Overpay 99% of PCP but not settle

=rizla=

Uglistix wrote: »

(as the 5.9% interest will now be applied to the remaining £10). As I haven't settled the PCP I would still have the GFV right?

The way i understand it you'll be paying 5.9% on the £10 AND the MGFV.

gzoom

=rizla= wrote: »

The way i understand it you'll be paying 5.9% on the £10 AND the MGFV.

I *Think* this is correct. The cheapest way is to buy cash and 12 months old, that way your not left with having to pay interest and get a half decent saving from new. If you plan on keeping it for 5 years+ the depreciation will not affect you.

If you want the 'buy back guarantee' Tesla finance is your only option, and paying off as much as possible without terminating the deal would be a good option. But I'm pretty sure the interest charged is on the WHOLE amount borrowed - so includes the GFV, not just the outstanding monthly payments.

Have a look at the Halifax PCP/HP options if your not bothered about the Tesla buy-back option. The way I've budgeted it, it's £60k+ down the drain the moment you commit, so that's £60K of money I'm counting as 100% gone from the savings/budget and not planning to see ever again. That way residue value becomes less important, since any money I get back from selling in 6-7 years time will be a 'bonus'

gzoom

Uglistix wrote: »

If I use parkers depreciation curve (which I know is dubious given the controls tesla is trying to put on residuals and also that unlike a ICE car there is a limit to mileage before the battery needs replacing) then it actually works out that I "throw away" less with PCP on a new car than buying used.... Assuming I overpay most of the PCP straight away that is. Plus the rest of the cash (recall I have the cash to buy upfront) is sat earning some small interest with the PCP method.

Could you post the sums your did for this?

The used prices are distorted at the moment, the price of the cars have gone up 8% in the last 6 months, and there's another 4% rise coming (maybe timed with launch of the 100kWh battery) + likely another currency adjustment. So the same car now is going to be nearly 10-12% more expensive than 6 months ago!!!...add in the fact they have got rid of the 85RWD option, it's more like 15%+. Tesla is the only car company I know that can get away with increasing the price of their cars whilst still growing their sales numbers 50% year on year.

I believe Tesla calculate used prices based on an established formula, so the best 'value' used cars are the ones about 12 months old before the price rise. There's a couple of very tempting 85kWh, RWD, Autopilot enabled cars at just under £60K both with less than 10K on the clock. The spec same car (90D) is currently £76K before the up-and-coming price rises, so likely to be £80K before long.

gzoom

To the OP: If your serious about buying a new S, am sure you know Tesla is about to put up prices by 7% on the 11th April. That will make the car 20% more expensive compared to 6 months ago.

daveyjp

=rizla= wrote: »

The way i understand it you'll be paying 5.9% on the £10 AND the MGFV.

Correct. Buyers forget with PCP that you actually borrow all the money less deposit, but only repay capital on part of the loan. The rest is deferred until the end of the term.

Ectophile

Uglistix wrote: »

Apologies if you think I'm trolling. It was a genuine question, but happy to take it elsewhere is MSE isn't the right forum.

Don't worry about the "troll" thing. There are a few people on this forum who are obsessed about a few trolls who used to post here. As a result, any new poster who has an unusual question will instantly be accused of being a troll. Just ignore them.

neilmcl

Ectophile wrote: »

Don't worry about the "troll" thing. There are a few people on this forum who are obsessed about a few trolls who used to post here.

Don't you mean who are constantly posting here. Not saying the OP is one btw.