It's never easy to choose between leasing and buying a new automobile, but it can be particularly challenging when it comes to electric vehicles like the Tesla. That's because there are a number of crucial considerations to make, including whether or not you can purchase the vehicle at the end of your lease.
A cheaper method to drive a high-end car that would otherwise be beyond of your price range is to lease a Tesla Model 3 or Model Y. However, you might find that you get less for your money than you would have if you paid cash.
Depreciation Rates
Teslas are an exception to the rule that cars often depreciate fast. Some Tesla models only lose value by 10% in the first three years of ownership, and it takes more than 50,000 miles of driving to see a 5% reduction in battery capacity. Depreciation is therefore less of an issue for Tesla owners than it is for owners of other premium vehicles because used Teslas sell for almost as much as new ones. If you decide to trade in or sell your Tesla, it will be much simpler to repay the investment because of how high its resale value is.
Ownership Cost
It's likely that you'll lease or take out a loan if you haven't been saving up for a Tesla in advance. According to Tesla, a $4,500 down payment and a 72-month loan period would cost $549 a month at a 2.49 percent annual percentage rate. Alternately, you could lease the vehicle for 36 months with a $5,584 down payment and a projected $389 monthly loan payment. The more cost-effective choice is to lease a Model 3. However, it's important to keep in mind that you'll be spending $19,500 in total over the course of three years, which is almost half the car's value.
Estimated Mileage
How much you'll be driving the EV is something else to think about before leasing it. Leased vehicles have an annual mileage cap, and if you exceed it or abuse the car too much, you'll be charged heavily. Up to 10,000 annual miles are included in Tesla's regular leasing package, with the option to boost that number to 12,000 or 15,000 for a higher monthly cost. If you intend to drive your Tesla a lot, buying it outright will relieve you of the burden of worrying about annual mileage restrictions.
Range and Performance
The Tesla Model S Long Range currently has the greatest range, with over 405 miles of travel possible on a single charge. However, it is also one of the priciest Teslas, costing roughly twice as much as the Model 3 Standard Range, which has a range of 263 miles. Expect to pay more up front if you want access to the most sophisticated, potent Teslas. The range and battery life of used Teslas will simply be inferior to those of the most recent versions.
By upgrading to a newer model at the conclusion of your lease, leasing can, fortunately, be a terrific method to drive the most recent, top-of-the-line vehicles one after the other. The most recent autopilot and self-driving features will also be available to you.
Lease Direct
The simplest way is to order a new car directly from Tesla's website. The car will be delivered right to your home once you pay a $1,200 delivery fee. Additionally, you may utilize the Tesla website to compare leases, apply for financing, and browse for Certified Pre-Owned Tesla vehicles.
Buy a Used Tesla
You can expand your search to include third-party vendors if you're thinking about buying a used Tesla. This will be the most cost-effective way for you to bring a Tesla home. The fact that you may get a high-quality EV for a reasonable price may overshadow the fact that you won't have access to the same financing choices and warranty coverage that Tesla provides.
Before purchasing a used Tesla, make sure to conduct thorough research by reviewing its maintenance logs and assessing its performance. Due to the high demand for Teslas, you might have to wait several weeks for your vehicle to be delivered after placing an order. Even purchasing a pre-owned Tesla can involve some research.
