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Leasing Through Tesla - Fine Print?

Discussion in 'Model S: Ordering, Production, Delivery' started by chickensevil, Oct 26, 2015.

  1. chickensevil

    chickensevil Active Member

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    I have searched the forums and the internet high and low, and outside of getting people to confirm that there is a .25 a mile overcharge, I haven't found anything else on the fine print on going down the route of getting a lease through Tesla. I was weighing my options as I look to replace my current Tesla and thought I would investigate into the new leasing options that are available, but want to understand what I am potentially taking on and agreeing to.

    So, does anyone have a copy of their lease agreement that they would car to share or can point me to where it is on the internet (totally some rep points in this for you, cause I am getting annoyed that this is such a difficult thing to find).

    I am looking to see if there are other stipulations in the agreement, or like a tiered leasing system as far as overages go. I don't want to go into this running 20k a year in miles, and then at the end of three years instead of owing 3,750$ in additional fees, they say I owe them 10,000 (or some such) because now instead of turning the car in at 45k miles (still within the warranty period) I am turning the car in at 60k miles (outside warranty) and they try to say that I have to pay to replace the A/C unit or some such because it "makes too much noise" (I am just making examples here, but none of this would surprise me... shady banks... grumble grumble...)
     
  2. tstafford

    tstafford Member

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    I'm willing to redact my personal info and send it to you via e-mail. Send me a PM with your e-mail address.
     
  3. chickensevil

    chickensevil Active Member

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  4. tstafford

    tstafford Member

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    Sent it to you and another member who also asked.
     
  5. chickensevil

    chickensevil Active Member

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    So if I am reading this correctly, the only penalty, realistically, would be the mileage penalty. There is a condition in there that says that the tires will have at least 1/8th of tread left (this is 4/32, which is about when you need to replace the tires anyway, so just don't end at *exactly* the tires end of life and you should be ok. On 19's I got about 30k on the first set I went through, so you should reasonably make it 60k on two sets, so if you stay below that I would think you should be fine... *should* being the opportune wording there...)

    The rest talks about normal wear and tear, and even defines what constitutes normal wear and tear as it relates to the paint, bumpers, windows, trim pieces and such. Mostly it seems like they would be applying similar things as a rental company right? Scratches longer than two inches, dents and holes, etc.

    So I would think that the only anticipation is on the 25 cents per mile over and one would need to figure out a couple things to determine if leasing would be "worth it".

    1: Cost of the car minus the residual value plus the rental fee (plus all taxes and such including the upfront costs) which equals how much you paid to "rent" the car for 3 years.
    2: Cost of any anticipated mileage overages
    3: Cost to buy the car plus fees, taxes, etc minus expected residual value plus interest which equals how much you paid to buy the car and flip it after 3 years.

    If 1 + 2 < 3 leasing is likely to be the better route, otherwise you should buy.

    hrmmm, I have some thinking and math to crunch...
     
  6. ZachShahan

    ZachShahan Member

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    Very curious to hear your decision. I'm beginning to think about or crunch such numbers myself.
     
  7. chickensevil

    chickensevil Active Member

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    Im presently leaning toward financing, and I'll throw the 7.5k along with an extra 1k a month for a year toward the principal and then refinance after a year. This is likely the better route in the end since it should help drop off around 20k and lower my payments down to a more reasonable level.

    That's my thinking currently at least... As long as I hold for three years this time it should pan out a little better on the equity side... I hope.

    I'm just not liking the idea of something happening and then charging me an arm and a leg. Plus I don't think I could get the dual chargers or the center console again if I leased... Right? (Note that I do not have a business to leader this against our it might have changed things heavily toward the lease).
     
  8. ndhaon91

    ndhaon91 Member

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    I was debating this too until I found out as a sole proprietor I can deduct the full cost of the monthly lease. That's pretty much what made the purchase do-able for me.
     
  9. eclipxe

    eclipxe Member

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    You can get the center console and dual chargers if leasing. Just might be a waste if you don't buy the car at the end of the lease.
     

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