BUYING A TESLA
Current Market
Peak Performance
The Current Market for Tesla:
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Strong Demand: Tesla's electric vehicles have seen strong demand globally, with consumers attracted to their cutting-edge technology, long-range capabilities, and environmental benefits. The Model 3, in particular, has been a key contributor to Tesla's popularity and widespread adoption.
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Expanding Product Lineup: Tesla has been diversifying its product lineup beyond passenger cars. The Model Y, a compact SUV, was introduced, adding to the company's offerings in the SUV segment. Additionally, Tesla has been developing electric commercial vehicles, such as the Tesla Semi truck, to cater to various industries.
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Gaining Market Share: Tesla's success has been evident in its increasing market share within the electric vehicle segment. Competitors have recognized Tesla's lead in electric vehicles and have been intensifying their efforts to catch up in terms of technology and range.
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Battery Technology and Gigafactories: Tesla's advancements in battery technology have been crucial to extending the range of its vehicles and reducing production costs. The company has been expanding its Gigafactories worldwide to meet the growing demand and to enhance its manufacturing capabilities.
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Autonomous Driving: Tesla has been at the forefront of autonomous driving technology, offering advanced driver-assistance features through its Autopilot system. However, regulatory challenges and safety concerns continue to be significant factors in the development and deployment of fully autonomous driving.
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Global Expansion: Tesla has been expanding its presence in various international markets, opening new sales and service centers, and continuously developing charging infrastructure to support its vehicles worldwide.
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Financial Performance: Tesla's financial performance has been closely watched by investors and analysts. The company's stock price has experienced significant fluctuations, driven by market sentiment, financial results, and expectations for future growth.
Are Teslas a good investment?
One of the most remarkable features of Tesla is its ability to hold its resale value. The quality of materials and the reputation of the brand make Tesla vehicles highly sought after as used cars, so you will retain your investment better in the long run than if you were to purchase an EV from another brand. Even Tesla offers a "Resale Value Guarantee" document that specifies the price that your vehicle will retain during the next few years.
In addition, Tesla has a high demand for used cars, which means that you could sell your Tesla relatively easily and at a good price. This is especially important when considering the high initial cost of buying a Tesla. Overall, owning a Tesla is a sound investment not only for its technological advantages but also for its long-term economic benefits.
Financing options
The best way to finance a Tesla
There are several financing options available to help you acquire a new or pre-owned Tesla.
One such option is hire purchase, which allows you to make monthly payments towards the car and provides the opportunity to buy the vehicle outright at the end of a fixed-term contract.
Next there is Personal Contract Purchase (PCP) which allows you to keep, exchange or return the vehicle at the end of the agreement. This product is the most flexible form of car finance.
Once obtained, refinance is always an option. Refinance is a form of equity release that unlocks cash from your vehicle. The released funds can be used for whatever purpose you wish.
Things to consider:
1. CAN YOU AFFORD IT?
While EV ownership may not be as easy as it once seemed, the costs remain significantly lower compared to combustion-driven cars due to several reasons. Most notably, EVs eliminate the need for expensive fossil fuels.
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Charging a Tesla for over 300 miles of average driving costs between £10 and £20, while a prestige German saloon with a V8 petrol engine could be four times more expensive to fuel.
Additionally, EVs require less servicing, with minimal expenses for items like tyres, cabin air filters, and brake fluid. Tesla's maintenance plans cover essential work, and they can be transferred to a new model if you choose to upgrade.
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EV drivers in urban areas governed by congestion and emissions regulations enjoy further savings. A Tesla owner driving into central London, for example, could save up to £24 per day, being exempt from congestion and ULEZ charges.
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Depreciation is a factor to consider for any premium vehicle, and Tesla is not exempt from it. However, Tesla offers the opportunity to trade in your existing car for the latest model at a competitive rate, streamlining the process through online channels and reducing the stress of selling your old car.
2. MAINTENANCE/INSURANCE/ADDITIONAL COSTS
Teslas come with a relatively high list price, attributed to their high performance and complex electric drivetrain, leading to expensive insurance costs. However, these insurance expenses align with those of other high-performance cars in the same price range. The silver lining is the offset of these costs against remarkably cheap running expenses due to the electric nature of the vehicle.
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Furthermore, Tesla offers a comprehensive four-year warranty and servicing plan, encompassing most consumables. This coverage ensures that you are unlikely to encounter any unexpected bills during the initial ownership period, providing added peace of mind.
3.THE PRICE
Tesla may not always have the same reputation, look, and feel as some competitors, but it remains a premium brand with corresponding pricing.
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While the new Model 3 has made Tesla ownership more accessible, even a sensibly configured car approaches £40,000, placing it in the league of highly desirable combustion-driven rivals.
Tesla ownership is a unique lifestyle choice, offering a space-age experience that comes with a price tag. It entails occasional compromises but also numerous benefits that set it apart from direct comparisons.
BEST BUYS
Tesla Model Y
The long range
Comfort
The Model Y has achieved a remarkable 5-star safety rating from Euro NCAP, outperforming other vehicles under their most stringent test protocol. It excels in safeguarding passengers, pedestrians, and bikers alike.
Beyond its safety, the Model Y is an exhilarating car, boasting a top speed of 135 mph and a 0-60 mph acceleration time of 4.8 seconds. With an impressive range of 330 miles, it offers flexibility through its highly customisable options, including five and seven-seater configurations. Both options qualify for a £5,500 tax credit, with the seven-seater starting at an additional £3,500.
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The Model Y Long Range features basic autopilot, offering automatic steering, acceleration, and braking within a lane. Advanced safety features, such as emergency braking, collision warning, and blind spot monitoring, enhance the driving experience. Furthermore, over-the-air updates continuously improve the vehicle, providing new features, entertainment options, enhanced range, and improved safety. For those seeking additional features, full self-driving capability can be added for an extra cost.
Tesla Model S Plaid
The fastest Tesla
The Model S Plaid is equipped with an impressive tri-motor all-wheel-drive electric powertrain, boasting a remarkable 1,020 horsepower. This means it can achieve 0-60 mph in under two seconds, making it an incredibly high-powered acceleration vehicle. Tesla proudly states on their website that the Model S Plaid offers the quickest acceleration among all vehicles currently in production. It also boasts an exceptional drag coefficient of 0.208 Cd, the lowest on the planet.
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If you crave speed, power, and endurance, the Model S Plaid is the perfect car for you. However, note that to reach its top speed of 200 mph, you will require paid hardware upgrades, so keep this in mind when budgeting.
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Among its outstanding features, the Model S offers an adaptive suspension system that responds to road conditions and driver inputs, optimising ride quality and adjusting ride height for maximum range. Additionally, the back seats can fold down, providing ample space to accommodate a bike or two inside the car, adding to its practicality and versatility.
