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Model Y leasing now available
- Thread starter Protect1989
- Start date
Ill go ahead and kick off the question of Lease vs. Buy
Was planning on purchasing a LR, 20" turbine, NO FSD, NO Trailer hitch, white w/ black; roughly $54,000
Purchase
Model 3 trade in value: $45,000 ($10,00 in positive equity)
Down Payment: $ 9,000
Loan: 45,000, 84 mo, 2.74%, $585/mo
Lease:
Down Payment: $2,000
Monthly Payment: $600/month
Model 3 Value: $45,000
Cash in pocket: $8,000
Its honestly looking like leasing is the far better option. As someone who doesnt keep their car for longer than 3 years (if that), I am trying to figure out why I wouldnt lease. I can take the the positive equity of my car and put it into the market.
Let the lease vs purchase debate...BEGIN!
Edit/Update:
My Model Y order has a very different lease number compared to what the configurator has. If I build out the Y, adjust my down payment to $2,000 ($3,295 including first month and acquisition fee) it shows a monthly payment of $600
HOWEVER, if I go into my account on the Model Y i currently have built, change the down payment to $3,500, it shows monthly payments of $706.
odd..
Was planning on purchasing a LR, 20" turbine, NO FSD, NO Trailer hitch, white w/ black; roughly $54,000
Purchase
Model 3 trade in value: $45,000 ($10,00 in positive equity)
Down Payment: $ 9,000
Loan: 45,000, 84 mo, 2.74%, $585/mo
Lease:
Down Payment: $2,000
Monthly Payment: $600/month
Model 3 Value: $45,000
Cash in pocket: $8,000
Its honestly looking like leasing is the far better option. As someone who doesnt keep their car for longer than 3 years (if that), I am trying to figure out why I wouldnt lease. I can take the the positive equity of my car and put it into the market.
Let the lease vs purchase debate...BEGIN!
Edit/Update:
My Model Y order has a very different lease number compared to what the configurator has. If I build out the Y, adjust my down payment to $2,000 ($3,295 including first month and acquisition fee) it shows a monthly payment of $600
HOWEVER, if I go into my account on the Model Y i currently have built, change the down payment to $3,500, it shows monthly payments of $706.
odd..
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I would have only considered a lease if their terms were as solid as BMW, which I consider the best in the business. BMW residuals are high, gap coverage is already built into the lease (in case the car is totaled, which is common for Teslas), miles are relatively cheap to buy ahead of turn-in if you are over the allotment, lease return is easy and very predicable and they BMW is very flexible if you are going to buy/lease another BMW. As a bonus, I've always lowered my money factor with multiple security deposits up-front, which really makes a difference. And you never, ever put a deposit on a lease. Wasted money. IMO, if you can't afford a zero-down lease, then don't lease.
Would I have considered a lease if it was available when I purchased and I wasn't so damn impatient to get my MY? Sure, because it still would have saved me about $150/month. Although Tesla resale values are some of the best in the business, I am legitimately concerned about the competition in 2-3 years bringing Tesla resale way down, so a lease can help avoid that potential situation. I also would have saved $3K on MSRP if my delivery was just 3 weeks later. Sucks to be the early adopters sometimes, but MSRP lowering can happen at any time with any retail product. As usual, though my wife was right...I wasn't really driving anyway, and I could have certainly waited to buy an MY. I work remotely 100% now, and no timetable for when they will let us back in the office, so almost 4 weeks into ownership, I have 250 miles on the car. Not a good return on monthly payments for how few miles I'm driving...but then again, I feel it would be worse with a lease. I'd rather be putting my monthly payment towards ownership than paying Tesla to rent my garage while my MY isn't driven
Would I have considered a lease if it was available when I purchased and I wasn't so damn impatient to get my MY? Sure, because it still would have saved me about $150/month. Although Tesla resale values are some of the best in the business, I am legitimately concerned about the competition in 2-3 years bringing Tesla resale way down, so a lease can help avoid that potential situation. I also would have saved $3K on MSRP if my delivery was just 3 weeks later. Sucks to be the early adopters sometimes, but MSRP lowering can happen at any time with any retail product. As usual, though my wife was right...I wasn't really driving anyway, and I could have certainly waited to buy an MY. I work remotely 100% now, and no timetable for when they will let us back in the office, so almost 4 weeks into ownership, I have 250 miles on the car. Not a good return on monthly payments for how few miles I'm driving...but then again, I feel it would be worse with a lease. I'd rather be putting my monthly payment towards ownership than paying Tesla to rent my garage while my MY isn't driven
I completely agree with @BreatheEasier, putting money as a down payment on a leased vehicle is lost money. It’s a misdirection that lowers your monthly payment but in the end, it’s still the same amount.
after doing some more digging, with a $0 down option, the payments came out to around $750/month, 10,000 miles year, 36months, no purchase option at end of lease.
I am 99% sure I will be purchasing my Y instead of leasing. For those of you thinking about leasing, be sure to expand the payment details on Tesla website to really understand all the costs associated with it
after doing some more digging, with a $0 down option, the payments came out to around $750/month, 10,000 miles year, 36months, no purchase option at end of lease.
I am 99% sure I will be purchasing my Y instead of leasing. For those of you thinking about leasing, be sure to expand the payment details on Tesla website to really understand all the costs associated with it
ElectricIAC
Good-Natured Rascal
ElectricIAC
Good-Natured Rascal
Leases are good when the terms don’t suck. I would honestly be all over turning my Y into a lease if I could buy it out at end of term but that stipulation makes it where I will likely sell my P3D instead.
Personally, leasing is for me as nothing I own stays more than a year. I buy a new phone every year, a new tablet, watch, computer, etc. Given that Tesla changed their MCU warrantee to two years instead of 4 on model S/X, definitely pushed me off the edge of buying. Anyone who owns on old MCU will know what im referring to. (cough cough eMMC) I'm two years into my Model X and already looking at Model 3, Y or cybertruck.
jf64k
Member
And that’s only 10k/yr miles. I’d need 15k/yr.
With $0 down, it’s $715/mo and that doesn’t include tax. (LR, MSM, Tow, No FSD)
With $0 down, it’s $715/mo and that doesn’t include tax. (LR, MSM, Tow, No FSD)
I just read that M3s hold close to 90% of value after 3 years. I expect the MY to have similar numbers. I don't know of ANY other cars that will have such strong resale value. Not even the exotics. If you lease a MY for 3 years, you are throwing that equity away and giving the car back to Tesla with your money in the "frunk"!
So let's do some quick math, you are paying ~$700/mo for a car that barely depreciates. 10% of $55k is $5.5k, divide that over 36 mos ($153) add that with reasonable money factor that'll charge you max of $50/mo, it would barely go over $200 per month! So where does the extra $500 go? Well, towards Mr. Musk's $55 billion payday, that's where!
Not to mention the $$ you'll need to spend for penalties if you go over your miles + disposition fees + damages which are all pretty significant these days. My MY (soon to be) is replacing a leased Audi. With just 4k miles over + the disposition fee, it's going to cost me $1500. That's 2 payments on my MY and not tickled about it. I think I've had my fill with leases. With next to zero maintenance on MY and powertrain warranty for 80K miles, I am happy to own it.
Tesla Model 3 retains almost 90% of its value over 3 years, study shows - Electrek
So let's do some quick math, you are paying ~$700/mo for a car that barely depreciates. 10% of $55k is $5.5k, divide that over 36 mos ($153) add that with reasonable money factor that'll charge you max of $50/mo, it would barely go over $200 per month! So where does the extra $500 go? Well, towards Mr. Musk's $55 billion payday, that's where!
Not to mention the $$ you'll need to spend for penalties if you go over your miles + disposition fees + damages which are all pretty significant these days. My MY (soon to be) is replacing a leased Audi. With just 4k miles over + the disposition fee, it's going to cost me $1500. That's 2 payments on my MY and not tickled about it. I think I've had my fill with leases.
With next to zero maintenance on MY and powertrain warranty for 80K miles, I am happy to own it.Tesla Model 3 retains almost 90% of its value over 3 years, study shows - Electrek
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FredMertz
Member
I thought this was crazy until I looked at the prices of Model 3s on Carvana. I'm probably not doing it right, but they seem to be selling on par with (or sometimes higher than) new ones? I guess they don't adjust to price changes??
Well, M3 are so much more popular than S or X due to its price point so there's higher demand. The pre-owned S and X are still out of reach for a lot of people. And now that federal/state tax break is practically non-existent, there is not a compelling reason to pay 10-20% more for a new one.
Kofther
Member
Base AWD is about $50K
($499 x 36) + 4500 (down payment) = $22,464
You only pay sales tax on the monthly $499 and not the entire purchase price of $50K. So I guess if you buy outright on a 60 month loan you have to say will the car be worth $27,536 in 5 years.
I've always leased my cars but usually because the manufacturer had some great program.
($499 x 36) + 4500 (down payment) = $22,464
You only pay sales tax on the monthly $499 and not the entire purchase price of $50K. So I guess if you buy outright on a 60 month loan you have to say will the car be worth $27,536 in 5 years.
I've always leased my cars but usually because the manufacturer had some great program.
Kofther
Member
That’s a good question. When I lease my Bolt EV the $2,500 rebate went to Chevrolet. Also just looked at the lease details. There is a $695 acquisition fee and a $395 disposition fee.
That only applies to out of warranty replacement MCUs. The MCU that comes with a new car is covered by the 4 year/50k bumper to bumper warranty.
I don't think the tax credit is available on leases. You get that credit when you file your taxes but only if you purchase. It reduces you taxable income by $2k.
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Those numbers are before taxes and other fees which will nearly zero out the $4500 down payment. I would be shocked if anyone can lease a MY for $500/mo without a sizable down payment.
Kofther
Member
Maybe. The configurator gave you the option of adding tax into the payment or not. I figured to make it a more apples to apples comparison I’d leave taxes out in both lease and buy.
They do a good job of listing all the fees in the details but for sure I’ve never leased with a Tesla so I am only taking a guess.
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