Is Tesla’s 0% PCP actually better than PCH right now? My maths says yes — am I wrong?

I’ve been going back and forth between PCP and PCH on a new Stealth Grey Model 3 LR AWD (£49,990) and after running the full numbers I’m genuinely unsure which is better. Everyone seems to be raving about the PCH deal but with 0% PCP available I can’t see why. Am I missing something?

PCP (handing back at end of term):
47 × £668 = £31,396

minus £2,500 Tesla deposit contribution = £28,896

plus VED + eVED over 4 years = £2,110

Total: £31,006

PCH:
Total payable per representative example = £29,232

No £2,500 deposit contribution available

VED — this is where I’m confused

Tesla’s support page (tesla.com/en_gb/support/pch-support) says two contradictory things — “you remain responsible for the cost of the tax” but also “the tax due at delivery will be included in your finance agreement… already included in your monthly payments.”

So is VED actually included in the £29,232 PCH total or billed separately on top?

If included → PCH saves £1,774 over PCP If not included → PCP wins by £226 and also gives VT rights and buy option

Has anyone with a Tesla PCH taken out after April 2025 had VED included or billed separately?