Model 3 SR+ Lease UK - beginners questions

[RealEvil_UK]

Hi,

I have always bought my cars, but I cannot afford the Model 3 SR+ (white exterior, black interior) price right now, and am interested in leasing as I have some small worries about owning a "old" electric car. I also like the idea of changing to a newer model in 3 years as I think that electric car tech is moving fairly fast - especially around Self Driving (which I wouldn't pay for on this car now anyway).

So a 3 year lease is approx £415 pm with 6 months up front. 10k miles. I think that is a bit more than the likely depreciation but not massively so.

But... a few questions:

1. Lease companies seem to insist on getting car serviced.. but how does this work with a Tesla Model 3? Can you even get it serviced yet? Is there a "service schedule"? So many people here and on youtube describe essentially not servicing their Model 3...

2. Wear and tear... having never leased, but also never having had an accident.. I dont know whats "normal"? My young kids sometimes scuff up the bottom of the front seats with their feet.. I also hear some internal plastic (e.g. storage compartment) scratch on a Model 3...

3. Am I missing something else... ? Something I haven't considered that means leasing is more risky?

Many thanks,

Neil

 

[booyaka76]

On point 2 - lease cars/companies are usually signed up to Fair Wear and Tear | BVRLA

I've leased for years, never really had any issues (kids etc) - a few scraps over the limit, a few under. Always been fine.

The BVRLA rules are there to protect both sides (consumer and company)

 

[zayn]

Sound's like your undecided about leasing in general and not just EV's, are you fully aware of what a PCH mean's.

The Best deals have always been over 2 years in total and the key is to beat depreciation under 25 %

If you take a look at leasing.com and the pistonheads forum .

if your looking for great tesla deals at the moment they are not there since tesla revised there pricing most leasing companies revised there pricing upwards due to the depreciation. Those of us who signed up with the great lease deals with octopusev and pink got in before Tesla announced the changes and had there original deals honoured and even upgraded to the higher model such as LR or P+ , which is not available now.

Hi,

I have always bought my cars, but I cannot afford the Model 3 SR+ (white exterior, black interior) price right now, and am interested in leasing as I have some small worries about owning a "old" electric car. I also like the idea of changing to a newer model in 3 years as I think that electric car tech is moving fairly fast - especially around Self Driving (which I wouldn't pay for on this car now anyway).

So a 3 year lease is approx £415 pm with 6 months up front. 10k miles. I think that is a bit more than the likely depreciation but not massively so.

But... a few questions:

1. Lease companies seem to insist on getting car serviced.. but how does this work with a Tesla Model 3? Can you even get it serviced yet? Is there a "service schedule"? So many people here and on youtube describe essentially not servicing their Model 3...

2. Wear and tear... having never leased, but also never having had an accident.. I dont know whats "normal"? My young kids sometimes scuff up the bottom of the front seats with their feet.. I also hear some internal plastic (e.g. storage compartment) scratch on a Model 3...

3. Am I missing something else... ? Something I haven't considered that means leasing is more risky?

Many thanks,

Neil

 

[Andywil]

Sound's like your undecided about leasing in general and not just EV's, are you fully aware of what a PCH mean's.

The Best deals have always been over 2 years in total and the key is to beat depreciation under 25 %

If you take a look at leasing.com and the pistonheads forum .

if your looking for great tesla deals at the moment they are not there since tesla revised there pricing most leasing companies revised there pricing upwards due to the depreciation. Those of us who signed up with the great lease deals with octopusev and pink got in before Tesla announced the changes and had there original deals honoured and even upgraded to the higher model such as LR or P+ , which is not available now.

Try Applied Leasing 3 years 10000 miles around £350/month

 

[Big_G]

I'm in the same boat as you OP, looking to get into a M3 SR+ so can't quite decide which route to go down. I've leased, owned & PCH before so know the ins & outs but Tesla seem to dictate and control prices in this instance. I can't afford one outright so it'll either be PCH or Lease.
I've had a reasonable quote from OctopusEV today at £451 month with 6 down & 12000 mile, thats the first quote i've had outside of the set quotes shown on leasing company websites. Octopus don't say what the excess mileage charge is so i don't know whether its cheaper to go with 10k miles a year and pay a potential overage at the end or go with 12k miles.
Currently i'm averaging 8500 mile a year but the idea is that may increase as an EV is cheaper to run therefore my car will get used more.

Ironically i drive a V8 at the minute so going to the entire opposite end of the spectrum

 

[DJP31]

The Best deals have always been over 2 years in total and the key is to beat depreciation under 25 %

I’ve nearly always PCP’d but am looking at leasing given the way the GFV’s have been slaughtered.

What I don’t understand is why leasing over 2 years is better value than e.g. 3 years when the biggest depreciation hit is over the first couple of years?

 

[RealEvil_UK]

Thanks all for the replies.

I really know little about Leasing - that's true - but the basic proposition doesn't sound too complex. Im also struggling to see why 2 years is better value than 3 years. Based on the quotes I am seeing now on sites like Applied Leasing... the cost of year 3 is identical to the cost of year 1 or 2.

Just did a quote for 8k miles (I know, but just as a comparison). Was £12k all in for 2 years or £18k all in for 3 years.

Zayn - you do seem to know a lot - what am I missing about the numbers above? If all the best Tesla lease offers have gone, I cannot get them back - I can only look at what's on the market now.

As for servicing/maintenance - I'm still really unsure how this works on a model 3?

 

[RealEvil_UK]

Try Applied Leasing 3 years 10000 miles around £350/month

I cannot get near that on the site. How? What am I missing? 10K over 3 years is minimum £369 and that's with a close to £4.5k payment.

 

[AlternateFlux]

Have you tried Drive Electric? I know they had to revise their prices upwards (post the July increase), but they did me a great 2 year deal on an SR+ over 12,000 miles.

 

[S777]

I’ve nearly always PCP’d but am looking at leasing given the way the GFV’s have been slaughtered.

What I don’t understand is why leasing over 2 years is better value than e.g. 3 years when the biggest depreciation hit is over the first couple of years?

They're not.

It might well be the case that the monthly cost quoted is lower, but that's because of the up front payment being the same for 2 or 3 years and often being 9 months worth of payments. A 3 year deal will almost always work out cheaper per month when taking the total cost of the lease and dividing it by the number of months.

Whether 2 or 3 years suits you better is more of a personal choice.

One thing I would consider though is that if you are high mileage, I wouldn't commit to a lease where the total mileage is more than the 50k that Tesla warranty. You're commited to unknown out of warranty cost on items like the MCU and with no option to just live with anything, because the lease company will insist on everything coming back working fully.

 

[zayn]

not quite true about the 9 months, I was one of the original leasegate joiners when BCH were being sold as PCH so it was possible to get a new 2014 Golf R for under 7k in total over 2 years with 3 months initial down It was still possible up to a year ago to get a Audi B9 S4 for just over 7.5K in total over 2 years. So which ever way you look at it that those deals are not going to be beaten for depreciation. What the OP needs do decide is what is he committing to a cheapr short term lease where he has no equity or a long term commitment over a PCP or loan which gives some equity and has a vehicle to keep

They're not.

It might well be the case that the monthly cost quoted is lower, but that's because of the up front payment being the same for 2 or 3 years and often being 9 months worth of payments. A 3 year deal will almost always work out cheaper per month when taking the total cost of the lease and dividing it by the number of months.

Whether 2 or 3 years suits you better is more of a personal choice.

One thing I would consider though is that if you are high mileage, I wouldn't commit to a lease where the total mileage is more than the 50k that Tesla warranty. You're commited to unknown out of warranty cost on items like the MCU and with no option to just live with anything, because the lease company will insist on everything coming back working fully.

 

[mrobins64495]

Try going to Leaseplan direct. Most the brokers use them and they’ve just come in cheaper on a quote for me. Now I just need to figure out how to move from my current order with Leaseplan onto the new one... all because i need to increase the mileage *faceplam*