Trying to figure out if I should lease or buy a new Tesla model S. 15k miles/year.
MSRP is about 91k; with 5k down I am looking at a monthly payment of approx 1250
Tesla is showing a lease APR or approx 4.8%. Loan is 2.24%
Tesla leasing allows a maximum of 25% down; I would plan to put that full amount down as that is the only thing that makes the leasing numbers favorable to buying. I hear this is bad though? If I were to total the car, could I not just buy it out/have insurance replace it?
Buyout deal also seems particularly bad with their lease; they add $7500 to it.
Really strongly prefer to lease instead of buy; help me figure out a deal that doesn’t suck! Does tesla allow multiple security deposits?
I would buy really. I bought mine pretty much due to the fact that the lease made no sense… They now have some discounts too if you buy at certain periods, like end of quarter and stuff. I’ve seen some getting their destination waived, which is $1,200. Do you have a referral code? That’s another $1,000 discount on your car.
Btw, good to see someone from MA as well:)
Well, if you put 50k down, the lease numbers will look even better. It’ll be hard to find somebody here that’s in favor of putting money down on a lease.
Do you care about total cost or just lease payment? If you divide the $25k by the amount of months of the lease, and then add it to your estimated payment, the price is outrageous. People like to lease sometimes because the monthly payment is lower, with less out of pocket. Putting down $25k doesn’t help you achieve that possible goal.
Leasehackrs are looking for unusual lease opportunities where they can achieve a lower payment than would traditionally be available. That doesn’t exist with Tesla leases because there are no unorthodox lease strategies.
Total cost mostly. With 25% ($22,737) down, I’m looking at a total cost over 3 years of $49,419 with a lease (vs $51,053.43 with a loan, which includes the $7500 federal EV credit and has $42,800 left to pay over the remaining 42 months).
With $5000 down, I’m looking at $50,776 (lease) vs $42,120 (loan; remaining payments for 53k over the remaining 42 months). I guess that only saves ~300 a year on the lease, which hardly seams worth it especially given the increased risk.
Look at the amazing lease deals people were getting on Telsa Forums 91k cars for like $800 a month brand new with like 50 miles on them (August or September?). That’s what you need to do if leasing is to make any sense.
I received the following text in an email from tesla in August of 2016 because I had put my 1k deposit for the tesla model 3:
"A 2-year lease option is one of our most popular requests. We listened and are launching a limited time test of a 2-year lease on Model S and Model X. Starting at only $593/month (details here), our new 2-year lease program was designed just for you to drive electric today, and is available on all Model S and X orders placed by September 12th.
For additional savings, combine this offer with the Tesla Referral Program and apply a $1,000 credit towards your configuration. Just get the special personal code of any Tesla owner and enter it at the time of order.
It’s never been more affordable to experience the exhilarating performance and extraordinary safety of the groundbreaking Tesla Model S sedan and Model X SUV. With the best safety ratings of any car ever built and equipped with driver assistance Autopilot features that steer, change lanes and control speed, Tesla’s zero-emissions vehicles have revolutionized the modern driving experience."
Tesla are bound to have more deals closer to the launch of the model 3. Lease a Maserati while you wait!
