WannabeOwner
Well-Known Member
Here are the real battery capacities
handy list, thanks ... can you add the 100?
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Here are the real battery capacities
Disclaimer
I am not an accountant; these figures to the best of my knowledge, but I may have made mistakes. (there were certainly arithmetic errors in the 1st version)
I have largely ignored financing, working on the basis of cash purchase. If owning privately, it doesn't make much difference - if Tesla offer an unrealistically high GFV then they are subsidising the cost of the car, but probably they don't do that to a significant extent if at all.
This is why I would only look at the figures provided by a qualified accountant. My wife (who is a chartered tax accountant) is always getting questioned by her clients regarding this kind of calculation and they invariably get it wrong themselves in some way or other. That's not to say your figures are necessarily wrong, but tax is a very complicated subject and not usually very intuitive or logical. With this kind of high value purchase, it's well worth taking professional advice as to the most cost-effective route.
The only reason I took the risk with a Tesla was the high GFV and low APR (1.5% at the time) on Tesla finance. Whether or not Tesla are subsidising the GFV is irrelevant to me. While Tesla might possibly be able to recover the GFV by selling the car on as an approved used car, I very much doubt I would be able to get anything like the same return in a private sale or p/ex
The "insurance"/peace-of-mind aspect is certainly a good reason for choosing PCP.
However, my point was that the numbers aren't affected unless Tesla are offering a hidden subsidy through the GFV. If they aren't, then you can choose PCP or cash according to convenience or other factors; if they are then you have a strong incentive to go PCP even if you don't actually want credit.
I don't actually know if they are or not; at the time I bought my car the finance offers were different and the guarantee appeared to have little value. If they are now offering GFVs that are substantially above the expected resale price of the car, then that does reduce the effective cost of the car and makes any route that doesn't let you take the PCP less attractive.
Absolutely. It would be foolish indeed to conduct your tax affairs on the basis of advice from a random bloke on the internet, and aside from any errors there are numerous assumptions in any set of calculations like this that might not match any particular person.
However, we often have people coming here saying they want to buy a Tesla; the cars are expensive, but they've heard that there are tax breaks that can make it more affordable.
This stuff isn't actually that hard to understand, and it's helpful to have an idea of how the different possibilities work so that you can ask the right questions of your accountant. There's often not one correct answer - things like the choice between new and used are a personal matter what value you put on that, or the choice of buying car A today vs car B in a year's time.
So my motivation here is to understand what the typical benefits are, and which factors the calculation is sensitive to. Putting up detailed calculations lets other people have a pot-shot at it, avoiding me (or anybody else) spreading false messages.
My wife is actually planning to put together a guide to buying a company Tesla,
That would be a great resource, and very generous of her time
That would be a great resource, and very generous of her time
A spreadsheet where the user could enter some parameters indicating their personal data - miles per annum, price of electricity at home, overnight cheap rate, or not, percentage charge at work, and so on would go a long way to helping folk decide this issue. User could then pass to their accountant for "confirmation".
I had my accountant do the sums for me ... for which i got a bill of course. A resource which the accountant could check, rather than calculate from scratch, would be very worthwhile.
That would be a great resource, and very generous of her time
A spreadsheet where the user could enter some parameters indicating their personal data - miles per annum, price of electricity at home, overnight cheap rate, or not, percentage charge at work, and so on would go a long way to helping folk decide this issue. User could then pass to their accountant for "confirmation".
I had my accountant do the sums for me ... for which i got a bill of course. A resource which the accountant could check, rather than calculate from scratch, would be very worthwhile.
I got PCP on my X75D at 1.5% APR, with a 50% residual after 4 years 40K miles and a flat unlimited 7p/mile excess. We all know depreciation is the biggest cost in a car and especially so with this kind of car. The finance cost was £3655 which I think will be dwarfed by potential depreciation, making it a no-brainer over a cash purchase. I don't normally take credit, but this was an exception. APR has now gone up to 4.9% for a Model X and GFV is still around 50%, so perhaps not so clear cut. But still a major factor to consider when buying a Tesla with a typical 3 or 4 year ownership term in mind. Obviously if buying with the intention of owning the car for much longer than 4 years, then depreciation becomes less of a deciding factor as the car will have a very low residual at the end anyway.
Hi Fella
Can you please give me further info on your finance cost of £3655.
Who was it with?
Is this before of after VAT?
What value was financed?
Initial deposit paid.
On a quick search, the best deal i found was roughly 8k/year per 4yrs inc initial.
Thanks
Rich
BTW Look forward to seeing the spreadsheet from the previous poster. Thx in advance