I'm seriously considering jumping on the Model 3 lease. The website shows down payment of $3500 and then monthly payment of $499 for the LR AWD model with standard options. I assume that this is like any lease and the only costs on top of the monthly payment are my local sales tax, but are there any other costs associated with starting the lease or is it just a straight up $3500 and then the $499/month + tax? Has anybody on here done one of these latest lease deals?
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Total lease costs?
- Thread starter MrFusion
- Start date
Petrocelli
Member
Hi, MrFusion, I am planning to lease this same configuration, and I don't see a price anything like what you are describing displayed when I query Tesla's lease page. I have checked into the parameters pretty thoroughly, and what you are quoting sounds like it is missing something, can you possibly post a screen capture or somehting like that? Thanks!
I was lured into a lease deal and ended up taking it. One thing that down/monthly payment does not factor in is the sales tax and destination charge. For reference, I am leasing my SR+ (Black/white guts/19", $44k sticker) for $450 a month. That $450 a month was only achievable after putting a deposit down of $2500 + $5400 trade in value, so nearly $7.5k down.
chewyc
Member
Not apples to apples, but here's what my performance looks like with $2500 deposit + 1k at signing in my Tesla account. I assume the lease payment quoted includes the tax listed below.
California will give me $2.5k EV rebate, and another $1k from SCE, so essentially it's a zero down proposition after rebates.
Car Price $57,940.00
Est. Lease Payment 36 months, 10,000 miles/year $739.41/mo
Est. Amount Due $1,000.00
Car Price $57,940.00
Autopilot Included
Performance Brakes Included
Dual Motor All-Wheel Drive Included
All Black Premium Interior Included
Solid Black $750.00
Premium Interior Included
Model 3 $35,000.00
20’’ Performance Wheels Included
Carbon Fiber Spoiler Included
Long Range All-Wheel Drive Performance $14,990.00
Performance Pedals Included
Performance Upgrade $6,000.00
Destination Fee $1,125.00
Documentation Fee $75.00
Est. Lease Payment $739.41/mo
Term 36 months
Annual Mileage 10,000 miles
Sales Tax $49.98
Money Factor 0.002217
Est. Amount Due $1,000.00
First Month's Lease Payment $739.41
Cash Down Payment $1,263.59
Sales Tax $142.00
Tire Fee $7.00
License Fee $377.00
Acquisition Fee $695.00
Electronic Filing Fee $30.00
Registration/Transfer/Titling Fees $246.00
Order Deposit -$2,500.00
Additional Lease Details
Cost Over 36 months $29,774.19
Disposition Fee $395.00
California will give me $2.5k EV rebate, and another $1k from SCE, so essentially it's a zero down proposition after rebates.
Car Price $57,940.00
Est. Lease Payment 36 months, 10,000 miles/year $739.41/mo
Est. Amount Due $1,000.00
Car Price $57,940.00
Autopilot Included
Performance Brakes Included
Dual Motor All-Wheel Drive Included
All Black Premium Interior Included
Solid Black $750.00
Premium Interior Included
Model 3 $35,000.00
20’’ Performance Wheels Included
Carbon Fiber Spoiler Included
Long Range All-Wheel Drive Performance $14,990.00
Performance Pedals Included
Performance Upgrade $6,000.00
Destination Fee $1,125.00
Documentation Fee $75.00
Est. Lease Payment $739.41/mo
Term 36 months
Annual Mileage 10,000 miles
Sales Tax $49.98
Money Factor 0.002217
Est. Amount Due $1,000.00
First Month's Lease Payment $739.41
Cash Down Payment $1,263.59
Sales Tax $142.00
Tire Fee $7.00
License Fee $377.00
Acquisition Fee $695.00
Electronic Filing Fee $30.00
Registration/Transfer/Titling Fees $246.00
Order Deposit -$2,500.00
Additional Lease Details
Cost Over 36 months $29,774.19
Disposition Fee $395.00
Dan203
Active Member
For me the payment is exactly what was quoted in the calculator + tax (~$47). The amount due at signing is a bit higher though. Part of that is the extra tax in the first payment, but there is also another line item called "sales tax" for about $400 which I'm not sure what it's for. I thought all sales tax on a lease was amortized over the term? Maybe something specific to my state? There is also a $30 "registration" fee. So the total out of pocket is about $5,300 rather than the $4,700 the calculator said.
I talked to Tesla today and they explained it to me. I didn’t notice the “estimate payment” button on the website. It pretty much gives you the exact numbers.
For a Model 3 AWD mine ends up as:
36 month/30k mile lease
$3500 down
Monthly payment is $499/month plus local sales tax (makes it about $535 a month total)
$695 acquisition fee due at signing
So due at signing is $4729 which includes the first month payment, then 35 payments of $535 a month after that.
Total cost of $23454 all in including tax for 3 years.
For a Model 3 AWD mine ends up as:
36 month/30k mile lease
$3500 down
Monthly payment is $499/month plus local sales tax (makes it about $535 a month total)
$695 acquisition fee due at signing
So due at signing is $4729 which includes the first month payment, then 35 payments of $535 a month after that.
Total cost of $23454 all in including tax for 3 years.
Dan203
Active Member
Here is my breakdown....
As you can see there is an extra line for "sales tax" and "registration/transfer/titling fees" in the amount due section that weren't in the calculator. Not sure if those are state specific or not though.
As you can see there is an extra line for "sales tax" and "registration/transfer/titling fees" in the amount due section that weren't in the calculator. Not sure if those are state specific or not though.
Anyone leasing is likely betting that better cars will be around in 3 years when their lease is up... either from tesla or other car makers. I only leased my BMWs before, but bought my model 3. If leasing was available when I bought, I might have considered it. I think I still would have bought this car however, since I wanted off the lease treadmill after 16 ish years of leasing 2 cars. Worth it for me then, because I wanted a new car every 3 years.
With the way tesla updates the software / firmware on this car, its unlikely I will have the same tablet experience I have now, and may have additional features I dont have now. For me, that helps mitigate my "FOMO" (fear of missing out).
TBD..... at 36 mos, if I’ve been happy with the car and there isn’t a compelling upgrade — unlikely with the way tech matures — I’ll buy it.... will probably turn in and get the latest and greatest at that time.
Who knows, I might miss the roar of the engine in my ///M3 and go back to a BMW..the G80 ///M3 in a few years....or maybe the Taycan or Model S P100D+...we’ll see.
The benefit of leasing for me is I don’t have to worry about value or anything when I’m ready for a new ride... turn in and I’m done.... especially with the price reductions... great for the consumer to get them buying, but not so good for early adopters who see their values drop on an already depreciating item.
Petrocelli
Member
I ran the numbers on leasing versus buying a base Model 3. The difference was only about $100 a month. Tesla's lease terms are very unfavorable.
With that said, I like leasing because my car is always under warranty.
With that said, I like leasing because my car is always under warranty.
Dan203
Active Member
No plans to buy. I only keep cars 3 years anyway. Poised to lose about $10-$15k on my current car because i put down $30k, still owe $10k and will likely only get $28-$30k when I sell.
Except the Model 3 lease doesn’t have a buyout option and the MF is double compared to a BMW or most other car brands. I just balked at someone mentioning a 7.5k down $700/mo Model 3 lease. I just got offered a fairly loaded 530exi for less with 0 due at signing. And I’m planning to buy a Model 3 instead once my BMW lease ends in less than 2 months.
Agreed. I like leasing but the terms were not very good when I was looking When you buy you have the freedom to do whatever you want at anytime. If I see some new model coming out I can sell the current car sooner and limit my depreciation. I just did that with my Corvette. The new one was coming out and the prices of the old model were dropping so I sold it. You also don’t have to worry about going over mileage, wear and tear, last minute tire replacement and lease termination fees.
As for warranty, the Tesla has a 4 year 50k bumper to bumper and 8 year drivetrain and battery warranty so there is no rush. Furthermore, what competition is there? Tesla is years ahead of the competition, from performance, range, supercharger network, over the air updates, autopilot, etc.
Each person's situation is different, but here is my perspective.
I am choosing to lease primarily because I love the car and am excited to drive it, but I am not totally sold on Tesla's commitment to servicing it properly over a long period of time. This, along with the lower monthly payment has led me to choose to lease.
Regarding the terms and their relative reasonableness, I look at it this way.
If the residual is below market, then in fact you are purchasing the vehicle using a manufacturer-sponsored, "low up-front" financing plan (and willing to pay that acquisition fee for the privilege). At the end of the term you wil either be buying, and keeping the car, or (unless one wants to lose easy money) buying and reselling the car. In this scenario, it seems to me that the only pertinent factor is the interest rate as it compares to simple loans in the larger market.
If the residual is above the market, then you are paying for use of the car for a specific term, and all other things being equal (tax, registration, etc.) the pertinent factor is the monthly cost, however it is calculated. Even if you like the car and want to keep driving it, a decision to keep it at end of term would be emotional, not financial.
Since Tesla is not offering an option to purchase at the end of the term anyhow, I look at their lease terms strictly to see if the monthly fee is reasonable. As I am not aware of any other realistic lease options for comparison, and taxes/registration have to be paid one way or another (and the acquisition/disposition fees are actually pretty reasonable, compared with other manufacturers) I set my eyes on that money factor/interest rate.
At first look this is very high, 5.45% on my screen. However, the residual is also very high, it calculates out to about 67.8%. Obviously this is irrelevant to any future purchase, but it is very high by industry standards, and arguably also by any realistic future prospects. This greatly affects the amount amortized versus simply borrowed, and thus the actual cost of the lease in dollars.
For example, instead of 5.45%/67.8%, how does 3.25%/62% sound? A lot better on the interest rate, and much more likely on the residual side (although still a bit generous, in fact). Well, it comes out to almost exactly the same dollars, and for me, since I prefer to lease anyhow, and I figure if I still love Tesla I will be able to buy this or another car at the end at then-market price, that dollar/month amount is all that matters, and in fact the deal is not in my view so unfavorable at all.
YMMV, naturally
I am choosing to lease primarily because I love the car and am excited to drive it, but I am not totally sold on Tesla's commitment to servicing it properly over a long period of time. This, along with the lower monthly payment has led me to choose to lease.
Regarding the terms and their relative reasonableness, I look at it this way.
If the residual is below market, then in fact you are purchasing the vehicle using a manufacturer-sponsored, "low up-front" financing plan (and willing to pay that acquisition fee for the privilege). At the end of the term you wil either be buying, and keeping the car, or (unless one wants to lose easy money) buying and reselling the car. In this scenario, it seems to me that the only pertinent factor is the interest rate as it compares to simple loans in the larger market.
If the residual is above the market, then you are paying for use of the car for a specific term, and all other things being equal (tax, registration, etc.) the pertinent factor is the monthly cost, however it is calculated. Even if you like the car and want to keep driving it, a decision to keep it at end of term would be emotional, not financial.
Since Tesla is not offering an option to purchase at the end of the term anyhow, I look at their lease terms strictly to see if the monthly fee is reasonable. As I am not aware of any other realistic lease options for comparison, and taxes/registration have to be paid one way or another (and the acquisition/disposition fees are actually pretty reasonable, compared with other manufacturers) I set my eyes on that money factor/interest rate.
At first look this is very high, 5.45% on my screen. However, the residual is also very high, it calculates out to about 67.8%. Obviously this is irrelevant to any future purchase, but it is very high by industry standards, and arguably also by any realistic future prospects. This greatly affects the amount amortized versus simply borrowed, and thus the actual cost of the lease in dollars.
For example, instead of 5.45%/67.8%, how does 3.25%/62% sound? A lot better on the interest rate, and much more likely on the residual side (although still a bit generous, in fact). Well, it comes out to almost exactly the same dollars, and for me, since I prefer to lease anyhow, and I figure if I still love Tesla I will be able to buy this or another car at the end at then-market price, that dollar/month amount is all that matters, and in fact the deal is not in my view so unfavorable at all.
YMMV, naturally
Here is my breakdown....
As you can see there is an extra line for "sales tax" and "registration/transfer/titling fees" in the amount due section that weren't in the calculator. Not sure if those are state specific or not though.
So in this example you are essentially paying $1/mile to drive this car for three years. That seems high to me. How does this compare to BMW/Mercedes lease figures?
Not that I would take them up on it, but I expect them to offer a end-of-lease buy option once they start hitting the end of term....at least for the first couple years. RoboTaxi won’t be ready for prime time from both a technology and regulatory standpoint IMHO. As “good” as AP and the “FSD” software is, it’s got a LOT of “learning” to do before it’s going to be road-worthy in a full autonomy.
Petrocelli
Member
My Mercedes C class has a sticker of about $52,000. I pay 49 cents a mile with 15000 miles a year, including maintenance.
