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PCP/Leasing/Running

Gamemeister

Member
Apr 8, 2020
85
29
Leicester
Hello community,

I've been looking into a model 3 standard plus and I gladly came across this forum as part of my research.

With Tesla's ive naturally found the gains come from the running costs.

My issue stems from some good guidance to follow on whats good, and whats not so good cost wise. Just so i can benchmark my own.

The range will more than suffice my needs and i probably do 10k annum a year. Was initially looking at PCP but not discounted leasing just yet. Still leaning towards PCP as I'd rollover any equity to a new car. But the quotes ive got have varied. I do have access to tusker but they dont quote under 30s for teslas.

Insurance wise im only 25 almost 26 so I know im penalised here for insurance but after using comparison sites i was getting around 1k quotes, but actually the tesla tie up with direct line pulled through at 930ish.

Tax wise I came across on the forum that the luxury car tax has been withdrawn until 2025. So no car tax for the near future.

Maintenance ive struggled here but maybe for good reason. Seems like theres no requirements for services like an ICE car but to check brake fluid etc every few months. So im saying little to no maintenance within a 3-4 year period. Maybe cost of tyres thats it.

Energy cost. Think i found the 5p tarrif from octopus so this where I'd save money drastically.

Overall, i just wanted to know from you owners out there what sort of finance deal you have, and what sort of running costs do you have:

Finance cost-
Insurance-
Energy cost-

Plus anything else that ive forgotten.

I did come across the pcp/lease thread but it didnt really cover the main advantage of running cost. So thats why i felt the need for a new thread.

I appreciate circumstances will never be the same such as insurance or cost price etc. But I'd to know if what have found is competitive.

Thank you for your time.
 

Roy W.

Battery running low...
Jun 3, 2019
2,290
2,283
Derby, UK
Welcome to the forum!

Cost wise I can’t advise about PCP or leasing, as I bought mine.

You’re correct in what you say about servicing. Tesla removed the regular servicing schedule last year, but still advise a two-yearly inspection service, checking fluids etc. I’d budget several hundred pounds for that.

Insurance will be expensive at your age. I’m 60, and I’m paying roughly twice what I paid on previous cars, albeit currently just £400ish. I’d say the two most “popular”insurers price wise seem to be Directline and LV. I’m with LV.

As for running costs, you’re also right that many people on here are on Octopus GO, at 5p per unit for four hours overnight. If you will have a 7kW home charger, that will add about 100 miles of range in the four hour window. I have done 10k miles in six months, and it has added approx. £23 a month to my electricity bill.

As for expected mileage, many people find they love driving the car so much they do more miles than they expect, so bear this in mind when choosing your mileage limit.

I’ve sent you a DM with some notes about Octopus. Be sure to use a referral code both when you order your car and when you join Octopus. The car will give you some free Supercharger miles, and Octopus will give yo £50 credit.

Any other questions, fire away!
 
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VanillaAir_UK

Supporting Member
Jun 17, 2019
7,399
4,890
Surrey, UK
The range will more than suffice my needs and i probably do 10k annum a year.

Just make sure that you pully understand the WLTP range and real world range especially over winter and if wanting to use some other options such as sentry or keeping cabin nice and warm. Range is obviously very much dependent on personal usage patterns, but other things like ease of charging and whether you need to stay away from home also have a big effect. Many people have said that they drive the car more than they normally would have, so you may find that you exceed your 10k.

Maintenance ive struggled here but maybe for good reason. Seems like theres no requirements for services like an ICE car but to check brake fluid etc every few months. So im saying little to no maintenance within a 3-4 year period. Maybe cost of tyres thats it.

No maintenance does not mean no maintenance, just no scheduled maintenance. You may well find that the car benefits from routine maintenance to prevent it from deteriorating or to fix non warranty breakages. Or, being short term ownership, you just may not care. Things like an annual brake check/clean to prevent them seizing due to lack of use. Winter tyres may be a choice depending on where you drive - car comes with summer tyres as standad.

Energy cost. Think i found the 5p tarrif from octopus so this where I'd save money drastically.

Lots of other choices, but if you can get your charge done within the 4 hour window, Octopus Go seems to be a good option if you like to keep things simple. Some people have other usage patterns that benefit Octopus Agile (basically a tracker pricing scheme) or longer Economy 7 tarrifs. 4 hours on a 7kW charger will probably give an SR around 120 miles displayed miles, maybe 85 real world winter miles depending on drive patterns. 4 hours at 7kW (28kWh - about 50% on a SR) is going to be around £1.40 in electricity.


Remember that many of us have mutually beneficial referral codes in our profiles - the current Tesla referral gives both parties 400kWh (approx 1000 miles) of free supercharging to use within 6 months. Likewise with Octopus - £50 credit to each account. Or just start a conversation with someone or ask in relevant posts already doing the rounds.
 
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rincewind

Member
Nov 5, 2019
516
280
London England
I've in the UK, and recently gone with Octopus with their 5p tarrif, currently awaiting smart meter installation. This means that with the car doing 40-50 miles per day on average, putting a full charge in to the car will cost around £4.50 - for around 250 miles!!! I'm with LV for insurance, they were way less than others and if you should run out of charge they will flatbed you to the nearest charge point (not that I ever intend that to happen).

I also lease the car through Just Drive Leasing (LeasePlan). The guy there - Pete Parvin was really helpful and I got what I consider a good deal on a two year lease for my Model 3 Performance. When I figure in fuel and road tax savings, it's net cost pa is around £5,500 which I think is not half bad on a 54K car.
 
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Gamemeister

Member
Apr 8, 2020
85
29
Leicester
I've in the UK, and recently gone with Octopus with their 5p tarrif, currently awaiting smart meter installation. This means that with the car doing 40-50 miles per day on average, putting a full charge in to the car will cost around £4.50 - for around 250 miles!!! I'm with LV for insurance, they were way less than others and if you should run out of charge they will flatbed you to the nearest charge point (not that I ever intend that to happen).

I also lease the car through Just Drive Leasing (LeasePlan). The guy there - Pete Parvin was really helpful and I got what I consider a good deal on a two year lease for my Model 3 Performance. When I figure in fuel and road tax savings, it's net cost pa is around £5,500 which I think is not half bad on a 54K car.
Net cost wise that sounds like a great deal.

Thank you for your input so far everyone. Noted all points so far.

Sounds like I should probably go for 12k instead of 10k miles.

Do you all tend to lean towards leasing over pcp? I think the best quotations i got so far were from a company called zenauto. I was hoping to use tusker but that will have to wait for a few years - not sure if they're even competitive for a basic rate tax payer. Other vehicles I see are more expensive than traditional methods with the other costs involved.

Assumimg a 7kwh charger will do fine also.
 

Andy_T_73

Member
Jul 22, 2019
168
112
Prestwick
I looked at buying vs PCP vs leasing and went with leasing. If you don't want to keep the car long term and change it after 3 or 4 years then leasing is cheaper than PCP.

For 3 years and 36k miles the total cost to me is £22468 for a LR AWD. I can't recall the exact numbers at the time I made the decision but PCP was £10k more. I don't want the option to buy it after 3 years so it was an easy decision to go with leasing as the cheapest way by far to get 3 years of transport in a Model 3.

Go to leasing.com for a full market quote. It's like Compare the Market for leases.
 
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DaveW

Active Member
May 21, 2019
1,156
915
Beds, UK
Got cost to charge, I've put this together: Tesla - Cost to home charge

On Leasing vs PCP, the margin is a lot smaller now, was a lot cheaper for leasing before but the difference is a lot smaller now. Happy to PM you a link of Octopus vs Tesla PCP if that's useful.

I think really though, it'll depend on if you plan to keep the car on hand it back :)
 
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Gamemeister

Member
Apr 8, 2020
85
29
Leicester
I looked at buying vs PCP vs leasing and went with leasing. If you don't want to keep the car long term and change it after 3 or 4 years then leasing is cheaper than PCP.

For 3 years and 36k miles the total cost to me is £22468 for a LR AWD. I can't recall the exact numbers at the time I made the decision but PCP was £10k more. I don't want the option to buy it after 3 years so it was an easy decision to go with leasing as the cheapest way by far to get 3 years of transport in a Model 3.

Go to leasing.com for a full market quote. It's like Compare the Market for leases.

Thanks for that how much were putting down as deps
Got cost to charge, I've put this together: Tesla - Cost to home charge

On Leasing vs PCP, the margin is a lot smaller now, was a lot cheaper for leasing before but the difference is a lot smaller now. Happy to PM you a link of Octopus vs Tesla PCP if that's useful.

I think really though, it'll depend on if you plan to keep the car on hand it back :)

Yes that would be great to PM me that.

With PCP it was equity for next deposit and flexibility if i wanted to keep it really.
 

M3P8906

Member
Mar 12, 2020
32
15
Harrogate
Most things already covered above from your original post, but from experience of working all these costs out prior to purchase i would say one more thing to consider is watt hours per mile.

It's one thing working out how must it will cost to charge, but its another working out how often you will have to do it.

I have noticed my watt hours per mile vary massively depending on the temperature, battery preconditioning and the type of journey i am doing...motorway, hills etc. Better to be conservative, than optimistic so you've got a worst case scenario.

Sadly, i don't get access to smart meter / overnight rates so i'm not fully clued up here but it's worth making sure you know/understand the difference between "start charging at" and "depart at" in the scheduled departure feature so you calculate using the correct rates at the correct times.
 

rincewind

Member
Nov 5, 2019
516
280
London England
Net cost wise that sounds like a great deal.

Thank you for your input so far everyone. Noted all points so far.

Sounds like I should probably go for 12k instead of 10k miles.

Assumimg a 7kwh charger will do fine also.

I went for the 12k pa miles. I was doing about 7-8k pa in my previous car so thought I'd put in a bit of a buffer. Ha! After 3 months I'd done 5k in the Tesla, way over the average. This was in part due to poorly parent 130 miles away, and it's correcting itself now as mum has passed on and Covid lockdown kicked in.

7kw is fine - I went for the Rolec tethered unit and it's been spot on.
 

DJP31

Active Member
Aug 30, 2015
1,656
1,064
UK
On Leasing vs PCP, the margin is a lot smaller now, was a lot cheaper for leasing before but the difference is a lot smaller now. Happy to PM you a link of Octopus vs Tesla PCP if that's useful.

I think really though, it'll depend on if you plan to keep the car on hand it back :)

I’ve always PCP’d in the past, but rarely go full term as I’ve tended to p/x part way through, and I’ve always managed to clear the finance via the p/x. With PCP I know where I am with the deal, insofar as a finance settlement figure is easy to get.

I’ve never looked at a lease in detail, are the exit opportunities as easy to quantify as with a PCP, or is sticking to the full term the only realistic non-penal option?

No wish to hijack the OP’s thread and he does mention lease v PCP is being considered. :)
 

DaveW

Active Member
May 21, 2019
1,156
915
Beds, UK
I’ve always PCP’d in the past, but rarely go full term as I’ve tended to p/x part way through, and I’ve always managed to clear the finance via the p/x. With PCP I know where I am with the deal, insofar as a finance settlement figure is easy to get.

I’ve never looked at a lease in detail, are the exit opportunities as easy to quantify as with a PCP, or is sticking to the full term the only realistic non-penal option?

No wish to hijack the OP’s thread and he does mention lease v PCP is being considered. :)

I’ve never managed to get out of a PCP deal unscathed, apart from my last one where I VT’d the contract.

This is my first lease, having always gone for PCP in the past, but never purchased at the end. I think it’s a case of going the whole term, or pay back a decent chunk!
 

DaveW

Active Member
May 21, 2019
1,156
915
Beds, UK
Did the VT go smoothly? I’m considering that route with my MS later in the year.

Yeah easy enough, all I got were questions around why I wanted to do it rather than get a new car from BMW (moving from BMW to Tesla). They sent out the paperwork showing how much I'd owe (£0 as I'd gone past the half paid point) then sent over a guy from BCA to asses the car, he checked it over (not too close to the body work), gave me some things to sign then drove it off. Apparently they some times low load them, but he drove it to some other depo instead.

Found it on sale in Oxford from an independent garage, it was collected from Bedfordshire :)
 

DJP31

Active Member
Aug 30, 2015
1,656
1,064
UK
Yeah easy enough, all I got were questions around why I wanted to do it rather than get a new car from BMW (moving from BMW to Tesla). They sent out the paperwork showing how much I'd owe (£0 as I'd gone past the half paid point) then sent over a guy from BCA to asses the car, he checked it over (not too close to the body work), gave me some things to sign then drove it off. Apparently they some times low load them, but he drove it to some other depo instead.

I think, understandably, they get stroppy if someone is using the VT option to wriggle out of excess mileage fees.
 

Plagued

Member
Apr 9, 2019
212
175
Uk
Regarding servicing and maintenance, people keep quoting hundreds due to Tesla service costs. There is no reason at all why an independent garage could not perform the standard servicing. There are a lot of independent electric specialists now. My brother used to use a local one on his Teslas when you needed service for warranty. But the only thing a normal garage would need is the jacking pucks which you can get off amazon/ebay/3d print.
I'd advise on getting your calipers cleaned and pins greased, and cabin filters changed every 2 years. Brake fluid change is advised every 2-3 years so you could do one service at 2 years and do the lot. The cost should be about £150-200 from an independent, any more and they're ripping you off.
If you're keeping the car it's probably worth getting the calipers and pins done once a year.
There is a coolant service, but it's unlikely to be an issue within 3-4 years.
Other than that you're just looking at tyres (maybe tyre rotation if you want to keep the wear even) wiper blades and windscreen washer fluid.
I also find that I need to refill the sweets in the arm rest quite often, so it's worth costing that in!
 

DrJFoster

Member
Aug 27, 2019
105
70
UK
Servicing has never been a requirement for warranty, and some gleefully talk about 50k+ miles and the car not even looked at, personally I think that's risky. You'd actually find it quite hard to get Tesla to service your car as they have so little capacity, but there are more garages that do so and there's an organisation called HEVRA that lists them. Its more lubricating and cleaning although there are more radiators than you'd imagine on the cars. Brakes generally last well but for some reason they use rubbish brake fluid so 2-3 years for replacement wouldn't be unusual.

Don't underestimate tyres, especially if you have a heavy right foot.

But otherwise the costs are what you more or less have. That said, buy an ICE and a service pack for £400 covering 3 years and you've about £1k or so worse off due to the difference in fuel costs and the monthlies on the lease may be lower. But the Tesla is much more fun.

Tesla are doing some light discounting at the moment, typically adding FSD at a reduced price. You need to use one of the inventory sites (my personal favourite is Tesla Info: new and used cars for sale but there's also ev-cpo,com as the main 2. I find its easier to see the discounts on tesla-info but I imagine they're on both if you dig around
 

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