Tesla PCH terms

simbasaver

My current car (VW) is coming to an end on its PCP deal which I am going to hand back, I have came across a brand new Tesla on a PCH deal 2 year lease around 295pm for 2 years.

This seems a really good deal but I have never leased before, was just wondering if there is anything I should be careful of as I know new cars may need gap insurance of some sort due to there loss in value?

Also what would happen in terms of a write off? Do I owe the outstanding payments + the shortfall of what the car is worth etc? In that case it could be quite a risk?

Grumpy_chap

Remember, with a lease you never own the car and there is no option to purchase at the end of the term.

Peter999_2

https://forums.moneysavingexpert.com/discussion/6664137/tesla-pch-terms

Yes, if you do go for this I would get GAP insurance, it's not actually that expensive.

Peter999_2

https://forums.moneysavingexpert.com/discussion/comment/81962798#Comment_81962798

I bought my lease car when the 3 year term was up, well, my wife did anyway. It was a very good deal thanks to EV values dropping like a stone.

simbasaver

yep I am not really looking to buy an electric anyway due to how much they drop in value.

Grumpy_chap

https://forums.moneysavingexpert.com/discussion/comment/81963179#Comment_81963179

But with the lease mentioned, you wouldn't be buying anything.

Keep_pedalling

When I compared leasing vs PCP for my Skoda Elrocq the former came in at around £3,000 cheaper over the three year period of the contract. Both were with Skoda finance as there were no better 3rd party deals out there. If you tend to change your cars every 3-4 years then leasing is often the best option.

Arunmor

Also note that some insurers offer new for old in the first year of registration. Double check how they manage that on lease cars.

Penelopa.Pitstop

Doesn't apply to lease cars, because you have to be first registered owner and keeper.

There's long thread about this deal on pistonheads: https://www.pistonheads.com/gassing/topic.asp?h=0&f=255&t=2139469&i=0

sheslookinhot

https://forums.moneysavingexpert.com/discussion/6664137/tesla-pch-terms

Is there a large downpayment ?

Ectophile

https://forums.moneysavingexpert.com/discussion/comment/81963192#Comment_81963192

I think that was the OP's point. They don't want to buy the vehicle.

Of course, for those of us who don't mind driving around in older vehicles, it's a good reason to buy a used EV.