If you’re interested in driving a Tesla but worried about the cost, leasing might be a great option. Leasing can allow you to drive a brand-new Tesla without the large upfront cost of buying one. In this article, we’ll explore which Tesla model is the cheapest to lease, how leasing works, and the potential benefits and drawbacks. We’ll also provide tips on how to get the best deal on a Tesla lease.
Understanding Tesla’s Model Lineup
Tesla currently offers a variety of electric cars with different price points and features. The main Tesla models available are:
- Tesla Model 3: A compact, affordable electric sedan. It’s known for being Tesla’s most budget-friendly model.
- Tesla Model Y: A mid-size electric SUV with more space than the Model 3.
- Tesla Model S: A luxury sedan with a higher price tag.
- Tesla Model X: A larger luxury SUV with unique features like falcon-wing doors.
If you’re looking for the cheapest Tesla to lease, you’ll want to focus on the Model 3 and Model Y, which are the most affordable options.
Why Leasing Might Be a Smart Choice
Leasing a Tesla can make it easier to enjoy the benefits of electric driving without the high upfront cost of buying a car. Here’s why:
- Lower monthly payments: Leasing generally offers lower monthly payments compared to a loan for buying the same car.
- No long-term commitment: Leases typically last 2-4 years, so you can switch to a new model when your lease ends.
- Lower repair costs: Since you’re driving a new car under warranty, maintenance costs are usually minimal.
- Tax incentives: Some states offer tax incentives for leasing electric vehicles, which can help lower costs even more.
However, leasing also comes with some limitations, such as mileage limits and no ownership at the end of the lease period. Make sure you weigh the pros and cons before deciding.
What Affects the Cost of a Tesla Lease?
When leasing a Tesla, several factors influence the monthly cost:
- Model: The specific Tesla model you choose will have the biggest impact on your lease payment.
- Trim level and features: Higher trims with more features, such as long-range or performance models, will cost more to lease.
- Lease term: Shorter lease terms (e.g., 24 months) often come with higher monthly payments compared to longer terms (e.g., 36 or 48 months).
- Down payment: A larger down payment will lower your monthly payments.
- Mileage limits: Leases usually have mileage limits (e.g., 10,000, 12,000, or 15,000 miles per year). Exceeding the limit can result in additional fees.
- Interest rates: Lease rates can vary depending on your credit score and market interest rates.
The Cheapest Tesla to Lease: Tesla Model 3
Currently, the cheapest Tesla to lease is the Tesla Model 3. It’s Tesla’s most affordable model, and the base version offers an excellent combination of range, technology, and performance.
Tesla Model 3 Lease Options
Tesla offers a few different versions of the Model 3, and the cheapest one to lease is the Model 3 Rear-Wheel Drive (RWD), also known as the Model 3 Standard Range Plus. Here’s a breakdown of the lease terms for this model:
- Starting price: The base price of the Tesla Model 3 RWD is around $40,000 (though this can vary based on region and options).
- Monthly lease payments: Depending on your down payment and credit score, lease payments can start as low as $399 per month.
- Down payment: Tesla typically requires a down payment (or due at signing) of around $4,500 to start a lease. This can vary depending on promotions or dealer offers.
- Lease term: Most leases are offered for 36 months with an annual mileage limit of 10,000 miles. You can choose higher mileage limits, but this will increase the cost.
Tesla Model 3 Features
Despite being Tesla’s most affordable car, the Model 3 still comes with an impressive range of features:
- Range: The base Model 3 RWD offers around 272 miles of driving range on a full charge, which is more than enough for most daily driving needs.
- Acceleration: It can accelerate from 0 to 60 mph in around 5.8 seconds.
- Autopilot: Tesla’s Autopilot driver-assistance features come standard on the Model 3, making driving easier and safer.
- Interior tech: The Model 3 comes with a sleek, minimalist interior featuring a large touchscreen for navigation, entertainment, and car controls.
Other Affordable Tesla Models to Lease
While the Tesla Model 3 is the cheapest option, you might also consider leasing the Tesla Model Y if you need more space or prefer an SUV.
Tesla Model Y Lease Options
The Tesla Model Y is a bit more expensive than the Model 3, but it’s still relatively affordable, especially if you opt for the base version (Model Y RWD). Here’s what you can expect in terms of lease costs:
- Starting price: The base price of the Model Y is around $47,000.
- Monthly lease payments: Lease payments for the Model Y typically start around $499 per month.
- Down payment: The down payment for the Model Y is usually around $5,000, but it can vary.
- Lease term: Like the Model 3, most leases are offered for 36 months with an annual mileage limit of 10,000 miles.
Tesla Model Y Features
- Range: The base Model Y offers 260 miles of range on a full charge.
- Acceleration: It can go from 0 to 60 mph in about 6.6 seconds.
- More space: The Model Y is a larger vehicle with more cargo space and room for passengers.
If you need more room or plan to use your Tesla for family trips, the Model Y could be worth the extra cost.
See Also: Why Are Teslas So Expensive To Insure
How to Get the Best Deal on a Tesla Lease
Leasing a Tesla can be a great way to experience driving an electric car, but getting the best deal requires some research. Here are a few tips to keep your lease payments as low as possible:
1. Choose the Base Model
The cheapest leases will always be on the base versions of Tesla cars. Stick with the standard range and rear-wheel-drive options to get the lowest monthly payment.
2. Be Flexible with Mileage
If you don’t drive long distances, choosing a lease with a lower mileage limit (e.g., 10,000 miles per year) can help reduce your monthly payments. Be mindful, though, that exceeding the mileage limit will result in extra fees.
3. Consider Tesla’s Lease Promotions
Tesla occasionally offers promotional deals with lower down payments or reduced interest rates. Check Tesla’s website regularly or visit a Tesla dealership to see if there are any current deals available.
4. Improve Your Credit Score
Your credit score plays a big role in the interest rate you’ll receive on a lease. The better your credit score, the lower your monthly payments will be. Consider improving your credit before leasing a Tesla to get the best deal.
5. Make a Larger Down Payment
While it may not be possible for everyone, making a larger down payment can help reduce your monthly payments. The more you pay upfront, the lower your overall lease cost will be.
Conclusion
The Tesla Model 3 is the cheapest Tesla to lease, with monthly payments starting around $399 depending on your down payment, lease term, and mileage limit. If you’re looking for a slightly larger option, the Tesla Model Y is another affordable choice for those who need more space.
Leasing a Tesla can be a smart choice for drivers who want to enjoy the benefits of electric driving without committing to a long-term purchase. By choosing the base model, keeping mileage limits in check, and shopping around for promotions, you can enjoy driving a Tesla at an affordable price.
Make sure to evaluate your needs, budget, and driving habits before deciding whether leasing or buying a Tesla is the right choice for you.
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