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lease rates lowered?

Discussion in 'Model S: Ordering, Production, Delivery' started by kf93, Jan 21, 2016.

  1. kf93

    kf93 Member

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    I got an email this morning from Tesla announcing lower lease rates on the S. Looks like the base 70 RWD starts at $698. Even with some decent options and dual motors it's well under $1k. My question is has anyone been tracking the lease payments and how much of a change is this if any?
     
  2. Xpress

    Xpress Member

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    Wonder what the residual is? I assume they raised it to make these more attractive. Porsche and BMW do this on occasion. It also means no one will will buy out their lease at the end of the term and the finance company (Tesla or ?) will be receiving a lot of cars off-lease that have a lower real world value. It might also mean you can negotiate your lease buy-out to a lower amount if the market conditions are right.
    It’ll cost you $33779 to drive the car 30K miles for 36 months in CA. More than a $1 per mile. Considering the CPO cars have depreciated at about $1/per mile… seems comparable?
    – $698 x 36 = $25128 Base monthly
    – $698 x 0.9 = $64 x 36 = $2300 (9% Tax in CA)
    – $6393 = $177 per month Drive off
    Total = ~ $33821/36 = $939 per month
     
  3. ItsNotAboutTheMoney

    ItsNotAboutTheMoney Active Member

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    Note that it's for low mileage: 10,000 miles per year.
     
  4. MsElectric

    MsElectric Active Member

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    I received the same e-mail today and I have been tracking their lease payments but I really see no appreciable difference. It still remains less expensive to lease a comparably priced S Class so as far as I can see the Tesla leases are still higher than a comparably priced premium car. Also what kills the Tesla lease deal to a great extent is the very large amount down at the beginning of the lease so if you have a total loss 3 months into your lease, you are screwed.
     
  5. ahurst

    ahurst Member

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    I got the same email. I can't remember if the $698 has always been the lease payment for a S 70.
    Anyone know?
     
  6. jeffro01

    jeffro01 Active Member

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    Interestingly enough, the lease calculator on Tesla's website was almost spot on with my lease payment when we bought ours last November. I just re-ran my numbers and it came out to be $75 cheaper per month now, which isn't huge but it isn't nothing either...

    Jeff
     
  7. DougH

    DougH Active Member

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    I personally would never want to be stuck in a lease with any car, especially a car like a Tesla that changes frequently.
     
  8. jeffro01

    jeffro01 Active Member

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    To each their own. I have been leasing cars for some time now as I love having new cars and I find the 2-3 year lease cycles I've done to date to fit that desire quite nicely. YMMV. :)

    Jeff
     
  9. DCGOO

    DCGOO Member

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    Interesting spin. I never leased a vehicle before in my life, but I leased the Tesla precisely BECAUSE it changes so frequently. I figured I can give it back in 3 years (or sooner) and get another new one. You do know that Tesla will be happy to end your lease early if you want something newer.
     
  10. rog

    rog Member

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    #10 rog, Jan 21, 2016
    Last edited: Jan 21, 2016
    I would assume the same - doubt that interest rates are lowered, not at this point in time.

    Edit: just confirmed, residual has been raised.
     
  11. ahurst

    ahurst Member

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    So do we see a higher residual with all models or just the S 70?
     
  12. FlatSix911

    FlatSix911 918 Hybrid

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    What is the money factor on the new lease?
     
  13. ahurst

    ahurst Member

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    Used to be 3.84% or .0016 I think.
     
  14. rog

    rog Member

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    #14 rog, Jan 21, 2016
    Last edited: Jan 21, 2016
    New Residual for a 70D is set at 64%. Don't know about 85/90s.
     
  15. kf93

    kf93 Member

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    thanks, this makes it more interesting. Trying to debate throwing 5k in repairs at my current vehicle vs trading it in at wholesale and getting something new via lease or newer via CPO.
     
  16. ajitpk

    ajitpk New Member

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    Dropped my 85 D lease by $89/ month - 15k/ 36 month - delivery next month.
     
  17. FlatSix911

    FlatSix911 918 Hybrid

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    Here are the specs for the Model 70 Lease ...
    Model 70 Lease.PNG
     
  18. attack7

    attack7 Member

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    I'm due to take delivery tomorrow on a 70D (but probably won't because of the weather here in NC)... but I wrote to ask about lease payments (thanks to this thread) and they're down from what I was original quoted by $59/mo - 15k miles. Happy!
     
  19. David99

    David99 Active Member

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    Did anyone find the payments for going over the mile limit at the end of the lease?
    I did the numbers comparing 10k miles and 15k miles on the lease and the difference was 11.4 ct per mile. But I would assume going over the limit costs more per mile.
     
  20. calisnow

    calisnow Active Member

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    They will? My sales person told me in an e-mail yesterday that if I try to end a lease early I'm responsible for all the remaining monthly payments - even if I want to upgrade to a newer/more expensive Tesla.
     

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