Last updated 06-Nov-2024
Tesla do discount inventory cars from time to time and offer other incentives. We explain how to get and when to buy to get the best deals and to save money when buying a Tesla. If we look back at the price of a New of Used Tesla a few years ago, they were pretty expensive, but that has now partly changed. They are still not cheap cars, although many would argue they are great value for money for what you get.
We run through various ways to save money:
The first question to ask is do you really need to buy a new custom order car or can you get a car that is already in inventort for less? Demo cars often have low mileage and options included like EAP or FSD and can be attrqactive buys. You may also find cars that are a slightly older colour or have been updated that are available as a new purchase with a discount.
These cars can also be show room cars that have never been driven or cars that Tesla registered for demo's and then didn't used. Tesla will not sell a customer returned car as a Demo car as the rules do not allow. These are sold as CPO cars.
We are fairly unique in that we allow Demo cars to be easily recognoised, something that even Tesla make difficult. We are also the only inventory site that allows you to sort the results based on the size of discount. But irrespective of New or Demo, or discount, if a referral scheme is running at the time, we will automatically apply a referral code to our listings so you pay benefit from the extra discount. What more can you want? The easiest tools to find the car you want, and discounts automatically applied so you pay the lowest amount possible.
To see all of Tesla's inventory, any discounts that are available, and how the prices compare to the 3rd party used market, check out our Tesla cars for sale listings.
Our advice is never order a custom build car without doing a little homework and checking the new inventory, especially if you are prepared to be a little flexible on specification.
Many countries have tax savings and benefits if bought the right way. This might mean as a salary sacrifice through your employer, or taking advantage of tax relief. These vary from country to country, and sometimes there are thresholds so you may need to watch the price of the car to get the most benefit. If we are aware of a scheme then we will make a note of that int he listing details.
Tesla are reluctant to discount cars more than a small amount, but what they sometimes offer is very competitive lease deals. The true cost of the car is never really seen, you simply sign up for an initial payment and then 24/36 or 48 monthly payments and then hand the car back. When you work out the total amount paid over the term, the amoount can often be a lot less than the expected depreciation, effectively Tesla appear to be subsidising the lease.
This one varies from country to country as local taxation and incentives differ. The interest rate on any agreement, the amount of depreciation expected and who takes the risk on the depreciation amount are the key variables and each of the options available to private purchases has a different mix of these factors. In essence the car has a value today, a value at the end which is largely unknown, and the difference is the depreciation. The financing of the car also needs to be funded, so if you borrow money there is an interest on the amount to be borrowed, or if you use your own money there is the lost opportunity cost of those funds. The choice comes down to what matters to you, some prefer lower monthly payments and choose to worry about what happens at the end of the term when it comes round, some want flexibility and the ability to change the car whenever they wish, some prefer the certainty of the future value and will let someone else take the risk. Some manufacturers offer finance companies deals for buying in bulk which can be used to reduce the cost of the car compared to buying it directly akthough this tends not to be the case with Tesla. There is no right and wrong answer as to which route is correct for you other than making sure you understand the entire agreement costs and what position you will be in at the end of the term. The details can vary from country to country and you should always take advice from a qualified advisor when buying a car and/or entering a finance agreement, however we offer a layman's explanation of the key differences below to help you decide:
Which of the above is personal choice. In recent years with depreciation being relatively low, any option where the buyer takes the risk has probably done well compared to options such as leasing where the finance company has taken the risk. Things appear to be changing however and it is not as clear on what the future risks are and a lease may be the better deal if prices start to fall dramatically or Tesla price cut.
Many dealers now offer a variety of "added extras" including full maintenance, tyres, insurance etc., although in general terms Tesla do not offer these facilities. Where offered, you simply have to work out if the monthly fees when added together are likely to be more or less than the likely cost if paid as you go. The principal benefit to all these types of arrangement is the predictability of the monthly costs but overall they are generally slightly more expensive than paying as you go.
For company car drivers the agreement is typically similar to a lease, you pay a fixed amount each month, and local tax benefits then start to come into play. In the UK, the cost of the lease comes out of income before tax which has an income tax saving, and the benefit of an electric car is rated as zero as an example.
For company owners wishing to buy the car in their company there are other potential benefits as some tax authorities allow subsidies or preferential rates. This is too big a topic for here beyond saying if you own a company and have the option to buy the car through it, then it is worth exploring that avenue. We will however add that accountants often offer advice to minimise tax in the current year and in our experience do not always offer long term tax advice. An example of this is in the UK many accountants will tell company owners that the full purchase price of the car can be offset against tax in the current year reducing the immediate tax bill. What they fail to mention is that in 2 or 3 years time when the car is sold, the full sale price of the car will be treated as profit and taxed accordingly unwinding a proportion of the tax savings this year.
We have seen endless lists of accessories that owners simply must buy for their new car ranging from Tesla air fresheners, self opening frunks and coat hooks. We don't want to be a kill joy and say a bit of light customisation and a cuddly toy on the back seat should not be done. but there are very few accessories that are absolutely essential.
The main things to think about after purchase is whether you need a mobile charger, you probably don't. We'd also suggest getting a tire compressor in case you get a slow puncture. We'd also suggest you think about breakdown cover as the Tesla provided service is pretty limited.
Much is said about the running costs of EVs and how cheap they are. In practice it depends on how much you pay for your electricity which depends on where you get it from.
The costs to supercharger has increased over time and generally costs much more than charging at home. Public charging car start to cost per mile a similar amount to a reasonably efficient petrol or diesel car. Home charging is also more expensive than it once was, especially in some European countries, although some off peak charging tariffs can bring the costs down considerably.
To maximise the savings, check you home electricity rate while taking into consideration the whole house consumption, and select a tariff that minimises the costs of home charging. When out and about, ensure you know the rate you are being charged especially where a fixed connection fee is added as these can add up, or if using a rapid charger. Stopping for a charge to save a few £ can also be quickly undone if you end up buying a coffee and a cake, even if it is quite enjoyable!
Depreciation is sadly a consideration with Tesla. Even 1 year old cars are notably cheaper than new. But depreciation is not just a function of age. One of the biggest factors with depreciation is the vehicle mileage. We include charts on all our inventory that shows how the price of a car falls off with mileage, but as an example the price of a 2022 Model Y in the UK will vary by £10k over 40k miles, that equates to 25p per mile (the numbers would be similar in USD or Euros). People often fall into the trap of thinking their car only costs a tiny amount because of how cheap they are to charge, but excess mileage can soon add up, and driving an extra 2000 miles a year increases the depreciation by £500. It may still seem a small amount, but if you want to minimise cost, reduce the use to only what you need.
Tesla often show a "after savings" price on their website, and while good in principle, is poorly done as they use it to mask the real price of the car and include elements which may not be true for everybody. They also use unrealistic assumptions at times, as an example their miles per gallon estimate for an ICE is low compared to most comparable luxury cars. It's therefore important to work out potential savings accurately for your own circumstances to check the affordability.
In our experience, owning a Tesla over a number of years is likely to be cheaper than an equivalent ICE but it still may not be cheap. We have seen very strong residual values on the Model 3 after 2 years on the market, but there is no guarantee this will stay the same and Tesla's future value predictions on the models are quite pessimistic.
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