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If you assume handing the car back at the end of a PCP then simply compare the cost of PCP against a lease. My wife's car last year I did exactly that and the lease cost was £100 a month cheaper than doing it on a PCP. Not always going to work out that way round.
Obviously less to compare with a Tesla as only one supplier.
The other factor is that vehicle warranties are often 3 years so that would also drive sticking to 3 year lease ordinarily, because after that you can end up incurring repair costs for a car you'll never own.
But Tesla has a longer warranty so not really a factor to worry about here
You're better off going for PCH if you don't intend to keep the car at the end of the lease. Significantly lower monthly payments over the course of the lease. If you do intend to keep the car then a PCP ends up a fair bit more expensive than HP or getting a low interest loan, if you can stump up a decent deposit. Yes, PCP is more flexible - but you pay a significant premium for that flexibility.
Agree with all of this.
If you know you will want to change your car every X years and you can afford to do so, get a lease.
If you want options, go down another route.
But whatever you choose, you're getting a brand new car so every option is expensive - just a matter of how expensive.
I've used PCP countless times over the last 25 years. In all that time I've kept the car once, handed back at the end once and every other time p/x'd a few months before the end.
The PCP cost premium gives me that flexibility and unlike an HP arrangement I am protected against massive depreciation and thus not locked into a car.
I usually go 3 years but when I bought my S in March '17 I went 4 because of the jump in price against what I normally spend. The 4 years flattens the depreciation curve, the price for that being an MOT and the extra time.
Against that backdrop I have just ordered a new Model S LR on a 4 year Tesla lease. The TCO via this is £9.6k less than PCP over the term. I know I don't what to keep the car so the PCP option is only worth considering if I think the car will have equity, and I don't believe it will - certainly not £10k's worth.
If I want out early I'll factor in the lease contract break cost.
As usual I'm bailing out of the current car early and will probably just about break even
YMMV.
How are you getting on?
So frustrating. There is apparently a big back log with the funders for DE leases. I have been waiting for a decision for almost two weeks. Looks like I will have to move my delivery appointment on Saturday 27th (which looked a very long way away when I originally arranged 3.5 weeks ago). Have asked DE to chase and escalate and do all they can but just get the same unhelpful response each time. Everyone is in the same boat so just need to be patient...which is impossible.
I've leased through Electric Auto (which is part of Zenith I think) and had a decision the same day. They've not been the quickest since then but as far as I can see I'm just waiting for them to transfer the money to Tesla so my order can be fulfilled. If the collection date is met (this Friday) it will be 12 days from signing the agreement to getting the car.
Obviously not got the car yet but might be worth seeing what their price is like. Definitely cheaper for the model I went for.
I’m looking for a LR Model 3 without FSD under a PCP agreement. Do the companies mentioned (Drive Electric, Zen, etc) only do PCH leases or can I go through them as a PCP?
If so, I just order a new Tesla through their website and pass the VIN etc over to the Finance company?
I’ve always just taken a PCP out with the manufacturer themselves so I’m trying to work it all out!
If so, I just order a new Tesla through their website and pass the VIN etc over to the Finance company?
I’ve always just taken a PCP out with the manufacturer themselves so I’m trying to work it all out!
I think the only PCP option is with Tesla directly. Might be worth talking with a finan e company like Oracle as they can do PCPs I believe. I'm pretty sure all those you mention are contract hire only.
I was in the same boat with DE. It's taken a month since the initial agreement was signed. It took 2 weeks to receive contracts and paperwork and then another 2 to get the contracts sorted. They had problems accepting my scanned contract initially.
I too will be picking my car up in Leeds in the 27th.
Oh wow. Thanks for the heads up. Sounds like I'm just at the beginning. I have a car reserved that I found on the inventory. Anyone know how long it will be reserved to me? Surely Tesla won't get fed up of waiting and re-allocate?
All is good buddy, well.........
The actual paperwork side with DE was a breeze and I had the signed and completed doc's back from the lenders on the 5th June.
The crazy thing is Tesla are now saying that my car (which was an inventory vehicle and which they have given me the registration number and VIN for) is NOT in the UK.. Very strange...
Still feel pretty chilled as I am not urgent for the car as sharing wifey's and using the bike.
You good??
h
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