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Lease Deal

Discussion in 'Model X: Ordering, Production, Delivery' started by s60sandhu, Apr 25, 2017.

  1. s60sandhu

    s60sandhu New Member

    Joined:
    Apr 10, 2017
    Messages:
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    Location:
    Irvine, CA
    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
     
  2. chillaban

    chillaban Active Member

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    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.
     
  3. Dr Doom

    Dr Doom Member

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    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.
     
    • Like x 1
  4. oktane

    oktane Active Member

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    How much are they discounting the car itself?
     
  5. bonaire

    bonaire Active Member

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    2-year or 3-year?
    Also, get gap insurance coverage.
     
  6. s60sandhu

    s60sandhu New Member

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    Location:
    Irvine, CA
    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.
     
  7. s60sandhu

    s60sandhu New Member

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    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
     
  8. rjdoc74

    rjdoc74 Member

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    $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.
     
  9. Doctt

    Doctt Member

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    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?
     
  10. chillaban

    chillaban Active Member

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    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.
     
  11. rjdoc74

    rjdoc74 Member

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    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.
     
  12. oktane

    oktane Active Member

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

    Dr Doom Member

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    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.
     
  14. XP90D

    XP90D Member

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    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.
     
  15. Darren Donovan

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    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.
     
    • Like x 1
  16. Dr Doom

    Dr Doom Member

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    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+.
     

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