I’m considering a Model Y lease to replace my current car. I have a loan on my current car about ~$15k pay off, and Tesla offer a trade in value ~$25k. The Model Y lease cost is ~$450 per month w/o tax and with a $0 downpayment, so which is ~ $16k for 36mo.
I can see a few options how to approach, I would like to know which makes the most sense:
Pay off the current car and sell it. Then do the model Y lease.
Pay off the current car and trade in for the lease. I should get some money back from Tesla as the car worth more than the lease cost? I guess it is not wise to pay off the lease upfront?
Trade in the car for the lease directly. In this way, I’m roughly paying ~10k upfront for the lease as the car worth ~10k more than my loan payoff. Can I save some sales tax by doing this?
Probably not best to roll equity into lease in case your car gets totaled, and knowing how bad Teslas depreciate, you could be left with nil.
Read 2.
Edit: If you think rolling the cash makes the lease cheaper, it may save you some rent charge but you are held by the neck for that 10k until lease comes to an end, rather put that 10k in a HYSA and keep calm and lease on.
