Crazy low residuals?

[gangzoom]

Agree about WBAC. Please stop using them as the bench mark.

I would say WBAC at the moment for Tesla's (EVs?) currently in the £5k/year insurance quote category.

Their 'Quote' for our 8 year old Lexus IS is pretty amazing still, given it was £31k brand new in 2015, so 50% depreciation at 8 years, cannot argue with that.

The X 'quote is just halirious, 5.5 year old, with 'free for life' SC/connectivity, FSD.

But regardless of residuals buying/swapping new cars just for the sake of it is a total waste of £££££. Even with our Lexus, swapping into a new LR Model 3 with white seat would cost £37k, and for what gain?? A 3 would cost almost the same to refuel on a long trip, soon the Lexus Will have a cheaper VED rate (£10/year registered in 2015), and I only service it now every other year at Halfords for £170, still on original brake pads + 12V battery. 2025 VED on EVs will essentially make a new Model 3 MORE expensive to maintain/own than our Lexus - also only £220 insurance this year!!

A new X would just be utter financial suicide, we don't have UK X pricing yet, but based on EU pricing 6 seater, white interior, FSD, I suspect £120k ish....so £97k for a swap AND LOOSE free for life Supercharging/connectivity.........I might as well give Tesla my bank account details and say 'take it all' .

Zero chance, interest, or need for us to swap our cars for a long time to come!!

 

[M3PBOSS]

What i find interesting is that 2021 registered M3P' with <20K miles are selling on autotrader from £42k (new £59k) whereas Audi E-Tron GT's of similar age and miles are selling from £75k (new £85k). If Tesla drop prices any further then buying a new Tesla M3P is basically financial suicide unless you plan to keep it for a very very long time. My original plan was to trade my Model Y in for a refreshed 2023/2024 M3P but i have changed my mind and ordered a new Audi E-Tron GT with a £6k discount via drive the deal

 

[UrbanSplash]

What i find interesting is that 2021 registered M3P' with <20K miles are selling on autotrader from £42k (new £59k) whereas Audi E-Tron GT's of similar age and miles are selling from £75k (new £85k). If Tesla drop prices any further then buying a new Tesla M3P is basically financial suicide unless you plan to keep it for a very very long time. My original plan was to trade my Model Y in for a refreshed 2023/2024 M3P but i have changed my mind and ordered a new Audi E-Tron GT with a £6k discount via drive the deal

Indeed. I think you would be crazy to buy now anyway. It’s very possible a refresh will arrive soon anyway.

 

[gangzoom]

Audi E-Tron GT's of similar age and miles are selling from £75k (new £85k).

If Tesla really want to sell any S/Xs they need to drop the prices by £20-30k probably more. There quite a few GTs/Taycans in the work car Park these days, I love our X but it's not in the same category of fit/finish. The fact a Taycan is cheaper than a 'base' S is just nuts, Tesla needs a reality check on their pricing.

€120k for a S with a few options, when a Taycan with quite a few options comes out cheaper. Residuals on the 3/Y maybe bad, but anyone who buys a new S/X at current pricing need to be ready for a pretty substantial drop in value as soon as it leaves the showroom.

 

[Sean.]

A new X would just be utter financial suicide, we don't have UK X pricing yet, but based on EU pricing 6 seater, white interior, FSD, I suspect £120k ish....so £97k for a swap AND LOOSE free for life Supercharging/connectivity.........I might as well give Tesla my bank account details and say 'take it all' .

Yep. We've done it once. No need to rinse and repeat necessarily.

Buying essentially the same model of car, just newer, always seemed a bit boring to me, even if you absolutely loved the last one.

I'll keep my X for as long as it makes financial sense. But there is more to life (and cars) than Tesla and £120K buys a lot of car (or cars)!!!

 

[Durzel]

I couldn't rationalise spending ~£120k+ on a new S or X. They are great cars I'm sure, and Plaid S will be the fastest thing on the road, but there's only so many times you can practically do that and you could just buy a superbike and get a bike licence and achieve broadly the same goal at a fraction of the price.

Whilst I expect a new X is probably a step up from your one @gangzoom, I doubt it's really night and day where it counts. As you have said previously there's basically no reason to change assuming you have an MCU2 X. I don't need or want to play The Witcher in the car.

And I'd agree about the S too - you'd be mad to go for one over a Taycan imo, unless you really need the SuC network.

I can't see many takers at £120k+ - save for real dyed in the wool fanboys.

 

[pdk42]

I suspect what's happening is that the typical buyers of used cars that are 3-4 years old are now getting very wary of EVs. The endless media coverage of charging woes (mostly justified I should add) and the fact that rapid chargers are now as expensive per mile as petrol are causing people to pause. I suspect the same concerns are affecting new car sales too; it's only the business buyer benefits (BIK, corporation tax write offs etc) that are still making EVs attractive.

Anyhow, mainly because of such weak residuals, I've decided to stick with my current car. The more recently-built 3 is better in some ways, but the differences aren't night and day and aside from getting a new warranty there's nothing to justify a new spend of around £30k.

 

[M3PBOSS]

If Tesla really want to sell any S/Xs they need to drop the prices by £20-30k probably more. There quite a few GTs/Taycans in the work car Park these days, I love our X but it's not in the same category of fit/finish. The fact a Taycan is cheaper than a 'base' S is just nuts, Tesla needs a reality check on their pricing.

€120k for a S with a few options, when a Taycan with quite a few options comes out cheaper. Residuals on the 3/Y maybe bad, but anyone who buys a new S/X at current pricing need to be ready for a pretty substantial drop in value as soon as it leaves the showroom.

And now that Tesla have demonstrated a tactic of reducing prices of their cars by 15% overnight there is absolutely no chance i would buy a new Model S when a Taycan/E-Tron GT can be had for less without the risk of the catastrophic depreciation we are seeing with Tesla.

 

[Sean.]

If Tesla really want to sell any S/Xs they need to drop the prices by £20-30k probably more. There quite a few GTs/Taycans in the work car Park these days, I love our X but it's not in the same category of fit/finish. The fact a Taycan is cheaper than a 'base' S is just nuts, Tesla needs a reality check on their pricing.

€120k for a S with a few options, when a Taycan with quite a few options comes out cheaper. Residuals on the 3/Y maybe bad, but anyone who buys a new S/X at current pricing need to be ready for a pretty substantial drop in value as soon as it leaves the showroom.

Long lead time last year on a Taycan. I waited 13 months for mine.

Totally different character of car to Tesla in pretty much every way. I love it.

 

[pdk42]

WBAC is not your only choice - they are selling for a lot more generally than the low ball offers from there..

A quick check of Autotrader shows the asking price for a similar car to mine is about £30k. But there are 877 Model 3 cars for sale there so I’m not confident I’d shift it quickly at that price.

 

[T1GER5HARK]

What if you do have a genuine need for a 6/7 seater electric car? There really is no option apart from the X or maybe EQS. I think until the likes of Audi or BMW bring out an electric 7 seater SUV the X will sell.

 

[M3PBOSS]

What if you do have a genuine need for a 6/7 seater electric car? There really is no option apart from the X or maybe EQS. I think until the likes of Audi or BMW bring out an electric 7 seater SUV the X will sell.

I'd buy a used X

 

[T1GER5HARK]

I'd buy a used X

Not a bad idea but if you are buying through a limited company it has to be new, although I do agree with the some of the posters about 120k for the X is bonkers.

 

[M3PBOSS]

Not a bad idea but if you are buying through a limited company it has to be new, although I do agree with the some of the posters about 120k for the X is bonkers.

Yes i am in a similar position with the EV's being used as capital allowance. Had this not been the case i would probably be in the market for a used G80 BMW M4 or used Model 3 Performance

 

[Sean.]

The X 'quote is just halirious, 5.5 year old, with 'free for life' SC/connectivity, FSD.

This was my x100 for shizz and giggles….

I don’t think free SC for life is transferable (at least it says so on my order stuff) and let’s be honest no sane person gives a cracker about FSD.

 

[Durzel]

And now that Tesla have demonstrated a tactic of reducing prices of their cars by 15% overnight there is absolutely no chance i would buy a new Model S when a Taycan/E-Tron GT can be had for less without the risk of the catastrophic depreciation we are seeing with Tesla.

Tesla actually dropped the price of the S £20k overnight once didn’t they? Could really see that happening again if it doesn’t launch at a reasonable price.

 

[Whyone]

Indeed. I think you would be crazy to buy now anyway....

I'm not so sure.

New, perhaps, but I believe the way to 'play the game' at the moment is to buy secondhand from someone who has been chastened by valuing their car at WBAC!

My son is looking at a April 2022 M3 RWD tomorrow with 7000 miles on the clock. Purchase price for a car with over 3 years / 43k miles warranty remaining? A smidge over £30k.

 

[M3PBOSS]

Tesla actually dropped the price of the S £20k overnight once didn’t they? Could really see that happening again if it doesn’t launch at a reasonable price.

Well apparently the refreshed Model 3 and Model Y will cost less to produce so i am expecting another price drop on these cars within the next 1-2 years. Tesla will need to price the base Model S aggressively at £70k maximum for buyers to even consider it over a Taycan/E-tron GT especially with many current Tesla owners concerned about Tesla's business model of huge overnight pricing cuts. I think very few people other than the die hard fan boys will touch the Model S at £90k

 

[M3PBOSS]

I'm not so sure.

New, perhaps, but I believe the way to 'play the game' at the moment is to buy secondhand from someone who has been chastened by valuing their car at WBAC!

My son is looking at a April 2022 M3 RWD tomorrow with 7000 miles on the clock. Purchase price for a car with over 3 years / 43k miles warranty remaining? A smidge over £30k.

Used is fine, i think he was referring to new Teslas

 

[Whyone]

Used is fine, i think he was referring to new Teslas

OK, fair enough and agreed, that way madness lies.