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Need Help with TESLA LEASE Numbers, Do These Numbers Make Sense?

Discussion in 'Model S: Ordering, Production, Delivery' started by broncophil, Feb 23, 2015.

  1. broncophil

    broncophil Member

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    So I priced out the following.. and then i emailed Tesla Finance regarding a lease.

    16630889095_bbfd2c405d_b.jpg

    Cost is $84,570, minus $5000 deposit minus 36/months @ 1,010 (this is the amount before taxes, so monthly leaes amount is closer to $1200)

    so

    84570
    -5000
    -36360
    ********
    $43,210

    yet tesla finance came back with a residual of "60% which equals $50,631"

    I know that im ball parking here, but this seems different from all the other cars ive leased, some of which i've come out way ahead on when the 36 months up.


    any help appreciated..
     
  2. Lloyd

    Lloyd Active Member

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    The difference is lease fees and financing costs. Understand that recently most leases by "Dealers" are underwritten by the manufacturer to get rid of inventory and sell cars. Teslas leases are financed by a bank (s).

    What would your payment be to finance it taking into consideration that you will get the 7500 tax credit and the $2500 from California? I believe the payment 60 months is about the same, and then you own it!!
     
  3. purplewalt

    purplewalt Active Member

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    What are the maximum miles per year allowed, and what is the cost for any amount above that mileage?
    Are you looking to use a standard mileage, or a higher mileage?

    I think you may be looking at your lease payments as being equivalent to purchasing a car.
    They have probably worked in some sort of financing "percentage cost" as if the leasing company were purchasing the car.
    Taxes will have to be paid (by the leasing company) at the time the car is registered, that cost would be around 8% to 9% (and could be higher), depending on the California county the car is registered in.

    You will not be eligible for the $7,500 Federal Tax Rebate since it is a Lease: only the purchaser (leasing company) can apply for that.

    If you are wanting to "come out ahead" at the end of your lease, maybe you look at leasing an S85?
    I think an 85 will generally be a more marketable commodity than a S60 at the end of the 3 year lease term, especially since the Model 3 will be out at that time.
     
  4. broncophil

    broncophil Member

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    lease is 12k miles a year.

    the reason i want to lease is because even though i love the tesla, i believe its a bad time to buy. tesla is a relatively new car company, and you never know what can happen if they get overly ambitious financially.

    and lets face it, lots of luxury makers are starting to roll out their own versions of electric or at least plug in hybrids.

    and regarding the 7500 tax rebate, thats where i think the numbers dont add up.. the lease seems about $200 too high.. it should be around $1000/month after taxes..

    right now its $1150 after taxes. and thats with $5k cash upfront.

    maybe tesla does leases differently, because i've had 2 lexus, 1 mbz, 1 audi, 1 infiniti, 1 bmw, and 1 range rover.

    and all of the above the lease numbers were very similar to buy numbers... (i.e. if i were to buy after lease termination, it would have been very similar if i had bought from the beginning)
     
  5. purplewalt

    purplewalt Active Member

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    Leases may work if you want to drive a new car every three years, but there is an associated cost for that bit of luxury.
    Don't expect to get some sort of financial advantage: the base price IS the price.
    Some of the other cars could have had some sort of soft numbers for the purchase of the car vs. the MSRP.
    And you might never know about the real cost of the car.
    Or any additional rebate the manufacturer made available to the the Lease company.

    From the list you compiled, it looks like about 21 years of leased cars.

    New cars depreciate a LOT faster than used cars.
    Maybe you look to purchase one of TM loaners, or slightly used models that current owners are listing have as they trade up to a P85D or S85D.

    No other manufacturer makes a competitive pure BEV.
    None.
    Yes, they make hybrids, or a low-mileage range EV.
    The Model S is in a league by itself.
    The S60 you are looking at has been Supercharge enabled, and since you are in Cali, you can drive a really long way for free.
    None of the other cars on your list came with free gas, or did they?
    There currently is only the Model S, soon to be also the Model X.


    If you need the kid seats: great.
    If you want the full-sized 7 seat version, you will need to order a Model X, but will have to wait until 2016 for delivery.

    Tesla makes great cars, and the service is stellar.
     
  6. PokerBroker

    PokerBroker Member

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    I just can't imagine buying a new S60 for more than you can buy a gently used, low miles S85.
     
  7. svp6

    svp6 Member

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    The lease calculator on the Tesla website is accurate within few dollars (tax is included). The difference you see comes from the cost of financing offsetting the tax incentive being rolled into the residual. for me this "rent charge" was ~$10,000.
     
  8. broncophil

    broncophil Member

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    Tesla finance said that tax was not included.

    Maybe I should go into the store and talk to someone?
     
  9. 647chang

    647chang Member

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    I think one thing you forgot to add in is, its $5000 + 1st month down.
     
  10. MitchJi

    MitchJi Active Member

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    Hi,

    A friend of mine avoids paying CA Sales Tax by leasing her cars from a company in Oregon which doesn't have a sales tax.
     
  11. bonaire

    bonaire Active Member

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    For those about to lease, i cannot see why not just buy a CPO and have no mileage limits. Good prices on CPO.
     
  12. jeffro01

    jeffro01 Active Member

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    Perhaps it's because I don't want a used car? I wouldn't buy a CPO under any circumstances. Now that's just me, but I doubt I'm alone in this price segment.

    Jeff
     
  13. GOPJEW

    GOPJEW Member

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    I have conflicting information about the lease including taxes or not - the Tesla website states what the cash at delivery will be but then the DS told me tax was not included - does anyone have a DEFNITIVE answer on this when you leased yours?
     
  14. jeffro01

    jeffro01 Active Member

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    Depends on your state. Tesla has different options in different states depending on what the laws are there. Unfortunately I can't directly answer your question as I don't know MD laws. Have you looked at the calculator here? http://www.teslamotors.com/support/tesla-leasing

    What I can say is that you normally have a lease payment (the design studio estimates this) PLUS sales tax every month so that lease payment you see in the design studio is missing the monthly sales tax.

    Jeff
     
  15. MassModel3

    MassModel3 Member

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    I bought my Model S used through Tesla before the CPO program existed -- 16 months old with 10,600 miles. I took ownership back in September, and I have to say that I am incredibly impressed by how the service centers treat me. My Model S has all of the warranties provided the original owner who was a mom with little kids (I found glitter in the 3rd row seats!). Every single issue I've ever had has been addressed and prioritized as if I paid the $80K paid by the original owner. Tesla service centers are not profit-making entities so they treat everybody like King, regardless of new ownership, used ownership, or CPO.

    I've never bought a non-new car until the Model S, but I'm so amazed with Tesla service and customer care that I would absolutely not hesitate to do it again.
     
  16. jeffro01

    jeffro01 Active Member

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    Fair enough but again, that's you and not me. :)

    Jeff
     
  17. GOPJEW

    GOPJEW Member

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    Thanks Jeff - this was the answer I was looking for. For MD I need to pay the taxes up front via Tesla. Unfortunately this is NOT MD law but Tesla Law as I can get the MD tax credit so i need to pay the whole thing - other dealers, who don't get the tax credit, weave the taxes into the Lease.
     
  18. jeffro01

    jeffro01 Active Member

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    Gotcha, at least you got it figured out. :)

    Jeff
     

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