If you are leasing your current car it may not make sense to pay off and trade it as you found out. Financing is still an option though, yes you will pay tax on full price (unless you can register it in NJ) but other that that a 72 month loan with selling it after 3 years is pretty much the same as a 3 year lease (with a ~50% residual) , and payment might be lower - you'd have to run the numbers.
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New Lease numbers seems very high
- Thread starter bell2041
- Start date
Agree with OP right above this post.
Tesla does not want cars back, thus high interest rate and low residual. They want you to own the car, e.g. below market 1.5 for 6 yr loan rate.
Although complex it is simple too-buying 109k car, lease pay 50k over 3 yrs plus tax and interest = 55k/36mos=1525/mo (rough numbers to make point).
Purchase 110k/72mos=Same payment.
Then you get the tax credit and state incentives (assume you can use them) makes the buy monthly equal less. Downside is you are committed double time to payments but likely to get those second half payments back at sale (can’t imagine a 6 yr old S going for less than 40 but we’ll see).
I purchased my S in 12/17 and love it but this is a hard step to get through. BTW if you make biweekly payments instead of monthly you will own it 6 mos earlier and save more interest.
Congratulations in advance.
Tesla does not want cars back, thus high interest rate and low residual. They want you to own the car, e.g. below market 1.5 for 6 yr loan rate.
Although complex it is simple too-buying 109k car, lease pay 50k over 3 yrs plus tax and interest = 55k/36mos=1525/mo (rough numbers to make point).
Purchase 110k/72mos=Same payment.
Then you get the tax credit and state incentives (assume you can use them) makes the buy monthly equal less. Downside is you are committed double time to payments but likely to get those second half payments back at sale (can’t imagine a 6 yr old S going for less than 40 but we’ll see).
I purchased my S in 12/17 and love it but this is a hard step to get through. BTW if you make biweekly payments instead of monthly you will own it 6 mos earlier and save more interest.
Congratulations in advance.
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