Lease Deal

[s60sandhu]

I am about to pull the trigger on a P90D model x lease deal and just wanted opinion from fellow forum members as to what they think of this deal.

Model X P90D
Pearl White Multi-Coat Paint
22" Silver Turbine Wheels
Black Leather Seats
Carbon Fiber Décor
Front Console
Black Headliner
Seven Seat Interior
Active Spoiler
Tesla Red Brake Calipers
Free Supercharging
High Amperage Charger Upgrade
Autopilot Hardware 1 with Convenience
Features
Premium Upgrades Package
Smart Air Suspension
MSRP $138,200

The lease deal is $7000 down including drive offs and monthly of $982 including tax for 15k miles.
Is this a good deal or can i do better.
Thanks

 

[chillaban]

You're paying $42,342 to drive a car that was originally $138,200. Sounds like a pretty good deal to me. I presume a combination of it being a P90D and a AP1 car resulted in a fairly generous discount?


I personally don't like the gap economics of putting $7000 down (over 6 months' of lease payments) on a lease, but that's fairly standard Tesla terms.

 

[Dr Doom]

The 7000 down is what kills the deal for me. You risk getting nothing the moment you leave the dealership after signing the paperwork and paying the up front costs and totaling the car outside the dealership. Tesla walks away from the lease with 7000 dollars and you get nothing in return.

I think the risk is extremely low but for me, putting anything down for a lease is something I won't do.

 

[oktane]

How much are they discounting the car itself?

 

[bonaire]

2-year or 3-year?
Also, get gap insurance coverage.

 

[s60sandhu]

How much are they discounting the car itself?

The car is discounted $34,500. Its a 36 month lease.
I called Tesla and tried to do the lowest possible down on advise from fellow forum members, but the minimum Tesla would do is $5000. So the new number are $5000 down $1040.
Thanks for all the advice.

 

[s60sandhu]

The car is discounted $34,500. Its a 36 month lease.
I called Tesla and tried to do the lowest possible down on advise from fellow forum members, but the minimum Tesla would do is $5000. So the new number are $5000 down $1040 monthly including taxes.
Thanks for all the advice

 

[rjdoc74]

$5K down is terrible, but actually given MSRP this is actually a good deal. Rule of thumb, good lease deal is monthly payment 1% of MSRP. MSRP of $138K, give payment of $1380/month. You are paying $1178/month including the $5K. Not bad at all.

 

[Doctt]

$5K down is terrible, but actually given MSRP this is actually a good deal. Rule of thumb, good lease deal is monthly payment 1% of MSRP. MSRP of $138K, give payment of $1380/month. You are paying $1178/month including the $5K. Not bad at all.

I used the Tesla's custom lease calculation to estimate payment.

For $115k car, 15k miles for 36 months. The down payment is $7000 and the lease payment is $1725 including tax.

It is way higher than the proposed rule of thumb.

I always think tesla's leasing program is not that good. Any idea where to get a better leasing deal somewhere else?

 

[chillaban]

$5K down is terrible, but actually given MSRP this is actually a good deal. Rule of thumb, good lease deal is monthly payment 1% of MSRP. MSRP of $138K, give payment of $1380/month. You are paying $1178/month including the $5K. Not bad at all.

Interesting, so that's around 36% to drive the car for 3 years (effective residual of 67%)

I do agree that's a great lease deal though other than heavily subsidized leasing I haven't seen that being offered to me.

I would say an effective residual (assuming 36mo 15K miles) of 60% or higher on a luxury car is a good deal to me. 55-60% is fair, and anything below that is questionable at best.


For most cars I find that dealer/CarMax trade in value at 36mo/45K miles is about 50% of the MSRP.

 

[rjdoc74]

I used the Tesla's custom lease calculation to estimate payment.

For $115k car, 15k miles for 36 months. The down payment is $7000 and the lease payment is $1725 including tax.

It is way higher than the proposed rule of thumb.

I always think tesla's leasing program is not that good. Any idea where to get a better leasing deal somewhere else?

That's because tesla leasing terms are terrible. Low residual, high money factor, high down. My rule of thumb works well for heavily subsidized German car leases.

 

[oktane]

It's a good deal. Better if the state will give you some of the downpayment back.

 

[Dr Doom]

this keeps coming back up but any lease vs loan, you have to also factor in interest rates. TechCU rates for a loan are 1.49% at 60 months and 1.74% at 72 months. What is the lease interest rates? I am paying few hundred more than you per month and I will own the car in a few years after ur lease ends up. Most of my payments are going to the principle and little to the interest. I would factor this in a lot when considering about buying or leasing a car. Your interests rates on lease are extremely high.

 

[XP90D]

It is an absolutely great deal for a tesla lease. If the configuration is to your liking I would go for it before someone else snaps it up. AP1 is still more evolved now than AP2. Plus you get to dump your model x after three years which will probobly be a blessing given all the problems likely to develop over time with this new overly complex vehicle. I would pay extra attention to the date of production and mileage on the vehicle.

A 140k car typically will lease for significantly more than your deal. A typical 140k tesla lease without subsidies will lease for at least 500 to 600 bucks more a month. As far as leases go this is a very VERY good deal.

 

[Darren Donovan]

this keeps coming back up but any lease vs loan, you have to also factor in interest rates. TechCU rates for a loan are 1.49% at 60 months and 1.74% at 72 months. What is the lease interest rates? I am paying few hundred more than you per month and I will own the car in a few years after ur lease ends up. Most of my payments are going to the principle and little to the interest. I would factor this in a lot when considering about buying or leasing a car. Your interests rates on lease are extremely high.

A few hundred more per month, add up after a few more years. OP's lease terms are not bad at all, for this price range. He's paying taxes only the portion of the car within the lease period, not on the entire price of the car. Plus, he can walk away at the end, no need to worry about expensive repair costs on a Tesla, outdated/obsolete SW and/or HW.

 

[Dr Doom]

A few hundred more per month, add up after a few more years. OP's lease terms are not bad at all, for this price range. He's paying taxes only the portion of the car within the lease period, not on the entire price of the car. Plus, he can walk away at the end, no need to worry about expensive repair costs on a Tesla, outdated/obsolete SW and/or HW.

So paying a few hundreds more and owning the car at the end of loan, versus essentially leasing a vehicle and having no equity at the end of the car after paying 42,000 dollars+.