The Tesla Model 3 is one of the most unique vehicles in production today by any car manufacturer. The Model 3 comes chuck full of technology and without loosing it’s sense of humor by the way of a umber of exciting easter eggs.
Shortly before close of business on April 11, Tesla at long last officially made available to the public a lease program for buyers of the Model 3 in the US. Tesla fans around the world have been waiting patiently for a lease option for the Model 3 – Tesla’s top selling vehicle to date. Tesla’s hope is that this lease option will make Model 3 more affordable and economically feasible to a wider audience and as a result, drastically boost demand. Also this announcement should help alleviate some of the fears that the Model Y is cannibalizing Tesla Model 3 sales as prospective Model 3 buyers choose to sit on the sidelines as the await the Tesla Model Y.
In the above email which I received from Tesla about the new lease program, Tesla emphasizes the fact that the lease comes with a “small downpayment and competitive monthly payments”. However on a closer look at the details on the Tesla website, there is nothing “small” about the $2500 deposit or “competitive” about the monthly payments. Furthermore, I assume there will be a $500 balance due upon delivery to complete the total $3000 downpayment as indicated in the order screenshot below.
A $3000 total downpayment is a lot for the average car buyer. Couple that with a $500 a month lease payment and you are looking at rent prices in some parts of the country. However compared to the Model S and Model X, it’s an absolute steal and many Tesla fans will agree that the juice is definitely worth the squeeze. Consider the fact that you are pretty much getting the standard Model S/Model X technology and features in a smaller more compact and affordable package. With a Tesla Model 3, you are are practically driving a Tesla Model S without the extra space and cost. Having owned a Tesla Model S for the past 3 years, I can tell you that you are not missing much with a Tesla Model 3.
Many analysts, writers and speculators are already jumping on the opportunity to perform side-be-side or head-to-head comparisons between the Tesla Model 3 and other vehicles in it’s “class” which is the prudent thing to do when presented with a new entrant into the leasing space such as the Tesla Model 3 just did. However I would point out that any such comparison is inherently flawed because it is predicated upon the false premise that the Tesla Model 3 has an equal and can be compared to any other vehicle in existence other than the Tesla Model S and Model X. Anyone who has spent any amount of time with the Tesla Model 3 would agree that the Tesla Model 3 is in a class of it’s own. So comparing it with any other vehicle in it’s supposed “class” is ludicrous. The Tesla Model 3 marks a remarkable and revolutionary feat in automotive engineering, design and technology.
If you would like me to count the many ways the Tesla Model 3 stands apart for the so called competition, you are in luck because I already did that in my previous blog post “Top 5 Model 3 Special Features“. From its unique design that is unlike any other vehicle on the market today (besides its older sibling the Tesla Model S), to it’s keyless unlocking system that allows you to unlock the Model 3 with an RFID card which fits perfectly in your wallet or pocket just like a credit card, to its state of the art futuristic HVAC system that allow you to effortlessly manage the air flow to any seating area in the vehicle, to its 15 inch touchscreen that allows you to intuitively control every single aspect and function of the Tesla Model 3, and eliminates the need for any physical button on the dashboard, to its unique push button door handles both on the inner and outer sides of the door, its no wonder why the Tesla Model 3 has quickly become Tesla’s top selling model on a very short time. Let’s not also forget the abundance of easter eggs that come with the Tesla Model 3, something that is not listed in its official feature description when purchasing the vehicle which means you are getting the easter eggs absolutely free of charge.
As the owner of first a Model S and now a Model X, I can assure you that the opportunity to lease a Tesla Model 3 or any other Tesla vehicles is not only great but also a smart decision. I always tell people who ask me to describe my experience of owning a Tesla that a Tesla is like owning an iPhone on wheels. I am pretty confident that many of you reading this article are doing so on your iPhone that is probably no older that 2-3 years. Can you imaging still using your iPhone from 4-7years ago? Neither can I. So just like the iPhone technology is continually being updated and new features and capabilities being added to newer models, so is the same for Teslas. It is the burden of having a technologically advanced and superior product – the innovation never stops and so new features and capabilities are always being added to newer models. That means having Tesla for more than 3 years although it will still be the most advanced vehicle compared to any other vehicle on the road besides a newer Tesla, it will be technologically inferior to newer Tesla models. That is why leasing a Tesla for 3 as opposed to buying one is a more prudent decision for the Tesla owner who is most likely interested in technology and innovation.
However if you plan sell your Tesla within 3 years and you can afford the downpayment (and monthly payments) associated buying a Tesla outright, then a lease is probably not the better option for you. On the other hand if you own a business that requires the use of a vehicle, then you will be smart to lease a Tesla Model 3 or any other Tesla model as the costs can be written off as a legitimate business expense (providing they are legitimate business expenses) in your tax filing. There are also other EV incentives that could help minimize your taxes come April 15th which is just around the corner. Your tax preparer can definitely assist you with identifying and accessing those benefits. I for one plan to lease a Model 3 as soon as the lease on my Toyota Prius is up and with that change, I will only be seeing an increase of about $100 for a car that I feel is more than 100 times better in every imaginable way than a Toyota Prius.
So please let me know if you plan to lease a Tesla Model 3 in the coming month, I would love to hear from you. You can shoot me an email at Riz@thevoltly.com or drop a comment below. Also if you were on the fence about getting a Model 3, how does this announcement change your position moving forward? Are you now more inclined to pull the trigger on a Tesla Model 3 or not? And if not, I would love to hear your reasons why other that cost. If so, are you considering the Model 3 Performance?
By the way if you like this post and you are in the market for a new Tesla, Tesla has an amazing referral program that offers you 1000 free supercharging miles if you use a referral code when you make your purchase. As a two-time Tesla owner, having owned a model S and model X, I can assure you that purchasing a Tesla will be the best automotive decision you’ve ever made and will ever make in your life. So why not make use of my referral code below and we can both continue to enjoy the wonderful Tesla life.