When I signed up for PCP finance with Tesla (Blackhorse) in February, I was pleasantly surprised to find that the excess mileage charges have reduced to a flat unlimited 7p/mile, where it was previously 7p/mile for the first 5K excess miles and then 14p/mile for any additional excess above that. That's quite a reduction for anyone going well over their agreed PCP mileage.
So I was curious how this reduction in excess mileage charges affects the various PCP deals currently on offer i.e. 10K, 15K and 20K options. It turns out that now it is significantly cheaper to take out a 10K per annum PCP deal, regardless of your actual mileage and pay the excess mileage charges at the end, even if you are planning to drive 20K miles per annum. I worked out that the saving for me would be around £3K over both the 15K and 20K PCP options if I drove 20K miles per annum (on a 48 month PCP). Plus I would be paying lower monthly amounts throughout the whole term. A real win/win situation!
The only very slight advantage of the higher mileage PCPs is that the overall cost is fractionally lower if you decide to keep the car at the end. But literally only a few hundred pounds difference over 4 years and it wouldn't make much sense to own a Tesla on PCP and then buy it at the inflated guaranteed residuals. You really need to hand it back at the end to get the full benefit of the PCP deal.
So I thought I would bring this PCP finance anomaly to the attention of any potential UK buyers. Obviously this could change at any minute, so please check before signing up!
If you find this advice useful, please consider using my referral code below when ordering for free unlimited supercharging and a £375 credit. In return I will get a toy Tesla car for my 5 year old daughter!
Unlimited Tesla Supercharging and Extended Solar Warranty
So I was curious how this reduction in excess mileage charges affects the various PCP deals currently on offer i.e. 10K, 15K and 20K options. It turns out that now it is significantly cheaper to take out a 10K per annum PCP deal, regardless of your actual mileage and pay the excess mileage charges at the end, even if you are planning to drive 20K miles per annum. I worked out that the saving for me would be around £3K over both the 15K and 20K PCP options if I drove 20K miles per annum (on a 48 month PCP). Plus I would be paying lower monthly amounts throughout the whole term. A real win/win situation!
The only very slight advantage of the higher mileage PCPs is that the overall cost is fractionally lower if you decide to keep the car at the end. But literally only a few hundred pounds difference over 4 years and it wouldn't make much sense to own a Tesla on PCP and then buy it at the inflated guaranteed residuals. You really need to hand it back at the end to get the full benefit of the PCP deal.
So I thought I would bring this PCP finance anomaly to the attention of any potential UK buyers. Obviously this could change at any minute, so please check before signing up!
If you find this advice useful, please consider using my referral code below when ordering for free unlimited supercharging and a £375 credit. In return I will get a toy Tesla car for my 5 year old daughter!
Unlimited Tesla Supercharging and Extended Solar Warranty