Hi all - anybody finance savvy regarding cars please?
I have been given a settlement figure on a June 2020 registered Tesla Model 3 standard range plus of £18,500 - mileage approximately 25k and in good condition. I am no longer eligible for a company car to be leased by the company but have a company car allowance of £5500
My company car allowance is £5500 and I would like to keep running an EV car but unsure whether to accept this settlement figure and am considering the following options:
1.) Take out a personal loan to purchase at £357 a month at an APR of 6.1 % and pay this using my monthly companyc ar allowance which is £458
2.)Lease a brand new Tesla Model Y on a 36 month PCH at £399 pcm after a downpayment of 9 x months, a PCP of 48 months with a downpayment of £4,800, APR 1.8 % at £449 -OCP of £20,695 or a hire purchase at 0.5 % -term 60 months - downpayment £10000 at payment of £591 a month.
The Y is currently available on much lower interest terms at the moment. Cash price £44000 for the Y, £40000 for the 3.
My concern about option 1 is that the battery is only guaranteed for 8 years/100000 miles - so in 4 years - no warranty for a replacement battery of around £6,500 in 4 years potentially! PLus second EV prices look likely to nosedive should I want to sell and clear the loan.