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Lease Takeover vs Buy - Need Your Help

Hi guys,

I needed to get some fresh minds on this as I'm burnt out thinking about this lol. So basically my situation is as such that I am a Canadian in need of a car as soon as possible. Now I have 2 options really:

1. I had ordered a Model Y in March and it's slated to come Oct - Jan window still. God knows if that'll get pushed out more or by some miracle gets pulled forward. Either way that ones already on order. I'd just have to keep risking using my over-burdened van for longer haha.

2. I recently came across a lease take over and it's basically everything I needed (Model Y, 7 Seater, Black paint, Upgraded Rims, Tow Hitch) and this person had leased this vehicle a year ago and didnt end up using it at all. So basically it's brand new sitting inside a garage. Here are the details of the lease:

Remaining Lease term - 33 months
KMs on the car - 50km
Remaining KMs on Lease - 23k per year
Monthly payment - $878 taxes in (CAD)
Downpayment she's asking - $9K
Effective Payment taxes in including downpayment - $1150

If i was to lease this car brand new from Tesla right now with these upgrades, I'd be paying about $1600. So it's a great deal for a practically new car. My only issue that irks me is no lease buyout at the end. But does it make sense to get a lease like this for now in this crazy market and wait out the market and reassess the situation in 3 years when hopefully the market is a little more tame? Also this kinda deal is tempting. But isnt it usually a bad idea to lease a tesla? This just looks like a great deal because someone got into it before all this craziness, rate hikes, and price increases and didnt even drive it lol.

Would love your thoughts on this. Thanks!
 
Guess I never understood the value of paying All that money just to return it so they can sell it and double it’s net. And god forbid you go over mileage or damage it any way including tires. Not for me. In a pinch (may be different in Canada) they always have inventory or slightly used cars for sale same week on the Tesla site.
 

ATPMSD

Active Member
Mar 12, 2021
1,451
1,367
Atlanta, GA
I have leased cars for over 30-years because it makes sense for me. It also means my car is always under warranty. But
unless you meet all of the following guidelines, leasing is not a good choice:

  1. You are the kind of person who replaces their car with a new one about every 3-years - longer than this and you should buy
  2. You drive not more than about 12,000 miles per year - more than this and your lease payment goes up and / or you pay a heavy penalty at lease turn-in.
  3. You follow all of the manufactur’s maintenance recommendations - this is required by a lease.
  4. You take good care of the car! When you turn it in you may be hit with excess wear charges. For example, if the tires are not a matched set, or the tread is too low, you will be charged.
Always read the lease to ensure you have the option to buy the car! I have flipped cars at the end of a lease for a profit, or bought the car for a family member. This is not a hard requirement, but you need to know what you are getting into.
 

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