I’m considering the Model Y after the recent price drop, but I’m not sure if I should lease or finance. The MSRP for the Standard Range is $46,990. The total cost of leasing over 36 months is about $22,500, which would make financing appealing if the vehicle was worth more than $24,500 after three years (I know that my math doesn’t take taxes and fees into consideration, but I don’t know the MF on the lease yet. My local sales tax is 9.5% though).
Do you think the Model Y would depreciate so badly in 3 years to the point where financing wouldn’t make sense? Unfortunately I don’t qualify for any tax credits or incentives, otherwise the decision would have been much easier. Thoughts?
Honestly, I’d rather lease and not worry about Tesla messing with their pricing.
As a point of reference, I was trying to get out of a MY21 Model Y last month. It had about 20k miles on it and the trade-in quotes I was getting were in the 30-35k range. Since then, Tesla has dropped the price another 5k, so…
With the full tax credit model y is appealing at the new prices. If you don’t qualify for the credit I think you’re way better off finding a manufacturer that is passing along the credit in my opinion. Most people do qualify for the credit so that model Y’s used value is going to be immediately 7,500 cheaper so someone in your situation is just throwing money away.
There is no buyout option for Tesla Model Y and Model 3 leases. You must return the vehicle at the end of term. This severely restricts the options available to you, so you’ll need to determine if that is something you can work with.
