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Lease trade-in experience?

Discussion in 'Canada' started by jsdupont, May 25, 2018.

  1. jsdupont

    jsdupont New Member

    Joined:
    May 25, 2018
    Messages:
    2
    Location:
    Montreal
    The Tesla website mentions that you can trade-in a leased car. Has anyone done this with Tesla?

    I have an Audi S4 (very low milage) that is leased until June 2019. I'm trying to figure out what's my best option:

    1) Wait to configure my Model 3 until my lease is over in a couple of months

    2) Transfer my lease through LeaseBuster or the like

    3) trade-in my lease with Tesla (is there a tax benefit to trade-in a leased car)?

    Any advice would be welcomed :)
     
  2. darkenergy

    darkenergy Member

    Joined:
    Apr 13, 2018
    Messages:
    105
    Location:
    Canada
    The trade in quotes have been a bit low ball.
    You don't own the leased car, so there is no value in it that you can use to offset against the Tesla
    The tax amount for the trade in value of a used car would simply be (used_car_value * local_tax_rate). In other words, subtract the trade in value from the Tesla price and use the new value for tax calculations.

    Hope that helps
     
  3. jsdupont

    jsdupont New Member

    Joined:
    May 25, 2018
    Messages:
    2
    Location:
    Montreal
    It does, thank you. Bottom line is either I find someone to take over my lease or I wait...
     
  4. Tomayr

    Tomayr Member

    Joined:
    May 20, 2018
    Messages:
    41
    Location:
    Ayr, On
    Your Audi S4 with low kms could be one of the few exceptions to the rules. They are desire-able cars that the wholesaler Tesla uses might be after, as the car will sell well on the US market.

    It could be possible that the buyout + remaining lease payments is much less than the current used value of the car.
     
  5. joseph_hac

    joseph_hac Member

    Joined:
    May 26, 2018
    Messages:
    7
    Location:
    Peterborough, ON, Canada
    Definitely don't count on trading in a leased vehicle to Tesla. I have a leased Landrover with a year left on it. Comparable CPOs go for $46K, lease buyout was ~$37K, and they offered me $30K.
     

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