[UK] Price cuts

[PITA]

Do you know what all this reminds me of...

The housing crash in 1993

I bought a house for £45,000 which then went into negative equity at £38,000 for about 6 years.

But this time around, people are buying cars for as much

Yes I must be old, yes I will shut up now...

 

[Mrklaw]

Well actually we do. We have distance selling regulations which is what we get as we don’t buy in store. Hence why they are refunding me the difference as it’s in the return period.

Same for finance cool of periods

I didn’t think distance selling regs counted for things like cars? interesting if so

but early Dec is 4-6 weeks prior so you’re not on the cusp, but clearly in the ‘close enough to be incredibly frustrating but unlikely to have response’ window

 

[EVMeister]

Well actually we do. We have distance selling regulations which is what we get as we don’t buy in store. Hence why they are refunding me the difference as it’s in the return period.

Same for finance cool of periods

That only applies for 14 days after taking receipt of the vehicle, the person I replied to received the car at the start of December.

 

[James-R10]

I didn’t think distance selling regs counted for things like cars? interesting if so

but early Dec is 4-6 weeks prior so you’re not on the cusp, but clearly in the ‘close enough to be incredibly frustrating but unlikely to have response’ window

Yup. But I picked up on the 12th Jan so easy enough to fuss.

 

[DaveNN]

Yup. But I picked up on the 12th Jan so easy enough to fuss.

If you've got that then more power to your elbows.

 

[RajUK]

The competition is catching up, so they have to leverage their price element. The long term trend is EV prices falling as the govt grants in Uk has been removed so to push for uptake they need to make them more competitive. MG, Nio and other Chinese manufacturers are taking the fight to Tesla in the next 3-5 years worldwide!

 

[Utumno]

The competition is catching up, so they have to leverage their price element. The long term trend is EV prices falling as the govt grants in Uk has been removed so to push for uptake they need to make them more competitive. MG, Nio and other Chinese manufacturers are taking the fight to Tesla in the next 3-5 years worldwide!

Cool story comrade.

 

[Jason71]

Cool story comrade.

Just cos Tesla is a US company doesn't mean you have to adopt the US practice of calling anyone who you disagree with a comunist.

 

[Pink Duck]

Tesla’s price cuts actually made it to both evening and late Saturday night news on BBC1 yesterday, framed using a market-analyst price war angle.

Some private-listed used M3s in US now out-priced by new!

 

[Ingatestonian]

Looking at the website my LR Y in Red is less than £1,000 cheaper than when I bought in March, so not much of a reduction unless it had previously gone up since then.

Not sure why Y LR showing as £52,990 but then as £54,080 before savings at the bottom?

Also inventory for MY seems to be Performance and Standard Range only, so maybe less LR to clear?

 

[WannabeOwner]

Not sure why Y LR showing as £52,990 but then as £54,080 before savings at the bottom?

Might there be some options in the 2nd figure (which you previously experimented with)

 

[interbear]

Looking at the website my LR Y in Red is less than £1,000 cheaper than when I bought in March, so not much of a reduction unless it had previously gone up since then.

Not sure why Y LR showing as £52,990 but then as £54,080 before savings at the bottom?

Also inventory for MY seems to be Performance and Standard Range only, so maybe less LR to clear?

Same for my Model Y in blue (standard Gemini wheels, no auto pilot or FSD software options), it’s now £910 less than what I paid last year. Although between me ordering it and it being delivered, Tesla increased the price by £3k, so for people who ordered then it’s a far bigger impact on depreciation.

 

[Js1977]

Just cos Tesla is a US company doesn't mean you have to adopt the US practice of calling anyone who you disagree with a comunist.

Its communist

Its surprising (depends on who you ask) how many communists are out there that would not ever vote for a communist government.

I think he put it mildly to be fair.... you wait till Raj comes and offers you 50p and a bag of sweets for your car!

 

[MrT3]

Looking at the website my LR Y in Red is less than £1,000 cheaper than when I bought in March, so not much of a reduction unless it had previously gone up since then.

Not sure why Y LR showing as £52,990 but then as £54,080 before savings at the bottom?i

Also inventory for MY seems to be Performance and Standard Range only, so maybe less LR to clear?

MY LR was originally £55k at launch. The price rose to £58k in 2022 and now it is £53k. Red option has always been the same £2.1k option.

Tow bar is probably added to the build.

Tesla over supplied the RWD during Q4 to try and sell as many of the cheapest model at the end of the year. It was the first quarter for MYP so demand may be unknown and some pre-orders probably didn’t complete. But all three grades have received price drops.

 

[EVMeister]

Not sure why Y LR showing as £52,990 but then as £54,080 before savings at the bottom?

It adds the Tow Hitch by default to the LR.

 

[HenryT]

Looking at the website my LR Y in Red is less than £1,000 cheaper than when I bought in March, so not much of a reduction unless it had previously gone up since then.

Not sure why Y LR showing as £52,990 but then as £54,080 before savings at the bottom?

Also inventory for MY seems to be Performance and Standard Range only, so maybe less LR to clear?

Inventory pricing still needs to be addressed to reflect the price cuts. Buy from inventory at your peril.

Example -
MYP in red (autopilot, black interior, no tow hitch) £71,180 here
Same car new (2 - 4 week delivery) £62,090

 

[Morpheus84]

I’ve been following this thread closely and I’m a little shocked at some responses. I am one of the very lucky ones that picked up a MY LR with USS at the back end of Nov 22. When I purchased the car, I did so in the knowledge that:

- The car was worth the selling price.
- The monthly payments were affordable.
- I understood the prices may go up or down.

I don’t really agree with the residual value argument many are trying to make because even if Tesla reduced the new car values in 3 years time, that would have an instant impact on used car values, so there is never a good time to do it.

I do agree that their offer of free super charging for people collecting cars by 31st Dec and the hard sell to people who were on the wait list or deferred their collection is extremely deceitful and the timing of the increase post the 2 weeks cooling off period is suspicious at best.

It’s also worth noting that all manufacturers do this and individual dealerships sometimes offer £1000s off a new car which isn’t reflected to everone nationwide. At least with Tesla, the pricing is online and the same for all.

 

[Ingatestonian]

It adds the Tow Hitch by default to the LR.

Ah thanks, so my car is £2k less than when I bought. Probably offset by the higher amount I got for my 4 Series convertible sold early summer, compared to now.

 

[McManus1806]

Sorry but final payment of 27k after 3y I reckon you will be lucky to be in much positive territory. They sold you a fast one stating 10k equity.

I had 22k final at end of 4y for M3LR and decided due to price cuts and residuals to just pay it off now and own the car longer

Would you have ever known if BMW had done that? Only price you knew (I presume) was what you haggled with the salesperson ... you might have had the best deal that day/week/month ... or the worst ... and if BMW dropped the price to the dealer (which does happen) the following day unless you were specifically monitoring it you'd be none the wiser.



Tesla have said they aren't going to offer any compensation and press is reporting that they haven't in the past when Chinese have protested either

History no guarantee of future behaviour of course

The thing is, as you say above with BMW and other companies offering favourable discounts on cars which I do not mind at all as the resale value of the car isn’t really affect via deals on individual cars. Why I am annoyed is that they have cut £8k off the exact same car as a whole. Completely affecting the entire market. If you get £8k off a new BMW it’s not the same as every other car is still listed as £54k and therefore resale values aren’t hugely hindered.

As I say it is what it is but I do feel the fact they pushed people so hard to collect in December via supercharger miles etc… to then massively cut the price of all cars precisely 14 days after the last collections in December. I have never seen any other car maker make such a shocking move that has made the news all over the world.

I will add, if they had a discounted period for a couple of months then I would be okay with that but to make it permanent (not discounted) that’s why I’m so frustrated.

It just simply means I won’t be buying another Tesla after my experience sadly.

 

[UrbanSplash]

Ah thanks, so my car is £2k less than when I bought. Probably offset by the higher amount I got for my 4 Series convertible sold early summer, compared to now.

Yeh. Same for me. Car is £2k less now. But trade in of my 3 back then Was far higher than it would be now.