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Tesla Model 3 Lease Price Goes Down To $299 Per Month

Previously, Tesla’s most affordable model could be had for $329/month.

Tesla Model 3

Iulian Dnistran

By: Iulian Dnistran

Apr 19, 2024 at 11:00am ET

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Tesla lowered the monthly lease fee for its entry-level Model 3 EV by $30, bringing the final figure to a more enticing $299 per month.

The deal, which was first spotted by Sawyer Merritt on X, states that the customer needs to put a down payment of $3,000. The lease term is 36 months and there’s an annual mileage limitation of 10,000 miles.

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Underwhelming delivery numbers in Q1 result in a better lease price

In the first quarter of this year, Tesla delivered 386,810 cars, which is still a lot of EVs, but it was actually far below expectations of 430,000 units.

As a likely consequence, the American automaker recently dropped the lease price for its most affordable and newest car, the refreshed Model 3.

Furthermore, besides the $3,000 down payment, Tesla requires lessees to pay a $695 acquisition fee and the first month’s payment when signing the contract, plus a $395 disposition fee on return.

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Add everything up and you get an effective monthly cost of $412.6 which adds up to $14,854 after three years. However, it’s worth noting that Tesla doesn’t offer the possibility of buying the car when the lease term is up, so keep that in mind when deciding on your next EV purchase (or any other car purchase, for that matter).

The entry-level Tesla Model 3 comes with a single rear-mounted electric motor and a battery pack that enables an EPA-estimated range of 272 miles on a full charge. The top speed is 125 miles per hour and the zero to 60 mph time is a rather brisk 5.8 seconds. When buying with cash, the Model 3 starts at $38,990. The model is not eligible for the $7,500 tax credit.

Gallery: 2024 Tesla Model 3 (Highland)

2024 Tesla Model 3 (Highland)

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By comparison, the Hyundai Ioniq 6 all-electric sedan starts at $37,500. The base trim called the SE Standard Range has rear-wheel drive and an estimated 240-mile range. When leasing on the same terms as those offered by Tesla on the Model 3, the entry-level Ioniq 6 has a monthly fee of $196.98 excluding the $3,000 down payment and associated taxes.

The BMW i4, another mid-size electric sedan, can benefit from some pretty attractive incentives offered by the German automaker in the United States this month when leasing. These include a $7,500 lease credit and a $1,000 loyalty discount. That said, the i4 has a lease deal that involves a $499 monthly fee over 36 months, as well as a $4,599 down payment.

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