Financing and Insuring your Model S

[salamagd]

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!

 

[doctorwho]

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

 

[Dborn]

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.

 

[heosat]

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.

 

[doctorwho]

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.

 

[Novatec]

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.

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

 

[TonyFast43]

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

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

 

[NovoCasGreeny]

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.

 

[raynewman]

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

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

 

[garyjac]

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).

 

[paulp]

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

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

 

[raynewman]

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

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

 

[TonyFast43]

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

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

 

[Vegas]

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.

 

[doctorwho]

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

 

[TonyFast43]

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.

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.

 

[TonyFast43]

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.

 

[Vegas]

[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.

 

[ColinA]

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.

 

[AndrewNSW]

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