Strange UK residual price change

[uktman]

Placed an order for a long range model X on 5th May in the UK. I'm buying on a 36 month PCP and the residual value I was show on the website was £56k which also ended up in my PCP contract. Today when I log on to the Tesla site and type in exactly the same spec I am now being given a 36 month PCP residual value of £36k. Very weird as it implies a £20k residual drop in 7 weeks which makes no sense at all. I've asked Tesla for an explanation but nothing as yet.

For a drop of that magnitude I can only think of two scenarios:

1. When I originally put my order in the residuals hadn't been updated since the price drops that occurred earlier in the year and they have now.
2. The expected refresh later this year is going to include a price cut and the new residuals are reflecting this

Anyone else experienced something similar.

 

[Tes La Ferrari]

Placed an order for a long range model X on 5th May in the UK. I'm buying on a 36 month PCP and the residual value I was show on the website was £56k which also ended up in my PCP contract. Today when I log on to the Tesla site and type in exactly the same spec I am now being given a 36 month PCP residual value of £36k. Very weird as it implies a £20k residual drop in 7 weeks which makes no sense at all. I've asked Tesla for an explanation but nothing as yet.

For a drop of that magnitude I can only think of two scenarios:

1. When I originally put my order in the residuals hadn't been updated since the price drops that occurred earlier in the year and they have now.
2. The expected refresh later this year is going to include a price cut and the new residuals are reflecting this

Anyone else experienced something similar.

And / or Tesla is anticipating reduced demand:

3. as a result of the above price cut, thus reducing their exposure down the road? Tesla is anticipating reduced demand for the new version as a result of the above price cut, thus reducing their exposure down the road?

4. as a result of the new interior design being risky / controversial not immediately embraced by s&x customers , thus reducing their exposure down the road?

5. as a result of model Y being out by then - hitting residuals on x’s harder.

 

[gangzoom]

I've asked Tesla for an explanation but nothing as yet.

For a drop of that magnitude I can only think of two scenarios:
l

Nothing to do with actual residuals - you wouldn't find a single used X under £55k and these cars are coming up to 3 years old!

All to do with changes to UK law on selling PCP products and potential ability of the finance company to claim back VAT.

Far too complex for me to understand but this is affecting ALL manufacturers not just Tesla, and may kill PCP as an attractive finance product in the UK.

NFDA | Will PCP survive HMRC’s latest VAT Change?

 

[uktman]

Thanks Gangzoom. I was unaware of the change.

So the question for me is whether I stick with my current PCP deal or pay an extra £7k payments over the term and then have the option to buy the car a £14k cheaper at the end.