Snagged a P90D Inventory car for $700/mnth on the new 24 month lease

[TaoJones]

View attachment 191147 This could be a good reason why Tesla is offering 2 year leases on vehicles. This lot is full of 70D's and a few 90D's. All still new and waiting on a buyer

Glad to see that. Maybe buyers will stop snarfing up my loaner D/AP car(s) from Service the day before my appointments. Driving a non-AP car after driving exclusively an AP car adds an unwelcome element of risk to my driving. And not just because of the reversed/flipped stalks.

People are odd. I guess they get the impulse fever and want their new car *now now now* instead of waiting 5 weeks for one to be built for them. And in fairness, sometimes people have finite time (current car died or got into an accident, that sort of thing) constraints.

In any case, having a supply of new cars ready to go at even just a few of the CPO hubs around the country would go a long way toward meeting that type of more... traditional demand - especially at the low(er) end.

 

[Chopr147]

True. BUT, at this showroom and lot they are not allowed to sell any cars. One must go to the Tesla store about 9 miles away for ordering information, sales info etc.....It's a NY thing. I believe Tesla is only allowed a certain amount of stores for direct sales. More of the dealership model BS!

 

[typhune]

+1, picked up a P90D demo this weekend as well. Too good to pass up the lease rates and a large MSRP discount. So who bought the red P90D in North Carolina? I was ready to buy that one and someone snatched it. Ended up with metallic silver out of DC, still a fantastic buy.

 

[n2mb_racing]

So, is this a really good deal or something that comes along pretty often? I haven't consider leasing before, but it seems like you can get a lease now for under $900 for a car that normally leases for over $1900. That seems amazing!

Another way to think about it.
MSRP $140k
$30k discounts
$110k purchase price.
-7500 fed credit
$103k purchase....

Meanwhile, leasing costs $27k total for 2 years.

At the end of 2 years of a 6 year loan of $106,400 at 1.49%, you'd still owe $72k. If you sell the car for 65% of MSRP or 91k, you get 19k back, but you paid $37k in loan payments over the course of 2 years.

So, the purchase would have cost you ~$18k for 2 years.

Hmmm. Maybe my math is optimistic here. I'm guessing the buy and sell it yourself option comes out ahead, but probably not by that much. I assume you are paying for the convenience of being assured you can turn it in and not worrying about selling it yourself.

Does this make sense?

 

[typhune]

Generally it's an excellent deal because the residual percentage is based off MSRP. With a 25-30k discount, you are not paying for as much of the depreciation. Think of it the same way as if you priced out a BMW 760 loaded, and put 30k down. It reduces the capital cost, but in this case, Tesla is doing it for you!

 

[EinSV]

Snagged a P90D Inventory car for $700/mnth on the new 24 month lease

Take a BMW 5 series for instance:
- Residual is 61 percent after 3 years.
- Model S it's 62 percent after 2 years.

Then the APR is 4.3 percent with tesla. BMW it's 2 percent once you add the refundable security deposits (3 percent without them). Tesla doesn't do security deposits.

Then comes MSRP. Your GS450h quote seems to assume $0 off MSRP. Is this realistic? Assuming $5k off MSRP.. Not uncommon for cars like that.. Your entire down payment would not be needed anymore.

lets take the demo car as an example. I could easily find a demo 5 series with $10k off for 400 to 500 a month. Some people even got less than $400. That assumes $0 down other than the refundable security deposits. For a $55k - $60k car. Even new cars in stock you easily get 10 percent off.

With tesla you can only do that with loaded p90ds. BMWs don't do these deals only for a loaded M5.. They do it accross the board.

Back to your base tesla example once you add the $5k down... That $593 turns into $800+ a month. For a base car with cloth seats and no autopilot I think its steep, especially in contrast to what you got.

I think you got a killer deal. Do all cars lease great? Absolutely not I have never said that. Most do not. Does a GS450h lease well? I doubt it. I don't think many buy these cars at sticker though.

But why doesn't tesla do some deals on demo 60s or 70s? I am not asking for anything like you got.. But something simple like $5k off would eliminate the entire down payment.

Xav,

The numbers I posted were straight off the Mercedes and Lexus websites, and I included the print-outs to back them up. No amount of hand-waving can change the facts that Tesla's two-year lease for a base Model S60 is roughly half the price of even lower priced Lexus and Mercedes. You mention BMW but I didn't see any two-year leases offered for comparable cars and you don't point to any.

Of course, any carmaker can offer discounts -- that is a separate issue from whether the leases it offers are on favorable terms. Again, you have been criticizing Tesla's leasing deals left and right (other than the inventory P90Ds). If you can back that up that criticism by showing competitors offering a better two-year lease deal for a comparably priced car, please feel free.

From what I saw (and posted) just based on quick research, other carmakers offers for two-year leases were much worse than Tesla's -- in fact they were priced almost twice as high as the base Tesla S60 lease.

 

[n2mb_racing]

I might have been too optimistic about resale price. I'm noticing that this configuration 2014 or 2015 P90DL is selling used now for $92k. I imagine there is still more depreciation in store, especially with Autopilot 2.0 and P100D around the corner. So, it might even sell for $72k in 2 years... Which would make buying worse than leasing by far... Interesting!

So, is this a really good deal or something that comes along pretty often? I haven't consider leasing before, but it seems like you can get a lease now for under $900 for a car that normally leases for over $1900. That seems amazing!

Another way to think about it.
MSRP $140k
$30k discounts
$110k purchase price.
-7500 fed credit
$103k purchase....

Meanwhile, leasing costs $27k total for 2 years.

At the end of 2 years of a 6 year loan of $106,400 at 1.49%, you'd still owe $72k. If you sell the car for 65% of MSRP or 91k, you get 19k back, but you paid $37k in loan payments over the course of 2 years.

So, the purchase would have cost you ~$18k for 2 years.

Hmmm. Maybe my math is optimistic here. I'm guessing the buy and sell it yourself option comes out ahead, but probably not by that much. I assume you are paying for the convenience of being assured you can turn it in and not worrying about selling it yourself.

Does this make sense?

 

[n2mb_racing]

You could lease a 2015 640i xDrive Coupe for about the same monthly payment. But, I think that is only an $80k MSRP car... This is a $110k or $140k car, depending on how you look at it...

I might be forgoing autopilot 2.0 for 2 years until this lease is up!

Generally it's an excellent deal because the residual percentage is based off MSRP. With a 25-30k discount, you are not paying for as much of the depreciation. Think of it the same way as if you priced out a BMW 760 loaded, and put 30k down. It reduces the capital cost, but in this case, Tesla is doing it for you!

 

[Mike K]

The seatbelt broke on my 2013 this afternoon. As I was sitting at the San Clemente supercharger pulling just 40 amps and sulking, I decided to call a couple of stores. Nobody could come close. Burbank gave me $1200 and Santa Monica gave me $1050 on a P90D with no UHFS and no air suspension, both plus 9% sales tax. So basically nowhere near what the OP and others got. It wasn't a bad deal by any stretch of the imagination but I don't need a P90D so whereas others are looking at the cost of a new P90D and comparing the demo cars to that, I'm looking at the cost of a 90D and comparing them to those. If I could come up with a 90D, 85D or P versions of either of those cars for $750 - $800 a month all in with the same downpayment as the OP I'd be good to go.

 

[xav-]

Xav,

The numbers I posted were straight off the Mercedes and Lexus websites, and I included the print-outs to back them up. No amount of hand-waving can change the facts that Tesla's two-year lease for a base Model S60 is roughly half the price of even lower priced Lexus and Mercedes. You mention BMW but I didn't see any two-year leases offered for comparable cars and you don't point to any.

Of course, any carmaker can offer discounts -- that is a separate issue from whether the leases it offers are on favorable terms. Again, you have been criticizing Tesla's leasing deals left and right (other than the inventory P90Ds). If you can back that up that criticism by showing competitors offering a better two-year lease deal for a comparably priced car, please feel free.

From what I saw (and posted) just based on quick research, other carmakers offers for two-year leases were much worse than Tesla's -- in fact they were priced almost twice as high as the base Tesla S60 lease.

That's your problem: you pull your number straight from the manufacturer websites. Nobody buys these cars at sticker price. True car prices on a GS350 is $7k off sticker (looks like they discontinued the 450h). There is nobody that goes to the dealership and buys this at sticker. Lexus IS not tesla

By the way I am not the one who came up with this. Others have brought this up.

Some companies lease great, others don't. Tesla is in the latter category. Doesn't mean that they don't do great cars.

 

[n2mb_racing]

Sulking about charging at 16kw? As a Roadster owner, that's the best we ever get!

The seatbelt broke on my 2013 this afternoon. As I was sitting at the San Clemente supercharger pulling just 40 amps and sulking, I decided to call a couple of stores. Nobody could come close. Burbank gave me $1200 and Santa Monica gave me $1050 on a P90D with no UHFS and no air suspension, both plus 9% sales tax. So basically nowhere near what the OP and others got. It wasn't a bad deal by any stretch of the imagination but I don't need a P90D so whereas others are looking at the cost of a new P90D and comparing the demo cars to that, I'm looking at the cost of a 90D and comparing them to those. If I could come up with a 90D, 85D or P versions of either of those cars for $750 - $800 a month all in with the same downpayment as the OP I'd be good to go.

 

[Bangor Bob]

So when is a realization of what an "8 year, unlimited mile drivetrain and battery warranty" actually means going to trickle into the consciousness of the secondary market?

Leasing just isn't an option for supercommuters, but it would carry me to the Model 3 nicely if I could get a reasonable amount of miles included on the lease.

Dollar a mile depreciation is a bit rich for me...

 

[n2mb_racing]

xav-,
I'm not sure I'm following your math. It seems like these latest deals are a lot bigger than taking $7k off sticker. We're talking about leasing $110k cars for under $900. I think that monthly payment at other companies only gets you about $80k in car. Maybe $87k if we add in your discount off sticker. Do you think this deal isn't that good? We're not talking about the regular lease prices, which are much higher...

That's your problem: you pull your number straight from the manufacturer websites. Nobody buys these cars at sticker price. True car prices on a GS350 is $7k off sticker (looks like they discontinued the 450h).

 

[Mike K]

Sulking about charging at 16kw? As a Roadster owner, that's the best we ever get!

More sulking about the seat belt. I have an early production S with all the obscure issues of an early production S.

 

[xav-]

xav-,
I'm not sure I'm following your math. It seems like these latest deals are a lot bigger than taking $7k off sticker. We're talking about leasing $110k cars for under $900. I think that monthly payment at other companies only gets you about $80k in car. Maybe $87k if we add in your discount off sticker. Do you think this deal isn't that good? We're not talking about the regular lease prices, which are much higher...

I think a loaded $140k P90D for $900 is a killer deal. I think their regular deal is not great. In my case I come up to $704 a month for a $73k config (base with leather autopilot and sunroof). I think that's pricy honestly. Comes to $1k a month after including what's due at signing

I am seeing a deal as I am typing for a $50k MSRP loaded c class at $450 a month after taxes with only $1.8k due at signing. Maybe I should pull the trigger on that before I end up doing something that I will regret.. Then get the 3.

 

[n2mb_racing]

Why don't you get one of the loaded P90DL cars for $900 / month then? Not that I need more competition in finding them!

I think a loaded $140k P90D for $900 is a killer deal. I think their regular deal is not great. In my case I come up to $704 a month for a $73k config (base with leather autopilot and sunroof). I think that's pricy honestly. Comes to $1k a month after including what's due at signing

I am seeing a deal as I am typing for a $50k MSRP loaded c class at $450 a month after taxes with only $1.8k due at signing. Maybe I should pull the trigger on that before I end up doing something that I will regret.. Then get the 3.

 

[EinSV]

I think a loaded $140k P90D for $900 is a killer deal. I think their regular deal is not great. In my case I come up to $704 a month for a $73k config (base with leather autopilot and sunroof). I think that's pricy honestly. Comes to $1k a month after including what's due at signing

I am seeing a deal as I am typing for a $50k MSRP loaded c class at $450 a month after taxes with only $1.8k due at signing. Maybe I should pull the trigger on that before I end up doing something that I will regret.. Then get the 3.

You say that you think the two-year lease deal on a base Model S is pricey, but have not backed that statement up with any data of leases for comparably priced cars. As noted in my posts above, a quick internet search found competitors selling cars for the same price are charging twice as much on a two-year lease. Your unsupported opinion appears to be contrary to the facts.

Comparing a lease on a C-Class to a Model S is, to put it politely, a stretch. If that's the car for you by all means you should lease it, but it is not in the same class as a Model S.

 

[SoCal Jimmy]

+1, picked up a P90D demo this weekend as well. Too good to pass up the lease rates and a large MSRP discount. So who bought the red P90D in North Carolina? I was ready to buy that one and someone snatched it. Ended up with metallic silver out of DC, still a fantastic buy.

That would probably be me There were two of them when I hit buy on mine.

 

[n2mb_racing]

So, can anyone say if this is a normal deal that happens end of quarter, or something really unique?

 

[EinSV]

I am seeing a deal as I am typing for a $50k MSRP loaded c class at $450 a month after taxes with only $1.8k due at signing. Maybe I should pull the trigger on that before I end up doing something that I will regret.. Then get the 3.

I took a quick peek at the MB website and the statement highlighted above is incorrect. A two-year lease for a $50K MB C-Class is actually $649 per month, not $450 per month, with $5K down and 10,000 miles/yr. So even the MB C Class you use in your example is more expensive than the base S60 lease at $593/mo for a 10K mile lease. And this is without even factoring in the gas savings.