Tesla Model 3 Lease Terms

Hi guys,

I am contemplating leasing a Tesla Model 3 Standard Range Plus ($38990)

I live in NY and will be street parking the car (as I have always done).

I am mainly not sure whether to put in any down payment.

According to my math (assuming 58% residual, using interest rate of 4.25%, and certain numbers provided by Tesla), either I pay $411 monthly with $3500 down, or $515 with ~$2000 down.

I am not sure how Tesla will do the math if I decide to pay $0 down - they use the $2500 order payment and $2000 NY state incentive to deduct the upfront costs (tax, acquisition fee, etc.) and that results in $-1950 if I don’t want to make any down payment.

In all honesty, i think its best you deal with a Tesla consultant directly. Due to the lease program that Tesla works, I doubt theres much experience to found here yet.

4 Likes

Have you ever your dimpled or scraped your bumper? If so, watch this (and their other) videos https://youtu.be/VXS5xgKk-mU

This :fu:t2::fu:t2:Tesla is their own captive now so you aren’t likely to get much help here. When I investigated a Model S lease in June the MF was obscenely high IMO. If that is the car you want, understand that there is no competition, but there is also really no ability to hack the lease.

Good luck!

Was looking into Tesla as well. Unfortunately, their lease terms are horrible and I’ve read that insurance is expensive too. When I test drove the model S, even the CA said it’s better to buy than lease.

5 Likes

Not sure why u showing the birdie over there :joy: im sure its an honest mistake

4 Likes

The def swapped from index finger. Hmm even right in my recents :face_with_monocle::point_up_2:t2:

Here’s a thought - is it possible to hack the lease using an inventory/demo model?

This does not compute. You must mean $3500 down PLUS the $2k up fronts to get to $411.

1 Like

Just looking at the lease terms I got, which parts do you think are not reasonable?

I say 2000 down because after using the 2500 order payment and 2000 NYS incentive, my drive-off amount actually would be -1950 (depending on the final monthly payment). Having a 2000 down payment will roughly make my drive-off amount 0. But yes, you are right, on my worksheet you can see that I put the total amount due by drive-off would be 2500 + whatever DAS would be including the incentives.

I would just purchase over leasing, the Model 3’s are holding up ok on the resale market or just go to Vrooom or Carvana and snag a slightly used one. The tax break isn’t that much now so getting a used model could make a lot of sense.

I don’t do down payment, MSD’s instead.
Their MF is higher as well.
Buying is the best way to go… even the CA agreed.

Hi, I just received a quote on a 2 yr lease for M3+, red exterior, white interior

Lease term - 24 months
Configured price - $43,490
Down payment - $10,000( I want to pay up front to reduce monthly lease)
Monthly lease - $293
Residual - $34,052

Is this a good deal as residual value seems to be higher than the 58% that folks in this forum are mentioning

Paying 10k upfront is a terrible idea. If your worried about payments put that 10k in a bank acct to draw from.

5 Likes

Thanks, I though that may reduce the interest on the balance amount…but apart from that, is this a good deal?

Hi, I just received a quote on a 2 yr lease for M3+, red exterior, white interior

Lease term - 24 months
Configured price - $43,490
Down payment - $10,000(includes the $2500 DAS, I want to pay up front to reduce monthly lease)
Monthly lease - $293
Residual - $34,052

Is this a good deal as residual value seems to be higher than the 58% that folks in this forum are mentioning

Never put money down on a lease unless required to (in this case $2500). If the car gets totaled, you lose all that money for nothing. The residual is higher because it’s a 24 month lease.

Also this deal is awful. $700+ a month for a $43k car? Run away

6 Likes

Same configuration for 3 yr lease

DAS - $10,000
Monthly - $340
Residual - $30,477
Here too the residual % seems high…any thoughts?

Pretty sure your configured price isn’t the MSRP.

Nvm. Didn’t know the 3+ is now the lowest model.

Curious to know if you have personally gone through the scenario of loosing your down payment on a lease due to a totaled car? I have read multiple posts on this topic and have heard both sides of arguments so want to know if you are hypotheticalaly speaking

1 Like