Those who lease: thoughts on Model 3 Lease (details included)
05-15-19, 01:11 PM
#76
Pole Position
Thread Starter
Not sure if anyone cares, but Tesla revised the details of the Model 3 lease last week. I found some good details where a website (leasehackr) breaks it down and engineers the math that was missing (money factor, residual, etc). This new lease structure is more attractive as both the residual and money factor improved. However, this website still felt that financing was the better option over leasing. Here's a direct comparison of the initial model 3 lease vs. the new one.
If you leased a Model 3 from Tesla between April 11, 2019 and May 2, 2019, these were the terms:
If you leased a Model 3 from Tesla between April 11, 2019 and May 2, 2019, these were the terms:
- Residual: 54% + $3,750 credit (36 months, 10,000 miles/year)
- Subtract 1% for 12,000 miles/year
- Subtract 3% for 15,000 miles/year
- Subtract 1% for 12,000 miles/year
- Money Factor: .002708 (6.5% APR)
- Acquisition Fee: $695
- Residual: 58% + $3,750 credit (36 months, 10,000 miles/year)
- Subtract 1% for 12,000 miles/year
- Subtract 3% for 15,000 miles/year
- Subtract 1% for 12,000 miles/year
- Money Factor: .0024125 (5.79% APR)
- Acquisition Fee: $695
10-14-19, 10:30 AM
#78
Pole Position
Thread Starter
I have a buddy who just (within last 3 weeks) bought a very lightly used 3 performance with auto pilot for $47k after paying all taxes, etc. I'm going to borrow it for a weekend and see how it works for our family, see how my wife likes it, etc. I'm always attracted to a good deal, and while I wouldn't want a standard range 3, I am on the same page as you in theory here.
10-14-19, 03:53 PM
#79
Lexus Champion
10-14-19, 03:57 PM
#80
Lexus Test Driver
Lotsa used ones out there....
https://www.autotrader.com/cars-for-...&firstRecord=0
https://www.autotrader.com/cars-for-...&firstRecord=0
10-14-19, 04:06 PM
#81
Lexus Champion
10-14-19, 04:10 PM
#82
Lexus Test Driver
10-14-19, 11:17 PM
#83
Here's some of my math:
- $50k price of Model 3 long distance, 15k miles/year, paying extra for color choice (didn't know black was only "free" color), I don't see that Tesla is factoring in the $3,750 credit into this final price, so below math may drop a bit.
- $4k due at signing, $727/month for 36 months = total of $30k over 3 years
- Since I currently drive an older car (2010), I assume I will lose about $8k to $10k in value over the next 36 months.
- I also fill my car up every week @ $60/week, so $240/month x 36 months = $8,640
- At a minimum, I would spend $1k/year on maintenance that I wouldn't pay in an EV. This comes to at least $3k over the course of 3 years
- Therefore, between depreciation, gas cost, and non-EV maintenance, I will "lose" and "spend" somewhere between $19k and $21k by keeping my car for 3 years
- This means my true differential cost is $9k to $11k over the course of 3 years to have a Tesla Model 3 ($300 to $400 per month)
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