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Leasing a 70D or 85D in California

Discussion in 'Model S: Ordering, Production, Delivery' started by smilepak, May 30, 2015.

  1. smilepak

    smilepak Member

    Joined:
    May 11, 2015
    Messages:
    705
    Location:
    Eastvale, CA
    Hi

    For those who went with leasing option, can you let me know your experiences. If I spec out a 70D, according to Tesla Website, the leasing is 951 per month for 36 months with approx. 6.8k down @ 15k miles per year. I read that if I exceed that, which I know I will, it will be 0.25 cent per mile.

    Let say I do exceed that and I end up going 20k per year, end up costing 1250.00 per year.

    At the end of the 3 years lease, if convert to purchase how is that calculated?

    At the end of the 3 years lease, if I don't purchase I will be paying 1250 x 3 only due to the over charge right?

    A friend who usually lease a BMW and Mercedes said for him when he go over his mileage on the lease, as long as he purchase the vehicle or get a new lease, they usually omit the over mileage charges. Any idea if Tesla will do the same?

    In California, we get 2,500 rebate, which is a good thing.

    I read one post, which make sense and leasing me toward a lease is the fact Tesla is a very technology vehicle. In 3 years who knows what battery efficiency will be like so why put down 90k for it now. Thus I am leaning toward a lease. I have never lease a car before, always purchase new ones. So this will be my first time. Not sure what to look out for.

    Any advice will greatly be appreciated.

    - - - Updated - - -

    By the way, I came across these threads for someone who have similar questions

    http://www.teslamotorsclub.com/showthread.php/44786-Non-Tesla-Leasing-Options?p=991083&viewfull=1#post991083

    http://www.teslamotorsclub.com/showthread.php/37890-New-U-S-Bank-lease-and-Federal-Credit?p=808624&viewfull=1#post808624

    I think that these posts have in common for me is they didn't calculate or their states didn't offer the $2,500.00 tax rebate.

    So leasing a vehicle is no difference than buying a used 85D, in both case if you end up buying the car, you don't get the federal tax. But with leasing, you at least gain the state rebate.

    Interesting......

    How about insurance and service. I assume with leasing you treat it like you own it and service as normal? Same goes with insurance?
     
  2. travwill

    travwill Member

    Joined:
    May 1, 2015
    Messages:
    895
    Location:
    Chicago, IL
    I almost leased but the taxes and use taxes where I live made it a rip-off. Not sure if you have that in CA. You do have to pay some level of sales tax for the use at minimum still. I believe for all leases at federal and state level you will lose the 7500 federal and 2500 state credit, instead Tesla gets those - not the customer since you don't own the car.

    For insurance you will typically have to at minimum have 100/300/100 coverage but that should be a good idea at least anyway as its a pricey car and protect you more.

    The miles you drive are important in a lease, if your going to be right around 15K at max then should be fine. You may like driving more so just be aware of that. 15K is average for most people though. Tesla should do like any other dealer and either charge you the fee for overage at turn-in plus return fee, or if you truly buyout the lease then they will disregard the miles as you'll know the lease buyout amount when you sign the lease at start - miles won't even be factor if you buyout.

    Teslas seem hard to call. The model S depreciates rather rapidly like other high-end cars but around 3 years it appears to equalize a bit (maybe not the P85 right now though). That may change a little with Model X or even more depending on how the Model III turns out or if it cuts into the S's value. I think Tesla would avoid canabalizing the S where possible though with the III - or it'll be at the point that the range has greatly increased due to some battery discovery. Battery technology is SLOW to improve though at this point. Even with the new factory, it is still going to be Lithium Ion used and not some new breakthrough so it'll equate to how much they can get into the car versus the weight.

    -T
     
  3. smilepak

    smilepak Member

    Joined:
    May 11, 2015
    Messages:
    705
    Location:
    Eastvale, CA
    Thanks

    anyony know if U.S. bank lease terms include gap insurance?

    What is the penalty for early return?
     

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