The most popular EV manufacturer in the world, Tesla, no longer allows lease-end purchases of its vehicles. This change comes amid the increased prices of new and used vehicles, but Tesla hasn’t said they intend to use these vehicles in the pre-owned market. What does that mean for current owners of Tesla cars and SUVs?
What are the options for Tesla owners?
A policy shift, reported by Fortune, shows a change to the Tesla web pages adding this new policy to the company. Strangely, a policy shift to disallow the purchase of leased vehicles isn’t a brand-new idea for this company. It’s somewhat of an expansion of an older policy that began in 2019. When the Model 3 arrived, the goal was to use leased models as part of the inventory for an autonomous, full-electric ride-hailing network.
This new policy reads:
“All Tesla vehicles delivered on or after April 15, 20022, are not eligible for purchase.” – quoted on the Tesla web page
Current leaseholders are still eligible for a lease-end purchase, but models leased in the last several days are no longer eligible for this program. Third-party dealers are not allowed to purchase the leased Tesla models either.
What will new leaseholders need to do when the Tesla lease ends?
For customers that lease a vehicle from this company after the quoted date, the options are to either lease another model from this company or turn in the car and go elsewhere for the next vehicle.
No more provided charging cables
Whether you think Tesla is going cheap or it makes sense to delete some charging cables from the mix, new models won’t have them. The cables no longer provided by this company are the ones used to plug into a regular wall outlet. In reality, most EV owners don’t utilize these cables because they are the most inefficient ways to charge an EV. This could be the first step in the future of electric driving, and other companies might follow suit.
How much is the cheapest Tesla?
The most affordable vehicle is the Model 3. This sedan came to the market to be the most affordable Tesla that many could drive. If you want to buy this EV, the starting price is nearly $50,000. That could be a hefty price, making a lease program more attractive.
How much does it cost to charge a Tesla?
Solar Reviews used several Tesla models to offer the average cost to charge each one from an empty battery. An EV could be the answer if you’re looking for a great way to save money during the increased gas prices. Fully charging several of these models costs:
- $15.29 to charge the Model X Long Range (360-mile range)
- $7.65 to charge the Model 3 Standard Range (263-mile range)
- $15.29 to charge the Model S Long Range (412-mile range)
- $11.47 to charge the Model Y Standard Range (244-mile range)
Compare these prices to filling a tank of gas, and you see that you’ll pay a lot less to charge an EV.
How much does a Tesla car cost per month?
Even though this company isn’t allowing lease-end purchases any longer, the cost to lease the Model 3 averages $409 per month for a 36-month lease that allows 10,000 miles of driving per year. Once you add the down payment and acquisition fee, the cost can be around $533 per month.
Should you lease a vehicle from this EV company?
If you want to drive an electric vehicle with the most advanced technology, one of the four Tesla models can be a good option. Remember that once your lease ends, the car goes back to the company, and you can’t purchase it. This policy could change in the future, but that’s not the case right now.
On the other hand, if you want the eligibility to purchase your vehicle at the end of the lease term, other companies have electric vehicles that might work well for you.
This article was updated on 9/15/2022.