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Model S 2 Year Lease???

Discussion in 'Model S' started by DrivingTheFuture, Sep 20, 2016.

  1. DrivingTheFuture

    Joined:
    Oct 21, 2015
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    United States
    So a 2 year lease on a Model S will be a lower payment than my current vehicle is...only problem is how do I get out of my payments on my gas car if I owe more than its worth??? I've done some research and can't seem to find a way to make it work. Any ideas?

    FYI I have another vehicle that is a single pay lease thru end of Aug next year, I need a car to last until I get my Model 3... Seems like 2 yr lease would be perfect, because after August I only have my ICE car to putz around in till the 3 arrives. I'm an early in store res holder
     
  2. chillaban

    chillaban Member

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    You pretty much don't, sadly. That's one of the downsides of trying to get out of loans.

    Generally with a non-Tesla automaker, you make this the dealer's problem. You pick a configuration of your new vehicle that's difficult to get a discount on otherwise, then tell the sales guy "the only way I can see this car's price working is if my previous payments go away", which tends to result in an offer where the dealer gives you a discount on the new car that applies towards the payoff on the previous one….


    But I don't think that's doable with Tesla unless they've really really changed the way they work. Previously, their trade-in program was strictly "Autonation, meet dude with car, dude with car, meet Autonation. Now go price gouge him"…
     
  3. Az_Rael

    Az_Rael Active Member

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    Is your gas car leased or financed? If it's leased, you can have someone take over the lease. I think there are websites that explain that process (I have never done that)

    If it is financed, you will owe the finance company the difference between your remaining loan and the amount you get when you sell the car. With traditional car dealers you could sometimes negotiate to add the amount owed on your old car as part of the financing package of the new car. That requires good credit and a motivated car salesman.

    I also owe more on my current car than it's worth which I will be trading in for a CPO S. I plan on writing a check for the difference to the finance company to even me up. I can't complain TOO much since the reason I am upside down was I got $7500 back on my taxes for the EV rebate.
     
  4. JPUConn

    JPUConn Member

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    Don't forget the $6k down-payment that effectively adds $250/month to your 24 month lease or $167 on a 3 year.

    Have you considered picking up a CPO Model S with intent to sell when your 3 comes in?

    It will be difficult for me to want to 'downgrade' to a 3 when it comes out but not having features like AWD or Autopilot on my S should help. I figure I would lose at max ~$15k over 2 years but likely less as I'll still have the CPO warranty to transfer (bought it for $45k and believe the floor will be around $30k) for an effective cost capping out at $625/month and no mileage restriction / timing constraint if the 3 comes earlier or later than planned. Of course I could be wrong and my classic S could be worthless in 2 years - but i don't see that happening.
     
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  5. KCSunshine

    KCSunshine Member

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    I just ordered my 60D. Here is the break down. I hope this would help you a little....
    Total down payment (Including the $2500 and tax and fees): $8179
    Monthly payment (10000 miles) :$738
     
  6. xav-

    xav- Member

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    $30k for a 2 owner 5 year old model s..

    Is that when the brand new $35k model 3 with latest autopilot hardware is readily accessible?
     
  7. JPUConn

    JPUConn Member

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    My S has some options that I find attractive - 85kwh battery, leather, pano roof, air suspension, ambient lighting, fog lights and other components of tech package

    For $35k sure the 3 will be brand new but we're comparing used 5 series BMW to new 3 series - there should continue to be a market as the EV space isn't growing that rapidly and the new players like Bolt are pretty unflatterntly ugly.

    Also - I have 2 model 3's on reservation so don't get me wrong I think it will be amazing but I have no intention in ordering a stripped one for $35k but I also don't think it will make my still under CPO for 2 more years then 5yr old model s worth that much less especially with the backlog time to land a 3
     
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