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Potential Model 3 Order

Cozzavillain

Member
Feb 18, 2020
22
16
Swindon
Hi all - newbie here.

I'm hoping for some guidance based on your experiences if possible.

I've had BMWs for for the last 8 years (116d, M135i and then 320i) and am looking for a significant change. My mileage is low (probably 10k a year) and the ignoring a run from Swindon to Heathrow for a holiday, I don't go very far on a daily basis so the SR+ looks to make the most sense.

My 3 series agreement ends around the start of April and I'm hoping to place a model 3 order in the next week or two but I'm worrying about getting finance approved. Any pcp provider would currently run a check on me and identify the current car agreement which could impact their assessment on my ability to afford the new car. For reference, my current car is around £330pcm and I spend £150ish on fuel a month and my proposed pcp for the Tesla would be £6.5k deposit and it estimates £450pcm - I can charge for free at work so the figures make sense from that perspective and affordability is fine (I'm comfortable as is)

Has anyone else experienced issues with this, or do finance companies take into account 1 agreement ending and another starting?

I've not gone between finance providers before, but I assume this must happen? Sorry, I worry a lot so just wanted to see if anyone had experienced this.

Thanks in advance!

Greg
 

Mr H

Active Member
Jan 6, 2020
1,967
2,161
Manchester
I’d say they look at when your agreement started and deduce that it will be ending soon to make their decision. I checked my credit report and have found nothing from Black Horse showing

Don’t forget to use a referral code for 1000 free supercharger Miles. Mine is in my profile if you be so kind as to use it ;)
 

TomD

Member
Jul 24, 2019
125
74
UK
You should be fine Greg. I actually haven't heard of anyone getting declined yet. I was in the same boat as you and it was fine.
 
Jan 20, 2020
365
171
Crawley
Hi. Actually I have a active PCP for my current car(Nissan Leaf) and I was accepted to the new PCP for M3, ofcourse with the condition to close the Nissan PCP. The same was last year when I switched from Honda Civic type R to Nissan leaf.
Always I used Black Horse.
Don't forget to use the referral code when you order your M3.
 
Jan 20, 2020
365
171
Crawley
I’d say they look at when your agreement started and deduce that it will be ending soon to make their decision. I checked my credit report and have found nothing from Black Horse showing

Don’t forget to use a referral code for 1000 free supercharger Miles. Mine is in my profile if you be so kind as to use it ;)
I don't think they will check care about start and finish.
I switched after one year with agreement for 4 years. Now after 8 months with 4 years agreement... important is if you can pay.
 

WannabeOwner

Well-Known Member
Nov 2, 2015
5,758
2,929
Suffolk, UK
My mileage is low (probably 10k a year) ... my current car is around £330pcm and I spend £150ish on fuel a month and my proposed pcp for the Tesla would be £6.5k deposit and it estimates £450pcm - I can charge for free at work so the figures make sense from that perspective and affordability is fine (I'm comfortable as is)

A reasonable rule-of-thumb on fuel is £100 saving, per month, for each 10K miles driven p.a.

So your existing £330pcm and anticipated £450pcm are "hardly any change" and stepping up to a higher value car may mean that you have a bit more "cash" residual when you next change. Your £150 per month fuel is above my figure, so that bodes well too ...

Charge at work is handy, but EV is so much cheaper that it doesn't make a lot of difference. With a decent overnight rate you should be able to get EV down to 2p / mile, so 10K miles p.a. is £200 ... so whether you get 50% of that at work, or 75%, is not going to even cover taking your loved one out for a meal once a year :) (No ... that argument didn't work on my spouse either ...)

Servicing of Tesla is not cheap, but I doubt BMW is either. But up to you how much you actually bother, although I think once-a-year is prudent in case anything is coming-off / working-loose. You won't need any brake pads for 150K-ish of normal driving.
 

Adopado

Active Member
Aug 19, 2019
4,533
3,422
Scotland
Servicing of Tesla is not cheap, but I doubt BMW is either. But up to you how much you actually bother, although I think once-a-year is prudent in case anything is coming-off / working-loose. You won't need any brake pads for 150K-ish of normal driving.

There are no compulsory service requirements. In fact Tesla don't even seem to advertise any service plans nowadays. It makes sense to have a brake service once a year (because they are so little used) but that doesn't have to be done by Tesla. BMW servicing is on another planet in comparison!
 

WannabeOwner

Well-Known Member
Nov 2, 2015
5,758
2,929
Suffolk, UK
that doesn't have to be done by Tesla

Bjorn did a video on the place he took his too. I was impressive with the checks they did .... particularly the number of things they found that were falling off! At the least they would be sapping some range whilst flapping about / poorly fitting.

Dunno who would be best for that type of "reassurance" servicing in UK ... Norway a lot more tooled up for EVs ... over 50% of new sales are EVs there I think.
 
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Durzel

Active Member
Jul 17, 2019
3,697
2,688
Bath, UK
Wasn't blown away by that video. Letting the caliper hang off the brake hose is not good either.

Missing screws is obviously something one should not have to deal with, but the rest isn't a problem imo.
 

WannabeOwner

Well-Known Member
Nov 2, 2015
5,758
2,929
Suffolk, UK
Hope you are planning on being able to buy new ... I read today that the average deprecation in USA for 2nd hand M3s sold at 1 year old is 5.5% ...

Dunno whether that will be true in UK too? For sure any such tight depreciation will favour the earliest owners
 

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