UK Model 3 Finance Calculator Inacurate

[nathanpitman]

Hi all, so after many years, months and weeks of pondering and indecision I decided to press the button on a Model 3 (Performance) today. What really swung it for me was that the PCP calculator on the Tesla UK website demonstrated that this would actually work out cheaper PCM (without fuel savings) than my current car.

Therefore I decided to proceed and paid the 2k deposit. Thereafter I was routed to the 'next step' where I was given the option to use Tesla PCP finance (Black Horse), on arriving on the Black Horse website via the Tesla link I'm given a completely different estimated monthly cost despite all the figures being the same.

I tried calling Tesla to raise this concern but no answer... is this a known issue, which calculator is wrong, the one of the Tesla site or the one on the Black Horse website (I'm assuming the former)?

Rather narked off of course, the costs quoted by Black Horse on the same term and deposit are much higher... still within reach... but not what I was hoping. Not the best of starts...

 

[EVMeister]

Until recently the Black Horse calculator used incorrect residuals, showing the LR AWD with the same residual value as the SR+. That is obviously wrong (too low) and made the monthly payment higher than it should be. This has recently been corrected. Not sure what it used to show for the Performance model, I didn't check that.

When I use the Black Horse calculator for any model, including Performance, it now gives me exactly the same figures as the Tesla website. I'm not sure why this wouldn't be the case for you? Might be worth clearing your browser cache or logging out then in again if you haven't already. Is it the case that the residual value is lower for you using the Black Horse calculator (and hence monthlies higher) vs. the Tesla? What sort of difference are we talking about?

 

[jjrandorin]

Not sure about anything in Europe, but here in the US, all car dealership websites are inaccurate when they show proposed monthly payments. They never show taxes (which are different in different states) and dont show any fees that may or may not be included in the sale.

Depending on the car manufacturer website for calculation for approximate payment is an exercise in frustration. I suggest getting your own lease / loan calculator, or using one of the many online ones that are not tied to any bank or financial institution. Maybe its different in europe though...

 

[nathanpitman]

If I spec a model 3 performance, red multi coat paint, black premium interior... then spec a £15,567 deposit, 24 months PCP and 10k miles... the Tesla website gives me a monthly of £342. It seems that if I try to calculate the finance having logged into my Tesla account the same form refuses to give me anything other than a £494 monthly. Clearing cache makes no odds. So before login the Tesla black horse calculator returns one figure, after login another. Total amount being borrowed is identical, period of finance is identical as is the APR. Confusing!

 

[jjrandorin]

If I spec a model 3 performance, red multi coat paint, black premium interior... then spec a £15,567 deposit, 24 months PCP and 10k miles... the Tesla website gives me a monthly of £342. It seems that if I try to calculate the finance having logged into my Tesla account the same form refuses to give me anything other than a £494 monthly. Clearing cache makes no odds. So before login the Tesla black horse calculator returns one figure, after login another. Total amount being borrowed is identical, period of finance is identical as is the APR. Confusing!

I am not familiar with all the terms you are using, but I do know leasing pretty well. Based on what you are typing, 'PCP" sounds like a lease term, and it definitely sounds like you are talking about a lease due to you typing "10k miles". In the US "miles per year" only matter on a lease when it come to finnancing.

So, I am going to guess that the residual value part of the calculation is incorrect either on the tesla website, or on the blackhorse (which sounds like a financial institution the way you are using the term) website.

Either residual, or one of them is missing fees (very common for online calculators). Maybe the one OUTSIDE your account is not accounting for destination, and taxes? Since I am not from UK I dont know how it works there, but as I mentioned before, the online calculators are never correct here on car dealer / manufacturer websites.

Calculate it yourself using a lease calculator app like leasematic, or one of the other online calculators. You will need to get the residual value they are using for 24 months 10k miles per year to do it yourself though.

 

[EVMeister]

If I spec a model 3 performance, red multi coat paint, black premium interior... then spec a £15,567 deposit, 24 months PCP and 10k miles... the Tesla website gives me a monthly of £342. It seems that if I try to calculate the finance having logged into my Tesla account the same form refuses to give me anything other than a £494 monthly. Clearing cache makes no odds. So before login the Tesla black horse calculator returns one figure, after login another. Total amount being borrowed is identical, period of finance is identical as is the APR. Confusing!

£342 /mo for a Model 3 P with Red MC, £15,567 deposit and 24 months (10k miles) is what I get on both calculators. Residual of~£31,500. Anything else must be using old figures with dodgy residuals, so would be wrong.

 

[Mblack99]

£342 /mo for a Model 3 P with Red MC, £15,567 deposit and 24 months (10k miles) is what I get on both calculators. Residual of~£31,500. Anything else must be using old figures with dodgy residuals, so would be wrong.

Where can I find the Tesla and BHorse calculators this thread is referring to ? Thx

 

[EVMeister]

If you configure a Model 3 and click the little price bar at the bottom to see finance options. You'll see the figures under the PCP section. There's a link from there to the Black Horse calculator, but they are these same currently.

 

[Mblack99]

If you configure a Model 3 and click the little price bar at the bottom to see finance options. You'll see the figures under the PCP section. There's a link from there to the Black Horse calculator, but they are these same currently.

Thanks but still cant find. Is this just on USA site (I'm in UK).. see screenshot for lack of link..

 

[EVMeister]

Thanks but still cant find. Is this just on USA site (I'm in UK).. see screenshot for lack of link..

No, it's on the UK site. PCP as a loan type by name isn't a thing in the US.

You appear to be viewing the website on a mobile device. You need to push the little up arrow towards the bottom right when configuring the vehicle. That's the page before the one you're on in the screenshot. As you can see in the screenshot below. This will allow you to play around with the deposit amount and access the Black Horse calculator (when you click "Apply for Finance").

 

[Mblack99]

much obliged.