Early lease termination= buy out? [model 3/y = no]

[Ecmiyake]

I’m leasing a 2021 M3, and still have around 25 months remaining. I always hoping that Tesla will change their lease policy and allowing us to purchase our lease cars in the future. Was playing with the Tesla app and trying out what will happen if I’m terminating my lease today, and got a quote of $34K. My first impression is, after I paid that $34K, I’m going to keep the car, (no way paying that much just to walk away from a lease) which means I’m actually buying out this lease? But today, I went and check the early termination quote in the app, and see the new quote is about $5K. Just wondering why am I getting this 2 completely different quotes!

 

[blackT3$!@]

It appears the vehicle value was not included in one of the lease termination quotes which is probably a software defect.

 

[Destiny1701]

One is assuming you’re trading the car back in and it’s assigning a value. Essentially your at -ve equity of 5k according to the software. You pay that amount, release the car to them.

 

[Ecmiyake]

The first quote makes me think that I can actually buy it out. I guess in the future I’m not going to lease again.

 

[derekmw]

Probably was a mistake as mentioned. If you read your lease contract, it explicitly states that you may not buy the vehicle at end of lease. Unless the lease is a business expense, I don't think Tesla leases are really worth it as a personal car/expense.

 

[Ecmiyake]

Probably was a mistake as mentioned. If you read your lease contract, it explicitly states that you may not buy the vehicle at end of lease. Unless the lease is a business expense, I don't think Tesla leases are really worth it as a personal car/expense.

The reason I leased it before was because too many Tesla horror stories I’ve read online. I didn’t want to commit long term. But now after driven it for 2 years, I loved it. Ordering a MY LR for the wife.

 

[derekmw]

The reason I leased it before was because too many Tesla horror stories I’ve read online. I didn’t want to commit long term. But now after driven it for 2 years, I loved it. Ordering a MY LR for the wife.

I hear you there. I've leased 3 Tesla's now because it was done through our business, but each time, I did not want to return them. lol, I just enjoyed them too much, especially our Sealth Peformance model.

 

[texas_star_TM3]

lease buyout is typically more than what a comparable vehicle with same mileage would cost on the used market... just FYI

 

[motorsclub228]

Hey everyone. I'm considering upgrading to Model Y (more spaces for kid). My 2022 M3 lease has about 2 years left. Been trying to read the lease agreement about buy out and trade-in but they confuse the hell out of me.

What options do I have? Would Tesla accept a leased M3 as trade-in?

Thanks in advance.

 

[jjrandorin]

Hey everyone. I'm considering upgrading to Model Y (more spaces for kid). My 2022 M3 lease has about 2 years left. Been trying to read the lease agreement about buy out and trade-in but they confuse the hell out of me.

What options do I have? Would Tesla accept a leased M3 as trade-in?

Thanks in advance.

Your (1) option through Tesla is paying off the balance of the lease that tesla tells you, and then buying a model Y. Since you cant buy it (the model 3) you have no option to "trade it in".

You can also try to transfer your lease to someone else. You dont have any option to trade the car in.