Tesla Model S and Model X at the factory in Fremont, California
If you leased your Tesla through the automaker's financing arm, you have several worthy options at lease end.
Since about one in four Tesla vehicles are leased rather than purchased, and since many more customers are ready to consider end-of-lease options, Tesla has updated its information. The options brought forth by the Silicon Valley automaker are more enticing, due to the option to upgrade. The lease page states:
Tesla hopes to get as many upgrades as possible prior to the Model 3 production ramp.
“If your lease is ending in the next few months, now is a good time to start looking at which option best suits your needs.”
Tesla's lease program has been around for over three years now, and every quarter many Model S owners are ready to move forward. The company points out:
“Model S is better than ever. Over the last three years, we’ve added new features like updated styling and interior, Dual Motor All-Wheel Drive, Ludicrous Speed, Self-Driving hardware and more range. We also introduced Model X, the safest, fastest and most capable SUV on the road. View local inventory to take delivery as soon as this week.”
Getting Tesla owners to upgrade would be the most advantageous choice for the automaker. However, three other options are available. The new lease support page outlines each option in detail, and also includes a helpful FAQ section, and some handy links.
Aside from the upgrade option, lessees can chose to purchase their vehicle. Depending on how many miles you have accumulated, you may still have some of the 4-year or 50,000-mile New Vehicle Limited Warranty remaining. Unlike certified pre-owned vehicles, however, an extended warranty must be purchased. There is no info on the lease page that specifies pricing for the extended 8-year/100,000-mile warranty.
Another option is a lease extension. Again, this may be a good idea for those that want to keep the car while it is still under warranty. The lease can only be extended for up to six months, and if you plan to purchase at the end, your final pricing will be adjusted. This is only available if your account is in good standing, and you must decide prior to the original lease end date.
Finally, you can simply turn your Tesla in. The lease info page has a link to the 'Excess Wear and Use Guide,' which will take you through the steps to complete a self-inspection, in order to speed up the return process. It requires answering some questions and uploading photos. Tesla will still complete the final process at a service center.