Tips and Tricks when buying or leasing a Tesla Model 3
Since taking delivery of my Tesla Model 3 and sharing questions with the Tesla community on Twitter, I have helped many in purchasing of their new electric car.
Here are a few hints and tips when buying or leasing a Tesla Model 3.
ORDER THROUGH TESLA.
Doesn’t matter if you are paying cash, using Hire Purchase, PCP, Contract Hire or Leasing or ordering a car for the business. Order via Tesla and use a REFERRAL CODE.
Yes, even if you are using a finance company that isn’t Tesla, order via Tesla.
By doing so you will have to put a £2,000 deposit down, if you are buying cash or using one of Tesla’s finance options, then this goes against the final payment.
If you are using a third party finance company, then the funder will pay Tesla direct and you should get the £2,000 back, depending on the bill set up.
But the REFERRAL CODE will then still work and you will get your supercharger miles.
PAYING CASH FOR A TESLA MODEL 3
Discounts aren’t readily available on brand new Tesla’s, paying cash won’t reduce the price at all. Used Inventory? Yes, I have known for dealers to discount some of the cars, or even take Autopilot off Model S and X’s to reduce the cost. (Used Tesla’s may still be applicable to a referral code).
If you want to pay cash, due to a windfall, company purchase, etc. Then order through Tesla and choose your delivery location.
TESLA HIRE PURCHASE
Tesla offer some great rates on their website for buying a Tesla on Hire Purchase. Finance Calculators allow you to change the term and deposit and you can apply online.
It is always worth looking and comparing things like bank loans and other founders such as Lombard or Black Horse, but make sure you look at the total amount repayable over the term and not the interest rate.
Again, order the car via a Tesla Referral link to get your free supercharger miles.
TESLA PERSONAL CONTRACT PURCHASE
It is possible to take a PCP via the Tesla website. Again, rates are really good and the residual values are favourable. Always make sure a PCP will suit you and your needs.
There are lots of benefits to a PCP over a traditional lease or contract hire. This includes the ability to swap your car much earlier, I the car has equity on it.
Recent purchases of Model S and Model X has seen PCP being the wrong move for many, as Tesla reduced the costs of many of its cars and therefore damaging the equity for early adopters.
Use your Tesla Referral Code.
THIRD PARTY FUNDERS
Most funding companies will allow you to finance your next Tesla, this includes Lombard, Black Horse, Leaseplan and Arval.
It can be a little more complicated to buy or lease a Tesla through a third party but may save you money or the finance plan may suit your needs.
Don’t take all of their advice, you can order a car through Tesla using a referral link and they can then attach their finance to your Tesla order.
Let’s break down a few options:
CONTRACT HIRE & LEASING A TESLA MODEL 3
Contract Hire & Leasing isn’t for everyone, if you take a 4 year contract, you are stuck with that cars for 4 years. If you want to send it back early, then you will be liable for early termination and/or settlement fees.
You also legally shouldn’t have the option to buy the car at the end, without purchasing it through a third party due to taxation rules.
2 year car leases can sometimes workout the better option, its half the time of 4 years and not much can change it that time, the difference can be minimal in monthly rentals.
I recommend looking at Leaseplan, Lombard and Black Horse for Tesla Model 3 Contract Hire offers.
PCP TESLA MODEL 3
If you know that a PCP is for you or a Contract Purchase if you are a business, then its a great way to run a vehicle. I love PCP’s and have done this on a wide range of cars, but it has to be the right car for it to work.
The better the car brand the cheaper a PCP can be, BMW’s are usually cheaper than the equivalent Ford. Mercedes cheaper than Vauxhall’s, and that’s because the higher end brands don’t lose as much money which in turn helps the residual value at the end of the term.
I can highly recommend Santander and Lombard for PCP’s and again, use a Tesla Referral Code and get the company to attach the order to their finance. Choose third party funder when ordering the Tesla Model 3.