In 2018, around 30% of new vehicles “sold” to consumers were actually leases. As car prices continue to rise, consumers looking to find less-expensive options to drive away in that shiny new car, find leasing to be an attractive option.
- As the average new car price rises faster than buyers’ income, so does the number of new car customers opting for leases.
- Tesla has been able to circumvent the traditional dealership model in selling cars, and now in leasing as well.
- If you’re wondering, what does it cost to lease a Model 3? You can go to Tesla’s website and calculate your payments.
- Spoiler alert, they begin at $399 per month, but like any premium sedan, the one with the options everyone will want, is considerably.
One of the drawbacks of leasing is that most other car manufacturers require customers to interact with third-party dealerships, who are not always clear and upfront about how much their packages actually cost. Automaker Tesla sells directly to their customers, and has designed a simple and straightforward way to calculate exactly how much one of their cars will cost to lease or finance. This is yet another benefit of eliminating the dealership model all-together.
With the new Model 3 program, Tesla claims the base model Standard Range Plus leases out for $399/mo. This is true, though you’ll also need to come up with around $5,000 at signing, and this package is for a 36mo term with just 10,000 miles per year.
However, if you’re getting an electric car, most people suggest opting for the longest range possible, which on the Model 3 is 310 miles. That bumps the base price up from $37,800 to a significantly higher $47,800. Then you will want to consider the sport wheels package unless, of course, you want your Model 3 to look like it is wearing boots. That is another $1,500. Lastly, you’ll almost certainly want to add the full-self driving option — otherwise, what’s the point of even getting a Tesla? The company predicts that later this year the system will be able to recognize and respond to traffic lights and stop signs and will allow for automatic driving on city streets, which is very cool indeed. That more or less essential feature will cost you though: a whopping $6,000 extra to be exact. Also, if you are like me and enjoy driving, or have to travel a bit for your commute, you’ll want to go for the 12 or 15 thousand mile package, which will increase the payment by about $50 per month.
When we account for our additions, we’re looking at a $59,400 car instead of the base model price of $37,800. Now, our new lease price comes out to $737 per month, with $5,933 due at signing and 12,000 miles per year on a 36-month term. Needless to say, a significant increase.
Purchasing a new Tesla is expensive, there’s just no way around that. However, you still can choose to follow their advertised rate if you wish, and you’ll be getting a reasonably affordable Model 3 with no options. If you are considering settling for just for a base Model 3 sedan, though, you are really not taking advantage of either the Tesla brand or the cutting-edge technology they offer, which is generally the main reason for purchasing a Tesla in the first place. You might consider other, similar options on the market, as there are many other fully-electric cars which offer long rage models for much less. Take the Chevy Bolt for example: it has a 238-mile range and costs just $36,620.
However, if you’re anything like me and enjoy driving, as well as a certain level of comfort and style, your new Tesla is going to be considerably more expensive, but also will make a statement. The self-driving feature, extra range between charges and annual mileage allowance, as well as the sportier trim packages ensures you can go wherever you want, arrive in style, and maybe even let the AI handle the driving if you aren’t in the mood to do it yourself.
While their advertisements makes it seem like Tesla’s Model 3 is affordable, when you get down into the details, it’s still a very expensive car to drive away in no matter how you price it out.