Many people enjoy leasing for several reasons, even though they may know that it's not the best choice financially. But, if you can't afford a huge monthly payment, it may be your only option. That is, unless you just choose a cheaper car, which likely means no EV — and especially no Tesla — for you.
For example, you can lease a Tesla Model 3 Standard Range Plus for $399 per month with $4,500 down. That's a 36-month lease with 10,000 miles per year on a bare bones car with no extras (though it does come standard with Autopilot). Of course, if you add some options and miles, it will cost you more.
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In comparison, however, the same car with $5,000 down will cost you $569 to buy over 72 months at 4.25% interest. If you go with a more traditional 60-month term and/or have a higher interest rate, you're looking at upwards of $700 per month.
In the end, while many people may be aware that leasing is not financially sound, in order to get themselves in a Tesla Model 3, they may have no other choice.
TESLOOP takes a closer look at the economics of the new Model 3 leasing situation and warns shoppers to steer clear. The company goes so far as to say it could be a whopping $200,000 mistake.
There's a lot to consider here. First of all, if you lease, you must return the car at the end,of the term, which is not usually the case with most leases. There are also many other total cost of ownership figures involved when it comes to buying versus leasing.
Are you leasing or buying a Model 3? We'd love to know the details. Take a look at the video and then let us know your situation and what you think.
Video Description via TESLOOP on YouTube:
Why leasing a Tesla Model 3 is a $200,000 mistake
Thinking about leasing a Tesla Model 3? We don't recommend it.