I am looking to lease a 2023 Model Y either regular or long range. I was looking at a 2023 Niro EV Wave but everyone around me has high mark ups on them making the price difference very negligible compared to the Model Y for what more you get in the Model Y. Plus Tesla soft trade in value for my current 2022 Niro EV is a lot better then any local dealer offered.
My question is should i put the $4,500 down in addition to my trade that Tesla lists in their lease calculator? Without the down payment the payment is about $135 more. This comes out over 36 months to be roughly $4,900. So it seems the down paymwnt actually does save money over the term of the lease.
Is there anything else to consider? I read before you should never put money down on a lease since if the car is totalled the bank gets the insurance money and you are left with nothing. I leased a Kia Seltos a few years ago and a deer totaled it. I ended uo getting a check over $800 from Kia Financial for the amount my insurance over valued the car.
I know there might “financially” be better lease deals on gas vehicles. Gas vehicle is not an option, i am purely looking at doing a lease on an EV SUV. I am also not sure i like the idea of One Pay a lot of people use. Not sure if that matters in this question or not. I am not dead set on the Model Y also. Just seems a better deal when compared to the Niro EV Wave.
Advice here always seems to be not to put money down in a lease, and I think they’d advise you to check with one of the brokers on selling your Niro separately.
Tesla does not allow buy out of their leases, so you 100% have to return it when lease is up (no positive equity possible). Also, they are not passing thru $7500 tax credit thru lease like some other leasing companies are. Better to finance if getting a Tesla, especially if you qualify for tax credit and can get a better loan rate.
Take whatever Tesla values your trade in at with a grain of salt. It has an expiration date and they can change the value at any time.
If you qualify for the tax credit you are better off buying it and selling it after 3 years than you are leasing.
With a Tesla lease, money down isn’t as big deal as it is with other lease simply because there is no negotiating. If you feel the rate of return you get from savings on the monthly vs not putting money down go for it.
Are you sold on a Tesla? Reason I ask is because if you’re looking for a luxury EV SUV, you aren’t getting that with a model Y. I would try and test drive one before getting one.
A. You live in Virginia? IDK why you’d choose to pay full sales tax every 3 years. As well as the steepest curve of personal property tax. That just makes no sense to me.
B. As someone who has driven 2+ K miles on each of the Y and the Ford MME, the Ford is a better family crossover. The Y’s suspension is harsh, brittle and basically crap. Auto wipers are crap. Rear window is useless in any precipitation because it doesn’t have a wiper. Wireless CarPlay is also better for most people instead of learning a new UI.
What other luxury SUV EV would you suggest. I would want a payment under $700, preferably under $650 if possible with 15K miles and 36 months. I am not sure I qualify for the tax credit also. That is why i am looking at a lease, i know then i am getting the $7,500 discount.
Well, for the Ford MME that is not an option. I went to a car show and sat in one for a demo ride. Also rode in an Ionic 5, EV6, Leaf, Niro EV. The Ford was on the bottom of the list for me personally. The interior was lack luster at best. The interior didnt give me the EV feel the others did.
I personally want a new car every 3 years. I am a tech head and want the new advances. That is why i lean towards leasing.
My personal thought is you should never buy an EV if you don’t qualify for the credit. When 90% of buyers do qualify for it the resale value will be 7500 lower so it’s costing you a lot. Leasing from a manufacturer that passes the credit along is the only option.
If you don’t qualify for the credit then either:
Finance the Tesla and sell it in 3 years. Can’t predict future, but that likely will be much better financially for you then leasing.
Lease a car that does pass through the credit and either buy out the lease or take advantage of the better lease terms. BMW i35 or iX, Ioniq, EV6, ID4, C40, EQS, are all probably options since you get the tax credit oftennplus more discounts. Check what the brokers are offering.
While Tesla does not pass the credit directly off of cap cost… their lease residual rates are also FAR higher than what you find on those heavily discounted cars… that is why for most calculations I did, and quotes I got, the Tesla Y and 3 came out ahead of C40, EQB etc… even with their crazy crazy incentives.
If you want to buy one… then yes, doing a lease and taking 7500 off of cap cost… and then buying out the lease makes sense.
HOWEVER, if he is going to turn it in in 3 years anyway, a Tesla Model 3/Y will most certainly command more money than a car getting $20k off. lol. (especially since Volvo, Mercedes, etc… have much crappier battery charging and ranges.)
The Tesla’s have more tech, more range and better resale. (although the interior fit and finish is blah. )
Have you driven a Y for any length of time? MME Select with 18” rims has a way nicer ride than the Y.
Or even sat inside a Y? Talk about a lackluster interior. It’s like the poster child for worst interior at its price point.
You also said in another thread that you’ve given up finding a Niro or EV6. So why do you keep bringing up other cars that you’ve already ruled out for other reasons
First of all, that’s still possible with ownership. If anything it’s ownership that gives me the flexibility to exit at my preferred time, when I find the right next deal, and to sell it to anyone I please without any restrictions.
You clearly have not been on the forum long enough to see all the desperate posts that started “my lease is expiring rn and I can’t find anything to replace it with.” Or all the ones like “I have equity but I can’t sell my lease to the buyer who would give it to me.”
Second, what exactly are these advances? What’s changed for the Y? Or any other EV that’s been around for 3 years?
What do you mean when you said “taking 7500 off of cap cost” regarding the Tesla lease? I thought the only way to get the $7500 is to finance and not lease.
I checked and I do not qualify for the tax credit so any way to take advantage of it is to lease.
I have not driven a model Y yet. I have test drove a S and an X. I just didn’t like the interior of the MME at all when I rode in it at the car show demo ride. Just seemed mundane, didn’t feel/look like an EV.
I have never had an issue getting out of a lease early in the last 3-4 years. I feel there is something to be said about knowing at the end of a lease (if I keep it that long) I know what I will be doing. I will turn in the lease and just get a new one. I don’t have to go through the bother of shopping my used car around to try to get the best deal.
Maybe I am wrong in my thinking and I am glad to admit that. It just seems right now I am having a sorta hard time getting dealers to offer what KBB and TruCar says my car is worth and if I was in regular finance I would owe more on it then what my lease buyout is now I think. This would out me in a worse spot then I am now.
Maybe I am wrong again also, but I feel the autopilot if more advanced then the others on the market. My Niro EV has highway drive assist with lane following. It does a decent job but nothing compared to autopilot from what I have seen.
When I said I was done with the EV6 and Niro EV it was mainly because of all the local dealers here advertising one price online and then I inquire about it and they add on a $5K+ adjustment. If they would sell the EV6 at the online selling price at some of these dealers I would of bought it. I like the faster charging and distance. I am a little sketchy though on the charging network. I have charged my Niro EV a couple of times as an Electrify America station where one or more cables are busted or a charger is out of service. I feel that happens less on superchargers. Again, I might be wrong on that also.
