No, the intangible fact that your Tesla is financed versus leased doesn’t add horsepower. While this is a negotiable aspect of your lease, it can be restrictive if you plan to drive your Tesla frequently and for long distances. And the more miles a car has, the less it’s typically worth. Otherwise, dealerships run the risk of getting their Teslas back with exceedingly high miles on them. Leases typically prohibit you from driving beyond a certain number of miles in a given year. That’s not the case when you lease a Tesla - or any vehicle, for that matter.
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You decide when, where, and how to drive it. However, low depreciation rates often favor financing instead of leasing because your car maintains its value.Ĭalculate Your Savings Mileage restrictionsĪlthough you don’t outright own a Tesla if you finance it, it is yours in a practical sense. That’s where leasing can help because you don’t have to worry about resale value at the end of your lease. If you plan to sell a car in a few years, you won’t recover much of your initial investment if it depreciates quickly. The Tesla S, X, and 3 had depreciation rates of 36.3%, 33.9%, and 10.2%, respectively.ĭepreciation hurts resale values.
However, Teslas performed much better in this category. So, a new EV would lose about half of its value in the first three years. According to one study, the average three-year depreciation rate of EVs was 52%. Electric vehicles are no different.įortunately, new Teslas tend to fare better than other automakers. Although some vintage cars can hold their value or even appreciate, most cars depreciate. Depreciationĭepreciation is the rate at which your car loses value over time. Lease payments for a Tesla tend to be cheaper than loan payments - plus, you’re locked in for a shorter period of time. With that in mind, it’s important to consider how long you not only want to drive a Tesla but also how long you want to make payments. On the other hand, the financing options for a Tesla auto loan are 36, 48, 60, and 72 months if you go through Tesla’s direct lending. Tesla offers either 24 or 36 month leases, which is similar to other automotive leasing programs.
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Also, don’t forget about taxes and registration fees. Regardless of which option you choose, Tesla charges a $1,200 delivery fee. This upfront fee is a standard cost of leasing and is generally non-negotiable. If you lease your Tesla, you’ll also pay an acquisition fee of $695. Conversely, the APRs offered through Tesla’s leasing program range from 4.57% to almost 5%, depending on the model. Currently, the starting annual percentage rate (APR) for a loan through Tesla’s financing program is 2.74%. The exact interest rate you receive depends on your credit score, the car’s purchase price, the down payment, and loan term. With this in mind, it’s important to review the financial impact of leasing versus financing - as well as the cost of ownership.
In both cases, you can make a down payment to lessen the ongoing burden of renting or paying off your Tesla. Whether you lease or finance a Tesla, you’ll have a monthly payment for a predetermined amount of time. And even if you do qualify for Tesla financing, you may still want to consider getting quotes from other lenders to ensure that you’re getting the lowest possible interest rate. If you live outside of this area, then you’ll have to go through a third-party lender to finance a Tesla. Tesla does offer leasing and financing options to the other 41 states, as well as DC. Tesla doesn’t offer leasing or financing in nine states, which are listed below: That said, you might not even have the option to lease or finance a Tesla through its direct lending program in the first place - even if you have great credit. So, you may have to submit an application to see if you’re accepted. Tesla doesn’t share their minimum credit score or income requirements for leases or auto loans. Qualifyingīefore you spend time analyzing the nuances of auto loan and lease agreements, you may want to see if you even qualify first.
You must weigh the importance of several factors, like your annual mileage expectations and how often you want to get a new car. When it comes to leasing or financing a Tesla, there isn’t a one-size-fits-all answer. See Today's Rates Is It Better to Lease or Finance a Tesla?
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