There are certainly a lot of people out there that like what Tesla has to offer and would like to get a Model S, but want a lower monthly payment. Tesla has unveiled a new lease program that makes it less expensive to purchase a Model S by reducing the down payment and monthly lease payments.
The new lease program is in conjunction with US Bank rather than using Tesla’s own money as the original lease plan did. That original lease plan was a 72-month purchase deal at 3% interest with 10% down and Tesla agreed to purchase the car back in three years at a set price. The new US Bank lease program will get drivers a 60-kWh Model S for $777 per month for 36 months at 12,000 miles per year compared to the $932 Tesla charged before.
Benefits of the New Lease Program
The down payments under the US Bank deal are cheaper as well with $5700 down for all trim levels. Leasing is also available in more states with drivers in 37 states able to purchase under the US Bank deal, in addition to Washington D.C. Previously, leases were available in only 14 states. This expansion makes it more accessible for a larger number of potential Tesla owners who were previously unable to take advantage of the leasing options.
Moreover, the new lease program offers flexibility and financial relief to those who may not have the upfront capital to purchase a Tesla outright. By lowering the monthly payments and down payment, Tesla is making its vehicles more attainable to a broader audience. This is particularly beneficial for individuals who are environmentally conscious and want to drive an electric vehicle but are deterred by the high initial costs.
Comparing Leasing vs. Buying
When considering whether to lease or buy a Tesla Model S, it’s important to weigh the pros and cons of each option. Leasing a vehicle generally means lower monthly payments compared to financing a purchase. This is because you are essentially paying for the depreciation of the car over the lease term rather than the full value of the vehicle. Additionally, leasing often comes with lower maintenance costs since the car is usually under warranty for the duration of the lease.
On the other hand, buying a vehicle means that you own it outright once the loan is paid off. This can be a better long-term investment if you plan to keep the car for many years. Ownership also allows you to modify the vehicle as you see fit and drive as many miles as you want without worrying about mileage limits.
For those who prefer the latest technology and features, leasing can be an attractive option. Tesla frequently updates its vehicles with new software and hardware improvements. Leasing allows you to upgrade to a newer model every few years without the hassle of selling your old car.
In conclusion, Tesla’s new lease program with US Bank offers a more affordable and flexible way to drive a Model S. By reducing the down payment and monthly lease payments, Tesla is making its vehicles more accessible to a wider audience. Whether you choose to lease or buy, driving a Tesla Model S offers numerous benefits, including cutting-edge technology, impressive performance, and a commitment to sustainability.
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