Hello Folks - Long time reader, first time poster. I am working on a lease for a model X and wanted to get some thoughts from the knowledgeable folks on this forum. The lease estimate I was given is listed below. Based on my calculations and knowledge of how the lease works the monthly should be in the $700 to $800 range but what I got from my OA is different. Am I missing something? Appreciate your thoughts.
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MX 75D Lease Question
- Thread starter gunners123
- Start date
Hello Folks - Long time reader, first time poster. I am working on a lease for a model X and wanted to get some thoughts from the knowledgeable folks on this forum. The lease estimate I was given is listed below. Based on my calculations and knowledge of how the lease works the monthly should be in the $700 to $800 range but what I got from my OA is different. Am I missing something? Appreciate your thoughts.
Attaching the image
X = ($45,868 - $8,293) / 36
With that calculation, I was only off by about $12 per month. You're going to have to put down significantly more if you want a car payment in the $700 - $800 range (like $17K, which is not recommended on a lease).
With that calculation, I was only off by about $12 per month. You're going to have to put down significantly more if you want a car payment in the $700 - $800 range (like $17K, which is not recommended on a lease).
Sorry, didn't follow your question. Fairly new to this Tesla lease thing. If I understand correctly, are you asking what the "other amounts" equate to? If yes, that is the adjustment on the car.
What I am confused about is the total cost of ownership in the image. It comes up to 45k which I thought would be more like 35k because the difference between residual and selling price is only 27k. Any thoughts on that?
thanks! That is good to know... if you don’t mind, can you share your lease details?
RVD98072
Member
You aren't adding in the interest paid for the total value of the car.
You are correct in that the difference between residual and selling price is $27k and your $700-$800/mo calculation would be correct if there was no interest.
However, you also have to pay interest at 5% on the full value of the car which ends up being around $300/mo over your 3 year lease so you need to add $300/mo.
IMO, the bigger issue with leasing is that you don't get any benefit from the $7500 federal tax credit anywhere...it's not a cap cost reduction, it's not a reduction on the residual if you buy, etc. you don't see any of that "in lease pmt"...afaik, they add it to the true residual so that your lease payments are lower so it makes no sense to buy at the end of your lease.
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Thanks, you are correct. I didn't add the interest - I will add that and recalculate. On the federal credit front, it is kinda annoying how they do it. Hopefully they change it in the future.
RVD98072
Member
Yes, it is very annoying how they do the federal tax credit. When I leased my Nissan Leaf, it was much more straightforward. IIRC they simply reduced the cost of the car (similar to a cap cost reduction).
I'm irked to the point where I'm thinking of going with a loan instead of a lease to get the full benefit of the federal tax credit before it goes away (I don't think it will be around in 3 years when my lease is up in case I decide to buy a new car at that time).
I'm irked to the point where I'm thinking of going with a loan instead of a lease to get the full benefit of the federal tax credit before it goes away (I don't think it will be around in 3 years when my lease is up in case I decide to buy a new car at that time).
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