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Leased MY LR upgrade to Performance?

240vPlug

Member
Feb 3, 2021
45
22
Maryland
Okay folks hear me out. I just looked on CarMax and the MYLR has one example on the east coast and it's asking price is 65k with 5k miles. That's 11k over the price of a new one.

I have a lease that I'm about six months into and with the performance being about 7k extra vs the LR was just thinking about how I could upgrade to a performance Y lease with no additional cost.

The Tesla lease agreement states that one can sell the vehicle to a "3rd party dealership" and that you could email finance to obtain a "3rd party dealership quote".

To all the knowledgeable folks here:

1) is this possible or am I just dreaming?
2) is the 3rd party dealer any 3rd party dealer or just a dealer that Tesla works with?
3) Anyone here done something similar?

Used car prices are still crazy and while I love my MYLR I was thinking it would be nice if I could somehow upgrade to a performance, reset my mileage, and have about the same monthly lease payment. What do you think?
 

240vPlug

Member
Feb 3, 2021
45
22
Maryland
After a little digging it probably wouldn't work for what I'm trying to do. In my case since I have only made 7 payments so far, I would need to get about 61k for mine from a "3rd party dealer" in order to buy out the lease and have enough to get into a MYP for no additional cost.

Now with that said someone who is maybe half way through or further with their lease may be able to do this! Folks it is possible to build equity in a lease!

I personally am not going to do it unless I can get a performance, but heck one could in theory "transfer" the lease to another individual for a reasonable fee and get the profit that way.

With all this said though, someone would have to really want a LR to pay more for it than for a performance directly from Tesla.
 
Last edited:

DayTrippin

Member
Apr 30, 2021
758
735
Jax
That sounds like an interesting approach. Especially since the resale values are so strong now.

Out of curiousity, why do you want to bail on the LR and buy the MYP?
 

240vPlug

Member
Feb 3, 2021
45
22
Maryland
That sounds like an interesting approach. Especially since the resale values are so strong now.

Out of curiousity, why do you want to bail on the LR and buy the MYP?

Yes the market is so crazy right now for used vehicles. Honestly I would have gone for the performance but I couldn't justify the extra expense at the time. When I leased the difference in price was a couple thousand more than what it is now (was about 10k IIRC) At first glance I thought it might be an opportunity to get into it without the extra cost or much less extra cost. I ran some rough numbers and I would need to be about half way through in order for it to work out for me.

I'm really just amazed at this market. If Tesla allowed a leased vehicle to be sold to a private party it would probably work assuming I could get close to the asking prices that I'm seeing right now from CarMax. If I read things right the only two options for someone who is leasing right now would be to sell to a third party dealer or transfer the lease. Both of those options make it a little harder because a dealer is of course going to offer much less than market value and someone looking to have a lease transferred is going to be less willing to pay a premium to take the lease because they will not have the ability to buy the vehicle at the end of the lease.

The other point here though is that anyone who's nearing the end of their lease right now might be better off going the third party dealer route versus returning the vehicle to Tesla because the residual is going to be much lower than what they should be able to get from a third party dealer.
 

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