I have decided to lease the X. I now need to educate myself on leasing a car. Does Tesla negotiate on it or is it a take it or leave it choice? I've seen through the forums talk of residual value and I think money factor. If there is a thread that talks about leasing please point me to it (I have seen a good one before, but I can't find it when I need it). I was told by my DS that leasing the car does include GAP insurance so at least you don't have to worry if you will owe money if the car gets totaled.
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
K-MTG
Sunshade Captain of TMC
jeffro01
Active Member
I don't believe so... When we leased our S, I asked about the terms since we have extremely high scores and I was basically told take it or leave it...
Jeff
K-MTG
Sunshade Captain of TMC
For leasing or financing? I recall some post for financing that they were able to negotiate a lower rate
jeffro01
Active Member
vjlvjl
Bluebird
I just leased my Model X. There was no negotiation. The terms are what they are - take it or leave it.
xkwizit
Member
In general trade-in either adds or subtracts from the cap cost. For tesla, if you owe on your trade-in, they ask you to bring a check for the amount. If there is excess value on trade-in, it lowers the cap cost.
Tesla submits your car to an online dealer auction and supposedly gives you the best bid they got. However, they are usually lowest. You can get better values at CarMax or other dealers.
Tesla submits your car to an online dealer auction and supposedly gives you the best bid they got. However, they are usually lowest. You can get better values at CarMax or other dealers.
No negotiations on lease, same as buying. If you finance for purchase, your rate can be negotiated and they also know that you can shop around as well. Most any lender will have a little wiggle room for negotiation. Tesla financing is just a brokerage for other lenders anyway, but I've never dealt with them, so can't comment on specifics.
That's a tough question to answer as it depends on the annual mileage and the down payment.
The Model X residuals are computed by taking:
·15k – 50% of vehicle price + $7,500
·12k – 51% of vehicle price + $7,500
·10k – 52% of vehicle price + $7,500
Money factor is 0.00167 (approximately)
I've looked at the Lease vs Buy for a MX 90D and here's where my numbers sit. Feel free to poke any holes in my calculations / assumptions:
Lease Option (Numbers from Tesla Design Studio)
36 months - 15K Miles - $1,472 = $52,992 + $7,167 at signing = $60,159 + Texas taxes on FULL MSRP of $6,900 (6.25%) = $67k
Buy Option
72 months - 2.15% - $5k deposit + $6,900 taxes = $11,900 down.
MSRP $110,400. Financing $105,400. P&I = $1,562 for 36 months = $56,232 + $11,900 down = $68,132 - Fed Tax Rebate $7,500 = $60,632.
I will probably drive about 54k miles in 3 years which would put me 9k miles over the lease or $2,250 extra.
After 3 years I would have paid $69,250 LEASE or $60,632 BUY.
I would owe $54,292 on loan which is 49.2% of MSRP of $110,400.
To me the BUY option is a LOT better. The Residual value after 36 months would have to be 41.4% for me to still break even between the 2 options. It's also a lot easier to keep the car for year 4 if you still want it then but also have paid off enough of the loan to not be worried about being upside down.
Gas savings are NOT included since it's the same for either option.
Here's the sheet that I'm using. Feel feel to plug in your own numbers and suggest modifications.
Tesla Model X Finance
Lease Option (Numbers from Tesla Design Studio)
36 months - 15K Miles - $1,472 = $52,992 + $7,167 at signing = $60,159 + Texas taxes on FULL MSRP of $6,900 (6.25%) = $67k
Buy Option
72 months - 2.15% - $5k deposit + $6,900 taxes = $11,900 down.
MSRP $110,400. Financing $105,400. P&I = $1,562 for 36 months = $56,232 + $11,900 down = $68,132 - Fed Tax Rebate $7,500 = $60,632.
I will probably drive about 54k miles in 3 years which would put me 9k miles over the lease or $2,250 extra.
After 3 years I would have paid $69,250 LEASE or $60,632 BUY.
I would owe $54,292 on loan which is 49.2% of MSRP of $110,400.
To me the BUY option is a LOT better. The Residual value after 36 months would have to be 41.4% for me to still break even between the 2 options. It's also a lot easier to keep the car for year 4 if you still want it then but also have paid off enough of the loan to not be worried about being upside down.
Gas savings are NOT included since it's the same for either option.
Here's the sheet that I'm using. Feel feel to plug in your own numbers and suggest modifications.
Tesla Model X Finance
Blastphemy
Member
xkwizit
Member
xkwizit
Member
Your numbers kind of match my calculations too. The buy option was a bit cheaper and add-in Sec 179 credits if you are a small business owner it makes it even more attractive. Tesla resale value guarantee applies to MX and in my calculations with a 72mth loan - the payoff at 36mths is roughly equal to the value tesla guarantees. Overall it makes more sense to buy.
Thank you! This is very valuable information.
The lease rates truly are horrid. Nearly double what other manufacturers would have you pay for similar priced vehicle (due to MF and the residual value). But I guess you have to pay to play
Thank you once again!
Is anyone considering the option in the lease where you can return it within the first 3 months and get out of the remaining lease obligation? Sure you are out your deposit and the rest of the initial payments due upon delivery, but at least you can cut your losses if you are truly unhappy with the car.
Similar threads
