Tesla has rolled out steep lease price cuts across its lineup in the United States, with savings of up to 23% on the Model 3, Model Y, and the Cybertruck. According to the latest leasing values on Tesla’s website, the Model 3 now leases for as low as $329/mo (down 23% from $432/month), the Model Y for $449/month (15% less), and the Cybertruck at $699/month (7% off).
Flash Lease Deal
These lease deals require a $3,000 down payment for 36 months and come with a 10,000-mile annual limit, and are available in select states, subject to credit approval. Although the Federal EV Rebate is no longer available, some state incentives remain, which could lead to even lower monthly prices for buyers in the right state.
However, Tesla has also announced that lease prices will increase starting on November 1st, creating a narrow window for buyers to get into a leasing deal on an inventory vehicle.
Why Now? Tesla’s Lease Pricing Strategy
Tesla’s decision to slash lease prices likely stems from a mix of market dynamics and internal sales goals. After a Q3 that saw softened EV demand industry-wide, with the exception of the run-up to the expiry of the US Federal EV Tax Rebate, Tesla is pushing to maximize deliveries before year-end.
These reductions, particularly the steep 23% drop on the Model 3, make leasing more attractive than financing for many, especially against current interest rates. Clearing inventory, especially for the Model 3, Model Y, and Cybertruck, could also be a factor, as Tesla moves to balance production and profitability.
Leasing vs Buying: What’s Right?
Leasing a Tesla provides flexibility, lower monthly payments, and access to the latest hardware in the vehicle. However, it comes at a cost, as leasing is typically more expensive long term. Here’s a breakdown of the current details.
Model 3: Starting from $329/month
Model Y: Starting from $449/month
Cybertruck: Starting from $699/month
However, leasing has trade-offs. You won’t own the vehicle at the term’s end, and the residual values (what Tesla estimates the vehicle is worth at the end of the lease) could impact the lease buy-out price. Financing at a higher interest rate may suit those who are planning to keep their Tesla long-term.
How to Take the Deal
To take advantage of the current lease offers, you must ensure you meet credit requirements, and as with all Tesla’s timed offers, you must take delivery of your new leased vehicle no later than Halloween, on October 31st.
This is a golden opportunity for those looking to get into a new lease, especially for those considering the jump from a legacy HW3 vehicle to an AI4 vehicle as FSD V14 begins to roll out. Whether you’re eyeing a Model 3, Model Y, or a Cybertruck, this is a great chance to get into a new Tesla if you’ve been considering leasing.
