Tesla’s lease deals are finally getting a reality check. After slashing US lease prices by up to 23% in October to bump up demand following the end of the US Federal EV Tax Credit, Tesla is now cranking those rates back up. The October drop, which is still in effect for a few more days, saw the Model 3 RWD Premium price drop to $329/month. However, those prices are about to go up.
Leasing prices will increase by up to $80/month, starting on November 4th. This upcoming price increase was previously announced by Tesla on its website, but at the time, Tesla didn’t disclose the amount of the increase.
The October Slash: A Quick Demand Bump
Earlier this month, Tesla dropped a leasing bombshell, trimming monthly payments by significant amounts for the Model 3, Model Y, and Cybertruck. The Model Y Long Range AWD, for instance, is now available for $449/month with $3,000 due at signing—a roughly 20% reduction from prior rates.
This appears to have been Tesla’s strategy for clearing inventory following the end of the EV Federal EV tax credit. Nothing lasts forever, and with Tesla, deals can often come and go in just a matter of days or weeks. However, the end of Q4 is coming, and we could see additional deals then.
The November Hike
The increases aren’t uniform across models, but Tesla says it will cap out at $80 per month, varying by trim, down payment, and lease mileage. These are the current lease prices for the Model 3, Model Y and the Cybertruck and their potential price increase come November 4th.
Model | October Lease Pricing | November Lease Pricing |
|---|---|---|
Model 3 RWD (Premium) | $329 | Up to $409 |
Model 3 AWD (Premium) | $429 | Up to $509 |
Model Y RWD (Premium) | $449 | Up to $529 |
Model Y AWD (Premium) | $519 | Up to $599 |
Cybertruck AWD | $699 | Up to $779 |
These figures assume $3,000 down, 36 months, and 10,000 miles annually. Adjusting these values will proportionately adjust your lease figures, especially for higher mileage.
The $80 cap isn’t tied to a rate increase; instead, it’s tied to residual lease value changes. Softer used EV markets are driving up Tesla’s buyout projections, forcing lease rates to follow suit. It’s based on economics, but it can sting for those shopping for a Tesla on a budget.
Tesla has not revealed the exact price increases for these models, but we expect a $60-$80/month increase across models. We may have to wait until November 4th to see the exact pricing.
Lease Pricing Still Down
This isn’t a full reversal of the cuts previously made by Tesla, but the increases erode away most of the savings. An $80 per month increase over 36 months adds nearly $3,000 to the total lease cost, enough to make that Cybertruck deposit look more tempting.
If you’re on the hunt for a new Tesla to lease before lease prices jump up, you’ve only got a few days, as you’ll need to order your vehicle before the price change on November 4th.
This is just another fluctuation in Tesla’s pricing dance. While Tesla offers the same price to everyone, they keep their prices fluid and adjust them to market conditions and the cost of goods.
