A big benefit to a lease is you can generally do $0 down. The best choice is subjective. My personal plan is to lease, unless I can get the car towards November/December and lower the amount of time before I get the tax credit. Is the residual used too low (despite the EV market heating up and a ton of competition arriving)? The money lost in depreciation will be relatively the same as leasing it. New comments cannot be posted and votes cannot be cast, More posts from the teslamotors community. This is why you see the new Chevy Bolt leases for high $400s to low $500s on a $35k car with a $2999 drive off, and that's even with the tax rebates rolled in. This option could allow homeowners to immediately enjoy the benefits of solar without having to incur large upfront costs. But you then toss out any equity you paid into the Tesla. Now, you'll still owe $33648....however, you'll note most 2013/14 Tesla Model S's still have a residual value now of around 42-48K, depending on the options (and its only that low because AP1 came out LATE in 2014, so most don't have them). You're also, typically, presented with the option to buy it at the end of the lease, regardless of the mileage, which is what I am planning on doing. Close. They get ya if you go over the mileage though. I’ve leased other cars before. The advantage to buying is usually closer to minimum 6 or 7 years on average. Would be good to quantify it. This is especially true with EVs where you can get a huge tax credit at purchase time. 2017 Volkswagen e-Golf, Catskill Mountains, NY, Oct 2017 Press question mark to learn the rest of the keyboard shortcuts. Although I would assume that the depreciation of a Model 3 won't be as bad if you buy it and then sell it say a year or two later then sell it. Close. My question is more specific to Tesla. Posted by u/[deleted] 4 years ago. maybe i'm just saying i like holding onto my cars 5+ years.. but more importantly i like being the one to decide when i move on! You also can typically get a tire protection plan for a few dollars that covers rims and the tires. I guess I'll make a decision when I see the final numbers. Tesla launched its first lease program for Model 3 just a few weeks ago and it’s now significantly reducing the base monthly lease payment to just … Does your lease calculation include the lease interest rate? https://www.reddit.com/.../bkbcn7/tesla_model_3_sr_lease_is_now_399mo Buy: (59990*.7)-28009(remainder on loan)=$13984, In California when you buy a car you are taxed 7.25% on the purchase price up front ($4350), When you lease you are taxed on the monthly payments ($1975). We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. Lease. Agree with that comment. Tesla started offering leases for its new Model Y all-electric crossover back in July. Use the Tesla leasing calculator to estimate monthly payments based on down payment, vehicle model, mileage and lease terms. So, looking at lease vs buy: Lease: I configured a no-money down lease (except for 1st payment and fees), 36 months, 15k miles a year (this is more than enough, I am keeping an existing car), car as configured is $56,190, residual of 64%, payments of $812 per month. I feel like cars w/ auto driving will have LOTS of improvements / changes in the next few years (like cell phones when they first came out). Also no need to go spend thousands of dollars on PPF. i'm not a fan of leases because of the inflexibility surrounding them. Between Autopilot and 7% improvement in battery technology ($/Wh) the smart thing to do would be to lease until the technology starts to saturate. From a lease perspective, I thought I read some place that it's worth choosing a lower mileage restriction and paying the difference in over miles because it ends up cheaper in the long run. At the end of the lease, as long as you don't go over your mileage, you're fine. There will always be new technologies and improvements that come out. Now, with the Model 3, I think its safe to say that, if you are in line to get a 3 within 6 months of productions start, it MIGHT be hard to get a model 3 still 3 years later. And after 3 years you just go and lease a new car. My current lease ends in October. I'm a Model 3 reservation holder and am wondering if it's best to lease or buy a Tesla. It took them three years to get the S right. Basing A Decision on Pros and Cons. However for the first model year of a boutique manufacturer I'd actually lean towards a lease. Forget about the buyout option, don't buy the car at the end of the lease. Support Cleanerwatt by: 1. Model 3 Lease vs Buy. Either way, I'm using the lease as a means of getting the tax credit sooner rather than later. Here is why it's a problem. Then think about buying or leasing again until Model Y. It’s from Tesla website so it must include it. So I have to get a new car on that date. Tesla is leasing the Model Y for $489 per month with the same $4,500 down. The big advantage of leasing is you can more easily trade it in and upgrade after a few years. because you'll have to remove all of those when turning a car back in. Lease and then after the lease is up get the refreshed model 3. There is no way I can survive with 10k miles. According to their website, a Model 3 Standard Range Plus (SR+) can be leased for $399 per month with a $4,500 down payment (not due-at-signing or drive-off), assuming 36 months and 10,000 miles per year. I've never leased a car before, so I'm a bit uneasy to take the leap. Since Tesla lease there is no option to buy but as I said my plan is not to keep longer than 3 years anyway. Disadvantages are pretty minor but could be a deal-breaker for some people. Tesla's have a very high resale value; it's highly unlikely you'll not be able to sell a 3yo Tesla at 60-70% of what you paid. Usually that ends up costing more of I'm not mistaken. 11:In today's video I am taking you through the process of getting my BRAND NEW 2021 MODEL Y TESLA!! The program is offered in 6 states — Arizona, California, Connecticut, Massachusetts, New Jersey, and New Mexico — with costs starting as low as $50 per month. Some version of this lease vs buy argument has been on car forums as long as leasing vs buying has existed, and normally starts a big @#$%[email protected]$ argument when people post it. The Model 3 must be returned to Tesla in excellent condition. Tesla today released new lease terms for Model 3. Other. I agree that in general buying is cheaper than leasing especially when term of ownership is 5 yrs or more. I've never leased a vehicle and generally keep my cars 10 years plus. There are precious few circumstances where a lease is a better decision than a purchase. Not having the option to buy if you go over on mikes could be a really expensive mistake. I lease my Model S, primarily because I expected the technology to change enough over the lease term that I would want to upgrade. Review your lease agreement for additional policy information. Lease vs Buy - Almost the same? Therefore, assuming one intends to keep the car for 3 years, isn't leasing and buying almost the same? Why (assuming 3 yr lease term). We are also considering the Rav4 Prime because the full tax break plus the very high resale, low insurance, and no need for a charger install will push the monthly total cost incredibly low compared to the Tesla. I have seen several arguments for and against, and have both a purchased model 3 and a leased late model BMW in my garage at present time. Tesla appears to be leasing more of its vehicles. That doesn't seem right... right? However what I’m trying to debunk here is the “Tesla leases are terrible” narrative to figure out why the people who say Tesla leases are terrible besides not having the option to buy the car, actually say that. Any toll violations associated with your leased Tesla will be passed on to you as the lessee. New comments cannot be posted and votes cannot be cast, More posts from the TeslaModelY community. New models of cars don't usually have the greatest lease prices since there is no historical depreciation info for the model. Beside that I highly doubt that Tesla will not give any option to buy back at the end or if it will be bought back some if not all car might end up sold as second hand until the RoboTaxi think is fully working and approved, and that might take longer than even the longest possible lease period from today. Tesla Lowers Base Model 3 Lease Payment To Sneak In Under $400 This Honda Civic Si Is Actually A Tesla Model 3 In comparison, however, the same car with $5,000 down will cost you $569 to buy … These residuals are conservative compared to Kelley Blue Book’s anticipated rate of 70%, which is best-in-class. Buy or Lease a Tesla? My dilemma as well... leaning towards lease for one primary reason. I've been doing some math on leasing vs buying and I'm not understanding why some people really ding Tesla on the leases - maybe my math is wrong, so thought I'd put it out there: Assumptions: - Model Y Performance Blue with white interior. And weigh the pros versus cons. I understand the core differences (mileage limitations, cost, maintenance, etc.). I haven't seen an announcement, but noticed on Twitter people talking about a $399 per month lease on a Tesla Model 3! It will be difficult to take advantage of the Tesla Network. Down payment is lower than expected with comparatively priced vehicle leases. In your case when it's 3 years and only 10k miles it makes a lot of sense to go with the lease. If you need many more miles per year then lease could be pretty expensive. Without these, you might as well finance and not worry about mileage; a lease would only be beneficial on the Tesla if it was being used for business or you definitely feel like you'd not want the hassle of selling/trading it after 3years. I know that Tesla found more organizations to handle the money behind leases, but am unsure if that will be allowed due to the early economics of the Model 3. There is no option to buy it at the end of the lease. User account menu. I am still debating on how to go about it Lease vs Buy. If I were to lease my P90DL when I received it, the lease would have been around $800/mo with a 10k drive off because they know it's depreciation schedule. Primary reason I’m considering leasing. And don't forget the hidden fees as well (return fee, milage fee, etc), $57372 total. Joining the Patreon Community: https://www.patreon.com/cleanerwatt 2. when you buy, you can choose to sell if/when YOU want, not when the lease wants you to. 5. An unofficial forum of owners and enthusiasts. Are we saying for sone reason Tesla leases are in particular crappy? Only some of the tax credits benefit the customer in Tesla's lease program for the Model X.I spoke with my financing manager and he showed me that the residual (amount you would pay to purchase the car at the end of the lease if you wanted to) inclusive of the tax credits is about 57% of the original purchase price. not that you can't with a leased car but it starts to be rather pointless if you're only keeping it 3 years. tax and fees in CA), - $4500 down ; $707/mo. Hopefully this is the case, we'll see. Outside of that you just need to make sure you keep good upkeep. Are we saying that in general leasing is bad - I agree. Adding few more datapoints and need some advise: State - WA (no sales tax upto 25k for Model 3) Lease - Model 3 RV is now 69.3% with 0.0023 MF (pretty bad). Their mission is to accelerate the world's transition to sustainable energy. The lease runs for 36 months and only allows for 10,000 miles per year. More than 70% of their value after 3 yrs? You are kind of tied to lease end term when it comes to getting a new car. This often is a better bargain than doing the lease buy out as you get a 4yr warranty and the car is priced with proper depreciation. On August 18, 2019, Tesla announced their new solar rental program with hopes that it will bolster their declining solar business. I understand the core differences (mileage limitations … Press J to jump to the feed. Other. If you want to keep the car for more than 5 years, buy it. Minus the $7500 tax rebate, $49872. You are also getting rid of the car as the carpool stickers expire (again California), so that helps as well as not having stickers will hurt the resell value. Comparing the old deal … It just matters how much you go over. For example see cell phones today, there are only marginal improvements and we are so close to the edge in battery tech that some start catching fire. Putting $4500 down on a lease is just silly IMO. Depreciation is monstrous on every ev. Tesla announces new rent solar program. What are your thoughts? If you drive more than 15,000 miles a year, it’s a safer bet to buy, but if you can stay within the limits of the Tesla lease, you’ll pay slightly less over three years by leasing. See r/TeslaLounge for laid back discussion, and more photos! Why lease + buy out? Tesla’s own residual rates (the amount the vehicle is worth at the end of the lease) for a 36-month lease term are 54% for 10k miles, 53% for 12k miles, and 51% for 15k. First of all, I understand this topic has been discussed multiple times and suggestion is to buy rather than lease. Log In Sign Up. I wonder what the residual value percentage of a Model 3 will be, especially for a short 2-year lease. Buying an electric vehicle right now is like burning cash in the front yard. Tesla Lease Trust 12832 Frontrunner Boulevard Suite 100. Draper, UT 84020 Note: Your lease comes with gap insurance. Archived. How can u US people say that you bought something, when u pay 4k and finance the rest of the car aka deprecating asset over 5 years?! Renting vs. buying Tesla solar. Archived. Tesla selected $4,500 down to arrive at the appealing $399 per month figure. From a tax credit perspective, as I understand it, leasing means the leasing company gets the credit and can pass the savings on directly to you, as opposed to you taking the hit up front and waiting for the money to come back to you later. There will be no dealer to add on an adjustment profit to take advantage of high demand. Press J to jump to the feed. There are many considerations to leasing vs. buying, but predicting what the resale market will be like 3 years from now shouldn’t be one of them, since no one knows what will happen. When i do the math for my build the delta comes out to be about ~4k difference in 3 years. 5. Forget about 3rd party leases, nobody is offering more generous lease terms than Tesla. If you don’t plan to keep it for more than 3 years then don’t buy it, that’s what a lease is for. The question I have is with a reservation if one will be able to lease, or is it buy only? Tesla is leasing the Model Y for $489 per month with the same $4,500 down. I suppose tax credits depending what state etc i'm in might influence as well. My wife just turned in her first lease (luckily i got the dealership to give us 15k miles/year for the price of 12k), but she ended up with 39k that's 3k over, at 0.15¢/mile fee that's only $450. With Tesla, as Musk said, they are always adding new features so having the ability to "upgrade" every 2 to 3 years is nice. We see the Tesla Model Y $499 lease as a good deal, but perhaps it's not. While renting through Tesla is a good short-term option, it is not the most profitable way to go solar. Of course, a lease does minimize your risk a little, especially if the Model 3 proves to be unreliable, you won't be paying in full for a bucket of problems. I placed the order this morning for Model 3. What is the Toll Violation policy? There are some people that hand back the keys, wait a week and then buy the exact same car back as a CPO from Tesla. Model 3 Lease vs Buy. Because of limited supply and high demand, early Model 3 vehicles may actually increase in value rather than depreciate at the time they are purchased. Teslas appear to be holding their value much better than the other EVs. When I own my tesla, I want to make sure it as "future proofed" as possible.. so I figure if I lease for a few years, then buy the next iteration, that more than likely be the case. Agreed. Some updates on what I've researched in making my lease vs. buy decision. Press question mark to learn the rest of the keyboard shortcuts, Roadster 2.5S Owner, Model S P90DL AP1.0 Owner, Model 3 LR Owner.
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