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Discussion in 'The UK and Ireland' started by buzbe, Apr 29, 2019.
What was the deposit on this?
Apologies, that was £6000
Not sure it's a good deal. If you work it out monthly, it turns out to be £524/month. (286*23+6000/24).
I called and got a PCP quote...interesting figures.
That PCP quote works out to be £565 a month (£521 without the wheels) for 8,000 miles a year, so for £36 more a year you can do an extra 4000 miles a year on PCH!
True. I wonder how much you can get back at the end of the PCP. I also want to own the car long term so it makes more sense for me.
I’ll wait and see if Tesla offer PCP at 5.27%. If they haven’t got anything in place by mid-June might go with FleetSauce. Anyone used them before?
With the changes to the LR AWD/Performance options I'm itching to pull the trigger. I was hoping for Tesla PCP but I'm sorely tempted to look at one of the options others have found in this thread.
If Tesla do offer PCP on the M3 prepare yourselves for some ugly numbers. The HMRC (VAT) driven changes to PCP residuals have increased the monthly payments hugely. The Model S I routinely reconfigure at a cost of £79.5k has today seen the monthly payment increase by over £250.
The GFV has plummeted to 32% from nearer 50% (48 month term).
yep, i see it being no different on a M3. i couldnt believe it when I looked this morning. This is going to put Tesla ownership out of reach for alot of people.
I might be wrong but I think quite a few of the higher end cars are going to be hit by the GFV reductions due to HMRC and Mercedes having an argument about it and VAT. Not that that helps any of us mind. I've caved and started getting quotes for PCH and PCP. Will see what happens when those come back.
Hi guys - new here and signed-up after all the fun of price and config changes overnight.
Ordered a Performance with PCP expectations through Black Horse, but have noticed they no longer offer consumer PCP through the Tesla site - Barclays only now! Their PCP finance calculator hasn't been updated to reflect the new estimated residual values yet, but this will likely be a killer on my order that I've waited 3 years on!
Not a happy bunny.
If you definitely want to own it long term wouldn't standard finance be a better option, spread over a 5 or 6 year period?
Am I missing something..
Sorry - Am I missing something here? - how can you get a Barclay's quote on an M3?
I thought the same, Tesla have never offered PCP on the M3..........yet
Hi - sorry for confusion made.
Barclays is now the only consumer PCP option for the S and the X - used to have Black Horse too before today.
I was trying to suggest that it will likely be the same on the 3 (if and when Tesla ever get around to it).
It's a shame as Blackhorse was 4.9% APR and Barclays is 5.26% and is also of concern in that a major financier appears to no longer offer PCP for consumer Teslas.
Really peeved at the timing of it all.
I've just set up PCH with them and was really pleased. I called them Thursday lunchtime to say I wanted to get the deal, and by this morning they had set everything up, including contacting Tesla to get the finance arranged and move me on to "delivery" stage.
Model 3 SR+ with metallic, £6k down, £314 a month, 15,000 miles a year over 2 years. That also includes road tax in the second year, so really it's £301 a month.
Works for me, who knows what will be available by 2021? Tech is moving so fast...
What did I miss?
Anyone care to explain the PCP/Residual problem?
I like the sound of that!, who was that with ?
In a nutshell, unless the guaranteed residual value is demonstrably lower than the expected value at the end of the term the contract is for "services" and not "goods". This has adverse VAT implications. Tesla's finance partner seem to be leaving no room for doubt by slashing the GFV's - from circa 50% to circa 30%. This jacks the monthly cost up big time. Full HMRC details here:
So it seems I’ll be going for a PCP with FleetSauce. There’s a company called Oracle Finance who is also offering me a contract ‘with balloon payment’. They say it’s not a PCP deal though. Slightly confused. Will let you know once I have more details.
With regards to why I don’t just get a contract purchase in the first place, I can’t commit to the £580/month figure and don’t have 10k to deposit.
I’ve just had a look at this and the product they are talking about is the “Lease Purchase”. The big difference between this and PCP is that one way or the other you are committed to paying the balloon payment at the end. From their website the options are:
Purchase the car, by paying the deferred balloon
Part-exchange the car, using any equity towards your next vehicle
Sell the car privately, retaining any equity once the balloon has been paid
Refinance the final balloon payment
Note that you do not have the option of handing the car back at the end of the term as you do with PCP. Bullet points 2 and 3 only work if the car is worth more than the balloon, and that’s very definitely an unknown factor so not to be relied on IMO.
Unless you can save up for the balloon payment bullet 1 and 4 are essentially the same thing. No problem with that in principle subject to you being in the position to borrow the amount required over a term that is affordable.