PCP Deals in the UK

[WannabeOwner]

what you paid for your model x/s?

May 2016 MS P90D (excluding 20% VAT) £70,750

Range upgrade (can't remember what that was about ... the base price was for a P90D anyway), premium interior (no idea what that included either ...). AP1, Next Gen seats, Glass roof, Metallic paint add £8,900. Then deduct Plug in Grant which, back then, was £5,000

I didn't buy the Premium Audio upgrade.

And then I got a £833.33 discount for using a referral code (in those days I think the Referrer got squat-all unless they got 5+ referrals, or something like that)

AP1 was £1,750 back then and still does pretty much the same job as AP2 on Motorway (and AP1 reads speed signs)

Purchase price today looks like £87,800 (leaving out any possibly nice to have cosmetic stuff but including VAT £14,633, dest&doc £850 and including £3,500 UK Plug-In Car Grant)

On top of that is £8,700 for Ludicrous which (if still going) is a freebie to existing owners, and FSD if i want it @ £5,800

Deposit, back then, was £2,000 (£4,000 today) and I could delay purchase for 6 months (might even have been 9 months??) and Tesla honoured the price despite the pound falling like a stone ...

 

[gangzoom]

You guys happy to share what you paid for your model x/s? Interested to know

60D X (software locked 75D), 6 seater, white interior, winter pack, and HEPA filter retrofitted - £71,300, including VAT post EV grant, ordered summer 2016.

Used X prices have only just started to drop under £60k, so coming up to 2.5 years old around 75-80% retained value. 50% list would be £36k, so given the way new EV prices are heading (£30k+ for a small FWD Hyundai just because its an EV) I cannot see a used X dropping to £40k for a while yet.

I recently added FSD for £4,900, £300 on aftermarket speakers, add 22inch wheels (referral prize) and a insurance claim forced me to pay £4k for range upgrade to 75D X, so total spend just over £80k.

Same spec today, SR, white on white, FSD, 6 seater, 22inch wheels is a cool £95k!!

 

[Peteski]

Used X prices have only just started to drop under £60k, so coming up to 2.5 years old around 75-80% retained value. 50% list would be £36k, so given the way new EV prices are heading (£30k+ for a small FWD Hyundai just because its an EV) I cannot see a used X dropping to £40k for a while yet.

That's very encouraging to hear. Be interesting to see where I stand at the end of my 4 year PCP with a guaranteed residual of just over £43k. I was thinking it would be a no-brainer to hand it back, but it could possibly be worth a little more depending on how the market develops. Mine is an uncorked early 2018 MX 75D white/white, 7-seater, fully loaded except for FSD.

I expect Model 3 residuals will be pretty strong too as there isn't going to be any direct competition on the used market for quite some time ahead and there must be a lot of leaf drivers who would be tempted to trade up to a used Model 3 if they can't afford a new one.

 

[pjuk]

£83k
2019 MX 100D (pre-raven, but post HW3 bump which I think was somewhere between late March-April models)
6 seater in black + Standard tyres/rims
Midnight grey metallic paint
FSD
Free supercharging

 

[DaveW]

Not a PCP deal, just weighing up other options..

I thought I'd call Magnitude to see what the HP with Balloon payment looks like, this quote is obviously dependant on your own personal circumstances etc..(earnings mentioned by Ed and also being a homeowner - car NOT secured against home) I also checked if they minded me sharing the quote, no issues there.

Based on Performance with blue paint (cash price £50,390)
12,000 miles p/a
48 months
5k deposti
5.9% APR
£26,639 balloon payment (no option to hand back, as not PCP)

£574 per month

Giving this some serious thought, on the one hand it's not PCP (so no option to hand back), but on the other hand it doesn't seem a lot risker than HP, other than it'll likely be over a longer term if the balloon is re-financed. Once approved, you've basically got 6 months to get the car deal sorted.

If anyones interested, I spoke to James Hindmarsh ([email protected]) - No affiliation etc.. just trying to work out how to finance an M3 in the absence of Tesla offering PCP (and not having a big enough deposit to do HP with Tesla - sadly moving house last year wiped out big deposit money).

 

[DJP31]

Not a PCP deal, just weighing up other options..

Have you looked at a lease instead? No option to own the car (normally) but gives you the “run away” from the car option, as per a PCP. I think I’d compare the numbers and see how they stack up. Personally given the newness of the tech and what might be out there in 48 months I might be unhappy about being lumbered with £26k to finance in a worst case scenario.

 

[DaveW]

Have you looked at a lease instead? No option to own the car (normally) but gives you the “run away” from the car option, as per a PCP. I think I’d compare the numbers and see how they stack up. Personally given the newness of the tech and what might be out there in 48 months I might be unhappy about being lumbered with £26k to finance in a worst case scenario.

I'd certainly consider leasing, no prices out there at the moment! - All waiting on Tesla to provide the values.

Just had an interesting call from Tesla around leasing a Model S though, will see how that develops.

 

[Peteski]

Not a PCP deal, just weighing up other options..

I thought I'd call Magnitude to see what the HP with Balloon payment looks like, this quote is obviously dependant on your own personal circumstances etc..(earnings mentioned by Ed and also being a homeowner - car NOT secured against home) I also checked if they minded me sharing the quote, no issues there.

Based on Performance with blue paint (cash price £50,390)
12,000 miles p/a
48 months
5k deposti
5.9% APR
£26,639 balloon payment (no option to hand back, as not PCP)

£574 per month

Giving this some serious thought, on the one hand it's not PCP (so no option to hand back), but on the other hand it doesn't seem a lot risker than HP, other than it'll likely be over a longer term if the balloon is re-financed. Once approved, you've basically got 6 months to get the car deal sorted.

If anyones interested, I spoke to James Hindmarsh ([email protected]) - No affiliation etc.. just trying to work out how to finance an M3 in the absence of Tesla offering PCP (and not having a big enough deposit to do HP with Tesla - sadly moving house last year wiped out big deposit money).

So I make that £8,801 in finance cost and probably some negative equity on the car at the end. I think I would give that a miss personally, but I understand that you may not have many other options.

 

[DaveW]

I think waiting this out / waiting for lease options for me is probably the sensible thing to do. Unless of course Tesla surprise me with an affordable Model S lease quote, sent them back to try and knock some more money off

 

[DaveW]

One more quick reply on it, to be fair to Magnitude, they were happy to bring the balloon payment down, but not up. That obviously has a knock on effect to the monthlies but reduces the risk of being in negative equity on the car if you go down that route.

Really helpful, non sales like call.

 

[WannabeOwner]

I expect Model 3 residuals will be pretty strong too as there isn't going to be any direct competition on the used market for quite some time ahead

me too. Surprised that Finance is looking so tricky, the first batch will be the only ones in second hand market for that age/mileage. Unless the price of New Model tumbles (within 3 years, really? Model-S/X have fallen significantly of late, but they are old-line-models, I just can't see that happening in 3 years NOR A.N.Other coming out with a price-killer competitor, there just aren't enough batteries available for anyone to decide to "dump on the market" when there is the option to keep prices high)

My Crystal Ball has never been wrong, I'll lend it to you, but past performance no guarantee of future value

So I make that £8,801 in finance cost and probably some negative equity on the car at the end. I think I would give that a miss personally, but I understand that you may not have many other options.

I'm with you on that too. Folk spend a lot of money on spivving up a device for getting from A-to-B that lost half of its value as it was driven out of the showroom.

How rich would we all be if we added up all the Interest paid in a lifetime ...

 

[Peteski]

Just been comparing the 2 HP offers via Tesla. Blackhorse looks best at 4.9% APR, which is not too bad. With a £10k deposit, it will cost just over £4k in finance over 4 years, making the total cost £56k for a Performance model with 18" aero, white/white. I'm actually quite happy with that deal overall. It would be nice to see a comparable PCP, but none of the 3rd party offerings are as attractive as straight HP through Tesla. Obviously the monthly cost is much higher, but I prefer to pay a lot less overall. PCP would only be attractive to me with a very generous guaranteed residual, but it seems like those days are over!

 

[WannabeOwner]

Obviously the monthly cost is much higher, but I prefer to pay a lot less overall.

No one is financing car payments with other borrowings of course

 

[Acko1985]

Have you looked at a lease instead? No option to own the car (normally) but gives you the “run away” from the car option, as per a PCP. I think I’d compare the numbers and see how they stack up. Personally given the newness of the tech and what might be out there in 48 months I might be unhappy about being lumbered with £26k to finance in a worst case scenario.

What the run away option? Can’t find anything anywhere about it

 

[DJP31]

What the run away option? Can’t find anything anywhere about it

As in you can “run away” from the car at the end of the lease. Similar to the situation at the end of a PCP contract, pay the balloon or hand the cut back and ‘run away’.

Nothing more technical than that I’m afraid.