Tesla Model 3 - V3.0

Conar

https://www.boards.ie/discussion/comment/121288273#Comment_121288273

As the lads mentioned after me it does make sense from a financial perspective, but you'll have to decide whether it makes any sense for you.

I looked at it and thought it made much more sense to get an unsecured loan from the credit union at 5.9% over a longer term. You're probably thinking the same thing.

Just to correct you though when you say "they are charging me interest on money I am not borrowing from them"....you definitely are. At the end of the day you're paying a deposit of 18k on a 52k car. You owe them 34k no matter what way they package the finance.

poker--addict

Short version; pcp is a marketing con.

I am yet to see a pcp arrangement which has turned out to be a good deal, but I have met countless people who think they have a bargain. Proudly driving a flash car with a "small repayment" but can barely afford a pint.

wassie

There's definite marketing spin when the balloon payment at the end is termed 'guaranteed future value' which implies some kind of benefit for the consumer.

https://www.boards.ie/discussion/comment/121288524#Comment_121288524

I looked at it and thought it made much more sense to get an unsecured loan from the credit union at 5.9% over a longer term. You're probably thinking the same thing.

A small point of difference also is that with an unsecured loan, you actually own the vehicle at the point of purchase. With a PCP or HP, the finance company owns the vehicle until financed is paid off. PCPs also often have restrictions around mileage, modifications, servicing, insurance etc

sk8board

https://www.boards.ie/discussion/comment/121288581#Comment_121288581

0% PCPs meant that people never had to think about financing costs.

I wasn’t aware of this difference in total finance costs between VW and other PCPs, albeit Ive only had 0% PCPs from vw and will pay off the (small) balloon when the current one ends shortly - getting off the merry go round while the market settles down post covid market madness

JOL1

https://www.boards.ie/discussion/comment/121289126#Comment_121289126

As with any financial product it is important to understand the features.. PCP can be attractive to some people as it allows them get into a car that they may otherwise not be able to as their monthly payments are much less than a regular loan (yes with a bullet payment at the end!) and the Guaranteed Future Buyback provides a degree of certainty that some, not all, will value. I am sure anyone who availed of PCP 3 years ago will be more than happy with the Guaranteed Future Buyback given the massive price drops over the period with consequential impact on the value of their car in the secondhand market, For anyone comparing options the APR figure is the only figure that will give the true cost of finance and can be used for simple, yet effective comparisons. (Currently Tesla offer PCP at different APR's from 0%, to 3.9% to 6..9% depending on the model so buyer beware)

As an aside all PCP plans operate on this basis and VW is no different.

poker--addict

The "guaranteed value" are usually abysmal are they not? Confess i don't know the detail on VW scheme, and volatility post covid may have created anomalies- but broadly cars depreciate on a fairly predictable curve.

"Pcp can be attractive to some people as it allows them to get into a car they otherwise not be able" due to smaller monthly payments - this is correct, and why I regard PCP as a marketing con. Even if the APR is 0% people are buying cars they can not truly afford - sooner or later they have to pay the price, and that will ultimately hurt their ability to manage other large costs, like accommodation or retirement savings.

It is a minefield, I got caught out myself earlier in the year misreading small print on a car loan and paid far more interest on the short duration I had it than I had expected. I can only imagine the number who make zero effort to understand this stuff and just see their tesla or BMW or whatever for a few hundred a month.

JOL1

https://www.boards.ie/discussion/comment/121291857#Comment_121291857

By all means people should understand the features (and small print) but then it is personal choice for everyone to make be that car pension or accommodation to use your examples.

In terms of predictability of the depreciation curve...I think Tesla and its price volatility is a prime example of debunking that theory. People buying now understandably regard themselves as winners but those that bought prior to 2022 will have seen massive deprecation, impacting the value of their cars second hand value (hence earlier comment about early PCP guaranteed value being a positive feature which essentially has transferred the risk of falling value of their cars to the financer. Just example of why things are not always black or white.

traco

I think some manufacturers are using PCP to faciltate major price increases on models. Some ICEs giving very high residuals and then the equivalent replacement three years later has a massive uptick in price. VW Tiguan is now best part of 60k and in 2021 was high 40's. The PCP model seems to be a bit of a runaway train to me.

listermint

https://www.boards.ie/discussion/comment/121293512#Comment_121293512

Tbh 2021 and 2023 are complete worlds apart in terms of inflation and parts and delays and covid. Pointing to pcp solely is not accurate

evankelly__

https://www.boards.ie/discussion/comment/121282503#Comment_121282503

Thanks for this!

Actually picking my black one up on Tuesday and can't wait for it! Charger is installed and the Diesel I had was sold last night so it's going to be a really long weekend ahead!

sk8board

https://www.boards.ie/discussion/comment/121293512#Comment_121293512

This is the reason we’re paying down the pcp balloon - it’s €12k, and have €325 pm repayments on 0%.

if we change to a €62k ID4, the repayments almost double to over €600, with 3-5% interest rate, and the balloon becomes €30k in 3 yeasts time - that’s suddenly a material amount of money to just pay off if you need to.

the recent uptick in car prices is definitely creating a pcp balloon time bomb; or what will more than likely happen - people handing back the keys and the market is flooded with cars selling for their GMV

mfceiling

The sad reality of moving to a house with no driveway.

I'm now sitting on 20% battery and I've to collect my daughters from Halloween parties shortly. By the time I get home I'll be on around 14%.

Wife wants to move lots more stuff tomorrow afternoon after the marathon is over. I might let her have the car and then the realisation that the battery is almost empty might trigger something in her brain.

I haven't really got time to drive to Sandyford a couple of times a week for a charge and I'm not paying the extortionate rates ESB are charging.

I'm definitely not changing to petrol or diesel now. That would be like moving from an iPhone to a Nokia 6310.

Redfox25

https://www.boards.ie/discussion/comment/121296293#Comment_121296293

Granny charger out the window for a slow top up or is it too far away?

mfceiling

https://www.boards.ie/discussion/comment/121296321#Comment_121296321

It's pay parking outside so no guarantee you'd ever get the spot. Plus the footpath is a public one and is almost 3 metres wide.

Gumbo

https://www.boards.ie/discussion/comment/121296432#Comment_121296432

Anything else close by?

Lidl, easygo etc?

mfceiling

https://www.boards.ie/discussion/comment/121296499#Comment_121296499

Tesco in Rathmines has an ESB 22,kw charger but you've to pay for the parking (and the carpark is heavily monitored) so it's a double hit!!

mailforkev

My Mrs’ 5 year plan of us moving to a gaff in Ranelagh got totally scuppered by the move to electric. As of next week we’re a two EV household so a driveway is a complete necessity. I’m not giving one up to move a few KMs down the road for the sake of it so we’ll be in our current house for a good while more.

levi

https://www.boards.ie/discussion/comment/118169523#Comment_118169523

Sorry to be digging back through this thread but just curious about the trade in - do they inspect the car at all? I’ve put in the details and waiting to get a value back but there was no questions about the condition of the car. This is a 9 year old Skoda Superb 2L diesel with 123.5k miles. I don’t expect to get offered a lot but there is a scratch on the wheel arch and it’s got a few other scratches. The interior is that of a family car which comes up ok with a good hoover but the car is 9 years old. It could definitely be in better nick for its age but what I understand is that this doesn’t matter when trading in with Tesla - they just sell it to the trade market?

I’ve tried to find the answer to this question unsuccessfully with the search function so hopefully it hasn’t been asked before - thanks in advance for the help!

Gumbo

https://www.boards.ie/discussion/comment/121311192#Comment_121311192

Generally no as the lower trade value in reality takes account of the worse case scenario.

A small dealer is bidding on it sight unseen.

levi

https://www.boards.ie/discussion/comment/121311208#Comment_121311208

Fair enough - I’m totally aware that we’ll probably get offered eff all but the hassle of a private sale just doesn’t appeal having listened to friends who’ve done it.

Gumbo

https://www.boards.ie/discussion/comment/121311309#Comment_121311309

Private sale is very straight forward. Don’t be out off by it.

For the sake of €20, throw an ad on DoneDeal and see if you get any interest. No harm.

silver_sky

What sort of value private used would you say a 231 Model 3 RWD would have? non-white

Gumbo

https://www.boards.ie/discussion/comment/121311833#Comment_121311833

€35k ish…

And even at that people will balance up whether to pay the €41,832 for the new model.

Conar

https://www.boards.ie/discussion/comment/121311309#Comment_121311309

Try a few of them. Autobuy offered my between 30 to 46% (Tesla offered 9595, Autobuy offered 12500 to 14000) more than the Tesla offer for example pending inspection. I ended up selling privately but the Tesla offer was a joke.

sk8board

tesla have no interest in the 2nd hand market for their own cars, so the offer they give you reflects the best off from the dealers they sent your car particulars to.

it’s an accurate reflection of the wholesale price, rather than the retail

Gumbo

For all the stick the early Fremont built Model 3’s get (which I don’t generally agree with), at least it can out run it’s new model cousins 😀

https://youtu.be/jxsvaOZwXQc?si=JR4G3iTneRb73KBa

Zurbaran

The older motor was more powerful and supposedly less reliable although that might have been said for cost cutting sakes. Pretty sure that the Highland has the same motor as my 22 one which is 270 odd horsepower.

My car is in getting a panel replaced after a fella reversed into it. Have a kia xceed phev as the loner. Nice looking car I think and has a fair few bells and whistles but personally I wouldnt touch a phev over bev. It feels extremely agricultural when compared to a Toyota hybrid never mind a bev. Have to charge it every night or by my short time with it, would be drinking juice. So you have to plug in everyday and go to the pumps. I honestly don't see the point of these over normal hybrid or diesel for people who do big miles or if you do normal miles just get a bev.

Edit: I have been in a 530e which was much better but the point still stands when it comes to phevs

DrPsychia

https://www.boards.ie/discussion/comment/121339098#Comment_121339098

I thought they would have given highland a little boost, maybe 10ps. There's more performance left in that motor but it's software locked. Probably for reliability reasons.

Gumbo

https://www.boards.ie/discussion/comment/121340346#Comment_121340346

I thought so too.

slave1

Already plenty in current RWD M3, I took a bit of an acceleration hit coming from a much bigger S but you get used to it, Tesla made their name with acceleration times etc but will slowly bring those speeds down as that is not good for efficiency. The Plaid and P models will always be there for those that want the acceleration