Tesla Slashes Leasing Prices for Model 3 and Model Y, Making EV Ownership More Accessible

Tesla has significantly lowered the leasing prices for its popular Model 3 and Model Y electric vehicles, making it more affordable than ever to lease these EVs with a 36-month term.

Key Takeaways:

• Tesla has reduced lease prices for the Model 3 and Model Y, offering more affordable options for electric vehicle enthusiasts.
• The company lowered lease payments by up to $100 per month on various configurations of these popular models.
• Tesla’s move to alert customers about the reduction in the federal tax credit for the Model 3 may drive higher sales before year-end, benefiting the company’s Q4 performance.

Tesla has just made it even more enticing to lease their highly sought-after Model 3 and Model Y electric vehicles. The electric car pioneer has slashed leasing rates, offering an exceptional opportunity for individuals who want to experience the thrill of driving a Tesla without the full commitment of ownership. With a 36-month leasing term, these new prices are attracting a wave of potential Tesla enthusiasts.

TESLA MODEL 3 LEASING PRICES:

• Model 3 Rear Wheel Drive – $329/month, down from $419
• Model 3 Long Range – $439/month, down from $509
• Model 3 Performance – $529/month, down from $609

TESLA MODEL Y LEASING PRICES:

• Model Y Rear Wheel Drive – $399/month, down from $499
• Model Y Long Range – $469/month, down from $549
• Model Y Performance – $539/month, down from $629

These rates are for a 36-month leasing term with an allowance of 10,000 miles per year. Importantly, these prices do not factor in the potential savings from avoiding gas and traditional maintenance costs.

Tesla’s decision to reduce leasing prices is part of a broader trend. Earlier this month, Tesla cut the prices of the Model 3 and Model Y, which subsequently had a positive impact on EV pricing across the automotive industry. In fact, Tesla witnessed a 5.5 percent price reduction from August to September and an impressive 24.7 percent decrease in September 2023 compared to the same month in 2022.

One noteworthy update from Tesla pertains to the federal tax credit for electric vehicles. The company has stated on its website that it anticipates a significant reduction in the federal tax credit for the Model 3. Tesla expects this credit to drop from $7,500 to $3,750 on December 31, “pending federal guidance.” This announcement may act as a catalyst, motivating potential buyers to make their purchases before the year-end deadline. Such a move could have a positive impact on Tesla’s delivery and production figures for the fourth quarter and the entirety of 2023. This is particularly important for Tesla, as it faced production challenges in the third quarter due to upgrades at several of its factories.

Despite these challenges, Tesla remains committed to delivering 1.8 million vehicles this year, as reaffirmed following the release of the third-quarter production and delivery figures earlier this month.