M3 & MY Leasing Option now available in Canada

[Bobo2408]

Just went to order my M3 and noticed there's an option to lease M3 now in Canada. Checked MY and shows you can lease it as well

 

[rypalmer]

Are the terms any good? I've never really thought about leasing until now.

 

[sokhangoo]

Just saw this on Tesla website as well, very interesting. I'm waiting for M3 SR+ delivery and it seams like with the same term as financing, lease payments would be much more affordable even with high mileage allowance + you don't have to worry regarding battery problems in the future either.

 

[Face_Disguise]

16,000km per year is pretty decent, but a 48-month term isn't, nor is $5000+ down. I'd like to see a 36-month term like they have in the US, and less of a required down-payment.

 

[rypalmer]

Why though??

 

[McFlurri]

If you want 25,000km a year it's exactly the same price per month as just buying the car.

Personally I don't see a benefit here..

if anyone scratches your car or you accidentally curb your rims your going to pay a large penalty. Same thing if you go over your allotted KM..

At least you could sell the car if you loaned vs leased.

Tesla is basically saying that they will value the car at less than $30,000CAD when it reaches 100,000km. That's ridiculous!

 

[ccudmore]

Why though??
View attachment 573430

Tesla has stated that they plan to take their lease returns and use them as self-driving taxis.

 

[hasanzu]

Curious to know if this is worth it. They don't mention the 8K or 3K available from QC/BC in their price (for the M3). Can that 8k/3k be potentially used for the down payment?

 

[3lectricboy]

My SA told me lease rate is 3.8%.

 

[rypalmer]

Tesla has stated that they plan to take their lease returns and use them as self-driving taxis.

Rolling my eyes here, but ok, I guess we'll see.

 

[Casmium]

Rolling my eyes here, but ok, I guess we'll see.

I can see them setting up a car sharing service like Zipcar with them

 

[rypalmer]

I can see them setting up a car sharing service like Zipcar with them

Yes but given any uncertainty in the viability of a future network, why not set a reasonable residual value so that some cars can stay with the lessee?

 

[justjamb]

I liked it more when leasing wasn’t an option... now I have to decide whether to continue with financing on delivery (in September), or change to lease.

Lease Benefits:
-Accidents won’t depreciate the value of the car (for you)
-Save $1000+ by not worrying about PPF/ ceramic on a car you don’t own
-Car is under warranty for most or all of lease
-Tax advantage does business mileage
-Free 1500km supercharging & 30 days of premium connectivity every 3-4 years

Owning Benefits:
-Pride of ownership
-Can trade-in at any time
-Definite savings over lease if holding for more than 8 years or 200,000km
-Lower interest rate
-No over-mileage or damage fees

Unknowns:
-Future EV incentives. Will federal and/or provincial incentives dry up in 4 years? Will they increase? $5000 makes a big dent on a 3-4 year lease.
-Will Tesla’s or competitors EV’s dramatically reduce in price in 4 years?

Am I missing any factors? There’s so many unknowns and considerations that I’ll probably just stick with my financed delivery in September.

 

[rypalmer]

You forgot: only paying HST on the lease amount, and not the full value of the car. By my math that's worth about $3700.

 

[justjamb]

You forgot: only paying HST on the lease amount, and not the full value of the car. By my math that's worth about $3700.

I didn’t factor that because if you were to trade-in a financed car, the trade-in value reduces the HST. Works out to about the same as tax on a leased car.

 

[rypalmer]

I didn’t factor that because if you were to trade-in a financed car, the trade-in value reduces the HST. Works out to about the same as tax on a leased car.

Tesla knows this and doesn't give you a very good trade in value. Many wouldn't have a trade-in valued at $28k+ (3700/0.13) so I think the comment stands.

 

[Colsla]

checked lease rate today at Vancouver store.
3/Y is 3.8% for 36 and 48 months. Didn't ask about 24 months but I assume it's not much lower. These were for LR AWD Financing is 2.15% OAC right now

 

[angus[Y]oung]

Why though??
View attachment 573430

@rypalmer FYI I gave a thumbs down to your thread, but not because I disagree with you, it's because I think it's a bit silly of Tesla to not allow people to buy out their leases. Admittedly I'm far from a car industry expert, but I can't recall any other manufacturers imposing that type of restriction via their in-house financing departments. So the disagreement as it were would be with Tesla rather than with you. Sorry for any confusion.

Actually, upon further thought I'm going to remove the disagree and add a thumbs-up like, to thank you for bringing this forward so people are aware. Cheers!

 

[coolmanfever]

I went to Tesla sale center in Yorkdale today. the sale rep straight up told me Tesla lease is only for two type of buyers:
1. short term contract worker who only live in Canada for 3-4 for worker
2. can not qualify for financing due to bad credit. Financing interest rate is lower leasing rate. He recommend financing route.

He think Tesla leasing is not worth it because you cannot buy back the car after leasing plus high plenty for over mileage limit and damage.

 

[McFlurri]

I went to Tesla sale center in Yorkdale today. the sale rep straight up told me Tesla lease is only for two type of buyers:
1. short term contract worker who only live in Canada for 3-4 for worker
2. can not qualify for financing due to bad credit. Financing interest rate is lower leasing rate. He recommend financing route.

He think Tesla leasing is not worth it because you cannot buy back the car after leasing plus high plenty for over mileage limit and damage.

Sounds like you got an honest sales person