Need Advice On End of Lease Situation on Model S

[SIFutbol]

Hello Everyone,

I'm new to the forum, so thanks in advance for any advice.

The lease on my 2016 Model S75 (new Facia) ends October 1 and I'm debating my options.

I took over this 24 month lease from another party 17 months ago with no money down (they even payed the transfer fees). Pmt is $815 (inc tax) and residual is $58,500.

Car has:
2016 Model S 75 RWD
19" Slipstream Wheels
Midnight Silver Metallic Paint
Autopilot Convenience Features
All Glass Panoramic Roof
Black Next Generation Seats
Black Alcantara Headliner
Premium Upgrades Package
Dark Ash Wood Decor
Subzero Weather Package
FREE SUPERCHARGING

Car now has 34,500 miles, so I am over by 4,500 at this point and will likely put another 1000 on the car by the time the lease ends. Tesla wants $0.25 per extra miles, which will be about $1375 + $350 disposition fee when I turn it back

Would it make sense to buy the car for the residual value, given the fact that I took over this lease with no money out of my pocket or would you turn it in and look to lease a new one?

 

[JasJ]

Depends - how long do you want to stay in this car?

Some people can extend the lease by 6 months for the same payment. Gives you more time to plan for replacement. But if you drive more than 1000 miles a month it may not be worth it. If you drive less, your turn in fee will drop. You have a pretty good lease payment if you want the car for a year or less. If you want to keep the car for a few more years, the residual buyout seems reasonable.

 

[Spidy]

Are you also considering a Model 3 or just an S?

Overall I think it's very difficult to asses the value of used Model S cars since the 3 has a big effect on that.

Do you have AP2?

 

[SIFutbol]

Are you also considering a Model 3 or just an S?

Overall I think it's very difficult to asses the value of used Model S cars since the 3 has a big effect on that.

Do you have AP2?

Just considering Model S...This car has AP1, which works well for me...Actually worked better than AP2 in the 2017 MS loaner that they gave me.

 

[SIFutbol]

Depends - how long do you want to stay in this car?

Some people can extend the lease by 6 months for the same payment. Gives you more time to plan for replacement. But if you drive more than 1000 miles a month it may not be worth it. If you drive less, your turn in fee will drop. You have a pretty good lease payment if you want the car for a year or less. If you want to keep the car for a few more years, the residual buyout seems reasonable.

That's the question. I'm guessing maybe 2 more years, but I fear the value will drop significantly after 2 years.

 

[ucmndd]

That residual seems a little high to me. If you only want to keep it for 2 more years I think you’d probably come out ahead giving it back and starting another 24 month lease.

I think the model 3, ever increasing used model S fleet size, plus all of the EV competitors hitting the market in the next couple years is going to be very unkind to used Model S values.

 

[Chopr147]

I am very interested in how the S value will hold. $58.000 sounds reasonable and of course financially, with a new one the monthly $ takes a hit. The 3 is a great car but looks alone next to the S , the 3 looks 'economy". My opinion. I am still 1 year out on my 3 year lease with a $50,000 residual and plan on buying. At least that's how I think today.

 

[rjcbox]

I would buy it. The only reason I returned my 70D after my 3 year lease was bc it was in a descent accident/lots of front end damage/airbags. The repair shop fixed like new (even better I think the panels were even better aligned lol). But I knew if I ever sold it, I'd take the diminished-value hit. I really miss that car (AP1) - waiting for my new AWD3 to dry the tears.....

 

[Zorg]

I would buy it. Equivalent new 75 is low 80s before tax rebate.