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No they are not calculating any IRA tax rebate benefit as car manufacturers are not required to pass the tax credit to the consumer in case of leases. For Model 3's Tesla has a promotional money factor of 0.00079167 (1.9%) which is bringing the monthly payment down to $349. Back in December 22 for my Model Y was 0.002611 (6.27), I am assuming the Model 3 was in the similar range. I personally think it is a smart move from Tesla to attract more lease customers and this promotional rate will not last long given the current interest rate situation
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Thanks, good info! I am curious where you collected this data so I know where to look next time.
Info on Model Y was because I leased it back in December 2022. With regards to Model 3 I reached out to a service advisor asking them to provide quotes for a couple of options, that is where they had the MF and Residual Values
CapeOne
Active Member
Years ago when Teslas still qualified for the original federal EV tax credits, Tesla would add the tax credit to the residual value. For example, if a car had a residual of $50,000 and a tax credit of $7,500, the residual would become $57,500. This helped lower the monthly payment but also made the car $7,500 more expensive to buy at lease end. Lessees who chose to buy the car essentially had to pay for the tax credit. I think this was Tesla's way of discouraging people to buy at lease end. You can't even buy new Teslas at lease end right now.
As far was what Telsa is doing this year, it may be a combination of things including lower rates, lower cap cost, higher residual, etc.
Absolutely agreed, it was easier for them to do it that way as no residual baselines were established back then. Now given that there is data for 6+ years it is hard to play around with residuals and lenders won't agree to higher values. Again as per IRA rules they are not required to pass on the $7500 to the customer, so they are lowering interest rates and trying to pass on some savings to the customer. Cap cost reduction would piss off the cash/loan customers which is their largest population. In the end the customer is still somewhat benefiting from it.
I am going with the lease because due to recent income changes I must offload my $1000/mn M3P payment. I can get a base 36mn lease with 15k miles/yr for just under $400/mn with $4500 down. That saves me $7200/yr in auto cost and I get to pull equity out of the M3P to help cushion this transition.
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