It’s Now Cheaper To Lease A Tesla Model 3 Than A Toyota Camry

Two of the best-selling cars in the United States battle it out on the leasing field.

Tesla Model 3 is cheaper to lease than Toyota Camry

Iulian Dnistran

By: Iulian Dnistran

Jun 26, 2024 at 11:00am ET

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Electric cars are slowly but surely becoming more affordable and, in some cases, cheaper than gas-powered alternatives.

This holds especially true when it comes to leasing, where we’ve seen several deals where an EV made its combustion counterparts irrelevant from a pricing standpoint, such as the Chevrolet Blazer EV, which is cheaper to lease than the mechanically unrelated Blazer. Now, it’s time for the popular Toyota Camry to be dethroned by the Tesla Model 3, at least price-wise.

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The big leasing asterisk

In Tesla's world, you can't buy the car after your leasing term has ended, so even if you get a sweet deal, make sure you have a backup plan for when the contract expires. Otherwise, you'll be left without a car after spending thousands.

When purchasing, the restyled mid-size Camry hybrid is still more affordable than the Model 3, with a base MSRP of $29,804, whereas the Tesla’s entry-level sedan retails for $40,380 (including destination) and doesn’t qualify for the $7,500 federal tax credit.

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When leasing, however, it’s another story. According to CarsDirect, you can get a 2024 Tesla Model 3 Standard Range Rear-Wheel Drive for $299 per month on a 36-month contract with $3,993 due at signing. That comes out to an effective monthly fee of $410 excluding taxes and insurance.

Meanwhile, the 2025 Toyota Camry LE can be leased for $359 per month over three years with a down payment of $2,999, bringing the total monthly cost to $442 before insurance and taxes. The hybrid Toyota comes as standard with dual-zone automatic air conditioning, wireless Apple CarPlay and Android Auto compatibility, front-wheel drive, the automaker’s Safety Sense 3.0 suite of advanced driving assistance systems and a 2.5-liter gas engine working in tandem with an electric motor for a combined output of 225 horsepower and an efficiency of up to 53 miles per gallon.

2024 Tesla Model 3 (Highland)

2025 Toyota Camry

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On the other hand, the base 2024 Tesla Model 3 comes with rear-wheel drive, an EPA-estimated range of 272 miles on a full charge, no Apple CarPlay or Android Auto, a comparatively minimalist interior and access to Tesla’s expansive Supercharger network of DC fast chargers. It also doesn’t require any gas, potentially leading to more savings down the road, depending on how low the electricity rates are.

In the first quarter, the Tesla Model 3 was outsold in the United States by the Toyota Camry by about 36,000 units, so can this latest deal turn the tables in the EV’s favor? Let us know what you think in the comments below.

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