Speak EV - Electric Car Forums banner

1 - 20 of 27 Posts

·
Premium Member
Joined
·
8,939 Posts
Discussion Starter · #1 ·
This just in (to my inbox)...

031014tesla.jpg


Today, Tesla is announcing a Model S financing programme for our private customers in the United Kingdom. As with everything Tesla does, the programme has been created from the ground up rather than duplicating existing products in the industry.

Financing through Tesla’s partner, Alphera Financial Services now comes with a guarantee that the Model S resale value will be among the highest of any premium saloon that is made in volume. Tesla is standing behind that Resale Value Guarantee to give customers absolute peace of mind about the value of the car they are purchasing. Tesla promises to buy Model S back from private customers during the 37th month of the hire purchase term for 50 percent of the base purchase price of the 60 kWh Model S plus 43 percent of all options, including the upgrade to the 85 kWh battery pack.

Tesla’s financing programme is focused on customers, which means we have created financing that is simple and transparent, with no gimmicks or negotiations. The programme offers attractive rates with customers having the option, but not the obligation, to sell the car back to Tesla at a predetermined price during the 37th month of the hire purchase.

We understand that many customers enjoy the simplicity of a Hire Purchase but also may seek some assurance of the future value of Model S,” said Georg Ell, Tesla’s UK Country Director. “We want to do the right thing for customers, so we’re delighted to be able to offer this transparent and fair financing programme.
Tesla customers financing through Alphera Financial Services pay a 15 percent down payment and an APR of 5.9 percent for the first 36 months and up to 72 months. This brings payments as low as £820 per month, which after savings means the effective monthly cost could be as low as £645. After 36 months, the customer can choose to sell the car back to Tesla at the pre-determined price and pay off the HP contract, or keep driving their Model S and continue financing it with the same monthly payment.

Model S drivers can expect to save about £156 a month on petrol and enjoy additional savings of exemptions from road tax (£19 a month) and London’s congestion charge (£210 a month if commuting daily), and Benefit in Kind savings when using Model S as a company car (£331).

With the new programme provided by Tesla and Alphera Financial Services, customers can further enjoy the lower cost of ownership of a Model S compared to the fuel costs of a petrol or diesel engine car. When choosing the 85 KWh version, fuel saving will add up even more as customers are able to use the Supercharger network in Europe for free.
 

·
Premium Member
Joined
·
8,939 Posts
Discussion Starter · #2 ·
May be interesting for those that don't know. Alphera Financial Services is part of BMW Group Financial Services GB Ltd. Not a secret and there's lots of this sort of cooperation in all kinds of industries, but I thought it was interesting enough to mention as an aside at least.
 

·
Super Moderator
Joined
·
7,478 Posts
Interesting stuff. A second hand Model S is still going to cost in excess of £30k in September 2017.....

Good news for people buying new, or leasing, or trying to get the vehicle on a company car scheme. Not so good for those of us hoping for a second hand bargain!
 

·
Registered
Joined
·
2,736 Posts
Isn't it £25k for the base model in 3 years time?

Interesting stuff. A second hand Model S is still going to cost in excess of £30k in September 2017.....

Good news for people buying new, or leasing, or trying to get the vehicle on a company car scheme. Not so good for those of us hoping for a second hand bargain!
 

·
Registered
Joined
·
1,759 Posts
May be interesting for those that don't know. Alphera Financial Services is part of BMW Group Financial Services GB Ltd. Not a secret and there's lots of this sort of cooperation in all kinds of industries, but I thought it was interesting enough to mention as an aside at least.
BMW already have a co-operative streak, as they also own the leasing company Alphabet (to whom we provide infrastructure services within their AlphaElectric propostion) which covers all marques.
 

·
Registered
Joined
·
6,865 Posts
One thing worth noting is you are required to pay for the annual "inspection" for the 50% guarantee to be upheld. So add £40 per month onto those figures :(

Ultimately the finance company may or may not catch a cold on this. The 50% residual guarantee isn't necessarily what the cars will fetch on the open market.

I will be selling mine at the end of year 3, having done my sums on a more conservative 40% residual. If I get £25k I'd be more than happy.

For comparison the cheapest contract hire I could find for an S was £760 pcm (inc. VAT) .
http://www.contracthireandleasing.c...vehicle-contracts-ltd/tesla/model-s/35353284/
 

·
Super Moderator
Joined
·
7,478 Posts
Isn't it £25k for the base model in 3 years time?
I don't think there's many optionless 60kwh out there! But even if there were, Tesla would buy them back at £25k and then resell them to you and me at £30k.
 

·
Registered
Joined
·
253 Posts
I don't think there's many optionless 60kwh out there! But even if there were, Tesla would buy them back at £25k and then resell them to you and me at £30k.
Hopefully in 3 or 4 years there may be more 200 mile range cars out there from other manufacturers to purchase.
 

·
Registered
Joined
·
6,865 Posts
Hopefully in 3 or 4 years there may be more 200 mile range cars out there from other manufacturers to purchase.
Like the model III?

If it looks like the renderings, and they do a high performance variant, I'd probably go for that over the S.

Of course the BIK and tax advantages may make that purchase a little more difficult to justify in 3 years time :(
 

·
Soul EV & Tesla Model S
Joined
·
241 Posts
Anyone know if the minimum value is tied to mileage (I guess it has to be.) Cant see them offering 50/43% on a car with 100k!

Scrap the question- I found the answer its 15,000 per annum. :)
 

·
Premium Member
Joined
·
8,939 Posts
Discussion Starter · #15 ·
Anyone know if the minimum value is tied to mileage (I guess it has to be.) Cant see them offering 50/43% on a car with 100k!
These things are usually based on a given mileage, it doesn't say in the release.

The only small print was the following:

The financing information has been provided by BMW Financial Services (GB) Limited trading as Alphera Financial Services. The saving figures are based on fuel economy of 39.2 miles per gallon and an average fuel cost of £1.33 per litre. Calculating the fuel cost for the comparable combustion engine vehicle would be £15.42 per 100 miles whilethe electricity cost to drive Model S at 294.51 Wh per mile over the same distance is £2.95 assuming a combination of charging methods (40% at £0.14 per kWh per hour at home, 30% at £0.09 per kWh per hour at work and 30% at no charge using Tesla's Supercharger network with a Supercharger-enabled Model S) giving the saving on fuel of £12.47 for every 100 miles driven. Tesla Model S drivers are in band A for CO2emissions and pay no standard road tax compared with, by way of example, standard road tax of £290 in the first year and £205 annually subsequently for a petrol or diesel band H car.
 

·
Registered
Joined
·
2,736 Posts
From the Guarantee terms and conditions:

"The Vehicle will be inspected by Tesla and the Guaranteed Resale Value will be adjusted for damage, excessive wear and use based on Tesla’s standards for normal use, and for mileage in excess of 15,000 miles per year. If the mileage is higher then the Guaranteed Resale Value will be reduced at a rate of £ 0.17 per mile".
 

·
Registered
Joined
·
6,865 Posts
From the Guarantee terms and conditions:

"The Vehicle will be inspected by Tesla and the Guaranteed Resale Value will be adjusted for damage, excessive wear and use based on Tesla’s standards for normal use, and for mileage in excess of 15,000 miles per year. If the mileage is higher then the Guaranteed Resale Value will be reduced at a rate of £ 0.17 per mile".
and
The Vehicle is maintained by Tesla or its affiliated companies according to Tesla’s recommended service schedule.
You must not have taken any action that would void the New Vehicle Limited Warranty.
 

·
Registered
Joined
·
1,954 Posts
From the Guarantee terms and conditions:

"The Vehicle will be inspected by Tesla and the Guaranteed Resale Value will be adjusted for damage, excessive wear and use based on Tesla’s standards for normal use, and for mileage in excess of 15,000 miles per year. If the mileage is higher then the Guaranteed Resale Value will be reduced at a rate of £ 0.17 per mile".
So what if it was considerably less then 15k pa? Would Tesla offer more than guarantee value?
 
1 - 20 of 27 Posts
Top