Tesla has quietly raised lease pricing for the Model 3 and Model Y in the United States, with increases of up to 11%. At the same time, the company has introduced a new $6,500 lease credit designed to help soften the blow of higher monthly payments and offset the recent expiration of the federal EV tax credit.
According to Tesla, the new $6,500 lease credit is already factored into the advertised monthly payment. However, the automaker notes that the credit is “subject to change or end at any time,” and simply placing an order does not guarantee eligibility. Here are the new lease prices for the Model 3 and Model Y, as advertised on Tesla’s online configurator at the time of writing:
This latest lease pricing adjustment follows Tesla’s earlier move in August when it bumped the Model Y Long Range RWD lease rate from $349 per month to $399 per month, and the Model Y Long Range AWD from $399 to $449.
The new lease credit also comes just after the September 30 expiration of the $7,500 U.S. federal EV tax credit for Tesla customers. Buyers could still qualify if they placed an order before the deadline with at least a nominal payment, but going forward, Tesla is using this lease incentive as a partial replacement for the lapsed government subsidy.
On the flexibility front, Tesla late last year updated its lease policies to allow customers to purchase their vehicle at the end of the term. Previously, Tesla restricted lease buyouts on certain models. This change now gives lessees more options if they wish to keep their vehicle instead of returning it.
With lease costs continuing to climb, Tesla appears to be balancing higher pricing with incentives to keep monthly payments competitive, especially as it enters Q4 without the boost of federal tax credits.
