Jedi2155
Model 3 has Arrived.
Can anyone here whose actually leased a Model 3 tell me what your overmileage rates are and your configuration? I'm wondering mostly regarding P3D+ over-mileage lease rates.
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Total lease costs?
- Thread starter MrFusion
- Start date
Dan203
Active Member
I got the 10k/year lease on a a Performance. It says overage is $0.25/mile.
Jedi2155
Model 3 has Arrived.
That's interesting. Calculating either end of the spectrum:
Basically:
- $30k for 30,000 miles - $1/mile - Lower Limit of Starting a Lease
- $60k for 150,000 miles - $0.40/mile. - Upper limit before its the price as owning
Dan203
Active Member
Gonna be worse for me. My BMW only has 19k miles on it after 39 months. So unless I take some road trips it's going to cost me about $1.65/mile including electricity. By contrast the BMW cost me about $2/mile with gas, so the Tesla is cheaper. Although if I had leased the BMW instead of buying I think I would have been better off. I thought I'd keep it longer, but got sick of it pretty quickly.
I also try to put no money down on a lease as well. There is an important reason why that I have not seen discussed in this thread.
Say you put $5,000 down on a lease, and, the following day, your car is totaled in an accident. Your insurance is going to reimburse the owner of the car, the leasing company, as you do not own the car.
At that point, your $5,000 cap cost reduction is gone forever.
Dan203
Active Member
I didn't realize $0 down was an option. The website said $3,500 so I assumed that was the minimum. I would have been willing to pay a higher monthly payment to keep more of my money. The interest rate on the loan is less than I make on average from my S&P500 index fund so it would have been better for me to invest that money instead. But being new to leasing, and doing it all 100% online, I didn’t realize there was any wiggle room in that $3,500.
Next time around I'll know and see what I can do to get that amount down.
Yes, but in other EVs I’ve leased the manufacturer passed on a portion of the tax credit savings since they are claiming the credit.
I believe Tesla does include the rebate in the residual. At least I think they started to do it in July when they lowered the down payment from $4500 to $3500 while the rebate went from $3750 to $1875.
