Tesla Price Reductions

foxy-stoat

avann wrote: »

1. The value of that car is now significantly less, even though it cost £140,000. Probably about half that as a guess. Any residual value on the finance will be massively out.
2. If on finance, there will now be a massive gap should the car get written off. Please don't say get Gap Insurance as that's not the point and may not have been necessary before the price cuts.
3. Tesla have clearly overcharged that customer and must have been overcharging for some time if they can afford that sort of price cut.

Is there any aspect of the law that might protect a consumer in that position? Or is it simply immoral but legal so a case of hard luck?

1. I would agree with your point - I hope you have GAP Insurance.
2. You SHOULD of bought GAP Insurance on ANY new car on finance - I am afraid that is exactly the point as a new car WILL drop in value, by the market or in this case the manufacturer. As long as you have like for like on your car insurance and a total loss happens in the first year you should be ok, anytime after that then your financial head is on the block.
3. That may or may not be true - but you were happy to drop £140,000 on a car when you bought it and assume the car is still the same as it was on that day.

Nothing in law that prevents price drops, not immoral or illegal.

Car_54

avann wrote: »

Hi,
So Tesla have recently cut the price of their Model S and Model X by a lot - over £40,000 on some models.
Where does that leave the poor consumers that took delivery of their new car a few weeks ago. For example a Model X P100D was over £140,000 but is now under £100,000 new.

Spot the contradiction.

Merlin139

If you can afford 140K for a car the price dropping by 40K should not be a problem for you.

foxy-stoat

Merlin139 wrote: »

If you can afford 140K for a car the price dropping by 40K should not be a problem for you.

Also the price drop is not relevant until you come to sell it....if you intend on selling it in the first couple of years then you shouldn't of bought it in the first place.

Get yourself GAP Insurance if you can.

stator

Tesla will be bankrupt in 48 months anyway and your warranty will be worthless

forgotmyname

Are they closing showrooms in the UK also? Where do you go to get all the faults fixed on your new car?

The build quality seems to hark back to the 70's/80's. Poor panel gaps, paint problems etc.

Herzlos

Merlin139 wrote: »

If you can afford 140K for a car the price dropping by 40K should not be a problem for you.

It's knocked at least £40k off the residuals though, if you were planning to amortize the cost over 3/4 years and sell it on, but that'd only apply to cash purchases as Leases will be fine.


The only problem I see is a total loss write off without gap insurance, where the payout will be £40k less than the invoice, but that's what gap insurance is for.

vikingaero

This only really affects few people. The vast majority of Tesla drivers lease/CH/PCP/PCH their Teslas. Very few will buy outright.

debtdebt

What a terrible stroke of luck! DarkMatter/GinaShamz/etcetc has just bought one to replace their RX8!

forgotmyname

debtdebt wrote: »

What a terrible stroke of luck! DarkMatter/GinaShamz/etcetc has just bought one to replace their RX8!

Mee too, I had to patch it a little but its working now. Useless on a figure 8 track falls to bits. Almost no traction in the dry or wet.