressed. The range was it's biggest letdown. Struggled to get more than 2 miles per kwh.