Model 3 UK PCP Price Calculator

[Gareth Davies]

I have been speaking to Drive Electric this week about my order for a Black SR+, white interior and FSD (ordered before the price increase). Like many others have found with other companies, the two year deals are exceptional and the 4 year "deals" are heavily disincentivised. I asked for quotes with and without the FSD option (as suspected the £4,800 would be paid over the length of the lease). This is what I GOT with 12,000 miles per year:

24 month with FSD = 3,800 + 23 x 422
24 months without FSD = 5,100 + 23 x 564
48 months with FSD = 5,300 + 23 x 593
48 months without FSD = 4,500 + 23 x 497

I am going to get the same quotes from Fleet Sauce after reading this thread.

I was hoping to get a sub-400 per month deal on a PCP but with guaranteed residuals declining it now seems like a lease could be the way to go.

 

[davidmc]

Looking at the Barclays Calculator for PCP on Tesla website (at both Model S & X) the Model 3 SR+ base model (£38,900 value) will now be significantly higher by my calcs:

I was looking at 20k miles a year for 48 months which at the time worked out to be approx £510 a month with 10% deposit, this now seems to calculate at £643.26 a month.

Calcs below for 48 months with 10% deposit:

10k miles (35.58% GFV) - £577.90 a month
12k miles (33.35% GFV) - £592.48 a month
15k miles (30.00% GFV) - £614.36 a month
20k Miles (25.58% GFV) - £643.26 a month
25k Miles (22.24% GFV) - £655.14 a month

 

[Peteski]

Looks a far cry from the 1.5% APR and 50% residuals on Model S/X PCP 18 months ago! At these rates I think I would be paying more on PCP for a Model 3 Performance than our fully loaded Model X 75D.

 

[Groover]

And some are saying it'll be this week, and some are saying a couple of weeks.

The only people that really know will be a few people at Tesla and Blackhorse, and they're not telling. Reps making stuff up is just muddying the waters.

Anyway, another 3rd party PCP quote cropped up.. this one is a wierd one, as it's for 2 years, but the company apparently will do more ordinary PCP deals if you ask them.

More details on the facebook forum.. but I think we'll be well served for 3rd party PCP should Tesla not come through.

Looked at FleetSauce this morning and there are currently no Tesla PCP deals available - did you call then or was that online?

I spoke to a Tesla Rep yesterday and they are still stating that their are no immediate plans to offer PCP on the model 3, but Ill take that with a pinch of salt considering the told me I would have to wait till 2020 for a model 3 to try and sell me an S

anyone see any other PCP 3rd party offers besides FleetSauce and Oracle

Numbers Oracle gave me arent too bad, but with no GTV and a final payment of £28K after 4 years @10K, I think assuming the car will only deprecate £5K a year is wishful thinking and will probably end up in a bit of a deficit hole.

 

[TezzyMod3]

I mentioned the oracle thing earlier and someone said that’s it’s not a PCP. You ought to be careful signing up to the deal if it’s a balloon payment rather than a guaranteed figure because then you’ll be liable to pay for it regardless of the value of the car.

Someone mentioned Magnitude here (PCP Deals in the UK). You tried them?

If you do get a quote, let us know the details for sure!

 

[Groover]

Ive just had a look at Magnitude - their APR isnt that great (6.9%), but their GTV value is pretty decent meaning you have to pay less of the car off. My biggest concern would be the excess mileage charge of 25ppm - that could be a very expensive few miles :O

 

[DELECO]

Hey all. Not sure if anyone still looking for PCP. I got a good deal, that i couldn't find anywhere else.
48 month agreement, large deposit 8k but under £400 a month.
Anyone still looking found anything better?

 

[Oddbin]

I'm holding on for a good PCP/Tesla PCPPCP long as I can but if it doesn't appear in the next 3-4 weeks my FOMO will kick in and I'll take a lease with Octopus or go the HP route.

What's your milage and what model are you getting out of interest?

 

[DELECO]

I have gone for 10k mileage and i am getting the Standard Plus...

Hope it all works out

 

[Groover]

Hey all. Not sure if anyone still looking for PCP. I got a good deal, that i couldn't find anywhere else.
48 month agreement, large deposit 8k but under £400 a month.
Anyone still looking found anything better?

Who is that with?

I went into my local Tesla store yesterday and came out with 2 interesting pieces of information

1) apparently PCP is coming early July through Tesla - take that with a pinch of salt
2) with changes to VAT on PCP, the person I spoke to at Tesla said that PCP v leasing gap has massively closed (if you arent planning on keeping the car)

I did some numbers on both PCP and leasing through a 3rd party and got the following results on a model S (as i can get the numbers for PCP on that)

PCP over 48 months, 10,000 miles plus 5,000 miles excess (cheaper than 15,000 miles)
Deposit £6940.50
average monthly payment (taking deposits and excess charges into account) = £1,106

Lease - same terms as above although the excess mileage charge is higher
average monthly payment (taking deposits and excess charges into account) = £1,195 and includes maintenance package, tax and roadside assistance

so both are very similar.

The big advantage over the long term with PCP is that the GFV has now plummeted to £25,509. Unless something catastrophic happens to Tesla cars, I would assume that after 4 years with 60,000 miles on the clock, the car is going to be worth quite a lot more than that and you can walk away with the spoils. Currently there are 3 year old Teslas on their site (which i know is over inflated) going for £45,000

 

[DELECO]

Thanks very much for the info..

I am looking at a Model 3 over £1k a month, is very much out of my league.

But for Model 3 using an on-line calculator. With base price as £39500 and 6k deposit - it comes out at approx £360 a month.

Yes, i really want to own the car (rather than lease) and i was also hoping for residual value, as i think EVs over the next few years will hold well as people start to see the obvious overall benefits.

 

[DaveW]

Who is that with?

I went into my local Tesla store yesterday and came out with 2 interesting pieces of information

1) apparently PCP is coming early July through Tesla - take that with a pinch of salt
2) with changes to VAT on PCP, the person I spoke to at Tesla said that PCP v leasing gap has massively closed (if you arent planning on keeping the car)

I did some numbers on both PCP and leasing through a 3rd party and got the following results on a model S (as i can get the numbers for PCP on that)

PCP over 48 months, 10,000 miles plus 5,000 miles excess (cheaper than 15,000 miles)
Deposit £6940.50
average monthly payment (taking deposits and excess charges into account) = £1,106

Lease - same terms as above although the excess mileage charge is higher
average monthly payment (taking deposits and excess charges into account) = £1,195 and includes maintenance package, tax and roadside assistance

so both are very similar.

The big advantage over the long term with PCP is that the GFV has now plummeted to £25,509. Unless something catastrophic happens to Tesla cars, I would assume that after 4 years with 60,000 miles on the clock, the car is going to be worth quite a lot more than that and you can walk away with the spoils. Currently there are 3 year old Teslas on their site (which i know is over inflated) going for £45,000

That lease sounds expensive, maybe it’s the maintenance package pushing it right up.

 

[Peteski]

Thanks very much for the info..

I am looking at a Model 3 over £1k a month, is very much out of my league.

But for Model 3 using an on-line calculator. With base price as £39500 and 6k deposit - it comes out at approx £360 a month.

Yes, i really want to own the car (rather than lease) and i was also hoping for residual value, as i think EVs over the next few years will hold well as people start to see the obvious overall benefits.

With those figures you quoted it will be a very long time before you own the car!

 

[DELECO]

Yes not fully "own" the car as it is PCP so there is a "Final Payment" of Approx 18k.

Difference is, i will be listed as owner on Log Book - which is different with a Lease (i am told) and as i say, i can sell the car and pay the 18k and hopefully have residual value to contribute to upgrade or a new car. If not hand the car back with Guaranteed Future Value (GFV) provided by PCP and walk away same as a lease.

id prefer a PCP if possible - but i am honestly, looking for the best overall affordable option sub £400 a month.

 

[DJP31]

with changes to VAT on PCP, the person I spoke to at Tesla said that PCP v leasing gap has massively closed

I've spoken with a couple of other manufacturers and their PCP has only been slightly affected by the VAT change.

The big advantage over the long term with PCP is that the GFV has now plummeted to £25,509.

IMO this is the real reason PCP is now hugely more expensive than it used to be - no doubt caused by Tesla slashing the price of the higher end S & X, leaving the finance companies holding the loss when owners hand the keys back. Unless Tesla underwrite the GFV or effectively lend their own money (which they did for a short while - my PCP is with Tesla) PCP will continue to look expensive.

the car is going to be worth quite a lot more than that and you can walk away with the spoils.

That would be good, it's not that often PCP delivers meaningful equity - a product of the low monthlies which is really what most people are interested in. What would be interesting is to run an HP quote and see whether the interest cost if early settled at 48 out of 60 months is less than the interest charged on the PCP (given interest is charged on the GFV) over 48 months. If one is convinced the car will have substantial equity why pay over the odds by having PCP....

 

[Peteski]

I believe the reason PCP residuals have suddenly dropped is because of new legislation effectively preventing manufacturers from subsidising residuals like they typically used to. Apparently it was annoying HMRC and now they have to ensure that the GFV is far more realistic.

Straight HP is now likely to work out cheaper overall, but with higher monthly payments of course. With subsidised low interest PCPs you could have your cake and eat it, but those days are now over.

 

[davidmc]

I believe the reason PCP residuals have suddenly dropped is because of new legislation effectively preventing manufacturers from subsidising residuals like they typically used to. Apparently it was annoying HMRC and now they have to ensure that the GFV is far more realistic.

Straight HP is now likely to work out cheaper overall, but with higher monthly payments of course. With subsidised low interest PCPs you could have your cake and eat it, but those days are now over.

Blame Mercedes!

Copied from a website:

In October 2017, the European Court of Justice (CJEU) made a ruling on the litigation between Mercedes Benz Financial Services (MBFS) and HMRC regarding the correct VAT treatment of MBFS’s PCP finance scheme called ‘Agility’. As a result of this ruling, suppliers using PCP or similar contracts will have to consider each case individually to determine the correct VAT treatment.

 

[Peteski]

Blame Mercedes!

I think pretty much all manufacturers were all fudging it to save VAT on PCPs. Basically churning out large volumes of cars that would inevitably be handed back at the end of the PCP due to certain negative equity. My Tesla MX will almost certainly fall into that category.

 

[Groover]

IMO this is the real reason PCP is now hugely more expensive than it used to be - no doubt caused by Tesla slashing the price of the higher end S & X, leaving the finance companies holding the loss when owners hand the keys back. Unless Tesla underwrite the GFV or effectively lend their own money (which they did for a short while - my PCP is with Tesla) PCP will continue to look expensive.

most likely - I looked at a model S when they slashed the prices and they were approx £70K and originally the PCP offers had GFV of approx £40K. If you look now, like I said, GFV is closer to £20K on the same price car.

Looking at user Teslas in a variety of places, there is no way currently that a 4 year old model S will only be worth £20K after 4 years.

Anyway - the main issue is that Tesla need to pull out their finger and offer PCP

 

[Groover]

That lease sounds expensive, maybe it’s the maintenance package pushing it right up.

Thats on the performance model @ £50K... and the cheapest I have seen so far.