Model 3 Lease Details released

tesla
ny
#1

Model 3 Standard Plus Rear-Wheel Drive

MSRP: $39,500 + $1,200 (destination + doc fee)
Rebates: $3,750 Federal + $2,000 NY State EV
Monthly Payment: $504/month
Drive-Off Amount: $3000 + first month
Months: 36 mo
Annual Mileage:10,000

Source

I guess I was expecting much much worse coming from Tesla. My question, for a non-leasehakr is this a ok deal? I can’t see myself recommending this deal to friends & fam even if a EV fan.

0 Likes

Tesla Model 3 Lease
Tesla adds lease support for model 3
#2

I think if you can wait till the end of the next quarter, they will be discounting the ones they already have in stock to push them just like they did with the model s and the x. I think if they discount them a bit it wouldnt be that bad of a lease.

0 Likes

#3

If they passed on the federal tax credit as a capitalized cost reduction like other manufacturers it would be a cheaper lease overall. The rate isn’t bad but not really better than purchasing outright. $3,000 down makes the payment effectively $600/month.

0 Likes

#4

Im waiting for a $599 with drive-offs only DAS for the performance Model 3. I’ll pick one up same day.

As of right now this car fails the 1% rule. You’re better off leasing a Porsche…or a Land Rover.

4 Likes

#5

This lease currently isn’t a good deal at all, but Tesla historically doesn’t offer favorable leases despite holding the best resale value in the industry.

By assuming a 60% residual, which is conservative on the Model 3, and applying the $3,750 tax credit as an incentive the lease would be much cheaper as verifiable by the Leasehackr Calculator.

Even without the tax credit the $41,200 Standard Range Plus model would be $382/month with $1,553 due at signing assuming a 60% residual. With the $3,750 tax credit applied as an incentive, that drops to $271/month.

Hopefully they can figure out a way to offer more competitive rates without negatively affecting cash flow.

2 Likes

#6

Your calculation makes no sense at all. Depreciation alone is more than $450/mo, assuming your 60% RV. How did you get $382 for the total monthly payment?

3 Likes

#7

source?

just checked auction reports and, with just my first guess, I found a car that does better than the Model S. The Panamera.

1 Like

#8

Maybe true for S but not for X and 3 once production has met latent demand. Even worse if Tesla gets $7,500 tax credits again and effective prices for new cars are lower.

0 Likes

#9

You can still get the $35k Tesla by reaching out to your local center

Wondering if a lease deal can work on the discounted model 3 inventory

1 Like

#10

does anyone know if the EV state credit in CA (i think it’s like 2500) is refundable credit? i know the 3750 federal isn’t, i never have to owe taxes end of the year so those savings are pointless for me.

0 Likes

#11

I asked my advisor this morning, will let you know what she says

0 Likes

#12

Just to clarify you don’t need to owe federal taxes after doing your taxes (what you withheld vs what you should have paid), you just need to have paid any federal income tax to be able to claim the tax credit. As of today if you were to buy a Model 3 and pay $3,750 in federal income tax for tax year 2019, you will get a refund a check for $3,750 next spring…

3 Likes

#13

Precisely, if you’re working full time there’s no way you don’t have $4k in fed liability.

Now about the terrible lease…did you guys see this has no purchase option at the end of the term?

0 Likes

#14

Well here’s the million-dollar question. With a potential inventory car having at least $3-4K off depending on its mileage/options, what does that do to the lease numbers? Unfortunately inventory cars aren’t listed on Tesla’s site and you need to go through a sales rep for information on these.

By the way, $3-4K off is on a car with 50 mi on it from what I’ve seen.

0 Likes

#15

Bet Tesla doesn’t know what to do either

0 Likes

#16

TBH, that’s no big deal. You should buy upfront if you plan to buy. You’ll just spend more in interest (assuming you don’t buy it cash) and acq fee when you lease to buy.

With EV tech still relatively new, who knows what will happen to that real world value on the car in 3 years also.

0 Likes

#17

You could get 3 328ds for that price and drive 30k miles a year!!! See where I am going now :slight_smile:

1 Like

#18

I think it’s kinda interesting that Tesla won’t let you buy it at the end of the lease even if you wanted to…

Please note, customers who choose leasing over owning will not have the option to purchase their car at the end of the lease, because with full autonomy coming in the future via an over-the-air software update, we plan to use those vehicles in the Tesla ride-hailing network.

0 Likes

#19

I agree, surely there’s more money in it for Tesla if the original lessee buys it out. Makes you wonder if they had to do it to guarantee the financial requirements of the lender.

0 Likes

#20

Nope - it means Tesla is going to low ball the residual, pocket the tax credit, make you pay almost 67% of the SP in the lease and then turn around and sell it for Mo Money as a CPO … by refusing to sell it to you for residual … coz we at Lease Hackr know that a 35k car with 3k CCR should only lease in the 300s at best …

Alternatively, if they pocket 3.75k fed credit, make you pay 3k down, and 18k in payments, your residual better be in 13-15k range… But I bet they will be selling 3 year old M3 CPOs for 20-25k

3 Likes