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Financing and Insuring your Model S

Discussion in 'Australia & New Zealand' started by salamagd, May 22, 2014.

  1. salamagd

    salamagd Member

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    Hey guys,

    With the (hopefully) imminent arrival of pricing information, I thought it might be interesting to start a thread to discuss the purchase process, particularly, how people are planning to pay for their new Electric CruiseBeasts. This will be the most I've ever invested into a vehicle, and I'm sure that's the case for some other people too, because I believe in the company and the technology. However, I'm not quite ready to stump up the whole cost up front, and so I'm keen to hear any ideas people have about finance.

    It seems almost the default option for purchasers within the US to take advantage of their crazy-low interest rate loans. While we don't have the same options available here, I'm interested in hearing about loan providers that people have used in the past or are planning to use to purchase their Model S - any decent rates available? What about novated lease options?

    Another interesting topic is insurance - with a brand-new car, insurance providers may not know how to price their premiums, I'll be interested in hearing about experiences those with the earliest reservations have with their various insurance companies when the car is finally on the way.

    Any thoughts are definitely welcome!
     
  2. doctorwho

    doctorwho Member

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    I'll probably stump up $50k cash and tack the rest onto my home loan
     
  3. Dborn

    Dborn Confirmed

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    #3 Dborn, May 22, 2014
    Last edited: May 22, 2014
    Insurance, at the moment is what is holding up test drives. At present it is only test rides. Once insured, i think the ice will be broken and we are away.
     
  4. heosat

    heosat Member

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    I'll be financing through the bank my wife works out, which thankfully means we get a discounted rate. Hopefully I can also get insurance through NRMA as they insure my current car.
     
  5. doctorwho

    doctorwho Member

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    As for insurance, unless Cary has any tips and good deals, first stop will be my current insurer, Shannons. It's likely to be the sort of car they would cover anyway.
     
  6. Novatec

    Novatec Member

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    Melbourne
    This topic has been covered in the thread for "costs of owning a MS"

    We've been getting Insurance quotes prior to arrival of MS and only found 3 companies who would provide full cover for our $174k purchase;
    RACV @ $2470 and Insurance House (our broker using CGU) @ $2404, and GIO at $4,073pa.
    The CGU is lowest quote includes:
    * Protection of your Rating One
    * Choice of repairer
    * Brand new car of similar make and model if your car is a write off in the first 3 years and has travelled less than 70,000 km.
    * Lifetime guarantee of repairs
    * One Windscreen/Glass claim per year with no excess applicable
    * Agreed value of $174,000

    We're thinking of going with the CGU policy, and have till late June to decide.

    + QUOTE REPLY
     
  7. maccaj22

    maccaj22 Member

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    CGU wouldn't give me a look in... computer said no.
     
  8. NovoCasGreeny

    NovoCasGreeny Member

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    Bit of an old thread but I am hoping to get my order in around the end of the year. Can I ask how have people fared with Macquarie Finance? I am self employed (property development) and was planning on financing as much of the purchase as possible. I have other financing options but 4.75% seems like a very good rate.
     
  9. raynewman

    raynewman Member

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    I think it depends on how you hold your mouth. I have a good deal with YOUI but they have flat out refused others...
     
  10. garyjac

    garyjac Member

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    I'm with YOUi as well. They were the easiest by far to deal with and actually knew the car I was talking about without needing a "prod". Contrast Suncorp who have Tesla listed on the web site, but don't insure the car (because it's an "import", or some such crapola).
     
  11. paulp

    paulp Member

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    You need to go through a broker for the best deal with cgu
     
  12. raynewman

    raynewman Member

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    Ah - that's what I said "hold your mouth right".
     
  13. maccaj22

    maccaj22 Member

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    Thanks, I'll give that a shot again tomorrow.
     
  14. Vegas

    Vegas Member

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    FYI: I went with Shannon's (had previous expensive cars insured with them). Cost is $2,900 for unlimited use - but only for listed drivers (wife and myself) - excess is 1% of purchase price. Limited driving = 1 to 2 times a week was $1800. Hope this helps.
     
  15. doctorwho

    doctorwho Member

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    I went with Snannons too. Garaged in the country, $1200
     
  16. maccaj22

    maccaj22 Member

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    Insurance is a crazy game. My original quote with Shannon's for your same criteria was over $4.5k with only 1 year new for old. That said, I have no previous business with them so would be an 'unknown' to them.
     
  17. maccaj22

    maccaj22 Member

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    Oh and my best one was AAMI at over $6.8k for the same, full comprehensive, new for old, market value and $1400 excess. I get the feeling they put you on hold and use a random number generator to come up with some of these quotes.
     
    • Funny x 1
  18. Vegas

    Vegas Member

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    [QUOTE=". I get the feeling they put you on hold and use a random number generator to come up with some of these quotes.[/QUOTE]

    ba haha - I think you're right.
     
  19. ColinA

    ColinA Member

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    Ray is right, it is extremely variable depening on which model, total cost, and your individual history and circumstances. I canvased many options, and RACQ was a clear winner for me, on price and coverage.

    I used Tesla finance (Macquarie) - excellent rates and the buy back guarantee was a winner for me. I only part financed mine.
     
  20. AndrewNSW

    AndrewNSW Member

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    #20 AndrewNSW, May 10, 2016
    Last edited: May 10, 2016
    QBE were good for insurance for mine. P85D and 2,700 with NO excess for named drivers, windscreen, 2 year replacement etc. For personal and business use. Unnamed drivers $1,500 excess from memory
     

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