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Leaf lover
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Discussion Starter #1
£100 deposit 5-10 weeks wait for a Model 3 AWD long range in white with black interior. £46,990 cash

The PCP looked the best option at £590/month x 48 plus £6000 until I clicked on PCH £530/month x 48 plus £3000

I was hoping it would be an easy decision.
 

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314 Posts
You’ll easily make that £5,880 difference back (and more) if you sell after 48 months compared to nothing back with the PCH, only if you don’t have 6K to spare would I think that would be tempting.
 

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2020 Corsa E
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6,959 Posts
Are you going to want to keep it well beyond 4 years? If the PCH lets you buy it anyway then it might prove cheaper if the lease company buy at preferential rates. Not owning it and using the PCH is going to save £18k compared to the cash price over the 4 years. Will it be worth more than £20k once it is 4 years old? Too risky to consider otherwise.

I definitely wouldn't buy it all with cash. It makes more financial sense to limit your liability. If you have the purchase cost sitting there then the payments won't be an issue.

What's the GFV on the PCP?
 

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Leaf lover
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Discussion Starter #4
Are you going to want to keep it well beyond 4 years? If the PCH lets you buy it anyway then it might prove cheaper if the lease company buy at preferential rates. Not owning it and using the PCH is going to save £18k compared to the cash price over the 4 years. Will it be worth more than £20k once it is 4 years old? Too risky to consider otherwise.

I definitely wouldn't buy it all with cash. It makes more financial sense to limit your liability. If you have the purchase cost sitting there then the payments won't be an issue.

What's the GFV on the PCP?
They are not wording it as GFV but say estimated residual value £18,496.
I am retired so don't expect to do a more than say 8000/year and if I like it lot I may well think 10 years is fine. Longest I have held a car is 13 years.
 

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2018 e-Golf
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does the pcp have a lump sum at the end?
 

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Cash if you have it is best as the current resale values could have you driving a new one every year for very very little loss. If the market in a few years looks to be getting some good competition in you can quickly sell and move on. The PCP and PCH deals lock you in though the PCP does give you the opportunity to buy it at the end. I have gone pch as I got an amazing deal and also believe the market in four years is going to be very very different In terms of choice, battery density and cost and charging infrastructure. If the market is very different but the M3LR is still a good car to hold on to, the lease company may be persuaded to sell and I have confirmed this with them though absolutely zero guarantee
 

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Leaf lover
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Discussion Starter #7
does the pcp have a lump sum at the end?
Am to have test drive tomorrow so as the website prices are estimates (presumably because of different yearly mileages) and there is just the figure for residual value I will have to ask for clear details.
What should I nail down?
 

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Leaf lover
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Discussion Starter #8
Well I had my test drive, gorgeous.
It was the dual motor LR in midnight silver and black interior. A lovely half hour driving in Chelmsford, it didn't feel big which was my only concern. Now I need to persuade my wife to have a drive herself.
I'll go for the PCP.
 

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£100 deposit 5-10 weeks wait for a Model 3 AWD long range in white with black interior. £46,990 cash

The PCP looked the best option at £590/month x 48 plus £6000 until I clicked on PCH £530/month x 48 plus £3000

I was hoping it would be an easy decision.
Had difficulty not in the same model, but method of purchasing our LR last year.
Had taken early retirement at 52, was looking at longer term ownership, cash was 100% best option and cheapest if you can do it that way. If buying with finance, and you know likelihood of owning beyond 4th year, big savings as any savings generally will have poor % anyway, compared with giving a finance company extra money for nothing.
 

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If it’s highly likely you’ll buy it in the end, Richard, then the Tesla loan option may be worth considering too.. You’ll save a significant amount on interest cf PCP and can buy outright over 6 years if you want.
 

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Tesla loan at 3.99% is a competitive option, but there are still personal loans out there around 3% (Tesco, Virgin). These rates only apply to lending up to £25k, so Tesla loan is the better option if looking to borrow more than that.

I've just taken out a Virgin loan to purchase my Model 3 that I pick up tomorrow 👍
 

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I went down the cash route (£17500 own money, 25k loan), which was probably insane, given the current state of affairs.

But it made more sense to me to own the car outright & have a sellable asset at short notice than to sign up to PCP & be liable for £15k contractually, should I need to terminate the agreement for any reason - with absolutely nothing to show for it once the dust settled.

It's the most expensive thing I've ever owned, after the house. But it is a wonderful machine.
 
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