Tesla is already offering Model Y leases. How do they compare to rivals?
The Tesla Model Y is currently available in two "trim" levels: The Long Range and Performance. They both come standard with two motors and all-wheel drive. The Long Range starts at $49,990 after a recent price reduction. The Performance carries a starting price of $59,990.
If you finance through Tesla, the Model Y Long Range will cost you about $699 per month for 72 months with $4,500 down. That's at 2.49% APR. Now, you can choose to lease the Model Y through Tesla. The deal works out to $499 per month for 36 months with $4,500 due at signing. It's a 10,000-mile-per-year lease, which is common among luxury vehicles.
Leasing is popular in the U.S., so Tesla is likely taking advantage of this as another tool to increase demand. It also means people who may not be able to afford an expensive car can fit the Model Y in their budget. Leases are very common for luxury vehicles. Even at zero-percent interest, financing a $50,000 car results in a significant monthly payment.
If you're considering a Model Y Performance, financing will cost you about $850 per month while leasing through Tesla is $679, so your monthly savings isn't quite as good as if you choose the Long Range model.
For people who want to lease a Tesla and can't afford the $500 per month to get into a Model Y, Tesla is leasing the Model 3 Standard Range Plus for $371 per month. Model S leases start at over $900 and Model X leases are over $1,000 per month.
Let us know if you think $499 is a good monthly payment for the $50,000 Tesla Model Y. Have you leased a Tesla?