What happens if your Model S or X lease/PCP runs out during 2021?

[MrAliG]

I have been excitedly waiting for the Model X refresh as my current PCP runs out in December. At 1.9% APR it was a no brainer at the time.

Ignoring thoughts re the refresh, UK delivery is listed as 2022. Presumably quite a few people will have their Model S or X due to go back this year with no like for like replacement available.

Can Tesla PCPs be extended or has anyone any thoughts on what to do?

 

[Durzel]

You can usually extend PCPs, but extending it by a whole year is probably a bit unusual.

I'm surprised that the refreshes are taking that long to come over here. It looks as if the US people are getting lead times of a couple of months, whereas UK and elsewhere (RHD?) is 2022. That's a long time for Tesla to not be selling X/S in those markets at all.

Who would buy a nearly new S/X now unless it had a significant discount?

 

[PrGrPa]

My S contract runs out in early 2022.

Given ‘end 2022’ is a Tesla estimate I’m expecting it to change. Though earlier or later who knows?

I was thinking of a couple of options:
1. handing it back, doing without 1 car, and waiting until the new Model S is available more ‘on demand’.
2. Seeing when the Model Y appears.

I hadn’t thought of extending the contract. Thanks for the idea.

I favor a Model S, but am very interested in the Model Y to replace our Model 3 in late 2023. Might ‘leapfrog’ them so we go from S + 3 to Y + 3, then Y + S, then Y+S onward.

Tempted by an X but don’t need the size or features, cool though they are even at the current price.

 

[NATO]

I've bought a lot of cars over the years on PCP, I've never heard of extensions as such, but your three options are basically:

1. Hand the car back (not a good idea if the car is worth more than the balloon payment)
2. Pay off the balloon payment (or get a bank loan for it) and own the car until such times as you want to trade it
3. Re-finance the balloon payment with the finance company (if they agree), that's effectively just a straight loan the same as option 2.

 

[NigelT]

Seems like the sensible thing to do is ask the finance company. I'm sure they'll be able to offer you a solution. I have extended a PCP agreement previously, they volunteered the offer as I got near the end of my agreement.

 

[GRiLLA]

I can't see them adding any more models to the UK market before the factory in Berlin increases their manufacturing capacity. If they saturate the LHD market with new Model S and X from Freemont then it could come forward, but if you've already sold every car you can make why bother with another market.

Same goes for Model Y, if the manufacturing lines are flat out meeting demand in existing markets, why add new one's.