Tesla offers the ability to buy or lease their vehicles. However, leasing a vehicle came with a major shortcoming. Leasing a Tesla meant you couldn’t buy out your lease at the end of the contract. Instead, you were required to return the car to Tesla, leaving you the option of leasing another or purchasing a new vehicle.
For the first time in Tesla’s history, lease buyouts are being introduced for the Model 3 and Model Y and are returning for the Model S and Model X as well.
Lease buyout now available for new S3XY + @cybertruck leases in the US
— Tesla North America (@tesla_na) November 28, 2024
Model 3/Y starting at $299/month
Model S/X and Cybertruck starting at $999/month https://t.co/CHyRnEmBSi
Lease Buyouts
Tesla’s social media team took to X to announce that the company is going to allow lease buyouts in the United States for the first time. As Tesla works with its financing partners, we expect this option to roll out to other regions too. These lease buyouts include all its vehicles, including the Cybetruck.
A lease buyout is an end-of-contract option that lets you purchase the vehicle for its residual value, allowing you to keep the car instead of returning it. It’s a great way to test-drive a car long-term, giving you the flexibility to decide if it’s the right fit before committing to ownership. For many new car buyers, it offers a lower-risk alternative to buying a vehicle outright, making it an attractive option for those seeking less upfront commitment.
Offer to be Extended to Current Leases
The price of the buyout is normally determined at the signing of the lease contract - rather than at the end of the lease. While Tesla initially said that the buyout of leases is only for new leases - that quickly changed. Tesla is confirming that end-of-lease clauses will become available for current leasees over the next few weeks. Leasees will be able to reach out directly through the Tesla app to get buyout quotes - or reach out to their financial institutions if the lease was done through a third-party financer.
Details for lease buyouts are available here.
If you’ve been hesitant to lease a Tesla due to the inability to buy it out, stay tuned—this teaser might just change the game. For many, it’s the final nudge needed to take the plunge and lease a new Tesla. With the added perks of the updated referral program and other incentives running right now, now is an excellent time to buy a new Tesla.
