This will be my first EV and given the technological advances Tesla/EV industry is making, wanted to weigh in both options. I have leased once long time ago before and knows the general pro's and con's of leasing a car. But times are different now and I was thinking of leasing first then as the EV industry matures a bit in a few years then purchase a future model after first round of lease ends? Looking in to a model Y.
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new member - need advice on lease or purchase a model Y
- Thread starter landarcht
- Start date
Tam
Well-Known Member
Tesla is a high-tech item so if you want to keep up with the tech, you might need to switch to a new one every few years. Thus, since you are familiar with leasing, I think technologically, it's an ideal reason.
ATPMSD
Active Member
Do not lease unless:
1. You drive no more than 12,000 mile / year
2. You do not keep a car longer than 3-years
3. You keep up with all maintenance requirements (not very difficult on a Tesla)
BUT, Tesla does not offer a favorable lease, at least they did not last year. A lease will cost you $X / month for a 3-year lease while a loan will be only about $100 more for a 5-year loan. Having much lower payments is why most people lease. If you run the numbers you may well find that the loan balance after 3-years (perhaps 50%) might be less then the car’s value (maybe 60%). But definitely run the numbers for yourself.
1. You drive no more than 12,000 mile / year
2. You do not keep a car longer than 3-years
3. You keep up with all maintenance requirements (not very difficult on a Tesla)
BUT, Tesla does not offer a favorable lease, at least they did not last year. A lease will cost you $X / month for a 3-year lease while a loan will be only about $100 more for a 5-year loan. Having much lower payments is why most people lease. If you run the numbers you may well find that the loan balance after 3-years (perhaps 50%) might be less then the car’s value (maybe 60%). But definitely run the numbers for yourself.
