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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
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
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.
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.
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:
- Have you had any issues purchasing upgrades? (I.e EAP, acceleration boost) - is it still doable on a leased Tesla?
- Have you found any limitations or annoyances with the app / account I.e being able to see supercharging costs
- 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.
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).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 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'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.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 anythingUpdating 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).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
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
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
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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 disabledYeah, 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
Wattsisname
MY Red/White/Gems
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.
