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How did you finance your new Tesla?

  • 20-08-2022 11:17pm
    Registered Users Posts: 105 ✭✭

    I wonder how Tesla owners finance their Model 3 / Model Y? I have to say they have terrible finance options for Irish consumers. (For people who do not need finance options to buy a car, please ignore my post. )

    For example, the Model Y is a few thousands cheaper than BMW iX3, yet their monthly payment is a hefty 1k a month on their hire purchase option with a down payment of 23k. With a similar deposit, the monthly payment for iX3 dips down to 600-ish on PCP. The fact that the significantly less monthly payment had me stay away from Tesla twice.

    I feel I am fortunate to be able to afford BMW EVs, but is it that I am still not wealthy enough to buy a Tesla, or do you have better finance options or do you just live with it?



  • Registered Users Posts: 2,633 ✭✭✭...Ghost...


  • Registered Users Posts: 805 ✭✭✭podge1979

    Hi its kinda like comparing apples an bananas there. Hire purchase and PCP.

    Hire purchase has no balloon lump sum payment option at then end of 3 years so that is why it dearer, you own the car. You don't own the car on PCP without the lump sum payment.

    So to afford a Model Y you would do similar to what your doing on your IX3, its possible to arrange a PCP type approach with some financial institutes or do a lease which is pretty much like PCP as some leases give an option to buy at the end of the lease period or hand it back with all the jazz on milage reasonable condition, fully service history etc.

    I did a PCP on my last car would never do one again as depending on the market can get stung if you do big milage. It's good now but who knows what it will be like in 3 years time also GMFV seems to be pretty low on PCP's on EV's.

    I did it on a 30k Audi A3 years ago with GMFV around 18k. From what I see GMFV on 60k ev's at the mo is around the mid 20s? Which seems low.

    Post edited by podge1979 on

  • Registered Users Posts: 1,552 ✭✭✭Thumper Long

    Finance Ireland provide PCP options and work closely with Tesla so they tie in with you account etc, I used them this time and the process was extremely easy, was all online and from enquiry online to application to approval was less than a business day. PCP vs HP depends on the buyer’s circumstances, very high mileage users can be penalised on PCP but only against the rates agreed in the contract so it’s hardly a scam.

    I am going onto my 4th PCP previous 3 were with VWFS and at change time the car was always worth more than the GMFV and never required additional cash from me to go again. I usually change every 3 years but bought out the PCP on my soon to be last car as there wasn’t anything available that really interested me and I was still deciding on ICE vs EV. In fairness I have always exceeded the mileage allowed on PCP and never had an issue or been charged for the overage, the conversation with the garage was always I’m interested in X car how much will you give me for my own and then if happy with the cost to change went ahead. Each time I changed dealer so it wasn’t dealer specific. The balloon payment isn’t an issue, I usually put the difference between HP and PCP aside so I have options at change time. The relatively low GMFV is there to protect the lender so that at all times there is equity in the car.

    TLDR do what suits you or what you can afford and on a monthly basis, it’s pretty much cast in stone that your EV will be worth more than the balloon and with current shortages etc in 3 years time.

  • Registered Users Posts: 22,648 ✭✭✭✭ted1

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  • Registered Users Posts: 2,633 ✭✭✭...Ghost...

    PCP payments will always be lower than HP payments over the same period of time, because the balloon payment remains at the end of the PCP term which is designed to hook consumers into perpetual finance payments. Fine if you want to change your car every 3 years on PCP, otherwise you need to either put aside the difference over the finance period, or take out finance to cover the balloon payment....or give the car back.

    Tesla offer PCP with First Ireland at the same rate as their HP deals with FI and AIB.

    HP payments on a model 3 over 5 years will be 8-900 per month depending on the deposit amount paid and assuming the SEAI grant was availed of. I reckon most people put down 10k and the SEAI grant adds 5k to that, so the payments would be circa 850pm. PCP payments will be lower, around the 600 range, but all you're doing is delaying a final payment which could be painful, or be more or less forced into using the vehicle as a deposit for another contract.

  • Registered Users Posts: 1,953 ✭✭✭innrain

    I think it is a measure of market size and financial instruments available to a less established player. Change the Tesla shop over to DE and you'll find PCP for 533/month with 5k deposit and 26k balloon payment. Increase the deposit to 15k and the monthly drops to 300 quid. I see Santander and Tesla Financial Services as lenders. Santander, I think left Ireland during the recession and Tesla FS is not here probably as it is not making sense yet. Aib not interested in PCP so you have to find yourself a lender as others did. If you check on the Model 3 thread you will find the details. It is more hassle than walking into a dealer and getting all things sorted then and there you're right. Personal decision. For me it is about the total cost and not how much I pay per month.

  • Registered Users Posts: 805 ✭✭✭podge1979

    Yes I'm well awear of that, my point being guarantee 5 years ago on a 30k car was 18k. On a 60k car now its 25k. Probably get more but with recession clouds on the horizon might not be so good. Finance companies will use PCP firstly for their own benefit and pass on the benefits of a strong market to customers. Equally if the market is bad who takes the hit?

    I'm not warning against PCP's but the reason they are cheaper is there is more risk on the consumers sign it's not free money. People don't really like anyone speaking any bad of PCP's on boards 🤣

  • Registered Users Posts: 22,648 ✭✭✭✭ted1

    I don’t think you quite understand how it works.

    The 25k is what is left in the car for you to pay.

    you’ve 3 options

    1.) pay it and own the car

    2.) walk away

    3.) trade it in , shouid be worth more than 25k, say 35k. And that’s a 10k deposit.

    here mine: ( i’m actually paying less as I got a better rate)

    ID.4 City

    Cost                                      €35,300.00

    Scrappage                  € 3,000.00

    Deposit                               €10,000.00

    Finance Amount              €22,300.00

    GFV                                      €16,860.00

    36 Monthly Payments   €     243.17

  • Registered Users Posts: 4,256 ✭✭✭MojoMaker

    An ID4 for 35K?

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  • Registered Users Posts: 1,552 ✭✭✭Thumper Long

    Aye I think it was 39k list less SEAI grant + dealer charges, them were the days pre war and covid before the world went fcukîng mad

  • Registered Users Posts: 22,648 ✭✭✭✭ted1

    32k + a 2006 VW Touran with 280k on the clock and a replaced engine 😅😅 that I bought of my brother for 700 a year or 2 earlier.

    the 52kWh model with a real range of about 300km

    but my point was just showing what VW charge for PCP and what the GFV is

  • Registered Users Posts: 1,336 ✭✭✭TheW1zard

    I lease mine through my company. Technically costs nothing

  • Registered Users Posts: 20,387 ✭✭✭✭ELM327


  • Registered Users Posts: 435 ✭✭mc2022B2TF

    Oh how we long for the days of 0% finance. Last car i had was on 0% PCP and it was simply the best deal ever. GFMV was so low at the end compared to the trade in value of the car.

    Up until March this year you could get a leaf on 0% too. Thats gone now though.

  • Registered Users Posts: 2,633 ✭✭✭...Ghost...

    Yeah I cancelled my Leaf at 0%. I couldn’t get it

  • Registered Users Posts: 20,387 ✭✭✭✭ELM327

    0% finance is generally only available for run out models, or undesirable specs, or overstock etc

    In a time where demand greatly exceeds supply, 0% finance is not going to happen. Finance (leverage) isnt free, so "0% finance" is actually the OEM paying for the cost to get you to buy their car.

  • Registered Users Posts: 435 ✭✭mc2022B2TF

    True enough but sometimes it can work in your favor - for example my last car was being facelifted the following year so they went 0% for the last six months of the year before. I was more than happy to do that and it didn't affect the trade in value. In fact the trade in value after 3 years was 82% of the original cost price.

    In fairness the leaf on 0% was a great deal but as demand suddenly rocketed they removed it as it did not make sense for them to continue to give it away for free!

  • Registered Users Posts: 2,633 ✭✭✭...Ghost...

    The 0% is the main reason I placed an order for a Leaf. The next reason was that it was affordable (partly due to the finance deal) and the final reason was delivery was for July when I had ordered in March.

    I was told the 0% would hold, but delivery date was moved to October at the earliest and the sale price was not guaranteed. In the end, I had to cancel and ordered the car I really wanted. Was very pleasantly surprised when the estimated delivery date was only a few weeks away.

  • Registered Users Posts: 2,633 ✭✭✭...Ghost...

    That’s the one I ordered. Well, that one was actually promised to a guy in hospital. Waiting for deposit return now.

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  • Registered Users Posts: 20,387 ✭✭✭✭ELM327

    That leaf looks like it is in a museum, which is where any "new" car with chademo belongs.

  • Registered Users Posts: 2,633 ✭✭✭...Ghost...


    Is probably have only used the public network a half dozen times per year, so CHAdeMO wasn’t an issue. The range was also more than adequate for my needs and it’s a lot nicer than the Gen 1.5 I have.

    However, as you say, I made the right choice and I know it. Besides, I can’t say online what the dealer offered me regarding the Leaf in the picture above. I was left with my jaw on the ground.

  • Registered Users Posts: 105 ✭✭icylava

    Ah, looks like there is a possibility of getting PCP on Tesla! Thanks a million for sharing!

    For me, the monthly payment needs to be as low as possible even if it means saving up for the max deposit for the next car, thus PCP suits me.

  • Registered Users Posts: 1,552 ✭✭✭Thumper Long

    Finance Ireland extremely easy to deal with with a max deposit on the model 3 the monthly is approx €515

  • Registered Users Posts: 645 ✭✭✭Killer K

    @icylava @thumper@Thumper Long did you both end up getting your Tesla's on PCP?

    Very little online, even on finance Ireland of PCP rates for model 3.

  • Registered Users Posts: 185 ✭✭Jog501

    4 year pcp quote I got was:

    Price €52,972

    Deposit €10,000

    48 x €658

    GMFV €18,551

  • Registered Users Posts: 772 ✭✭✭Zurbaran

  • Registered Users Posts: 645 ✭✭✭Killer K

    Thanks Jog501. Who did you get the quote from?

  • Registered Users Posts: 185 ✭✭Jog501

    I just emailed the sales team and they got back to me in about a week or so. There's a 3 year option too but it didn't make sense for my circumstances. They're more flexible than most manufacturers in that regard.

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  • Registered Users Posts: 1,552 ✭✭✭Thumper Long