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Anyone know how much is residual on 60kwh? And is there 10K mile/year option?

Discussion in 'Model S: Ordering, Production, Delivery' started by broncophil, Nov 2, 2014.

  1. broncophil

    broncophil Member

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    i'm trying to figure out if its worth leasing vs buying.

    $71.070 is the msrp of BASE 60kwh, and its $777/mo for 12k miles,

    i was wondering if the residuals are listed anywhere? and if there is a 10k mile option.
     
  2. djn04

    djn04 Member

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    I too am interested in the details of the lease offer, but on an 85D. What are they using as the residual? Is it the same as the resale guarantee? Also what is the cap cost? Is the federal tax credit applied to the cap cost? And what about the money factor?

    Knowing all this would allow us to know if the lease makes financial sense.
     
  3. bayareaever

    bayareaever Member

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    I have the same questions and have gotten different (mostly) conflicting answers each of the three times I've called HQ. What's most surprising to me is that the reps don't even agree on the status of the federal tax credit. Can someone please post a new lease agreement for clarification? I asked the last Tesla rep I spoke with about seeing a sample lease agreement and the answer I got was "make a deposit, see the actual agreement, and then cancel for a full refund within two weeks if I don't like the agreement'. That seems ridiculous to me! There should be more transparency like other car companies.
     
  4. David_Cary

    David_Cary Member

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    Here is without tax credit factored.

    Interest rate 1.57%
    Residual $39088 55%

    Thus - the lease only makes financial sense if you can't take the federal tax credit or you lease the car from a small business so most of the payment (or 100%) is with pretax dollars. For the small business owner, it still might not make sense.

    If you factored in the federal tax credit as a 100% to CCR, you have to have a 4% interest rate and a residual of $34,655 (49%) (or some combination of higher interest rate and low residual). Given the 3% offered on a 6 year loan, the interest should be lower on a 3 year lease.


    50% of tax credit as CCR (BMW's numbers on the i3), 50% residual(buy back rate), 1.27% APR (too low)

    So a little hard to make the numbers work with something that makes sense. They could always factor in some random portion of the TC - like 65%. But I suspect the residual should be right at the buy back guarantee and interest should be in line with purchasing - but a little lower to reflect the shorter term.

    I can't believe someone here hasn't seen the agreement and let us know the details. I have a small business and I would lease through it. Give me the full tax credit, around 2% APR, and next gen seats on an 85D and we have a deal regardless of residual.
     
  5. djn04

    djn04 Member

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    I ran the numbers using the 1.57% interest rate and the $5000 down as a CCR on an 85D that I optioned on the webpage. To get to the price listed on Tesla's webpage I had to use a 53% residual value. Was the 55% residual value based on a 10k miles per year lease? Are these numbers you got directly from Tesla?

    Crunching the numbers further, if the $7500 tax credit was applied to the CCR it would lower the monthly payments by $218. By excluding the tax credit you're paying the equivalent of 5.28% interest on the car.

    All that said it's still not a bad deal. I'm concerned about resale value in 3 years so I would want the resale guarantee. I think you are stuck with the 3.0% APR if you purchase with the guarantee.

    Assuming this is correct the cost to finance the 85D I optioned out over 72 months is $115,454 at my local tax rate. Subtract the tax credit and I'm at $107,954. The guaranteed resale value of the 85D I optioned is $47,037 but I would still owe $49,126 on the loan. So I would need to pay $2,089 to walk away after 36 months.

    If I were to lease I would spend $52,973 over 36 months. If I were to then purchase the car for the residual I calculated of $52,125 and apply the difference of $4,782 from the down payment on the purchase and the lease I would pay $54,339 over 36 months at 3.0% APR. That would total $107,312 over 72 months and I could walk away after 36 months if the bottom falls out of the value of Model Ss in three years for some reason.
     
  6. broncophil

    broncophil Member

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    ^thanks for the numbers David
     

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