Tesla Lease: Prices, Deals, and More
Depending on the model, a Tesla lease will cost $572 for a Model 3 to $1,613 for a Model X each month. Learn about Tesla lease deals and payments here.
Written by Brittni Brinn
Reviewed by Jessica Barrett
Leasing a Tesla is more affordable than taking out a traditional car loan. There are plenty of benefits to opting for a loan. However, there are additional fees and restrictions to be aware of before you sign off on a Tesla lease.
For electric vehicle (EV) enthusiasts, nothing beats a Tesla—but the high purchase cost can get in the way of enjoying one of these top-tier vehicles. With leasing, on the other hand, you can drive a state-of-the-art Tesla for a fraction of the cost. And with leases generally lasting two to three years, you can stay on the cutting edge by getting the newest model on your next lease.
But leasing isn’t a free ride. You’ll have to deal with added restrictions like a mileage cap and pay additional fees for added-on features and accessories.
To help steer you clear of leasing potholes,
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is here to lay out the road map of leasing. We’ll cover how to prepare for your lease, what you should expect to pay, what to do when your Tesla lease comes to an end, and even how to save on your Tesla insurance cost
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How to lease a Tesla
Leasing a Tesla can be a bit of a process—you’ll likely only be able to lease a Tesla directly from the company or certain dealers and Tesla leases may not be available in some states.
Before you get too far into Tesla availability, let’s take a look at what you can do before you apply for a lease:
- Check your credit score. Even though a lease is more affordable than a car loan, you need a higher credit score to be eligible. Your credit needs to be at least 700 to get a lease.
- Figure out your budget. Sit down with your finances and see how much you can spare for your monthly lease payments. Monthly payments shouldn’t take up more than 15% of your monthly income. Let’s say you make $4,000 a month—you can afford a monthly lease payment of up to about $600.
- See how much you can pay upfront. While you’re looking at your finances, consider that you’ll have to pay a lot of money upfront to lease a Tesla. These costs will include a down payment, transportation fees, and more.
- Calculate your annual mileage. Most leases come with a mileage limit of 10,000 to 15,000 miles each year. Tesla has more restrictions when it comes to your mileage cap.
Once you’ve taken stock of your credit and finances, you can compare lease offers on
Tesla’s website
. For a more affordable option, you can consider the Model Y
. In terms of monthly payments and upfront costs, Model X
and Model S
are more costly to lease overall.Once you have an idea of your leasing budget, you can avoid unnecessary add-ons and features that might be available. Knowing your limit can help you keep your monthly lease payments low.
MORE: Does refinancing a car hurt your credit score?
The final step: Shop for insurance
Your Tesla lease agreement will outline the minimum insurance required for your new Tesla.
Jerry
can help you find the best rates and coverage for your Tesla, wherever you’re driving.A car insurance comparison app, Jerry is an expert at finding quotes that suit your driving needs. You’ll have premiums from top insurers at your fingertips in under a minute, with support from Jerry all along the way. The average Jerry user saves $887 a year on car insurance!
How much does a Tesla lease cost?
You can save money by choosing to lease a Tesla instead of buying one. But how much are you really saving by leasing? To get an idea of the exact cost, you’ll have to take the following factors into account:
- Which model you choose to lease
- The negotiated selling price
- The lease term
- The money factor—the interest rate you pay on the lease
- Added accessories or options you include
- Your state’s sales tax
All of the above will affect your monthly payments. Generally, a 36-month lease for a Tesla will cost you anywhere from $572 for a
Model 3
to $1,613 for a Model X per month. And don’t forget that you’ll have to pay a significant amount upfront to cover the down payment, delivery fee, and more.Take the Tesla Model S, for example. Your monthly payments will sit around $1,500, but the amount due at signing will include:
- First month’s payment: $1,500
- Down payment: $1,000
- Delivery fee: $1,200
- Order payment: $250
- Acquisition fee: $695
The total upfront costs for leasing a Tesla Model add up to $4,645. Depending on your state’s sales tax and if you opt for additional features, you could be looking at an even higher amount due at signing.
Key Takeaway Consider the exact cost of leasing before you sign off on your Tesla. Monthly payments make up a big part of your expenses, but the amount due at signing can really set you back. Make sure you budget for all of the upfront costs plus your monthly expenses.
Services included in a Tesla lease
All your leasing information and options will be accessible through your Tesla online account. If you decide to end your lease early or want to check on your monthly payments, you can sign in and easily make adjustments with the help of an online advisor.
Although you’ll need to get the required insurance for your Tesla, your lease already comes with
gap insurance
. If your Tesla is stolen or totaled, gap insurance will pay out so you won’t have to.What to do when your Tesla lease is up
When your
Tesla lease ends
, you’ll have to make a decision: do you want to return the Tesla or do you want to keep the one you’ve been leasing?How to return a leased Tesla
Here’s what you can expect if you choose to return your leased Tesla:
- Tesla will contact you a month or two before lease-end to schedule your final inspection and drop-off appointment.
- Use Tesla’s Excess Wear and Use Guide online to assess the leased vehicle. You can repair wear and tear before the final inspection to avoid additional fines.
- Start the lease return process through your Tesla Account. Submit the requested photos, complete your Tesla’s self-inspection, and schedule your appointments.
- At your drop-off appointment, make sure you bring both key fobs and the mobile charging bundle.
- You will be billed for any additional charges once the return is complete.
You’ll also have to pay a disposition fee of $395. Once you’ve completed the return of your leased vehicle and paid your dues, you’ll be free to choose another vehicle to lease or buy.
MORE: How to prepare a car for inspection when returning a lease
How to purchase a leased Tesla
If your leased Tesla is the one for you, you may have the option of purchasing it at the end of your lease. You’ll have to pay a $350 purchase fee, and it may take some time for Tesla to provide you with an estimate and purchase package to complete the transaction. Your Tesla account will walk you through the process if you decide to purchase your Tesla at the end of your lease.
Unfortunately, Model 3 and Model Y vehicles are not available for purchase after your lease. Third-party dealers or individuals are also barred from purchasing a leased vehicle.
Tesla’s website
lists additional restrictions and instructions on how to purchase your leased Tesla.How to find affordable car insurance for Tesla
When you lease a Tesla, you’ll need to get personalized insurance coverage to make sure you fulfill Tesla’s insurance requirements.
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“Jerrysaved me $80 a month! I have a Tesla Model Y and really wanted to lower my rates. And they did! I really recommend you give this a shot!” —Nick M.
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Is leasing a Tesla worth it?
It depends on your priorities. If you want to change up your vehicle every couple of years without having to worry about selling your old one, leasing can be a great way of staying on the cutting edge of the car market. But if you’re looking to increase your assets and work towards car ownership, leasing may not be for you.
Which states can I lease a Tesla in?
Although Tesla is now available to lease in most states, there are exceptions. You can lease a Tesla in the following states: AL, AK, AR, AZ, CA, CO, CT, DC, FL, GA, HI, IA, ID, IL, IN, KS, LA, MA, MD, ME, MN, MT, NC, ND, NJ, NM, NV, NY, OH, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WV, WY.
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