Tesla has announced it will start offering leases on used cars, a move some media outlets are characterizing as desperate. While we’re not personally fans of leasing, we would say this is more of an innovative decision, an area where many automakers sadly seem to struggle. But there are some caveats for this program.
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But there are also some huge benefits. After all, qualified applicants enjoy $0 down and monthly payments which start at $215. Those are downright reasonable terms, so we assume plenty will want to take advantage.
The first caveat of this program is model restrictions. The only vehicles that are up for lease, at least for now, are certified pre-owned Model 3s and Model Ys. That’s right, you can’t get your dream Cybertruck on the cheap this way.
Second, this program is only being offered in Texas and California. We presume this is thanks to the car sales laws in those states, since Tesla is still fighting dealership laws in others.
You do have to pay a one-time $695 acquisition fee and the first month’s payment up front. If that’s a problem for you, then you should stick with your old hooptie.
If you’re on the fence about this lease program, just know the $4,000 federal tax credit for used EVs ends on September 30, so you need to decided if you’re onboard soon. That also might mean a lot of other people are snagging options out of the lease pool, so getting in there early will help you secure the vehicle you really want.
As many have pointed out, leasing used vehicles isn’t a common move in the US car market. While we personally wouldn’t do it, we like to see an automaker thinking differently instead of just treading the same tired ground.
Love or hate Tesla, you have to admit the company keeps innovating.
Image via Tesla
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