Leasing a SR+ in CA W/ Grants & Incentives

[Aero247]

I'm new to the Tesla and EV world and have my eye on a Tesla Model 3 SR+. I'm doing my best over here to understand basic leasing costs but running into issues as my situation is probably a little more unique than a typical lease. I'm trying to find out what the TOTAL cost will be to lease a SR+, 10K miles a year with white exterior, black interior, standard wheels and no self driving in California with a tax rate of 7.95%. I really wish Tesla let you see the full lease cost details before you pay the $100 non-refundable deposit.

The best that I could come up, based on different online calculators is this:
$354 a month x 36
= $12,744
+$5,000 down payment
= $17,744
+$454 in up front tax (7.95%)
= $18,199
+ $538 California license, title, registration fees
= $18,736
+ 695 acquisition fee
=$19,431 grand total over three years

Is this math even remotely right or did I double count anything? IF that math above is correct then I'm look at a very cheap lease thanks to:

$19,431 grand total
-$1,500 California Fuel Reward (Done at time of lease)
= $17,931
-$5,000 for Clean Vehicle Assistance Program Grant (Done at time of lease)
=$12,931
-$4,500 for California Clean Vehicle Rebate (including an increased rebate, done after sale)
=$8,431
-$4,088 trade in (as estimated today)
=$4,343 out of pocket costs or $120 a month.

Am I doing anything wrong or, God help us, right when it comes to the math above?

 

[RedWhite19]

I'm new to the Tesla and EV world and have my eye on a Tesla Model 3 SR+. I'm doing my best over here to understand basic leasing costs but running into issues as my situation is probably a little more unique than a typical lease. I'm trying to find out what the TOTAL cost will be to lease a SR+, 10K miles a year with white exterior, black interior, standard wheels and no self driving in California with a tax rate of 7.95%. I really wish Tesla let you see the full lease cost details before you pay the $100 non-refundable deposit.

The best that I could come up, based on different online calculators is this:
$354 a month x 36
= $12,744
+$5,000 down payment
= $17,744
+$454 in up front tax (7.95%)
= $18,199
+ $538 California license, title, registration fees
= $18,736
+ 695 acquisition fee
=$19,431 grand total over three years

Is this math even remotely right or did I double count anything? IF that math above is correct then I'm look at a very cheap lease thanks to:

$19,431 grand total
-$1,500 California Fuel Reward (Done at time of lease)
= $17,931
-$5,000 for (Done at time of lease)
=$12,931
-$4,500 for California Clean Vehicle Rebate (including an increased rebate, done after sale)
=$8,431
-$4,088 trade in (as estimated today)
=$4,343 out of pocket costs or $120 a month.

Am I doing anything wrong or, God help us, right when it comes to the math above?

If I’m not mistaken the CVRP is 2k not 4,500.

As for the 5k grant, I believe it is for low-income applicants.

 

[Need]

If I’m not mistaken the CVRP is 2k not 4,500.

As for the 5k grant, I believe it is for low-income applicants.

Low/Mid income also qualified for increase CVRP rebate up to $4500 max. Also not specified in the post, OP probably belongs to that group.

 

[Aero247]

Low/Mid income also qualified for increase CVRP rebate up to $4500 max. Also not specified in the post, OP probably belongs to that group.

This is correct, I qualify for $4,500.

 

[JimShaw]

On a lease the tax is not up front but monthly or it use to be

 

[JimShaw]

On a California lease, the tax is not up front but monthly (or it use to be)

 

[miimura]

On a California lease, the tax is not up front but monthly (or it use to be)

California sales tax is paid with the payment. To the extent that you pay up front, like fronting the rebate as a down payment, you will have to pay the tax. Any cap cost reduction, like passthru federal rebate (for cars that still qualify) also has to pay tax at delivery or the tax will increase the capitalized amount.

 

[Aero247]

You'll be happy to know I ended up purchasing it instead of just leasing. Still waiting on delivery!

 

[JimShaw]

California sales tax is paid with the payment. To the extent that you pay up front, like fronting the rebate as a down payment, you will have to pay the tax. Any cap cost reduction, like passthru federal rebate (for cars that still qualify) also has to pay tax at delivery or the tax will increase the capitalized amount.

As I mentioned, it's paid monthly