Hello All, after years of lurking (ever since the Model S release), I finally put down my deposit on my first Tesla, a MX75D.
My build includes:
Pearl white exterior
White interior with carbon fiber
6 Seat
EAP
Tow
MSRP: $97500
I've never leased a car before, much less a car pushing pass $100K after taxes. I would like to keep this for 5 years or longer, but I do have real concerns regarding the long term reliability of the X and (less so) Tesla company as whole, but that's for another day. My buddy who has an Oct/2016 build MX90D told me I am brave for purchasing it, as he's doing the two year lease since he's not sure how well the X, especially FWD, will hold up over time.
So my question is, does Leasing the car, and potentially walking away after 3 years if the car becomes too problematic, make any financial sense at all? Here are the numbers:
MSRP: 96500 before taxes and fees
Purchase:
$17700 down (including deposit)
1.49% 72 months loan, $1262 per month
End of year 3 of ownership cost $55632 (after -$7500 fed credit), amount owed on loan $44394
Lease:
$5682 down (including deposit)
$1509 per month with 15K mi allowance
End of 3 year lease cost $60000 (whoa), walk away with no risk but no equity
So it costs $4500 more after 3 years to lease than to purchase. PLUS there's 15K mi limit. IF the car is problematic after 3 years, I can still sell the car for more than (likely) the $44393 that I owe, and still walk away, while paying $4500 less during the 3 year purchase vs lease.
I hope my math was correct, as I said I've never leased before. It would be great if all you Tesla and lease vs purchase experts can chime in.
Thank you all in advance. Counting down the days!
My build includes:
Pearl white exterior
White interior with carbon fiber
6 Seat
EAP
Tow
MSRP: $97500
I've never leased a car before, much less a car pushing pass $100K after taxes. I would like to keep this for 5 years or longer, but I do have real concerns regarding the long term reliability of the X and (less so) Tesla company as whole, but that's for another day. My buddy who has an Oct/2016 build MX90D told me I am brave for purchasing it, as he's doing the two year lease since he's not sure how well the X, especially FWD, will hold up over time.
So my question is, does Leasing the car, and potentially walking away after 3 years if the car becomes too problematic, make any financial sense at all? Here are the numbers:
MSRP: 96500 before taxes and fees
Purchase:
$17700 down (including deposit)
1.49% 72 months loan, $1262 per month
End of year 3 of ownership cost $55632 (after -$7500 fed credit), amount owed on loan $44394
Lease:
$5682 down (including deposit)
$1509 per month with 15K mi allowance
End of 3 year lease cost $60000 (whoa), walk away with no risk but no equity
So it costs $4500 more after 3 years to lease than to purchase. PLUS there's 15K mi limit. IF the car is problematic after 3 years, I can still sell the car for more than (likely) the $44393 that I owe, and still walk away, while paying $4500 less during the 3 year purchase vs lease.
I hope my math was correct, as I said I've never leased before. It would be great if all you Tesla and lease vs purchase experts can chime in.
Thank you all in advance. Counting down the days!
