✅The Tesla Model Y has recently started offering a lease option. Is taking the lease option a way to save money or is it a financial mistake?
The lease payment today is $200 cheaper monthly than the offered financing rate to purchase the Tesla Model Y Long Range, All Wheel Drive (LR AWD). Although that $200 per month adds up to a rather large $7,200 over the course of 36 months, does that mean you come out ahead in the 3 year term?
When you lease a Tesla Model Y, you do not have the option to retain ownership at the end of the 36 month term. You simply turn in the key card and walk away. Although this is an easy way, and cheaper up front to get into the Tesla Model Y, it actually is not financially beneficial compared to a purchase.
Even if you purchased the Tesla Model Y with payments, at the end of 36 months, you would be able to sell the car at the same time you’d normally turn in the lease, and walk away with a significant amount of cash, and compared to the final total cost, you would be far ahead by purchasing the Tesla Model Y than leasing it.
In this video, I will break down the numbers and show you just how much you are leaving on the table by leasing instead of purchasing the Tesla Model Y.
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