Tesla Model 3 Lease
The average cost of a Tesla Model 3 lease ranges from $468 to $679 a month.
Written by Ethan Moser
Reviewed by Jessica Barrett
Leasing a Tesla Model 3 is likely to cost you anywhere between $468 and $679 a month, though the exact amount you can expect to pay will depend on things like the trim level you choose and your credit score at the time of purchase.
If you’d like to see yourself behind the world’s best-selling electric vehicle to date, then the Tesla Model 3 might be the perfect car choice for you. This sedan features the best in luxury, cutting-edge Infotainment, and driver assistance technology. If you aren’t ready to commit to the hefty price tag of a
car loan
for your new EV, leasing a Tesla Model 3 might be a great option for you. Leasing a Tesla will come with more criteria than owning one. Still, it also allows you to experience a Model 3 in its prime without worrying about the maintenance and repair costs that come along with driving and owning an older vehicle. Similarly, leasing often results in a significantly lower monthly payment than traditional financing methods.
Ready to move forward with the process of leasing your new Tesla Model 3? Well, you’re in luck because
Jerry
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broker app, is here with everything you’ve ever wanted to know about car leasing. Jerry’s crafted this how-to guide to leasing a Tesla Model 3, where you’ll learn the ins and outs of the process: how leases work, what happens when your lease ends, and how much you can expect to pay. Let Jerry find your price in only 45 seconds
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How to lease a Tesla Model 3
Leasing a Tesla Model 3 is a simple enough process on paper, but following this step-by-step checklist can help you set yourself up for car leasing success.
- Check your credit score. Your credit score is an important factor in any transaction involving high-priced items like a car or a house. To get a good deal on a lease, you’ll want your credit score to be 650 or higher. Anything lower can result in a higher monthly payment.
- Figure out your leasing budget. You don’t want to commit to a lease payment that you can’t afford. As a general rule, you should aim to spend lss than 15% of your average monthly income on your car lease payments. So, if you make approximately $4,000 per month, a lease payment of $600 or less a month is your best option.
- Estimate your down payment. Down payments, also known as a capitalized cost reduction, will play a big part in lowering your overall monthly cost to lease. The more money you put down at the start of your lease agreement, the less you’ll pay monthly throughout its duration.
- Calculate your annual mileage. Tesla offers mileage plans for 10,000, 12,000, or 15,000 annual miles on a leased Model 3. If you plan on taking a road trip or have a particularly long daily commute, you may want to opt for a higher mileage plan to avoid going over your limit.
Once you’ve figured out your finances, it’s time to head to your local Tesla dealership or Tesla’s online shop to
compare lease offers
. It’s a good idea to have a budget in mind before you shop. You don’t want to commit to a lease agreement or trim level that you won’t be able to afford later down the line. MORE: How does your credit score affect car insurance?
The final step: shop for insurance
Whether you decide to lease or finance your Model 3, you’ll need to protect your investment with the best possible car insurance. With
Jerry
, you’ll get multiple competitive quotes for 50+ of the best insurance providers across the country. In less than 45 seconds, Jerry helps users save an average of $887 a year on car insurance.How much does a Tesla Model 3 lease cost?
Leasing a Tesla Model 3 will cost, on average, between $47,690 to $55,190 for a 36-month lease agreement.
To find out exactly how much you’ll spend on financing your leased Tesla Model 3, you’ll need to take into consideration the trim level, optional add-ons, your credit score and lease term, and your down payment. Prices for leases can also vary depending on your geographical location and the time of the year.
Your Tesla Model 3’s trim level will greatly affect how much you can expect to pay for your lease. The Model 3 is available in three different trim levels: the base Model 3 Rear-Wheel Drive, the Long Range All-Wheel Drive, and the Performance All-Wheel Drive. Generally speaking, higher trims equate to more features and enhanced performance; however, they boast a higher price tag as a result.
Let’s outline how your monthly payment and amount due at signing will likely fluctuate based on which Model 3 trim level you choose. These numbers assume a 10,000 annual mile plan and a down payment of $4,500.
Trim level | Monthly payment | Amount due at signing |
|---|---|---|
Model 3 RWD | $468 | $5,604 |
Long Range AWD | $548 | $5,714 |
Performance AWD | $679 | $5,864 |
Tesla doesn’t factor in the effect of a leaseholder’s credit score on their monthly payments on their online store. However, they do allow drivers to calculate their payments based on their down payment amount. Let’s take a look at how your monthly payment on a Tesla Model 3 lease can change based on how much money you put down upfront.
Trim level | Down payment | Monthly payment |
|---|---|---|
Model 3 RWD | $0 | $601 |
Model 3 RWD | $4,500 | $468 |
Model 3 RWD | $6,000 | $423 |
Long Range AWD | $0 | $628 |
Long Range AWD | $4,500 | $548 |
Long Range AWD | $6,000 | $504 |
Performance AWD | $0 | $814 |
Performance AWD | $4,500 | $679 |
Performance AWD | $6,000 | $634 |
Services included in a Tesla Model 3 lease
When you lease a Tesla Model 3, you’ll be granted access to Tesla’s New Leasing Experience. Announced in 2021, Tesla’s New Leasing Experience allows leaseholders to access all information about their lease from their online Tesla Account. With this new program, you’ll be able to complete the following actions through your online Tesla Account:
- Extend your lease
- Transfer your lease
- Purchase your Tesla Model 3
- Sell to non-Tesla dealers
- Report a total loss
- Request early lease termination
What happens when your Tesla Model 3 lease ends
You have a few options when it comes to your next steps when your Tesla Model 3 lease comes to an end, including:
- Exchange your Model 3 for another leased Tesla model
- Return your Model 3
- Purchase your Model 3 outright
How to return a leased Tesla Model 3
If you’ve decided that you’re ready to move on from your Model 3, you’ll need to follow Tesla’s end-of-lease return guide, available to you in your online
Tesla Account
. - Review wear and tear: Examine your Model 3 for any instances of excessive wear and tear using Tesla’s Excess Wear and Use Guide.
- Start your return in your Tesla Account: Log in to your Tesla Account to begin the process of returning your Model 3. Here you can schedule a turn-in appointment and upload photos from your pre-return inspection.
- Return your Tesla: Once you have scheduled your turn-in appointment through your Tesla Account, you’ll need to return your Model 3 to your selected dealership along with your key fobs and mobile charging bundle. Shortly after returning your Model 3, you will be billed for any additional charges to meet your lease obligations.
How to purchase a leased Tesla Model 3
If you’re not ready to say goodbye to your Tesla Model 3, you can initiate the purchase of the vehicle through your Tesla Account. If you choose to hold onto your Model 3, you’ll have to finance any remaining amount due on the car.
How to find the best car insurance for a Tesla Model 3 lease
Finding affordable car insurance is a desire for all car owners. Whether you’re leasing or financing to own your Tesla, protecting this impressive EV with the best
car insurance
is a must-have. Thankfully, saving on car insurance has never been easier than with the no. 1 rated insurance broker app Jerry
!Getting started with Jerry is easy: just download the app, answer a few short questions, and sit back as Jerry generates quotes from 50+ of the top insurance companies in the country. In less than 45 seconds, Jerry can help you get the best deal on your car insurance policy without sacrificing coverage, all while saving you an average of $887 a year.
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