yep got my delivery text yesterday for 11th Sept. ordered in June, RN 23rd June. Coming through LEXHas anyone had a delivery confirmation text from Tesla?
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yep got my delivery text yesterday for 11th Sept. ordered in June, RN 23rd June. Coming through LEXHas anyone had a delivery confirmation text from Tesla?
Despite ordering through the works salary sacrifice scheme through Tusker, all my correspondence has been with Tesla. Got my R/N text on the 7th July, then delivery confirmation text 3rd August (Delivery being confirmed as the 7th September).Has anyone had a delivery confirmation text from Tesla?
At the end of February.Yes, order pleased 30th June, delivery text received 16th July. When did you place the order?
Am I missing something here - surely the loan route has the benefit of ownership of an asset at the end of the term (minus the cost of the deposit, tyres etc) whereas the lease leaves you with nothing at the end?I'm looking at getting a 3 year business lease through OctopusEV.
It's £734 a month for a Model 3 Long Range, including insurance, tyres, servicing, accident management and roadside assistance. That works out around the same price each month as the Tesla Loan does when I include my annual insurance cost, but has the added benefit of including the tyres which, from experience, puncture quite regularly (I've had to replace 3 from punctures in the last 21 months). It also has the added benefit of have £0 downpayment which means I can keep all the money I've saved for when the Model 3 Gigaberlin 4680 battery comes out - I'll probably go for ownership on that one.
Ownership of an asset that has in all likelihood depreciated over term by the net sum of the lease costs.Am I missing something here - surely the loan route has the benefit of ownership of an asset at the end of the term (minus the cost of the deposit, tyres etc) whereas the lease leaves you with nothing at the end?
The problem with leasing a Tesla at the minute is the cost is way over what the cars are depreciating.Ownership of an asset that has in all likelihood depreciated over term by the net sum of the lease costs.
All that a lease is - when all is said and done - is paying depreciation monthly with no financial risk at end of term.
I've heard this "you own something" argument time and time again. For those that feel that need to own something, then great. But makes better financial sense in 9/10 cases to rent your depreciating assets and own your appreciating ones.
Amplified by inside a business due to the tax benefits as well as VAT treatment.
Whilst that is true for now, it may not be in 3 to 4 years time when the lease is up and there are a lot more model 3 about on the used market.The problem with leasing a Tesla at the minute is the cost is way over what the cars are depreciating.
I’m getting mine on a 4 year lease. Just imagine the tech in 4 years time! These cars will be old tech thenWhilst that is true for now, it may not be in 3 to 4 years time when the lease is up and there are a lot more model 3 about on the used market.
Exactly this, underwriters have mountains of data and forecasts. They're not silly, forecasting residuals is their day job.Whilst that is true for now, it may not be in 3 to 4 years time when the lease is up and there are a lot more model 3 about on the used market.
Is your data better than multiple banks and finance houses then, as to the second hand auction price of a Model 3, in 3 years time?The problem with leasing a Tesla at the minute is the cost is way over what the cars are depreciating.
So is making moneyExactly this, underwriters have mountains of data and forecasts. They're not silly, forecasting residuals is their day job.
I think you are answering a question I didn't ask @btc1kOwnership of an asset that has in all likelihood depreciated over term by the net sum of the lease costs.
All that a lease is - when all is said and done - is paying depreciation monthly with no financial risk at end of term.
I've heard this "you own something" argument time and time again. For those that feel that need to own something, then great. But makes better financial sense in 9/10 cases to rent your depreciating assets and own your appreciating ones.
Amplified by inside a business due to the tax benefits as well as VAT treatment.
It's £734 a month for a Model 3 Long Range, including insurance, tyres, servicing, accident management and roadside assistance. That works out around the same price each month as the Tesla Loan does when I include my annual insurance cost
The unknown at the minute is battery technology in four years and the impact of a large number of models being dumped on the used market. Your asset of some value maybe less than you owe on it.I think you are answering a question I didn't ask @btc1k
I'm perfectly comfortable for the relative merits of leasing, contract hire etc, as compared to purchase outright and on finance as I worked in motor finance in a past life. What I was 'missing' was this;
Matt125 said;
Matt suggests the lease cost per month (with zero deposit) is about the same as the loan cost with insurance added. Leave aside servicing as that's likely to be little more than a can of beans in 3 years, given a 4 year warranty. Just tyres to add.
My point is, if that is the case, then purchase on finance will result in a (depreciated) asset of some value, (less deposit, as I mentioned) versus zero value at the end of the lease.
Hence 'missing something'.
If you are going down that route, there are any number of unknowns. Improved battery technology, for instance, may lead to smaller, lighter/cheaper battery packs being used to maintain similar range/performance. What you are recognising is just another variant of the Osbourne Effect. It's a bit like that old line about when is a good time to buy a computer/camera/(etc) - either yesterday or tomorrow, just not today.The unknown at the minute is battery technology in four years and the impact of a large number of models being dumped on the used market. Your asset of some value maybe less than you owe on it.
If you are going down that route, there are any number of unknowns. Improved battery technology, for instance, may lead to smaller, lighter/cheaper battery packs being used to maintain similar range/performance. What you are recognising is just another variant of the Osbourne Effect. It's a bit like that old line about when is a good time to buy a computer/camera/(etc) - either yesterday or tomorrow, just not today.
My comment about the missing information was simply in response to Matt125's reference to the financial (monthly?) cost being "...about the same".
Octopus | Loan | |
Monthly - Car | 734 | 615 |
Insurance | 0 | 132 |
Tyres | 0 | 12 |
Servicing | 0 | 14 |
Total Monthly Cost | 734 | 773 |
Downpayment | 0 | 9000 |
Total Cost - 36 months | 26424 | 36828 |
Total Cost - 5 years | 64656 |
I've put a rough Excel sheet together of the monthly cost between an OctopusEV Business Lease, and a Tesla Loan (ownership).
This will likely not be the same for you as the Business Lease takes your salary into account, and your insurance cost will almost certainly lower than mine
For tyres and servicing I looked at my previous yearly cost on the Model 3 SR+ I have right now and divided them by 12.
As you can see, the Total Monthly Cost is very similar for the Loan once you add in all the things that come included with the Octopus lease. Total cost over the 36 months is higher because of the downpayment.
I also put a total cost over 5 years for the Tesla Loan, that's a worst case scenario - I expect the astronomical insurance cost to go down as I get more no claims discount, become older etc.
Octopus Loan Monthly - Car 734 615Insurance 0 132Tyres 0 12Servicing 0 14Total Monthly Cost 734 773Downpayment 0 9000Total Cost - 36 months 26424 36828Total Cost - 5 years 64656
As you have demonstrated, the monthly cost is one feature and everyone's circumstances differ.
What is your plan at the end of 3 years?
Questions then arise about car value v outstanding finance/deposit paid and what terms you might get to extend your lease if possible, or to start afresh.
All you can do is make the most appropriate decision for your circumstances and plans at the time you make it, as too many future influencers are out of your control. (Used Tesla market, tax treatment, interest rates, new car costs, personal financial conditions, legislative impact, etc, etc)
Good luck with your new car whichever way you get it.
I think that is exactly the way I would have approached it too, Matt.I completely agree, which is why when I put the Excel sheet together I went from "I'm probably going with the Octopus lease" to "I'm not sure", and the Tesla Loan is looking good again. I'll make my decision in September.