M3LR buy or lease
Discussion
Hi guys, i recently bought my fist ev a leaf a few months ago to replace our 2nd car, as its been a good experience, im considering changing my s6 for a m3lr later in the year.
Im ttrying to get my head round the depreciation, published figures suggest 60% retained after 3yrs. I was planning on a £20k loan and the rest in cash, so roughly £5k year over 4 yrs. i the best lease deals i could see were maybe £7k year.
Whats peoples thoughts?
Im ttrying to get my head round the depreciation, published figures suggest 60% retained after 3yrs. I was planning on a £20k loan and the rest in cash, so roughly £5k year over 4 yrs. i the best lease deals i could see were maybe £7k year.
Whats peoples thoughts?
Ignore any 'predicted' deprecation, when the iPace came out it was predicted to depreciate less than a Tesla, but take a look at Autotrader and you will see the reality.
If you are planning to keep the car longterm just buy it and forget about depreciation as the longterm running costs are minimal and the only reason you would sell would simply be because you want a change.
If you do want to change cars every 3 years just lease one, as you than don't have to worry about residual values.
Personally I keep on hoping EVs will get cheaper, but appears not to be happening quite the opposite it seems. Even a Kia eNiro is nearly £40k in top spec, and £70k+ seems now to be the going rate for a 'premium' EV saloon. So if you are buying now and worried about 'bargains' appearing in 2-3 years time, I don't think its a worry you need to loss sleep over.
£71k for our Model X in 2017 is now just shy of £100k, yes the new one has more range, but not nearly £30k worth.
If you are planning to keep the car longterm just buy it and forget about depreciation as the longterm running costs are minimal and the only reason you would sell would simply be because you want a change.
If you do want to change cars every 3 years just lease one, as you than don't have to worry about residual values.
Personally I keep on hoping EVs will get cheaper, but appears not to be happening quite the opposite it seems. Even a Kia eNiro is nearly £40k in top spec, and £70k+ seems now to be the going rate for a 'premium' EV saloon. So if you are buying now and worried about 'bargains' appearing in 2-3 years time, I don't think its a worry you need to loss sleep over.
£71k for our Model X in 2017 is now just shy of £100k, yes the new one has more range, but not nearly £30k worth.
We run a couple of Tesla M3 and and S. All taken on finance through Tesla with a guaranteed RV. This way you are protected against any nasty surprises in the future. If you like the car and want to keep it then just re-finance it at the end of the term. If not then just hand it back.
Thank goodness we did it on my Model S. I can't see that being worth anything like the £39.5k they have guaranteed when it goes back at 4 years old. As far as I'm aware the Model S is quite a bit cheaper to buy now than it was back in September 2018.
Thank goodness we did it on my Model S. I can't see that being worth anything like the £39.5k they have guaranteed when it goes back at 4 years old. As far as I'm aware the Model S is quite a bit cheaper to buy now than it was back in September 2018.
Tesla's are still holding their money for now, try and find a decent MS under £40k, yes there are cheaper ones, but most of them you want to avoid. These are 8yo cars.
M3's especially the LRs are holding their money pretty well, 15-20% over 2 years is pretty good.
But demand is currently higher than supply, so this is keeping prices inflated.
Shall have to see...
M3's especially the LRs are holding their money pretty well, 15-20% over 2 years is pretty good.
But demand is currently higher than supply, so this is keeping prices inflated.
Shall have to see...
annodomini2 said:
Tesla's are still holding their money for now, try and find a decent MS under £40k, yes there are cheaper ones, but most of them you want to avoid. These are 8yo cars.
M3's especially the LRs are holding their money pretty well, 15-20% over 2 years is pretty good.
But demand is currently higher than supply, so this is keeping prices inflated.
Shall have to see...
is it though?M3's especially the LRs are holding their money pretty well, 15-20% over 2 years is pretty good.
But demand is currently higher than supply, so this is keeping prices inflated.
Shall have to see...
https://www.tesla.com/en_GB/inventory/new/m3?TRIM=...
SWoll said:
Seems to be.... mine is worth more than I paid for it on their used inventory and there are very few new examples on the inventory (already spec'd) compared to when I bought mine.Same question, although SR+.
The Tesla would be a big purchase for me, something special and worth keeping, so thinking of owning rather than renting, perhaps for 6 years or so.
I've PCH'd my last two cars, never done a PCP although I'm aware of the differences.
Prices seem to change almost daily, but currently (based on 10,000 miles, 48 months) I calculate:
PCH £3,000 initial then 48 x £489 = £26,472
PCP £10,000 initial then 48 x £423 = £30,304 (15,166 balloon)
It seems to me that (from Tesla at least) the PCP only being £4000 more would be a better bet. Assuming I've got my calculation correct?
The Tesla would be a big purchase for me, something special and worth keeping, so thinking of owning rather than renting, perhaps for 6 years or so.
I've PCH'd my last two cars, never done a PCP although I'm aware of the differences.
Prices seem to change almost daily, but currently (based on 10,000 miles, 48 months) I calculate:
PCH £3,000 initial then 48 x £489 = £26,472
PCP £10,000 initial then 48 x £423 = £30,304 (15,166 balloon)
It seems to me that (from Tesla at least) the PCP only being £4000 more would be a better bet. Assuming I've got my calculation correct?
page3 said:
Same question, although SR+.
The Tesla would be a big purchase for me, something special and worth keeping, so thinking of owning rather than renting, perhaps for 6 years or so.
I've PCH'd my last two cars, never done a PCP although I'm aware of the differences.
Prices seem to change almost daily, but currently (based on 10,000 miles, 48 months) I calculate:
PCH £3,000 initial then 48 x £489 = £26,472
PCP £10,000 initial then 48 x £423 = £30,304 (15,166 balloon)
It seems to me that (from Tesla at least) the PCP only being £4000 more would be a better bet. Assuming I've got my calculation correct?
The PCH will be 6 + 47 so a bit cheaper than above. If you go the PCP route you're betting on the car being worth £20k+ after 4 years and 40k to come out on top. Seems likely but with the rate of technology change and new EV releases who knows?The Tesla would be a big purchase for me, something special and worth keeping, so thinking of owning rather than renting, perhaps for 6 years or so.
I've PCH'd my last two cars, never done a PCP although I'm aware of the differences.
Prices seem to change almost daily, but currently (based on 10,000 miles, 48 months) I calculate:
PCH £3,000 initial then 48 x £489 = £26,472
PCP £10,000 initial then 48 x £423 = £30,304 (15,166 balloon)
It seems to me that (from Tesla at least) the PCP only being £4000 more would be a better bet. Assuming I've got my calculation correct?
page3 said:
Same question, although SR+.
The Tesla would be a big purchase for me, something special and worth keeping, so thinking of owning rather than renting, perhaps for 6 years or so.
I've PCH'd my last two cars, never done a PCP although I'm aware of the differences.
Prices seem to change almost daily, but currently (based on 10,000 miles, 48 months) I calculate:
PCH £3,000 initial then 48 x £489 = £26,472
PCP £10,000 initial then 48 x £423 = £30,304 (15,166 balloon)
It seems to me that (from Tesla at least) the PCP only being £4000 more would be a better bet. Assuming I've got my calculation correct?
Financially for PCH doesn't make sense, 64.6% over 4 years is ridiculous.The Tesla would be a big purchase for me, something special and worth keeping, so thinking of owning rather than renting, perhaps for 6 years or so.
I've PCH'd my last two cars, never done a PCP although I'm aware of the differences.
Prices seem to change almost daily, but currently (based on 10,000 miles, 48 months) I calculate:
PCH £3,000 initial then 48 x £489 = £26,472
PCP £10,000 initial then 48 x £423 = £30,304 (15,166 balloon)
It seems to me that (from Tesla at least) the PCP only being £4000 more would be a better bet. Assuming I've got my calculation correct?
They are trying to milk the BCH due to government incentives for business, a business can claim the first years costs back for a BEV, so they stack the initial payment and minimise the rental cost to the business.
But Tesla are effectively overpaid for the lease.
The PCP costs are also high, 4.9% is poor, if you can do a personal loan (sufficient deposit) it works out a lot cheaper.
Depending on available deposit PCP, with follow up loan @ current rates it would cost iro £5300 in interest and take 7yrs to pay off. Similar payment for loan.
Personal loan of £30k over 6.5yrs gives similar payment and iro £3.3k in interest.
Roughly £2k saving, plus the finance is not tied to the car.
Big financial commitment, would suggest seeking professional financial advice.
Thanks, that’s reinforced my opinion on the PCH amount.
Other personal leasing is available, but no better than direct from Tesla.
I do have savings to buy outright, but would rather keep that for emergencies/mortgage etc.
My bank will loan at 3.3%, however the PCP might be worth it for the flexibility to hand back if the value doesn’t hold up.
Food for thought. Certainly not something I’m going to rush in to.
Other personal leasing is available, but no better than direct from Tesla.
I do have savings to buy outright, but would rather keep that for emergencies/mortgage etc.
My bank will loan at 3.3%, however the PCP might be worth it for the flexibility to hand back if the value doesn’t hold up.
Food for thought. Certainly not something I’m going to rush in to.
Agree with the post above, and for me EV's at the moment only make sense as company cars with the BIK saving hence the price gouging mentioned that the manufacturers are justifying with concerns over residual values.
The costs have shot up considerably over the past 18 months due to the this, today I couldn't lease an SR+ on the same terms for the price of our deal on the Performance model we signed in 2019. In fact a quick check on leasing.com suggests I'd be paying £50 a month more for the SR+ and for a longer term, which for a car that costs £15-20k less is ridiculous.
The costs have shot up considerably over the past 18 months due to the this, today I couldn't lease an SR+ on the same terms for the price of our deal on the Performance model we signed in 2019. In fact a quick check on leasing.com suggests I'd be paying £50 a month more for the SR+ and for a longer term, which for a car that costs £15-20k less is ridiculous.
Thing is I like electric. We already have one electric vehicle (Ioniq) and I when I hand back my current lease (A-class petrol) I want to go electric too.
Very little out there (despite lots of noise) especially in the size/cost I'm looking for.
Basically got down to VW id.3 (which I'd lease, but is still expensive for such a pedestrian vehicle), or Model 3 (which I'd buy to make costs 'work').
Very little out there (despite lots of noise) especially in the size/cost I'm looking for.
Basically got down to VW id.3 (which I'd lease, but is still expensive for such a pedestrian vehicle), or Model 3 (which I'd buy to make costs 'work').
page3 said:
Thing is I like electric. We already have one electric vehicle (Ioniq) and I when I hand back my current lease (A-class petrol) I want to go electric too.
Very little out there (despite lots of noise) especially in the size/cost I'm looking for.
Basically got down to VW id.3 (which I'd lease, but is still expensive for such a pedestrian vehicle), or Model 3 (which I'd buy to make costs 'work').
Drive the ID.3 in stop-start traffic and see if you get on with it.Very little out there (despite lots of noise) especially in the size/cost I'm looking for.
Basically got down to VW id.3 (which I'd lease, but is still expensive for such a pedestrian vehicle), or Model 3 (which I'd buy to make costs 'work').
I personally think the brake pedal is dangerous
annodomini2 said:
Drive the ID.3 in stop-start traffic and see if you get on with it.
I personally think the brake pedal is dangerous
I didn’t particularly like the Id3 when I sat in it, but haven’t driven it yet.I personally think the brake pedal is dangerous
The Tesla would be a “life’s too short” purchase after a really crappy 18 months. Man maths is now telling me if I buy with deposit plus bank loan, as long as it’s worth £10K after 6 years I’m up on the equivalent 2x3 year leases on more mundane cars I’d have paid for instead, going by the cost of my last two!
Must test drive and see if I fall in love with it.
page3 said:
annodomini2 said:
Drive the ID.3 in stop-start traffic and see if you get on with it.
I personally think the brake pedal is dangerous
I didn’t particularly like the Id3 when I sat in it, but haven’t driven it yet.I personally think the brake pedal is dangerous
The Tesla would be a “life’s too short” purchase after a really crappy 18 months. Man maths is now telling me if I buy with deposit plus bank loan, as long as it’s worth £10K after 6 years I’m up on the equivalent 2x3 year leases on more mundane cars I’d have paid for instead, going by the cost of my last two!
Must test drive and see if I fall in love with it.
Cheapest clean M3 on Autotrader is £35k, that's a 2019 car.
It's really struggling to sell, been on AT for ages. I personally think it's too high given the updated Model 3 can be had brand new for £40k.
The real residuals will become more obvious once all the ex lease Model 3's start flooding the market in a year and a bit. They'll come from actual sales rather than list prices in adverts.
Good info on a fellow PH members site here though.
https://tesla-info.com/for-sale.php?country=UK&...
The real residuals will become more obvious once all the ex lease Model 3's start flooding the market in a year and a bit. They'll come from actual sales rather than list prices in adverts.
Good info on a fellow PH members site here though.
https://tesla-info.com/for-sale.php?country=UK&...
Smiljan said:
It's really struggling to sell, been on AT for ages. I personally think it's too high given the updated Model 3 can be had brand new for £40k.
The real residuals will become more obvious once all the ex lease Model 3's start flooding the market in a year and a bit. They'll come from actual sales rather than list prices in adverts.
Good info on a fellow PH members site here though.
https://tesla-info.com/for-sale.php?country=UK&...
I'd be curious to see selling prices, I would guess anything "cheap" is snapped up fast.The real residuals will become more obvious once all the ex lease Model 3's start flooding the market in a year and a bit. They'll come from actual sales rather than list prices in adverts.
Good info on a fellow PH members site here though.
https://tesla-info.com/for-sale.php?country=UK&...
Maybe, maybe there just aren't many second hand and folks are going new given there isn't that much difference in price.
If you're feeling particularly flush, there's this 2nd hand one at an ambitious price on eBay
https://www.ebay.co.uk/itm/294140909963?hash=item4...
If you're feeling particularly flush, there's this 2nd hand one at an ambitious price on eBay
https://www.ebay.co.uk/itm/294140909963?hash=item4...
Edited by Smiljan on Saturday 8th May 15:12
page3 said:
The Tesla would be a “life’s too short” purchase after a really crappy 18 months.
Life is for living not worrying. For what its worth am planning to keep our X for as long as possible, am already planning for a £15-20k battery upgrade for it once the 8 year battery warranty is gone - I don't need the extra range, but why not 
.chris-p said:
Hi guys, i recently bought my fist ev a leaf a few months ago to replace our 2nd car, as its been a good experience, im considering changing my s6 for a m3lr later in the year.
Im ttrying to get my head round the depreciation, published figures suggest 60% retained after 3yrs. I was planning on a £20k loan and the rest in cash, so roughly £5k year over 4 yrs. i the best lease deals i could see were maybe £7k year.
Whats peoples thoughts?
Wondering where you're up to on this as i also have a similar dilemmaIm ttrying to get my head round the depreciation, published figures suggest 60% retained after 3yrs. I was planning on a £20k loan and the rest in cash, so roughly £5k year over 4 yrs. i the best lease deals i could see were maybe £7k year.
Whats peoples thoughts?
Gassing Station | Tesla | Top of Page | What's New | My Stuff