I currently have Tesla Y Perf lease with 13 months left. I am over miles (36k vs 30k allowed) and I took it prior to price decrease so the payment is $895. I do not have the buy out option. Any ideas on how to get rid of it?
My insurance for NJ is $435/m which is crazy so the total cost of ownership is very expensive.
Thank you in advance for your ideas!
I read it somewhere that you have a way to track the lease penalty on your account from the app or so. Somebody commented that he tracked that until it appeared zero, and returned it right then. I am not sure how this works or if it is true. May be, that number is dynamic?
Yes I can see that in my app, for now the penalty is $20k+ which is 22 months of payment vs 13 payments left. Makes no sense.
put it on Swap a Lease with some money to make it vanish.
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OP is already over mileage, so they might have to throw a substantial incentive.
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I don’t think my contract allows me to do the transfer.
So your options are:
- Continue to pay your lease payments + expensive insurance
- Pay ~$13k to ground it, but save ~$5k in insurance premiums ($8k net)
- Shop for new insurance. Most providers are catching on that Tesla’s are silly stupid in costs when it comes to making claims so not sure how big of a discount you’ll find.
Another option is to post it on Turo or rent your car out to someone who needs one to recoup some of your costs.
The final option, and the most risky, of course is to lease the car to someone else without officially transferring it as an agreement between you and them. You have to trust this person deeply for this to work.
But OP is already over mileage. So they are going to pay up for those miles. Not sure ifTesla provides a discount for prepaying for miles.
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Not sure if it works out, but OP can reach out to Tesla if they are interested in a trade-in, and if they can do something about the lease penalty. Tesla is currently trying their best to increase the Q1 sales, they will probably come back with an overall reasonable deal. That means, OP need to buy another Tesla, but that might come out cheaper in the end if Tesla offers a good deal.
Thank you all for the input. Checked my app and termination fee is $21,200 as of today, while remaining lease payments are $11,650.
Not looking to get into another Tesla so trade-in won’t make sense.
Anyone has good insurance brokers for NJ so I could look into getting a cheaper policy?
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I’m not sure this is possible but can you trade it into tesla for a finance purchase of another tesla? That way you could then possibly trade it in for something else down the road and avoid the huge penalty now (or kick it down the road a while…)
Shop around for cheaper insurance. Some carries in NJ charge much more to insure Tesla then others. Your only real option is to make the remaining payments and ground it early, but you could probably recoup 50% of that via insurance savings on the next vehicle, plus avoid additional over milage fees. No way around a high TCO on a 2022 MY.
Since you’re in Jersey, maybe head on down to Bada Bing and see if Tony and his crew can help the car “disappear”.
And get a lap dance and plate of scungilli while you’re waiting 
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