Have you considered driving a Tesla but don‘t know if you can afford it? With monthly lease payments available on Tesla models ranging from around $450 up to $900+, leasing can put America’s most innovative electric vehicles within reach at much lower monthly costs.
But costs vary widely depending on the Tesla you choose along with your preferred lease length and terms. In this comprehensive guide, I’ll break down today‘s actual Tesla lease pricing with plenty of real-world examples. You’ll also learn insider tips for scoring the best possible deal.
Let’s drive into all the essential details around leasing costs across the Tesla lineup!
Today‘s Actual Tesla Lease Pricing and Costs
Tesla‘s website shows estimated lease payments that factor incentives and fees. But it leaves out critical variables like money down, credit tier and negotiations that greatly impact your ultimate monthly price.
To demonstrate real pricing, below are some actual Model 3 lease payment examples reported by recent lessees:
- 36 month, 10k miles per year, $4,500 down – Standard Range Plus: $524/month, Long Range AWD: $649/month
- 48 month, 15k miles per year, $0 down– Standard Range Plus: $456/month, Long Range AWD: $596/month
Based on forums and reddits, here’s a view of typical 36-month lease pricing across models:
| Tesla Model | Average Monthly Payment |
|---|---|
| Model 3 Standard Range | $450-$550 |
| Model 3 Long Range | $575-$675 |
| Model 3 Performance | $700-$800 |
| Model Y Long Range | $700-$800 |
| Model Y Performance | $800-$900 |
| Model S Long Range | $1,300-$1,500 |
| Model S Plaid | $1,800-$2,000 |
| Model X Long Range | $1,500-$1,700 |
| Model X Plaid | $2,000-$2,200 |
As you can see, the Model 3 generally runs $500-$800 per month. The Model Y overlaps around $700-$900. Meanwhile, the Model S and Model X cost $1,500+ monthly due to higher pricing.
Now let‘s explore all the key variables that actually determine your unique monthly lease cost…
Factors That Influence Tesla Lease Pricing
Unlike buying or financing where the total car price mainly dictates your payment, Tesla leases depend on several dynamic factors:
1. Car Model and Trim
The base Model 3 lease starts around $450 monthly while the Model X Plaid exceeds $2,000. More range, luxury features or performance means higher monthly lease payments.
2. Lease Term Length
Tesla offers 36 month and 48 month term lengths. 48 month leases run $50-$150 lower each month since payments spread over a longer period. But they come with tighter annual mileage limits.
3. Down Payment
Putting more money down upfront directly reduces the monthly payment. For 36 month leases you can put between $0-$7,500 down depending on credit.
4. Credit Score and History
Those with excellent credit (720+ scores) qualify for lower rates and more favorable lease terms including lower money down requirements. Poor credit lessees get stuck with higher rates and less flexibility.
5. Location Specific Fees/Taxes
The exact fees and sales taxes applied vary based on where you register the leased Tesla, impacting final monthly price.
Now let‘s compare lease vs. loan or cash payment options…
How Does Leasing Compare to Buying or Financing a Tesla?
Since leasing doesn’t build long-term ownership equity, is it really a smart move compared to purchasing alternatives? Let’s weigh the pros and cons.
Benefits of Leasing a Tesla
- Lower monthly payments
- Always drive a new Tesla with latest tech
- No hassle trade-in when lease ends
- Pay only for vehicle depreciation you use
Drawbacks of Leasing a Tesla
- Cannot end lease early without fees
- Extra charges if over mileage limits
- No equity built towards ownership
Ultimately leasing makes the most financial sense for drivers wanting the lowest monthly price to drive a Tesla short term rather than keep it forever.
You gain flexibility to swap into new models as improvements roll out. But leasing won’t prove the cheapest option long run.
Carefully weigh whether that tradeoff works for your budget and ownership needs.
Now let’s walk step-by-step through the lease process…
How Do I Apply for and Get Approved for a Tesla Lease?
Here is the playbook for getting approved and signing your Tesla lease smoothly:
1. Determine Desired Model and Term Length
Visit Tesla’s site and use their lease calculator to estimate pricing and fine tune details across different models, specs and lease lengths best matching your budget.
2. Check Your Credit Score and Report
Ideally your score should fall around 720+ for the strongest lease approval odds and rates. Pull your full reports from Experian, Equifax and TransUnion checking for errors. Resolve identified issues boosting your score if possible prior to applying.
3. Gather Required Documentation
This includes your driver’s license, proof of insurance, recent paystubs, W-2s and tax returns. Tesla will request these items during the application process to verify details.
4. Complete Lease Application with Tesla
After finalizing the exact Tesla configuration you want, select “Lease” on their site which allows submitting a full application entirely online including credit check authorization.
5. Get Approved and Review Finalized Paperwork
Within 1-3 days, Tesla will contact you with a lease approval decision. If qualified, log into your Tesla account to access and e-sign finalized lease agreements with specified monthly payment and terms.
And that‘s all it takes complete the lease process directly through Tesla in most states.
Key Steps When Your Tesla Lease Ends
As your final lease payment approaches, you‘ll face an important decision – walk away or obtain ownership. Here is what to expect:
60-90 days before expiration, Tesla contacts you confirming lease end and purchase option details
Purchase price is pre-set based on the residual value estimate made when originallly signing
To buy it outright, pay the residual value price plus official fees and taxes for your state
Instead of buying, you can also trade it in towards a new Tesla or return with no obligation
Be aware in today‘s market, residual values often sit well ABOVE used sale prices. So buying outright rarely makes solid financial sense. You‘re usually better off trading in or selling it independently if wishing to retain ownership after the lease.
Top Tesla Lease Negotiation Tips
While lease terms published by Tesla seem rigid, savvy shoppers can still improve deals through negotiations:
Ask about lease cash incentives – Tesla periodically offers lease cash allowing you to reduce the capitalized cost used to calculate payments
Negotiate the residual value – Attempt negotiating a few percentage points lower than Tesla‘s initial estimate to achieve a lower monthly payment
Get dealer competing offers – Even in direct sales states, independent dealers can lease Teslas and offer unique deals to win your business
Prepay lease payments – Pay the first 6-12 months upfront in exchange for waived acquisition fees or a lowered money factor from Tesla Financial
Leverage loyalty discounts – See if Tesla offers any lease loyalty savings if you are completing another Tesla lease term
The keys are doing your homework researching the latest incentives, being flexible across terms and models, and negotiating with both Tesla and third-party dealers to haggle your best offer.
Answers to Common Tesla Lease Questions
Hopefully this guide has covered all the essential details around Tesla leases costs and process! Here are a few final commonly asked questions:
Do I need special insurance coverage when leasing a Tesla?
Yes, Tesla requires comprehensive and collision coverage when leasing with deductibles of $2,500 or less. Liability limits must meet your state‘s minimums. Gaps in coverage or high deductibles can equal lease default.
Can I transfer my Tesla lease to another person?
Lease transfers are allowed but require paying a $650 transfer fee to Tesla along with credit approval for the new lessee. You must transfer to a private party rather than dealership.
What are the early lease termination fees?
Terminating a Tesla lease early comes with hefty penalties. Within the first 6 months you‘ll owe the total remaining monthly payments PLUS the residual value buyout amount. After 6 months, declining monthly early termination fees apply but still run thousands.
Can I lease a used Tesla model instead?
Yes! Many third party banks and credit unions now offer pre-owned Tesla leases. Just like new leases, you make lower monthly payments with no ownership. Just beware – used Tesla lease rates run higher than typical used cars.
I hope this guide served you well demystifying Tesla lease costs! Let me know if any other questions pop up. Wish you happy and safe travels in your next Tesla!
