u/New_Description_2143

Posted a similar thread a few days ago, have done some quick man maths and wondered if people have opinions on how far off my maths may be or if I’ve missed something?
I’ve set myself a fixed “car budget” of £120/week. Insurance excluded for simplicity because it’s similar either way and will be paid separate from my 120 budget. For reference I drive about 8k miles per year.

Option 1 Buy Hyundai Kona 64kWh Premium
Registered: 12/2022
Mileage: 64k
Price: £11,500
£3k deposit
£258/month finance for 3 years
Loan is ~£8.5k at 6% APR
Expecting maybe £1.5k–£2k maintenance over 3 years
Estimated resale after 3 years: maybe £7k–£8k depending on market/mileage
Pros:
Builds equity
Potentially cheaper overall
Kona seems reliable generally
Cons:
High-ish mileage already
Resale uncertainty on used EVs
Potential maintenance surprises
Would likely be around 100k+ miles after 3 years

Option 2 Tesla Model 3 lease
Two lease possibilities:
3-year lease
£230/month
£0 deposit
No maintenance worries
No resale risk
No asset at end
OR
2-year lease
£295 month
£0 deposit
Same idea, just shorter term and easier reset point
What’s making this difficult is the maths ends up surprisingly close.
From the calculations I’ve done:
Kona probably wins financially IF resale stays decent and maintenance stays normal
Tesla wins if EV resale weakens further or the Kona gets expensive issues
Tesla also seems much lower stress month-to-month because costs are predictable
The 2-year Tesla lease especially feels interesting because the ownership advantage shrinks over shorter periods.
What would you do in this situation?

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u/New_Description_2143 — 8 days ago

In the market for my first electric car, keep changing my mind daily on whether to go with the Tesla lease deal £300 per month for 2 years or purchase a kona with up to £12k budget.

Have test drove both, the kona is more comfortable/practical (I do prefer having buttons and a speedo in front of my eyes rather than off to the side). The Tesla is more fun to drive and feels nicer inside.

The kona I would be taking a loan which would be the same 300 per month for 2.5-3 years depending on the price of car. Tesla would be same price but no maintenance costs/servicing etc so would actually be cheaper per month, though no car at the end while with the kona I’d own a car worth maybe £7k at the end.

Anyone been in a similar position? Anyone driven both cars to give an opinion?

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u/New_Description_2143 — 15 days ago