I like the Tesla, but am worried about the risks. New company, mixed service reviews, etc. So I thought taking over a lease with, say, two years to go, might be a good way of checking out the car and limiting risk. Has anyone tried Swapalease or leasetrader? Any good? Any other options? Any general advice?
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Swapalease or Leasetrader or?
- Thread starter diver110
- Start date
Ostrichsak
Well-Known Member
The last thing anyone who wants to limit their risk should do is assume a lease or sublet out a vehicle. These are terrible, horrid ideas and you are setting yourself up for a nightmare. Sure, odds are good it will go smoothly but if it doesn't you're screwed w/o any recourse. I'm sure plenty of people will come in here saying they did that and it worked fine just like 5 out of 6 people who play Russian Roulette statistically survive & will have glowing reviews... still not worth the risk.
RED MDL3
Member
Actually it’s an excellent risk reduction strategy. I used swapalease to assume a lease on an Audi A4 premium plus where the original lessee prepaid $8k to drive payment below $500 per month. Low miles by first owner due to illness. Zero acquisition cost for me, warranty covered balance of lease term, and I had option to purchase at lease termination.
I ended up buying Model 3 so I returned at lease end at no cost. I enjoyed a below market monthly payment, no acquisition or termination cost, and warranty protection. Lessee was glad to get out of lease without early termination fees.
I ended up buying Model 3 so I returned at lease end at no cost. I enjoyed a below market monthly payment, no acquisition or termination cost, and warranty protection. Lessee was glad to get out of lease without early termination fees.
It is a good way to limit your exposure.Car will be under warranty. Make sure the car is in the same condition as when the lease car was delivered. You don't want to have to remove the wrap off a car or put a different set of wheels on. See if you can find one on a forum and take over that way.
I'm a big fan of lease assumption. I'm not sure what the dire warning was all about; the risk on leased vehicles is essentially limited to cosmetic damage, which you can verify prior to taking ownership. Everything else about leasing is known- payment, term, mileage, etc. In terms of financial risk, leasing is at the bottom of the spectrum. However, in terms of financial cost, it's all over the spectrum but with Teslas tends to be on the higher end since they don't have mature leasing programs like the legacy automakers.
That said, since Teslas haven't leased well historically I think financially you'd be significantly better off buying a used 3-4 year old car (from Tesla, with a warranty) vs assuming a lease for 2 years. Try it out for a year or two then order a brand new one once you've made up your mind; either trade or sell the used car once you do.
That said, since Teslas haven't leased well historically I think financially you'd be significantly better off buying a used 3-4 year old car (from Tesla, with a warranty) vs assuming a lease for 2 years. Try it out for a year or two then order a brand new one once you've made up your mind; either trade or sell the used car once you do.
AMPd
Well-Known Member
That’s literally the opposite of being true, leasing a tesla is the least risky way of getting one.
When I leased my tesla the residual value was 76k on a 2015 P90D in June 2019 with 40k miles, had I originally purchased the vehicle and decided to sell, do you think I would have received 76k for a p90d? Doubtful. With the rate tesla innovates the safe bet is always a lease, because at any moment tesla can drop a new feature that’ll tank your resale value.
Totally agree. Leasing is a great way to shift the risk of accelerated depreciation to the manufacturer/leasing company.
I'm still not understanding the "Russian Roulette" comment regarding lease transfers. I'm in the process of transferring a lease on a different car right now so that I can free up garage space for a Tesla (getting a 2015 70D on Thursday from Tesla), so if there is some major unknown surprise lurking, please do share. Maybe if I read my lease assignment agreement backwards while listening to scary music it will appear?
AMPd
Well-Known Member
Yeah that makes no sense to me either
If the leasing company has approved the lease transfer and after the transfer is complete I’m not sure what exactly you’re at risk for?
Thanks for all of the great feedback. I will not need to figure out how to do it. I might have actually leased a new, top of the line 3, the best handling of the Tesla in my view, but my girl friend and I both found the seats uncomfortable. And I don't want to be stuck with a car with bad seats for 3 years. While I can afford an S or X, at this point in Tesla's evolution, it is just more that I am willing to spend.
True, but reduced risk as well. That said, I have been monitoring the lease sites, and most "sellers" have unrealistic ideas about what their cars are worth. Some have fairly high lease payments and the seller is hoping to receive a lot of cash on top of having the lease assumed. Or assume a very high lease payment without much time left. Or the car is in CA, a little awkward since I am in MD. Still monitoring the situation, but now thinking about the 3 if I can fix the seat issue or a used S.
I should have been clearer. The one time I test drove the 3 both my girlfriend and I found the seats uncomfortable. I have not had the time to figure out if it was a one-off thing, and if not, if it is fixable. It does not seem to be common, but we are not the only ones who have had trouble with the 3 seats.
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