A company here in Dallas-Ft Worth, Texas offers leases on used cars.
I am looking at a 2022 Tesla Model X.
The interesting part here is that they claim - when the 36 month lease is done, and when they send out the car to be purchased by the highest bidder, they will credit me the difference between the residual value and what they ended up selling the vehicle for.
Any thoughts on this deal?
COST 88,989.00 (Used 2022 Telsa Model X with 600 miles)
RESIDUAL $46,740 (seems very low, but they promise a credit at the end)
36 MONTHS @ $1859.00 - 12,000 miles
ALL TT&L AND FEES, GAP INCLUDED IN PAYMENT APPROX $6500.00 (there is about $2800 of fees that go to this company and to the bank doing the loan)
0 DOWN PAYMENT
1ST PAYMENT DUE AT DELIVERY
RETENTION FOR SALES TAX ON NEXT CAR (not 100% sure how this works, but they claim that I would owe no tax if I lease with them again)
ANY AMOUNT OVER THE $46,740 WOULD BE YOURS.
I don’t see anything appealing here. A new model X can be had for under $90K and the payment would be lower using Tesla finance. I would not want to bet on a Model X beating a residual value.
Even if you do $0 down payment you’re paying usury rates to the 3rd party leasing company doing used leases.
What are you trying to accomplish? You can do 0 down payment with Tesla and you still come out ahead. Can you not come up with $2300 to lease the car through Tesla? If so why are you doing this?
Also FYI that lease quote in the screenshot was in existing Tesla inventory and was $92k.
The discount applies to finance or lease. FSD… well everyone has an opinion on that. What I would suggest, especially if leasing, is to opt for the monthly payment program instead of sinking $15K of equity into software. I would also suggest you give a hard look at EAP – which really has everything you need on a HW3 car.
Awesome, thanks everyone for the help, particularly the discounts. I never leased before as you can tell. Sounds like the way to go in this specific case is through Tesla.
Not worth it either. Take a sub on it for a few months to settle your curiosity but I think you’ll find it to be more trouble than its worth and it’s pretty much worthless on resale.
One more question - since I live in TX, the tax on leases has to be paid on the entire sale amount, so that’s around $6000. I also need to pay for title, registration, etc. So let’s say $6500.
That’s not included in the Tesla lease calculator is it?
If I add that in for a base Tesla Model X with no EAP, here is what I get:
Actually no, I double counted the tax - I leave 6.25% as tax on top, and then for government fees just add the title, registration fees. Will just put in $500 as an estimate.
