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Newbie seriously considering leasing UK - sense check

My take on this - I was in a pcp with my focus st costing me 302 a month with 5.5k down deposit I was 2 yrs in - Took option to buy it from ford early for 19.2k then sold it to cazoo for 25k so essentially just about got my deposit back. Anyway that aside I wanted to get a M3LR and vanarama's deal at the time in early November was 445 a month 5355 down 3yrs and 8k miles - free 1yr insurance, free bp pulse membership 12months and £360 credit on bp pulse. ( I couldn't have the home charger this was their compensation). Anyway with regards to buying or pcp and buying in say 3yrs time no way I was doing that.

Tesla have just released the Standard model with LFP i.e charge your battery 100% now and way less winter degradation in 3 yrs time battery tech will have improved again. Lease is the way to go right now, even though the M3LR now is a great car and I love it, Tesla and others could well be doing real world 400 miles + machines in 3yrs time and that will be time to definitely not be stuck with the current models.
try to get PCP quote for ~20k miles a year...
 

Mrklaw

Active Member
Mar 5, 2020
1,593
1,063
Berkshire
whether PCP, lease, loan or cash you're still funding depreciation and except for cash are also paying interest on that. You need to balance whether you want to own the car (loan/cash), the option to own it - hedging final payment vs possible value over final payment (PCP) or simply renting it (lease)

I've generally wanted the flexibility a PCP provides but this time I'm going loan so its a little more straightforward for me to sell on if I want to, or keep
 
whether PCP, lease, loan or cash you're still funding depreciation and except for cash are also paying interest on that. You need to balance whether you want to own the car (loan/cash), the option to own it - hedging final payment vs possible value over final payment (PCP) or simply renting it (lease)

I've generally wanted the flexibility a PCP provides but this time I'm going loan so its a little more straightforward for me to sell on if I want to, or keep
more or less my thoughts. Meaning that I will be able to sell it easier... well and my mileage is on the higher side hence making PCP not that attractive option, as monthly payments are more than loan
 

dazzap

Member
Dec 14, 2021
191
200
UK
FWIW.. and probably little. I asked my accountant about personal lease vs buying outright for cash. His long standing advice is if keeping the car for just 3 years then lease, otherwise buy. Sure enough the leasing costs for 4yr term jump up considerably when considering the total lease payments over the term as a percentage of the new value.

Elsewhere I've read (so might not be true) that most PCP buyers choose not to buy the car at the end of their contract which essentially made their PCP an expensive lease. So perhaps dont do PCP if you think it unlikely you'll want to make the balloon payment.
 
FWIW.. and probably little. I asked my accountant about personal lease vs buying outright for cash. His long standing advice is if keeping the car for just 3 years then lease, otherwise buy. Sure enough the leasing costs for 4yr term jump up considerably when considering the total lease payments over the term as a percentage of the new value.

Elsewhere I've read (so might not be true) that most PCP buyers choose not to buy the car at the end of their contract which essentially made their PCP an expensive lease. So perhaps dont do PCP if you think it unlikely you'll want to make the balloon payment.
This is why I went lease, I never keep my cars long term
 

Casss

Member
Aug 6, 2021
432
398
UK
Hope you don’t mind me threadjacking OP, but could someone who has leased give any info on the below, as they’re queries I’ve seen conflicting responses and would be useful / relevant to this thread:

  1. Have you had any issues purchasing upgrades? (I.e EAP, acceleration boost) - is it still doable on a leased Tesla?
  2. Have you found any limitations or annoyances with the app / account I.e being able to see supercharging costs
  3. Have you found any issues arranging servicing for the vehicle because you aren’t listed as the primary owner?
 
Hope you don’t mind me threadjacking OP, but could someone who has leased give any info on the below, as they’re queries I’ve seen conflicting responses and would be useful / relevant to this thread:

  1. Have you had any issues purchasing upgrades? (I.e EAP, acceleration boost) - is it still doable on a leased Tesla?
  2. Have you found any limitations or annoyances with the app / account I.e being able to see supercharging costs
  3. Have you found any issues arranging servicing for the vehicle because you aren’t listed as the primary owner?
I haven’t tried but I believe you’d need to talk to your lease company before buying any upgrades that significantly change the car. It is after all their vehicle, not yours.
Tesla app, no issues at all. Re:SC costs I haven’t looked at costs before charging but it does show how much it has cost you to charge. To me it costs whatever, by the time I want to use one I’m nearly out of juice anyway so it’s cheaper than getting recovered🤷🏼‍♂️.
Only issue with not being the primary owner I’ve had so far was setting up payment for the SC network, that took a few days but the lease company sorted it out. I haven’t had a service yet but did buy a keyfob from the SC which just got billed to the Tesla account and paid from my card that’s registered so don’t forsee any issues.
 
I haven’t tried but I believe you’d need to talk to your lease company before buying any upgrades that significantly change the car. It is after all their vehicle, not yours.
Tesla app, no issues at all. Re:SC costs I haven’t looked at costs before charging but it does show how much it has cost you to charge. To me it costs whatever, by the time I want to use one I’m nearly out of juice anyway so it’s cheaper than getting recovered🤷🏼‍♂️.
Only issue with not being the primary owner I’ve had so far was setting up payment for the SC network, that took a few days but the lease company sorted it out. I haven’t had a service yet but did buy a keyfob from the SC which just got billed to the Tesla account and paid from my card that’s registered so don’t forsee any issues.
and as additional reaffirmation - you use SC to fully charge ONLY if really needed. Otherwise you add those 20-30% or whatever is needed to reach your destination charger (for example hotel or home) and you do your charging there (as it is much much cheaper).
 
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Casss

Member
Aug 6, 2021
432
398
UK
I haven’t tried but I believe you’d need to talk to your lease company before buying any upgrades that significantly change the car. It is after all their vehicle, not yours.
Tesla app, no issues at all. Re:SC costs I haven’t looked at costs before charging but it does show how much it has cost you to charge. To me it costs whatever, by the time I want to use one I’m nearly out of juice anyway so it’s cheaper than getting recovered🤷🏼‍♂️.
Only issue with not being the primary owner I’ve had so far was setting up payment for the SC network, that took a few days but the lease company sorted it out. I haven’t had a service yet but did buy a keyfob from the SC which just got billed to the Tesla account and paid from my card that’s registered so don’t forsee any issues.
Thanks, appreciate it!

I've asked the funder to confirm in writing they'll allow the acceleration boost upgrade when it becomes available just to be on the safe side. (Whole reason for looking at LR not P, so kind of critical).

Good to know about the SC setup, so all sounds fine. I have read that it's easier to place the order via Tesla directly, and then transfer the order over to the lease broker / funder from my existing account so will probably give that a go.

Likewise would definitely end up buying a key fob, so good to know there's no issues there either.
 
Thanks, appreciate it!

I've asked the funder to confirm in writing they'll allow the acceleration boost upgrade when it becomes available just to be on the safe side. (Whole reason for looking at LR not P, so kind of critical).

Good to know about the SC setup, so all sounds fine. I have read that it's easier to place the order via Tesla directly, and then transfer the order over to the lease broker / funder from my existing account so will probably give that a go.

Likewise would definitely end up buying a key fob, so good to know there's no issues there either.
No problem, tb( the only reason I went for the keyfob was because its easier if you have any pax with you waiting to get in when it’s peeing down. Fumbling about with a phone, trying to open the app while not getting run over in Asda car park isn’t my cup of tea🤣. A button that can be pushed whilst still in your pocket at a distance from the car is much easier plus not a fan of walking away from the car & waiting for it to lock either. It’s just a personal preference thing.
 
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Casss

Member
Aug 6, 2021
432
398
UK
Thanks, appreciate it!

I've asked the funder to confirm in writing they'll allow the acceleration boost upgrade when it becomes available just to be on the safe side. (Whole reason for looking at LR not P, so kind of critical).

Good to know about the SC setup, so all sounds fine. I have read that it's easier to place the order via Tesla directly, and then transfer the order over to the lease broker / funder from my existing account so will probably give that a go.

Likewise would definitely end up buying a key fob, so good to know there's no issues there either.
Updating my own statement above. Lex will not allow the EAP, FSD or acceleration boost upgrades to be added on the 3 or Y after the car is delivered. No leeway apparently, blanket rule. So until acceleration boost is added as a factory option from first order stage, I won't be doing that.

Off to find a funder who will allow it 🤷‍♂️
 
Updating my own statement above. Lex will not allow the EAP, FSD or acceleration boost upgrades to be added on the 3 or Y after the car is delivered. No leeway apparently, blanket rule. So until acceleration boost is added as a factory option from first order stage, I won't be doing that.

Off to find a funder who will allow it 🤷‍♂️
AFAIR Lex was always an arse, even with BMWs, never allowed anything
 
Updating my own statement above. Lex will not allow the EAP, FSD or acceleration boost upgrades to be added on the 3 or Y after the car is delivered. No leeway apparently, blanket rule. So until acceleration boost is added as a factory option from first order stage, I won't be doing that.

Off to find a funder who will allow it 🤷‍♂️
Just a quick question have you got an insurance quote for the standard car and one for the performance enhanced one? The insurance on mine (although it’s through my business) is already damned extortionate for a 4dr saloon (albeit a pretty quick one).
 

Casss

Member
Aug 6, 2021
432
398
UK
Yeah, I get that Lex are probably just being cautious, and it's fair enough they're renting a big fleet of cars they own so they can stipulate what they want!

That said I think Lex are missing a trick banning the official Tesla OTA upgrades - they're a core part of the Tesla value prop. IMO. Case in point I won't be using them because I want the flexibility of adding acceleration boost in future. Otherwise I'd probably stump up the extra for the performance model.

Apparently ALD are happy with Tesla OTA upgrades being purchased.

Yep have an insurance quote Xdama - about £10 more over 12 months my current model S. Probably cheaper offers out there.

I'm not surprised Yessuz - having witnessed some of the things people in the BMW "community" did with leased cars :rolleyes::D
 
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Yeah, I get that Lex are probably just being cautious, and it's fair enough they're renting a big fleet of cars they own so they can stipulate what they want!

That said I think Lex are missing a trick banning the official Tesla OTA upgrades - they're a core part of the Tesla value prop. IMO. Case in point I won't be using them because I want the flexibility of adding acceleration boost in future. Otherwise I'd probably stump up the extra for the performance model.

Apparently ALD are happy with Tesla OTA upgrades being purchased.

Yep have an insurance quote Xdama - about £10 more over 12 months my current model S. Probably cheaper offers out there.

I'm not surprised Yessuz - having witnessed some of the things people in the BMW "community" did with leased cars :rolleyes::D
Lex was not allowing updates for BMW as well. I do not remember exactly, but there were some other issues with 330e (plugin hybrids) which they where screwing people.. All Connected Drive stuff was disabled :D
 

Wattsisname

MY Red/White/Gems EDD over the rainbow somewhere
Jan 12, 2022
1,158
576
Wandsworth London
I am not qualified to help you directly (I have always bought cars outright), but I would just nudge you to query why you might change a Tesla after only 3 years. They have very little maintenance costs, don't wear even the brakes, are not going to be replaced by a “new model“ anytime soon, and keep getting updated. The depreciation on EVs will settle at a lower annual level then ICE cars. I too used to change my cars after around three years, but I have had my Tesla for two and a half years, and changing it could not be further from my mind.

If you do keep it longer, perhaps the debate you are having might be different. Hope this helps!
That is very interesting. I have always bought demonstrators or max I year old, for cash and kept them a long time. I do not enjoy the buy/sell experience. However, I now have a Y on order for cash. I might change the purchase method: rather than tie up £62k, I could enjoy the car for three years and then, if still extant, me that is, enjoy another ev. Maybe a Tesla....
The cash balance invested for three years could ( investments also go down) ameliorate the profit and cost of money inherent in leasing. No tax advantage for me though as retired.
 

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