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Model S finance and insurance

Discussion in 'The UK and Ireland' started by Afdyce, Nov 17, 2013.

  1. Afdyce

    Afdyce Member

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    Nov 17, 2013
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    Location:
    Hampshire, United Kingdom
    Hello to all, my first post.
    I am seriously considering purchasing a Model S 85 as a company car, especially as the UK price has turned out to be slightly better than I thought.
    At the moment I can't make a decision because there are two pieces of vital information missing.


    • A finance quote, there's no information on the UK website. As part of selling the car in the US, where no one pays cash, my understanding is that the company has had to guarantee to buy back the car at the end of the agreement. This is to overcome customers depreciation fears on a new technology vehicle which does not have an established second hand market.
    • An insurance quote

    Any help you can give on either of these subjects will be most appreciated!
    Andrew
     
  2. Halbe01

    Halbe01 New Member

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    London
    I went on a test drive this week and asked the very same questions. The answer around finance was that there isn't any - though of course you're free to arrange your own. There is also a lease option which is being worked on with LeasePlan and there is likely to be an option to take a car which you've put a deposit down on as a lease rather than purchase.

    With regards insurance there wasn't any information available. My take on it is that I wouldn't expect any insurance companies to be able to quote on a Model S as yet, so I've not bother to ask any. I'm hoping its not too high though of course.

    Hope that helps,

    Cheers,
    Ben.
     
  3. LeeJ

    LeeJ Member

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    Dec 6, 2013
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    Liverpool, UK
    Insurance quotes for MS have now gone live on comparethemarket.com. I had quotes from £700 to £800, 8k per year mileage, 2 previous claims, guaranteed NCB (I have 9 years NCB) on an S85
     
  4. Alan

    Alan Member

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    UK
    Thats good news - they have also added the Roadster. Previously its been very difficult / expensive to find anyone who would insure a Roadster and you had to get a "bespoke" policy from an underwrite (which seems exactly the same as normal insurance, except the documents come in a posh folder and it costs 3x as much as you would expect).
     
  5. jontracey

    jontracey Member

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    yep got a quote from Admiral this morning, not as bad as I expected
     
  6. PV4EV

    PV4EV Member

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    Area 51 / UK
    I'm curious - care to share ?


    Following your advice a couple of years ago I think I ended up with the same underwriter and their posh folders! Their customer service was very good though.

    At last renewal I went with Admiral. Their quote was £390 or so. Amazing. But I hope I don't ever have to find out what their claims handling is like..
     
  7. jontracey

    jontracey Member

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    Was around £500
     
  8. Kerbs

    Kerbs Member

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    Sheffield, United Kingdom
    Does anyone know who Tesla's official Leasing partners are in the UK please, and can you get the same buy back deal as in the US?
     
  9. mgboyes

    mgboyes Member

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    Finance partners in the UK are Leasplan for contract hire and Alphera for Hire Purchase.

    Neither impressed me (Leaseplan in particular just didn't really seem to want the business, putting up roadblock after roadblock to prevent themselves from actually having to finance a car, and Alphera weren't offering a payment profile with a "balloon" payment at the end).

    There is no buyback guarantee in the UK, or anywhere other than the US I believe.

    Others have had success with Lombard (for business finance), and generally more car finance brokers are becoming aware of the car and understand it enough to be able to quote for it.

    Admiral are by far the cheapest for insurance, but provide comparatively low quality cover (in particular they won't let you choose where repairs are made in the event of damage, and will always look for 2 quotes for the work and choose the cheaper one, and they don't offer new for old replacement even in the first year so you'll probably want GAP insurance as well). LV have been producing reasonable prices for people, with a higher quality of cover included.
     
  10. Kerbs

    Kerbs Member

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    Sheffield, United Kingdom
    OK thanks just looking at some options and starting to put prices together, but realistically I would be a lot happier once the Manchester store and service centre are open, as I'm closer to there than London. But can't find any dates on when these will be opening other than soon :)

    Thanks

    Nick
     
  11. nisigns

    nisigns New Member

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    Location:
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    Admirel was the best price for me as well. Two drivers and £300, goes even cheaper when i add the ICE when that insurance is up for renewal
     
  12. wildrover

    wildrover New Member

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    Hong Kong
    What type of finance/lease plan have you guys found?
     
  13. Rluner

    Rluner Member

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    Location:
    North West UK
    My wife and I just ordered our S85 a few days ago. After a number of insurance quotes, it would appear Admiral and LV were the lowest for us coming in at about £1000 each. However the interesting fact I want to tell everyone is if my wife is the named driver and me as the secondary it reduces to £700. We both plan on driving it fairly equally so this appears to be better value for us. LV did seem to have better cover and I'm sure we will be going with them.

    As as for finance we wanted to purchase it outright with no bubble so Alphera was fine with us. They did seem to take their responsibility to loan money sensible to heart and initially requested I paid a larger deposit and took it out over a longer period to reduce my payments. But finally after a chat direct to me they let me do what I had initially requested.

    As for monthly costs just take the price of your car, deduct the deposit, then add 3.08% x number of years and divide by the number of months in your loan term. Gives you you payment per month. Works out very close to the pence.

    I actually knocked up a simple spreadsheet so I could alter purchase costs and deposits and it gave monthly payments over years 1 to 5. It worked really well.
     
  14. tom_hartnett

    tom_hartnett New Member

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    Hi,

    Thanks for the info. I think i'm being a bit thick but I don't understand how to work this out. Could you give an example say based on £60,000. Also any chance of a link to your spreadsheet? :)

    Thanks!!
     
  15. Rluner

    Rluner Member

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    Location:
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    Try This:-

    Tesla Costs - Google Sheets

    If it fails tell me and I will just paste a calculation.

    No flaming please, this was just a handy sheet that worked ok for me, which Ive tried to share as requested.

    It may not be right or correct.
     
  16. mellington

    mellington Member

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    Looks pretty good to me on the 5 year term, could be handy to add the £5k government grant so people don't forget. The fuel savings are good too, I moved to 27mpg to match my current car and added a 4% increase in fuel cost per year (not that recent years suggest that's happening) which gives me almost £30k saved in fuel over the 5 year term.

    And again, just re-affirms that the Tesla is fantastic in terms of TCO.
     
  17. zag2me

    zag2me Member

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    I've just done a few insurance tests and my costs are astronomical due to me not having a no claims bonus as a non main driver for main years.

    If I put the other half on they are reduced by 60%! Thanks for the tip Rluner :)
     
  18. Rluner

    Rluner Member

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    Location:
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    I really happy it helped someone. Thanks for telling me. Thats a lot of cash you are going to save !
     
  19. RobStark

    RobStark Active Member

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    Los Angeles
    Now, if you finance through Alphera you get a buyback guarantee after 37 months.



    http://www.businessgreen.com/bg/news/2373871/tesla-model-s-yours-from-gbp820-a-month
     

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