Hello. Need some help understanding some lease buyout numbers from the experts.
My 3 year lease of my 2016 Model S 75D with 21500 miles, ends at the end of this year (in 7 months). Lease is through Tesla Finance. My monthly payment (including taxes etc) is at $1200. With Model 3 leasing available now, I thought it was a good time to switch to a new Model 3 lease.
I contacted the Tesla dealership we have around and asked what it would take to make the switch. The numbers they gave me look crazy to me but maybe they are just right. They said the Tesla Dealer buyout is $65,000 and the current value of the car is $44,000 (rounded numbers). That leaves me with a negative equity of about $21,000.
So if I understand this correctly, they say, in order to get out of the lease 7 months earlier, I have to pay $21,000 penalty ?
(My understanding is that the Model 3 lease will be a totally separate transaction)
Does those numbers sound right? or maybe it is a mistake?
Obviously, with those numbers I am better off waiting the end of the lease a decide what to do then. It is just strange that the penalty is so high, so close to lease end.
My 3 year lease of my 2016 Model S 75D with 21500 miles, ends at the end of this year (in 7 months). Lease is through Tesla Finance. My monthly payment (including taxes etc) is at $1200. With Model 3 leasing available now, I thought it was a good time to switch to a new Model 3 lease.
I contacted the Tesla dealership we have around and asked what it would take to make the switch. The numbers they gave me look crazy to me but maybe they are just right. They said the Tesla Dealer buyout is $65,000 and the current value of the car is $44,000 (rounded numbers). That leaves me with a negative equity of about $21,000.
So if I understand this correctly, they say, in order to get out of the lease 7 months earlier, I have to pay $21,000 penalty ?
(My understanding is that the Model 3 lease will be a totally separate transaction)
Does those numbers sound right? or maybe it is a mistake?
Obviously, with those numbers I am better off waiting the end of the lease a decide what to do then. It is just strange that the penalty is so high, so close to lease end.