hmmm
Member
That's one of the reasons I extended my lease...they're going to have to work on these initial buyout prices esp. since there should be a spike in supply in Q3 and hopefully, I will end up ahead and cover more than my DMV renewal fee.
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Snagged a P90D Inventory car for $700/mnth on the new 24 month lease
- Thread starter SoCal Jimmy
- Start date
That's one of the reasons I extended my lease...they're going to have to work on these initial buyout prices esp. since there should be a spike in supply in Q3 and hopefully, I will end up ahead and cover more than my DMV renewal fee.
hmmm
Member
I am "only" 6k over, and counting. Btw, I may be interested in your well-loved/driven X once the lease is up if they work on the buyout number. Are you planning on extending your lease and what color combo is it?
Ha, I think I mentioned it to @SoCal Jimmy but he blew it up here. A 16-year old driver took a left in front of me as I was going straight thru the intersection on a full green.
tmarcc
"Everyone has a right to a wrong opinion."
I've also noticed that the used prices on their site seem somewhat lower than our residual values. Has anyone successfully negotiated down their residual amount? I'm really glad we have the option to extend the lease for 6 months, but paying a full-year of registration fees bites. I guess it's sort worth it. Sorta.
I'm torn between buying the car outright vs getting a P3D.
I'm torn between buying the car outright vs getting a P3D.
Don't forget that the residual on your lease does NOT include the $7,500 rebate so they have an extra $7,500 in there in addition to the rebate so their net "cost" is actually the residual minus $7,500.
I recall the tax credit was applied to monthly lease payments, bringing the payments down. That's why the 2 year lease was so good -- the 7500 credit was divided by only 24 payments.
I'm not so sure about that. I actually did all the calculations for the lease payments and nowhere could I see or account for a $7,500 credit. Perhaps they changed the program after I did all the math. From what I recall, some of the 2 year lease payments were so low because some of those cars came with massive inventory discounts of up to $20,000+ to move those vehicles when the P100D came out. That's what really brought down the 2 year lease payments.
I'm about 8000 miles under my lease so far. Don't drive much.
I believe the Tax credit was supposedly used to raise the residual on US Bank leases, in effect lowering your payments, but then you lose it if you buy the car out at the end. I didn't really look into it too much since my payment was already so low I didn't really care.
I believe the Tax credit was supposedly used to raise the residual on US Bank leases, in effect lowering your payments, but then you lose it if you buy the car out at the end. I didn't really look into it too much since my payment was already so low I didn't really care.
That's exactly it. Basically if you buy the car at the end of the lease period for the residual, you "lose" the $7,500 rebate. This is why we decided to not lease after doing the math. Basically they get to take over the car at the end of the lease period for $7,500 less than the residual.
silentsnow31802
Member
30K over!? Here I thought I was doing bad at 26K over.
I will not be extending my least as I have my Model 3 already, even though its in the body shop cause some ding dong crashed into it.
I also do not want to pay the $800+ registration renewal I got in the mail a couple days ago.
Regarding the 7500 tax credit and the low payments on the 2 year leases. I do believe the car has to be leased for 3 years to qualify for the tax credit.
Yes, remembering now. Raising the residual has the same effect as being applied to (ie lowering) yr monthly payments.
But then since the residual is the buy back price, the tax credit is recaptured, so buying back almost never makes sense with the inflated residual.
2 or 3 year lease term doesn't matter.
I didn't realize the lease extension was an option. I was considering looking for a used car when these flood back in. Definitely not paying the $90k to buy mine out. I have been considering ordering the P3D though but I would prefer my used P90DL if I could get it close to the same price.
Wow, you said the honest truth and someone decided to hit you with a disagree. It's like someone is allergic to the truth and can't tell a fact from an opinion.
You are absolutely right. If you buy a vehicle back at the ends of the lease period, they "recapture" the tax credit so you don;' get it. This makes it a bad idea to buy the car at the end of the lease period in most cases.
For the reasons discussed above, I doubt a lease buyback will be in your favor as you will start with paying an extra $7,500 when they recapture the tax credit.
On the plus side, towards the end of the year, P90Ds are already in the low to mid 80s so you are already ahead of the buyback quote for your car. P90Ds will be in the late 70s by the end of the year.
Model S / 2015 / Pearl - e7772 | Only Used Tesla
Model S / 2016 / Silver - 19d7e | Only Used Tesla
I'm looking for something different so I ordered a P3D. Just hard for me to justify spending 80-90k on a several year old car when I don't need the trunk space, vs 64k after the credit for the P3D. I think in general the Model S looks better than the 3, but I really dislike the Model S nosecone.
At worst I'll drive the P3D for a few years and see what they do to keep the Model S fresh.
I tend to agree, I think we like the S better generally. I do like a smaller sporty car, but I want to make sure that we like the Model 3 enough to go with it. Guess there is always the option of the LR and save the money towards a new S later down the road. I don't ever look at the credit as a reduction personally. I do love the free supercharging for life so would miss that.
I always find that when a refresh (or newer style) comes out often times initially I think "gee, I like the old one better". Then later once more and more of the new style are out there my brain switches to "gee, those older ones look dated". My money is on an S / X refresh in the next couple of years that changes the nose-cone to be more similar to the 3 (no "break", just a smooth curve), and also the interior (remove mechanical vents, remove buttons, etc). Then our Ss and Xs will be "classic v2" tesla style
...Overall the S is a better car IMO - just not enough better, and not better in every way. I basically never supercharge my car. I find our ICE vehicle a lot more convenient for longer trips.
In 2 years I've been alone in my car 98% of the time, typically just commuting. So I'm going to try smaller + cheaper and see how it goes.
Also, I'm not sure what you mean by the credit not reducing the cost. If I don't get the car or get an ICE, I will definitely owe the 7500 in taxes. Comes right off my estimated tax bill at the end of the year.
We used our S to go tampa to philadelphia and it was great, wish it had a little more range though. For the taxes I just always have that money already at aside in my head and plan, I don't look at it as an immediate off the bottom line of the car is all I mean.
