How much does it really cost to lease a Tesla Model 3? [2024]

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Picture this: you’re cruising down the road, feeling the electric power beneath your fingertips, and enjoying the luxurious interior of a Tesla Model 3. It’s a dream come true for many car enthusiasts, but how much does it really cost to lease one? In this article, we’ll dive deep into the world of Tesla leases and uncover the true costs, benefits, and drawbacks of leasing a Tesla Model 3. So buckle up and let’s get started!

Table of Contents

Quick Answer

Leasing a Tesla Model 3 can cost as low as $329 per month for 36 months with a downpayment of $4,500. However, the total cost of the lease, including the downpayment and other fees, can add up to around $18,154 for three years. Keep in mind that lease prices may vary depending on factors such as location, credit score, and current lease deals.

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Quick Tips and Facts

  • Leasing a Tesla Model 3 can be a more affordable option compared to buying one outright.
  • Tesla offers lease terms of 36 months for the Model 3.
  • The lease price for a Tesla Model 3 starts at $329 per month with a downpayment of $4,500.
  • Additional fees, such as acquisition and disposition fees, may apply at the end of the lease.
  • The $7,500 federal tax credit for Tesla vehicles may impact the overall cost of the lease.
  • Tesla’s lease deals do not allow customers to buy out the vehicle at the end of the lease term.

Background

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Tesla, the renowned electric vehicle (EV) manufacturer, has revolutionized the automotive industry with its cutting-edge technology and sleek designs. The Tesla Model 3, in particular, has gained immense popularity for its impressive range, performance, and affordability compared to other Tesla models. As more people embrace the transition to electric vehicles, leasing a Tesla Model 3 has become an attractive option for those who want to experience the thrill of driving a Tesla without the commitment of ownership.

How much does it cost to lease a Tesla Model 3?

Leasing a Tesla Model 3 offers a more affordable way to experience the benefits of driving an electric vehicle. The lease price for a Tesla Model 3 starts at $329 per month for 36 months with a downpayment of $4,500. However, it’s important to note that this is just the starting price, and the total cost of the lease can vary depending on several factors.

In addition to the monthly lease payment, there are other fees to consider. Tesla charges an acquisition fee of $695 and a disposition fee of $395 at the end of the lease. These fees are separate from the monthly payment and should be factored into the overall cost of the lease.

It’s also worth mentioning that lease prices may vary depending on your location, credit score, and current lease deals. It’s always a good idea to check with your local Tesla dealership or visit their website for the most up-to-date lease pricing information.

What are the benefits of leasing a Tesla Model 3?

Leasing a Tesla Model 3 comes with several benefits that make it an attractive option for many drivers. Here are some of the key advantages:

  1. Lower monthly payments: Leasing a Tesla Model 3 typically results in lower monthly payments compared to financing or buying the vehicle outright. This can make driving a Tesla more affordable and accessible for many people.

  2. Warranty coverage: When you lease a Tesla Model 3, you’ll typically be covered by the manufacturer’s warranty for the duration of the lease. This means that any repairs or maintenance required during the lease term may be covered by Tesla, providing peace of mind and potential cost savings.

  3. Access to the latest technology: Tesla is known for its constant innovation and software updates. By leasing a Tesla Model 3, you’ll have the opportunity to experience the latest features and advancements in electric vehicle technology without the commitment of long-term ownership.

  4. Flexibility: Leasing offers flexibility at the end of the lease term. You can choose to return the vehicle and lease a new model, purchase the vehicle at the end of the lease term, or simply walk away without any further obligations.

What are the drawbacks of leasing a Tesla Model 3?

While leasing a Tesla Model 3 has its advantages, there are also some drawbacks to consider before making a decision. Here are a few potential downsides:

  1. Mileage restrictions: Most lease agreements come with mileage restrictions, typically ranging from 10,000 to 15,000 miles per year. If you exceed the allotted mileage, you may be subject to additional fees at the end of the lease term.

  2. No ownership equity: When you lease a vehicle, you’re essentially renting it for a specific period of time. Unlike financing or buying a car, you won’t build any equity in the vehicle during the lease term. This means that you won’t have an asset to sell or trade-in at the end of the lease.

  3. Potential additional fees: In addition to the monthly lease payment, there may be other fees associated with leasing a Tesla Model 3. These can include fees for excessive wear and tear, early termination, or modifications to the vehicle. It’s important to carefully review the lease agreement and understand all potential fees before signing.

  4. Limited customization options: When you lease a Tesla Model 3, you may have limited options for customizing the vehicle to your preferences. Most lease agreements require the vehicle to be returned in its original condition, with minimal modifications or alterations.

How does the tax credit affect Tesla leases?

The federal tax credit for electric vehicles can have an impact on the overall cost of leasing a Tesla Model 3. Currently, Tesla vehicles are eligible for a federal tax credit of up to $7,500. However, it’s important to note that the tax credit is subject to change and may vary depending on your individual tax situation.

The tax credit is typically applied to the purchase price of the vehicle, which can help reduce the overall cost of leasing. However, it’s important to understand that the tax credit does not directly lower the monthly lease payment. Instead, it can be factored into the total cost of the lease, potentially reducing the amount you pay over the lease term.

It’s worth noting that the federal tax credit for Tesla vehicles is expected to phase out over time. As of now, the tax credit is expected to reduce to $3,750 on December 31, pending federal guidance. It’s always a good idea to consult with a tax professional or visit the IRS website for the most up-to-date information on electric vehicle tax credits.

Can you buy out a Tesla lease?

Unlike some lease agreements, Tesla’s lease deals do not allow customers to buy out the vehicle at the end of the lease term. This means that you won’t have the option to purchase the leased Tesla Model 3 once the lease term is over.

However, Tesla does offer the option to purchase a new Tesla vehicle at the end of the lease term. If you decide to lease another Tesla model or purchase a new Tesla, you may be eligible for certain incentives or discounts as a returning customer.

FAQ

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Does the $7,500 tax credit apply to Tesla lease?

Yes, the $7,500 federal tax credit for electric vehicles can be applied to the purchase price of a Tesla Model 3 leased vehicle. However, it’s important to note that the tax credit does not directly lower the monthly lease payment. Instead, it can be factored into the total cost of the lease, potentially reducing the amount you pay over the lease term.

How much per month is a Tesla Model 3?

The monthly lease payment for a Tesla Model 3 can vary depending on factors such as location, credit score, and current lease deals. However, the lease price for a Tesla Model 3 starts at $329 per month for 36 months with a downpayment of $4,500.

Read more about “Tesla Model 3 Lease: The Ultimate Guide …”

Have Tesla lease prices dropped?

Tesla has been known to adjust its lease prices from time to time, depending on various factors such as market demand and incentives. It’s always a good idea to check with your local Tesla dealership or visit their website for the most up-to-date lease pricing information.

How much is it to lease the cheapest model Tesla?

The lease price for the cheapest model Tesla, which is currently the Tesla Model 3, starts at $329 per month for 36 months with a downpayment of $4,500. However, it’s important to note that the total cost of the lease, including fees and other factors, can vary.

Conclusion

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Leasing a Tesla Model 3 can be an exciting and affordable way to experience the future of electric vehicles. With lower monthly payments, warranty coverage, and access to the latest technology, leasing a Tesla Model 3 offers numerous benefits. However, it’s important to consider the potential drawbacks, such as mileage restrictions and limited customization options.

Overall, if you’re looking to drive a Tesla without the commitment of long-term ownership, leasing a Tesla Model 3 can be a great option. Just make sure to carefully review the lease agreement, understand all the costs involved, and take advantage of any available incentives or discounts.

At Car Leases™, we recommend exploring the latest lease deals and options available at your local Tesla dealership or on their official website. Remember, the world of electric vehicles is constantly evolving, and leasing a Tesla Model 3 can be a thrilling way to be a part of the electric revolution.

Jacob
Jacob
Articles: 112

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