• May 18, 2022

Is Tesla Lease A Good Deal?

Is Tesla lease a good deal? Its used-car values hold up incredibly well. In fact, the residual values embedded in Tesla's leases look too low. That makes leasing a Tesla a lousy deal for car buyers. But over five years, the average large luxury car—similar to a Model S—loses around 70% of its value.

What's the average cost to lease a Tesla?

How much does it cost to lease a Tesla?

Type Cost (Monthly Payment + Insurance + Charging - Rebates)
Model S (60) $1,146/month + $5,127 at signing*
Model S (P100D) $2,134/month + $6,457 at signing*
Model X (75D) $1,471/month + $5,558 at signing*
Model X (P100D) $2,211/month + $6,543 at signing*

Does leasing a Tesla make sense?

That's a hefty car payment for most people. Tesla is leasing the Model Y for $489 per month with the same $4,500 down. The lease runs for 36 months and only allows for 10,000 miles per year.

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Category Buying Advice
Make/Model Tesla Model Y
Body Style SUV/Crossover

How much does it cost to lease the cheapest Tesla?

Tesla is leasing the base Model 3 for just $389 per month for 36 months with $4,500 down. The Model Y Long Range is leasing for $569 per month with the same terms. These leases both include 10,000 miles per year. As you can see, the lease "deals" are appealing since they'll save you $160 to $190 every month.

What is the cheapest Tesla?

Those days are long gone. Now the cheapest Tesla is the standard range Model 3, which starts at $43,990. Last weekend, most Tesla models bumped up in price by $2,000. (The Model 3 standard range used to be $41,990.)


Related guide for Is Tesla Lease A Good Deal?


How much does it cost monthly to charge a Tesla?

On average, the cost to charge a Tesla per month in the US is around $49. Based on our Tesla charging price data, the high end of the EV charging spectrum is around $70 a month in Hawaii.


Can you negotiate Tesla lease?

Tesla offers no discounts or negotiations. The price you see is the price you pay.


Do you need credit to lease a Tesla?

No. There are no fees to submit a credit application for leasing. Will there be a hard pull of my credit? At least one hard pull of your credit report is required; however, for some applicants, additional inquiries may be needed as Tesla works to find you the best credit offer possible.


Do you pay more to lease a car?

Lease payments are almost always lower than loan payments because you're paying only for the vehicle's depreciation during the lease term, plus interest charges (called rent charges), taxes, and fees. You can sell or trade in your vehicle at any time.


How do you take over a Tesla lease?

  • You have 13 or more months left in your lease agreement.
  • You are current on all lease payments.
  • The lease has not been previously transferred.

  • What happens at the end of Tesla lease?

    All parties listed on the lease agreement must sign the purchase packet. A vehicle inspection may be required based on local requirements. Once funds are received, Tesla will review your documents, process payment and finalize the purchase. Ownership transfer documents will be mailed to you upon completion.


    What is Tesla resale value?

    "Resale values for the Tesla Model S have not been stellar. After 3 years of use, a Model S is worth on average 58% of its original purchase price, and after 5 years, just 41%.

    Buying a used EV can save you a ton of money, but that's not the case with the Tesla Model 3.

    Category Industry Outlook
    Body Style Sedan

    Does owning a Tesla save you money?

    So while you will save money on fuel every year you own your Tesla, you'll also have that initial cost of the charger to factor in that first year.

    Fuel.

    Fuel cost for 15,000 miles Camry Tesla
    Year 1 $1,350 $1,755
    Year 2 $1,350 $555
    Total fuel cost $2,700 $2,310

    How much does it cost to install a Tesla charging station at home?

    Cost. Installation pricing can vary depending on your home charging hardware and electrical system. A straightforward installation can range from $500 - $1,500.


    Should I charge my Tesla every night?

    The short answer to the question is no. In general, you should not charge your electric car every night. It isn't necessary in most cases. The practice of charging an electric vehicle every night can shorten the lifespan of the car's battery pack.


    Do electric cars make your electric bill go up?

    The short answer is, yes. Any device, appliance or machine that draws electricity will add to your electric bill. Electric vehicles must be plugged-in and charged up regularly to run.


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