Interested in Leasing A Tesla? Here’s What To Know
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Nowadays, Tesla is the go-to car manufacturer for customers looking for an all-electric vehicle with top-notch performance to boot. Having said that, one of the most common questions about Tesla is about its leasing terms, prices, and policies.
Car leases are already tricky by themselves but leasing a Tesla is somehow trickier because of the different factors you have to consider. In addition, many customers are facing the decision of whether to buy or lease a Tesla.
Fear not prospective Tesla lessee, today we’ve created a comprehensive guide about leasing a Tesla.
Where Can I Lease a Tesla?
Before you think of leasing a Tesla electric, make sure that Tesla offers leasing in your state because, unfortunately, not all 50 states are supported. As of this writing, leasing a Tesla is available for the following states:
AL, AK, AR, AZ, CA, CO, CT, DC, FL, GA, HI, IA, ID, IL, IN, KS, LA, MA, MD, ME, MN, MO, MT, NC, ND, NJ, NM, NV, NY, OH, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WV, WY
That leaves the following states where Tesla leases are not available:
- Delaware
- Kentucky
- Michigan
- Mississippi
- Nebraska
- New Hampshire
- Oklahoma
- Wisconsin
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How to Apply for a Tesla Lease
Applying for a Tesla lease is a fairly straightforward process and very similar to other car manufacturers. Below are the steps when you apply for a Tesla lease:
- Log in to your Tesla account and navigate to the ‘Payment Section’ and select ‘Finance’ to view your financing options.
- Click ‘Lease’ to proceed. You must be over the age of 18 and have to submit a social security number to apply.
- Select ‘Tesla’ as your financier and confirm your preferred terms like monthly payment, annual mileage, and amount due at signing. Review your price details and terms.
- Complete your application by inputting personal information, including date of birth, social security number, registration address, employment, and income information, etc.
- Upon submission, Tesla will review and process your application.
- Tesla will notify you if you’re approved or not via the ‘Payment Method’ section of your account. Credit decisions can take from a few minutes to 48 hours.
After the approval, you’ll need to accept the offer through your Tesla account, and a representative will contact you with the next steps on how to proceed. If your application is denied, a Tesla rep will get in touch with you within one (1) business day about the decision and may present alternative options.
Which are the Best Tesla Models to Lease?
Tesla makes some of the most popular electric vehicles in the market, so it can be daunting to choose the best model. Thus, we have provided a quick overview of all Tesla models that you can lease:
Model 3
Whether you’re looking for a fun daily driver or an affordable Tesla vehicle, or both, the Model 3 is an attractive option for leasing. Thanks to its affordable pricing, the Model 3 is currently the best-selling Tesla in the market, and its winning streak looks to continue.
Consumer Reports gave Model 3 a road test score of 83 out of 100, which is the lowest among all Tesla models. However, the Model 3 is still way ahead of other vehicles in the segment.
With an acceleration of 0-60 mph in 3.1 seconds, it’s the second slowest of the Tesla bunch. But that doesn’t take away the fact that the Model 3 is a fun drive that boasts smooth handling and basic luxury comforts.
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Model S
Tesla’s overachieving luxury sports sedan continues to set the bar higher when it comes to performance EVs.
The Model S boasts performance stats that put other electric vehicles to shame - 1020 hp of peak power, 0-60 in 1.99-sec acceleration, and 200 mph top speeds. The Model S Plaid is a true beast of the road but also offers accurate handling.
On top of its excellent performance, the Model S also offers top-of-the-line tech and amenities.
Model X
The Model X is Tesla’s own spin to the burgeoning SUV market. If you’re looking for a Tesla SUV to lease, the Model X is certainly worth considering. However, it’s also the most expensive model in the Tesla lineup.
The Model X scores high marks with its all-electric driving range, fast charging capabilities, quick acceleration, and upgrade options. However, the X seems to lag behind the competition when it comes to luxury panache and overall fit and finishes.
Model Y
As the newest addition to the Tesla family, the Model Y is the company’s attempt at a crossover SUV. However, it does sport a weird aesthetic and looks like a taller Model 3.
As you might expect, the Model Y offers excellent performance, but it’s lagging behind the Model 3 when it comes to acceleration. Basically, it’s everything that people love about the Model 3 but in a more practical packaging.
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Tesla End-of-Lease Options
Like your standard car lease, a Tesla lessee has several options when the end of the lease approaches:
- Upgrade: Tesla vehicles are fairly great when it comes to yearly upgrades. Thus, once your Tesla lease expires, it’s a good idea to consider upgrading to the latest and greatest models.
- Purchase: Leasing a Tesla may allow you to purchase the car you’ve just leased, provided that you’re eligible. Unfortunately, this option isn’t available for Model 3 and Y. Also, there’s a $350 purchase fee and local taxes apply.
- Return: Upon 30-60 days before your lease matures, Tesla will get in touch to schedule the final inspection if you’re planning to return the vehicle. As with most leases, the rented vehicle will be subjected to a wear-and-tear review.
- Extend: If you need more time with your EV, Tesla also provides a lease extension. Tesla lease extensions default to 6 months but you can return the vehicle before the end date, and you’ll only have to pay for the months you’ve used. Keep in mind that the charge will be rounded off in months and won’t prorate the payments to the day.
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