So, in New Jersey right now you get a $5,000 rebate on any EV for lease OR purchase.
So that means, for the new Model Y lease, in theory, your down payment (plus another $500) could be used to reduce the effective monthly cost on the lease. A few things..
- I know making a down payment on the lease is not a good call. So for the case of this example, i would pocket the 5,000 and effectively reduce the lease payment by $5,000/36 months = $138/month.
So if we just did a $0 down payments lease at 10k miles but still paying the $1,800ish inceptions up front, the effective monthly in NJ would be around $530/month after you factor in the $5k rebate.
Do that rebate make any more sense because you are using it over a 36 month term vs financing? Im struggling with the lease/finance scenario because I'm a "new car every 3 years" person.
Thanks for your input
So that means, for the new Model Y lease, in theory, your down payment (plus another $500) could be used to reduce the effective monthly cost on the lease. A few things..
- I know making a down payment on the lease is not a good call. So for the case of this example, i would pocket the 5,000 and effectively reduce the lease payment by $5,000/36 months = $138/month.
So if we just did a $0 down payments lease at 10k miles but still paying the $1,800ish inceptions up front, the effective monthly in NJ would be around $530/month after you factor in the $5k rebate.
Do that rebate make any more sense because you are using it over a 36 month term vs financing? Im struggling with the lease/finance scenario because I'm a "new car every 3 years" person.
Thanks for your input