Tesla Pushes Model 3 Leasing: ‘Starting at $399/month’
Recent weeks have brought on conversations about Tesla’s price cuts in markets around the world, and now the automaker is pushing a new message on its website for Model 3 leasing.
Tesla’s Model 3 is now leasing at prices as low as $399 per month, according to a change on the automaker’s website yesterday, notes @WholeMarsBlog, with the line right under the sedan’s name on the front page.
The option includes a 36-month lease, paid out at the $399 monthly price. Tesla says after estimated 3-year gas savings, the potential price is $341 per month.
To lease the vehicles, users must also pay a down payment of $4,500, along with the first month’s payment and an acquisition fee of $695, for a plan covering 10,000 miles per year. This leasing option will also charge the driver $0.25 per mile after the car reaches 10,000 miles within a year.
For a 15,000-mile plan, users must pay $447 per month, with an increased down payment and acquisition cost of about $5,594 upon signing the lease.
Luxury automakers such as BMW, Mercedes and Audi used to offer cheap leasing for their base model sedans, and with Tesla’s recent price cuts, there seems to be more reason to buy a Model 3 over German gas vehicles. A base 2023 BMW 330i starts at $43,800 (without extra options such as heated seats and steering wheel, keyless entry, etc), whereas the entry Model 3 RWD starts at $43,990.
There’s still the federal tax incentive of $7,500 that applies to the Model 3.
Other changes on the site include “View Inventory” buttons renamed to “Demo Drive”, noticed @BabyTesla3.
The news comes just a few weeks after Tesla cut the price of the Model 3 and Model Y by as much as $21,000, with many critics saying the cuts were a result of cooling demand.
At Tesla’s Q4 earnings meeting this week, CEO Elon Musk told the audience that vehicle demand is at an all-time high, adding that the company is currently seeing orders at nearly twice its production rate for January.