The thing I like most about leasing is the embedded put option. I agree with the leasing company on the residual value, 3 years hence, in the leasing contract. If the value of the car is significantly less than the residual value (like $20K instead of $25K) then I can just hand the keys to the leasing company and walk away and I've avoided a $5K loss. [If it's $30K instead of $25K, I just buy the car at $25K]. As others have pointed out the very reason I like leasing is the same reason that the leasing companies are hesitant to set a 3 year residual value for the Model S. There is a lot more risk in buying the Model S because the residual value could be very low if (1) the battery technology turns out to not be as good as advertised (2) Tesla the company encounters significant financial headwinds, (3) etc.