Leasing a Tesla Model Y or Model 3 is a BAD DEAL | Loan vs Lease
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- Опубліковано 13 лют 2023
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Buying a Tesla Model Y or Model 3 and think that leasing is the cheaper financing option? Don’t let the low monthly payment fool you! Watch, and I will show you how leasing a Model Y or Model 3 might end up costing you up between $11K to over $19K or so more than financing with a traditional loan.
IMPORTANT NOTE: All of the content found in this video is based on my own personal opinion and should NOT be regarded as financial advice. I am NOT a financial advisor, or a tax professional. Please do your own research or seek professional advice before making a large purchase or financial decision.
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1. Thumbnail images and Tesla images and video clips used in the video Courtesy of Tesla, Inc. (where noted in video).
Data Sources:
www.kbb.com/car-news/irs-leas...
www.irs.gov/credits-deduction...
www.bankrate.com/loans/loan-c...
www.irs.gov/pub/taxpros/fs-20...
www.bankrate.com/loans/auto-l...
IMPORTANT NOTE: All of the content found in this video is based on my own personal opinion and should NOT be regarded as financial advice. I am NOT a financial advisor, or a tax professional. Please do your own research or seek professional advice before making a large purchase or financial decision. - Авто та транспорт
Don’t forget to mention that anyone who gets a lease after April 15, 2022 does not get the option to buyout their lease from Tesla and is forced to give it back.
Thanks Jon. 🙂👍 Of course, there's nothing to stop people from paying cash for a new Tesla, and saving all of those loan/lease costs. Equally, there's no shame in buying a used vehicle for ~80% of the price of a new one and thus removing that initial depreciation from the equation. It will still be within battery and drivetrain warranty for another 4 or 5 years, and very saleable after 3 years of ownership.
So IMO the better long term play will always be buying the car whether it be cash or financing as long as you are not throwing gobs of money at the car in terms of maintenance or payments BUT I think leasing works for SOME people. We decided to lease a Model 3 RWD for 36M/15K w/ $2500 at $506.44 with taxes, plates, tags, and other fees and in contrast financing for 72 months, 5.44%, and $4500 down would be $720 a month with all fees before the tax credit and if you consider the $7500 credit you in theory can the car really is $615 a month. No the lease will not get the $7500 tax credit but if you look at the leasing terms you will see that Tesla is parlaying the tax credits probably into the leases to offset the rising rates. With destination and order fee ($250) the M3 RWD comes to $44,630. Tesla then deducts the order fee, and also gives a $500 rebate thus putting the actual purchase price to $43,880 and provides an insanely low MF of .0007930 which equals 1.9%. In the end again the better long term play is owning the car but we already have a paid off car and just wanted to lease to try out Tesla since it will be our first ever EV. What if we hate it (Tesla), what if we don't like the Model 3, what if our car is a lemon and has a bunch of issues, and what can we be doing with the money we aren't financing in the meantime? So yeah a Model 3 is even more so a rental when leasing since it no longer can be bought out but I still think there is a lot of merit to leasing if you don't drive ton, are uncertain about your long term car future, and like to try the latest and greatest and BTW Tesla Model 3 are still one of if not the best lease deals still out there if you do fall under the leasing category since something like the Lexus UX250H has a MF of .00264 which is 6.33% and three times the rate of Tesla charges, thus the Lexus UX250H Premium which is a Hybrid but very close is MSRP leases out with $3000 down for 36/12 equals $795 a month. A loaded Acura Integra Tech A-SPEC an ICE car which has a MF .00135 3.24% w/ $3000 down for 36/12 $ 500 while in contrast if we wanted an apples to apples comparison the Model 3 RWD w/ $2500 down and at 36/12 would be $464. So IMO the Tesla M3 is still the best lease deal out there as long as you don't plan on buying the car after or during the lease long term.
Well said. I’ve gotten amazing lease deals in the past but in this current high rate environment, those deals are disappearing. For now buying seems like the way to go but I did stumble across the Tesla lease page and it is enticing. The money factor is good and the gas savings add up compared to a similar size sedan (for the model 3).
I definitely will be considering a model 3 lease once my current term is up. It would be my first EV so a cheaper lease seems like a good 3 year test drive, like you said.
Wow, thank you so much for all this information. It was extremely helpful. I'm trying to decide between leasing and buying a Model 3 as we speak and this gave me a lot to think about. I was convinced after watching the video buying was the way to go, but now you really have me thinking if leasing if the better option for my personal situation. I'm not really in love with the look on any of the current Tesla models, but I really want to try one out. Also, I'm dying for the Cybertruck to come out and if I lease now, it might be a perfect time to get the Cybertruck when my lease ends.
You know, you could always rent one for a week too if you just want to try one out versus leasing for 3 years. That's what we did. We did really like the model Y
Your method is complicated and theoretical. A simpler way is to compare using Tesla's calculator to see how much the monthly payment is for leasing vs financing over 6 years. For long-range models with a $4,000 down payment in both cases, you find that leasing is $330 cheaper per month. In other words, you would need to keep the car for at least 10 years to break even with the lease option. However, 10 years is quite a long time for a car given how rapidly EV technology advances. Additionally, good luck getting prices from KBB as a private seller, and not all people qualify for the Federal Tax Credit. Tesla's lease option is better for almost all people, and the only exceptions are those who will drive more than the allotted miles.
I think Tesla’s aren’t traditional cars. They are technology. I think battery and drivetrain tech is changing so quickly. Especially the automated driving computer and sensor suite. It could negatively impact this old tech in the not too distant future. So Lease could be lower risk option. You know what your upfront and monthly cost is. Then you hand back the car at end of lease.
I agree 1000000000%. I'm getting one this year and I was thinking about buying, but I delayed it because of the rumored model 3 and y refreshes and the release of hardware 4. But at this point, leasing for 2 years might be the best option for me . That way, even if I do not get the newly refreshed car nor hardware 4, I can get it when my 2-year lease is up .
Exactly! I think this is specific to Tesla and EVs. With the Higland and Juniper refreshes coming, new EV competition growing, I don’t think Teslas (specifically Model 3) will hold as much value once those all launch within 2 years or less. Heck Highland is expected out end of his year
Not sure about US, but in Europe you can also redeem the car at the end of three year leasing. So leasing gives you in fact much more flexibility.
If leased for 3 years your charging habits can be whatever you wish. (Irresponsible) Charge a long range dual motor to 100% everyday with disregard to battery degradation potential. You'll have access to full battery and not be restricted with only charging to 80% (which is a common practice to protect against battery degradation) This generally will only really manifest itself until after perhaps 4-5 years. Then it's not your problem as you will likely start a new lease and start all over.
I agree with you 110%!!!!!
Typical Tesla douchebag moves ❤
That’s exactly what I’m thinking while debating getting my 3 replaced. Business interest vs comfort 🤔
Is there a possibility Tesla will look at your charging habits at the EOL and charge you for battery degradation?
spoke with Tesla employee. there's nothing about battery life within the policy if leasing! by leasing, you don't take the hit with depreciation and will drive new model after term is over. the only difference is you don't own the car and have to take care of it so there won't be charges when returning. also, you can try another car after lease and experience different brands/models. this really made me change my mind about the wall chargers as I researched and wanted to best health for the car's battery. however, it won't be a problem to think of. hopefully, I won't be too reckless, but it's good to know that I have wiggle room and won't have to worry for the battery degradation as much as I would if owning!
🙋♂️THANKS JON , FOR HELPING OUT WITH SUCH IMPORTANT DECISIONS 🧐💚💚💚
Good content! Thank you.
I am going through this same exercise now and this has changed so drastically. Right now the 3 year depreciation on a model 3 long range is around 50%. When you factor all of that in now it could be better to lease. Even if factoring in the $7500 tax credit it’s less to lease. What sucks is you can’t buy out a lease. Would be nice if you could because your buyout would be around $25000.
Especially in the state of California where virtually every city has a 10.25% sales tax. That eats up almost the entire $7500 rebate!
This is what I'm thinking as well with the recent depreciation. Also, EVs may improve greatly in 3 years, so this does not lock you into an older technology while you still get the benefits of having an EV.
@@jonahlafollette793this right here
50 percent depreciation?
@@MarkTomehyes
You in no way can assume that the depreciation that occurred between 2020 and 2023 will represent the depreciation that will occur between 2023 and 2026. That period was an anomaly and unlikely to happen again. At one point used cars were selling higher than new cars. The only real decision that you need to make here is how fast you think these will depreciate vs. how fast Tesla thinks they will, based on the residual amount on the lease. My bet is that all cars will start to depreciate way faster in the next 3 years, but who knows.
Exactly. EV competition is growing and Model 3 refresh is due out end of this year followed by Y refresh next year and biggest of all HW4 which can’t be retro fitted to other cars
If your a first time Tesla owner, in 2023 i would absolutely lease a Tesla model 3. The price cut is definitely amazing starting at only $349 a month. 15,000 miles a year is the same as roughly 40 miles a day. So if you dont make long run drives every single day, leasing might just be for you. I leased my first tesla in 2019, i got the M3 standard range, and everything went smooth, after 3 years. I turned it in and got the Model 3 Performance financed. AGain, do more reasearch and leasing might be for you
did you get a good deal on the trade in?
Sounds horrible. My round trip to work is 56 miles
I agree! I’ve been researching EVs for while and Tesla lease program is a good deal. Plus u get the $7500 tax credit!
@@karenkopittkeyou don’t get the $7500 tax credit with a lease though
@@jennyjeon732yes you do
The problem is that your not accounting for the amount of money you save leasing vs owning. Leasing is $200 less a month then buying. That’s $2400 a year or $7200 over the 3 year term. You would have to sell the car after 3 years and make $7200 in order to be a better deal.
Great point … and now just 5 month later the depreciation is 16-18,000 in the first year on a 2023 model 3 and then Around 4K for the next 2 years for a long range so that’s basically 50% after 3 years …. Makes me almost want to lease a model 3 vs owning… but what sucks is you cannot buy out your lease and have to return it to TeSLA.
I did some thinking too and loan/buyout option that also comes with hustle to deal with car dealers. Maybe it's just me, but I don't like to deal with car dealers, as they have very aggressive business mindset.
Anyway, just a couple of days ago, on my very basic math calculations on Numbers spreadsheet, buying out a Tesla model Y could return back about $4k... but that could be less as time goes... it seems like Tesla is competing with other car makers and I feel like the prices will drop more. So, I'm leaning more towards leasing it.
I agree, they should have an option to buy after.
I am considering leasing a Model 3 and trading it in at the start of next year to actually buy a Model 3. For one, there is the refresh coming out for the new model, but also because this year, I will not make enough to qualify for the federal EV tax credit, but next year I will (presumably). I just need to figure out how it would work to trade in my lease early
thanks for the explanation, I have some other thoughts about it
1. some people will not qualify for the 7.5K credit
2. You have to pay full tax on purchase and CA has no tax credit on trade-in. But on lease, you only have to pay tax on depreciation value
Anyway, very high quality video, thumbs up
Those are some good points as I am making just a hair under 150, the other thing to consider is monthly payments. To get it down to around $230 a mo, I would have to put in 40K which becomes an opportunity costs for another asset such as stocks or real estate
People never mention these. Both important points.
Not sure How leasing is in US, in the Netherlands, if you lease, you won't pay insurance which can be 150 bucks a month, multiply by 36= 5400 bucks. ALSO, in 3 years time, I'd say you'd change your tires at least once assuming you go 10k on average per year. which can add another 800-1000. I still think loan is much better.
sorry but I think your math/tables are getting a bit fuzzy when displaying a table for purchased vehicle. In order to follow the math and numbers you getting I am having to recalculate them independently to follow where your getting your numbers. I think it would of made more sense to have in one table Original Value -> depreciation amount - > Current value -> Loan Balance ->Equity in the second you could show 3 Year Loan Cost -> equity -> True total 3 year cost
I seriously considered purchasing outright or financing but ultimately landed on leasing because I was able to get the 7500 tax credit via a credit to the lease… I wouldn’t have qualified for it due to my income if I financed. Honestly, I think both are good options now!
Where are they putting the $7500? I know they are saying their giving it to you, but how are they SHOWING this?
@@ferrynpalmer3875they show it under "Payments and Fees Due at Delivery" they basically add the $7500 as a down payment. HOWEVER, and this is a big one, you are getting downright screwed with a Money Factor of 0.0035100 which is a lease interest rate of 8.42%....soooo theres that lol. I believe that's how they make some of that $7500 back
I'd wait until we hear more about Project Highland and the new model 3, plus there are many new "game changing" battery and EV developments coming to fruition and new EV companies like BYD, NIO, Polestar growing their market share. Buy a Testa by all means, but I wouldn't use past valuations to predict it's depreciation after three years anything could happen in the next three years, we are in a time of technological transformation, leasing removes the uncertainties and risk, but at a hefty cost. Alternatively keeping your Vaxhall Ampera (Chevy Volt) which you own outright and costs almost nothing to run makes more financial sense, cars do keep you poor and debt is basically self inflicted slavery.
being retired, our tax liability is much less than the $7500 tax credit. So, we retired people seeking an EV will hope dealers will apply this credit. Also, as a NY resident, how will the $2000 credit work on a lease deal?
Tesla if they drop prices just slightly i can get both the 7,500 tax credit and a 2,000 rebate as a Pa resident if the program is still available as only 1,000 spots are open to apply. Which i don’t understand they want you to switch but only under a certain number of vehicles sold for the 7,500 or under 1,000 people you know how many millions live in my state 1,000 doesn’t cut it.
Jon, Could you tell me which mic it is you use ?
I think Leasing is a better idea, in my case after upgrading exterior color (midnight silver metallic) and interior (white) after final payment I will end up paying $403.00 if I deduct monthly gas I used to spend ($160.00) on average i will be paying $243.00 elecricity has not gone up much, after 3 years I don't want to drive this car anymore I will give it back and probably will buy me one, that is the way I think but respect your assessment about Buying or Leasing!
I’ve leased every single car I’ve ever driven, and never regretted it. By the end of the lease, I’m already just itching to upgrade to the latest & greatest and have no desire to keep the old car. I know going in exactly what it’s going to cost in the end, and future price cuts on new models have no effect on me. Also if I’ve wrecked and repaired it, “diminished value” doesn’t matter to me either. It’s not my car, not my problem.
I ended up just buying a Model Y yesterday with financing at my credit union 4% 15k down and doing 48 month financing. I was almost sold on the lease BUT you lose the tax benefit of $7500 plus the $2,000 CA. You cannot customize your car as you wish, upgrading to yoke steering wheel, subwoofer, etc. Lastly, should you go over your miles you are subject to mileage overages up to a $.50 or $1.00 depending on wear and tear scale .Tires have to be in good shape too. Also should you go over you cannot decide to keep the car to avoid penalties. To each their own we'll see down the road if I made the right choice lol
Tesla sales person said to me that if you go over the miles, each mile will cost 25¢.
@@jakegevorgian they have a wear and tear scale. It can be as little .25, a lot of factors come into play.
This is a good video. So even if you’re keeping the car for just 3 years financing is still better than leasing. Right? I’m trying to decide for the new Model 3.
I think using KBB values is a mistake. The values listed here seem very high. Tesla has 2020 model 3s in their used inventory right now for $5,000 less than the figure you listed. They can be found for even less via private sale.
This is important because higher depreciation over the next 3 years (likely 1.5x - 2x your assumptions) will dramatically change the numbers.
What about leasing a Tesla Model 3 in NJ?
Thanks for the video , however pandemic pricing has definately blown Tesla car values to pop levels. As mentioned by another, in 3 years Tesla residual prices will be lower than today.
Likely, but do you think a Model Y will depreciate over 50% in 3 years/30k miles?
@Cleanerwatt cybertruck is coming out. So that will definitely have an impact on the value of a Y.
Not a true tax credit...only a credit against taxes owed AND no carryover!!@
You omitted one of the biggest catches with leases over financing and that is after the lease period is done, you hand the car back and get nothing in return. With financing, you can sell the car and take that $$ for a downpayment for the next vehicle.
IMO, leasing is a long term expensive rental program. Why else would Tesla not allow for buyouts. They can turn around and sell the used vehicle for more than what the buyout would be at the end. Therefore, you've paid more during the time you leased the car.
Have you considered opportunity cost of leasing vs loaning?
In 3 years there will be so many Tesla M3/Ys on the road the resale price will most likely be more in line with ICE cars. After 3 years ICE cars are on average 40% off MSRP. Right now used Teslas are way too high. I see some 3s & Ys with major miles priced more than a new car minus the $7500 tax credit. Eventually that will sunset.
I was thinking the same thing. Also, the M 3 update is coming and may result in a lower-priced 3, Any drop in new pricing is going to bring used down a comparable amount. Fremont may be able to up the production rate after the update and add even more supply, eroding used prices as well. Used pricing has been slipping and may take a meaningful drop if the macro situation continues as is.Or TLDR: depreciation may (is likely to) be significantly higher in the future.
It will be many years until Tesla’s are 40% off after 3 years, but eventually someday down the road… I’ll say maybe in 15-20 years
Absolutely not. Look at used Model S..
how long you think these used prices will stay high ?
You can’t keep the Tesla after a lease
Someone mentioned Model 3 LR depreciates 50 percent in 3 years?? Is this accurate?
I don’t understand why I should be worried about depreciation when I am leasing if I am
Giving the car back
Where do I start. Your period you used to set values was a period of pandemic, shortages, no competition and huge inflation. If expect those conditions to continue you are nuts. For the standard it was already to late to order and get a model 3. I was told 2-3 weeks just to get one with no real waiting list. Leasing is only a little more expensive if you use realistic numbers. You also did not mention if for some reason values are higher than expected you can buy the car at the end of the lease and resell it. The lease has lower payment and lower risk as you can benefit from higher prices while ignoring lower prices.
Tesla lease terms do NOT allow you top buy the car after the lease.
Novated lease in Australia are so superior to buying an EV outright or on loan. Financially its a no brainer. For an EV theres no Fringe benefits tax, no GST, and no luxury tax. Your also get a generous tax deduction and can claim 100% of all your EV electricity charges. Ev leases arranged through your employer are definitely different to the US.
Keep Posting Great #Tesla Video
Definitely showing my wife this video. I’m a loan person but she wants to lease. Thank you for being so thorough on your explanation!
This is a technology car though ....not your traditional car. Remember that. It will be obsolete in a few years and depreciate like crazy
No I would lease it. That way you won’t be underwater when Elon continues to cut prices and it ranks your car value. Thankful I leased my Model S!
Buying the vehicle outright or taking out a loan are both costly mistakes in 2023 because EV prices are falling hand over fist. The best deal is still a lease since you can just walk away at the end of the lease term. Tesla charges between 27-45 cents per mile if you prepay, so it is best to stick with the 10,000-mile package and pay their 25-cent penalty per mile if you end up exceeding the mileage limit. As of November 2023, the Long Range Model Y is the best lease deal at about $480 per month, including taxes. Don't forget the $4,500 down payment.
that's true.. thanks bro btw any idea for insurance? Do you recommend getting a insurance via Tesla or other insurance company?
$7500 credit is now applying to Leases, FYI. As of today, Feb 17th, 2024.
Leasing: No EV tax credit, No buyout option towards the end
Loan: EV tax credit and you can sell it or trade it whenever you want
Yeah. The only problem now is the 2023 long range depreciates 49% over 3 years so it’s cheaper to lease than purchase it .. even with the tax credit it’s less out of pocket by a good amount $2500.
What about depreciation in 3 years?
Every car depreciates, Tesla holds it's resale value quite well though@@victorsuarez3
@@BurnseysRTwouldn't tesla account for that depreciation in the lease terms or are they undercounting the depreciation in the leasw terms?
Lease gets $50/month off FSD. Is that enough to tip the balance?
Only $1,800 in 3 years, for something which is not available yet, and which costs a lot more than that and adds to the loan/lease costs? I wouldn't bother.
When I go to spec out that exact model 3 lease option, it shows $425 per month not $349. Did the price go up $75 per month in two months or am I doing something wrong? Thanks!
Yesterday prices are not today's prices
Tesla rep told me that 7500 tax credit applied even if the vehicle is leased.
Unfortunately that’s incorrect. I looked into it. Sorry :/
there's a 7500 EV incentive rolled into the lease terms. I literally got back from Tesla today 😂 with itemized sheets for both purchase and lease. However, the money factor is trash at 0.0035100.
The company gets to claim that $7500 when you lease it’s a loop hole they don’t tell you about.
It sounds like you need to do more research and call and ask questions before making a lot of if that situation and what of questions.
we have intrest free in the uk now
looking to lease model 3 right now since it's only $325 with 4614 down for 3 years
You have to factor in the down payment! Divide the down payment amount by the months in the lease term and add that to your monthly cost. That is your real monthly expense. At the end of the lease you have no "equity" in the car. Leasing is a bad idea in most cases!
This man said low monthly price of 600 and 800 a month.
They’re in a different tax bracket than us 😭
If you run a business then lease a car but if you don't finance it
Skipped the sponsor.
Totally agreed, leasing Tesla means paying extra 7500 USD as Tesla keeps the Federal Credit
Unlike traditional cars, EVs are prone to high depreciation, as technology evolves and batteries 🪫 lose their charging capacity. So lease charge to 100% and don’t look back my 2c
I didn't know Tesla leased out vehicles.
Check it out man it's cheap now!
@@jickccjk Leasing is the way to go now no matter if it is for business or personal
I was looking at paying cash. Putting $43k on a new tesla. Then putting $57k into a savings account. $2250 return per year. $4500 in two years. But the car will depreciate let's say 15% per year. Or $12,900k for the 2yr period. (I also make too much money, so I get no tax credit).
But I think I am better off putting my cash in a safe place like a high yield savings account. Total lease cost for 24 months is $12,800. (per Tesla's website). If I put $100k in the savings account. That is guaranteed to grow 4%. Thats $4k I can put towards the lease annually. So $8k is what I accumulate in two years. Seems way more conservative than buying the vehicle out right. A depreciating asset vs a safe return.
Maybe I am over thinking everything. But we plan to leave the country in two years. Keeping my cash makes a ton of sense. Also adding $5-$7k into savings per month.
@@overemployed_0079 W interpretation… not overthinking pretty smart🔥
@@overemployed_0079I just read ur name...overemployed 😂
Lease if you are unsure how to live with a EV and paranoid of EV. If you can adjust to EV life style, buy once, cry once.
If you don't like it put the car on Swap-A-Lease or Lease-Takeover. Prolem solved.
@@BillB33525how?? Can you give me more info???
In ten years you want have to buy a 25 thousand dollar battery.
Jon, does President Biden's proposal for 500,000 chargers by 2030 seem excessive to you? It does to me. If the USA vehicle population is 90 million, and they were all BEV, then there will be enough chargers to fully charge each 70 kwh battery for (about) 1hour 20 minuets, every 10 days. This assumes that the average vehicle is driven 13,000 miles per year, has (about) a 70 kwh battery, gets (about) 350 miles per charge. To 80% charge, the charge times would be (about) 1 HOUR, performed every 8 days.
If the charge times were one HALF hour, the planned number of chargers (500,000) would be excessive by two-fold: a huge waste of time, money, and resources. Remember that this 500,000 number of chargers is for HALF of the USA fleet planning being electric by 2030. Thus, it would be four times excessive. Video?
That could be a great video idea. Since this number likely includes a lot of Level 2 destination type chargers, it may not be so excessive - that being said, I will have to give this more serious thought.
Leasing ANY vehicle is a HUGH mistake in and of itself unless you have the ability to write off the lease amount on your taxes. If you can't do this, don't lease!
I use to think this when I was poor.
I was looking at paying cash. Putting $43k on a new tesla. Then putting $57k into a savings account. $2250 return per year. $4500 in two years. But the car will depreciate let's say 15% per year. Or $12,900k for the 2yr period. (I also make too much money, so I get no tax credit).
But I think I am better off putting my cash in a safe place like a high yield savings account. Total lease cost for 24 months is $12,800. (per Tesla's website). If I put $100k in the savings account. That is guaranteed to grow 4%. Thats $4k I can put towards the lease annually. So $8k is what I accumulate in two years. Seems way more conservative than buying the vehicle out right. A depreciating asset vs a safe return.
Current interest rates are a big driver for my decision. 2-3years ago, the interest rates did not makes sense to lease.
@@overemployed_0079just so you know current lease interest rate is 8.42% percent and finance rate is 6.69%. These are ridiculous times.