I have a 2014 Model S 60 the lease it up I really like the car it only has 25K miles. AP1 and Cold Weather package and rear facing seats my kids love. I have been asking Telsa how much to keep the car they keep telling me 45-50K they can't seem to give me a final answer. I am seeing better cars sell for less on in the CPO site. But I am also seeing many horror stories buying used from Tesla. Should I just pay the premium and buy out the lease?
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Lease is up should I just buy it or buy CPO(used)?
- Thread starter streaminghack
- Start date
That’s strange they don’t know how much it cost to buy the car after the lease. That’s something you should typically know before you even begin the lease, at least that’s been my experience with “normal” vehicles. I’ve never leased a Tesla so I’m not sure how it works with them.
Personally, I’d pay a few thousand more to keep the car since you know the history and I’m assuming it’s been fairly reliable (i.e. no issues that you can’t seem to get resolved), unless you obviously need a bigger battery. I just recently picked up a “CPO” a couple months ago and I’d agree the process is pretty terrible, but everything ended up working out in the end. I guess the other benefit with buying used from Tesla is you get another 4 years/50k miles with a warranty, unless you have an extended warranty plan.
Personally, I’d pay a few thousand more to keep the car since you know the history and I’m assuming it’s been fairly reliable (i.e. no issues that you can’t seem to get resolved), unless you obviously need a bigger battery. I just recently picked up a “CPO” a couple months ago and I’d agree the process is pretty terrible, but everything ended up working out in the end. I guess the other benefit with buying used from Tesla is you get another 4 years/50k miles with a warranty, unless you have an extended warranty plan.
dabbler
Member
Your original lease paperwork should have the lease buy out or the "residual value" stated on the lease. Sometimes these are negotiable, but always. Typically auto leases are tailored to benefit the leasing company. You usually pay only the interest in the beginning months of the lease. That is why the residual values are so high at the end. You are basically "renting" a vehicle when you are leasing. Very little equity is recognized during the lease.
You would be better to turn it back in, walk away and find a similar Model S, could be a CPO, and finance (with a deposit) not lease. Used Model S's are becoming more affordable everyday.
You would be better to turn it back in, walk away and find a similar Model S, could be a CPO, and finance (with a deposit) not lease. Used Model S's are becoming more affordable everyday.
I've just changed my 2014 P85 last Wednesday. Bought a 2016 90D. I don't lease my car's so can't comment on that side however the CPO process is painful... you really have to hassle the sales team to find the perfect car. Most of CPO cars have scratches and rock chips and are neglected.
However, if you do have the time to research, you can find really good deals on CPO cars like mine: 35 000 km with a prestine interior and almost no wear. the last owner had even fully wrapped the car and I got a really good price (for Canada) for a fully loaded car.
However, if you do have the time to research, you can find really good deals on CPO cars like mine: 35 000 km with a prestine interior and almost no wear. the last owner had even fully wrapped the car and I got a really good price (for Canada) for a fully loaded car.
You can get a P85D for $50K now. Why would you keep an S60 for the same price?
Ostrichsak
Well-Known Member
A little late now but your goal whenever you lease an automobile is that at the end you should NOT want to buy it because there is value there. If there is, you did the lease wrong. You want to negotiate as high of a residual value as you can so that your payment is lower and your buyout at the end is upside down. Whenever I see someone talking about a lease that has some equity or even breaks even I shake my head because it means you negotiated your lease terms poorly.
Absolutely. Here's what looks like an undamaged CPO P85D with a 4 year warranty for $52K. There are other CPO P85Ds available for right around $50K and some even less than that.
85 kWh Performance Model S 5YJSA1H2XEFP62536 | Tesla
Photos: 2014 Tesla Model S 5YJSA1H2XEFP62536 | False, Fa | Tesla
When you buy back a Tesla lease car, they add the $7,500 rebate to the residual making that purchase pointless in most cases. Now if they cut you a deal, that would make sense but not if the residual is $45-50K. The best time to see if they will negotiate on the residual is to get a hold of the people who handle end of lease terms about 40 days prior to the end of your lease and see if they can make you a better offer.
AMPd
Well-Known Member
A bit off topic but what’s the process for extending a lease?
Do the monthly payments stay the same?
Good question I got the car in mid 2015 but it was inventory car built in 2014 and did a lease extension. so I have had the car for 3.5 years.
I am having a hard time finding CPO cars with rear facing seats. And I really don't have time for playing the waiting game with Tesla to get me a CPO car in 2-3 months. Based on all the stories I am reading seems like they really don't want to sell you a used car.
Ormond
Endless Peacock
Who’s the lessor? If it’s US Bank, they may offer a discount off the residual if you finance the purchase with them.
While the Tesla CPO program offers a horrible car buying experience, if you are patient and clear with what you want, you can still get a decent car. The key thing is to communicate with them that you are not interested in a damaged car that is all banged up and if they present you with a damaged car, refuse delivery and look for another one.
From what I have seen, there ARE CPO cars in decent shape that are not damaged so if you look around and are patient, you will be able to find a decent car.
Sir is right.....but Tesla makes it tough.
My lease was up in September but extended for 6 months hoping that a refreshed S would be offered.
Now I have about 6 weeks left, so inquired about purchasing the car with the goal of trading back in to Tesla when new model was available.
They quoted 93K for my P100D. A cursory look at Autotrader showed me similar cars with lower mileage selling for 85K. No-one will quote actual figures but I have a feeling I would take a financial bath if I bought my car and then traded it back to them in a few months.
So looks like I will be a Porsche Passport customer until the new Model S is for sale.
My lease was up in September but extended for 6 months hoping that a refreshed S would be offered.
Now I have about 6 weeks left, so inquired about purchasing the car with the goal of trading back in to Tesla when new model was available.
They quoted 93K for my P100D. A cursory look at Autotrader showed me similar cars with lower mileage selling for 85K. No-one will quote actual figures but I have a feeling I would take a financial bath if I bought my car and then traded it back to them in a few months.
So looks like I will be a Porsche Passport customer until the new Model S is for sale.
It totally makes sense to wait for the refresh, especially if you plan to keep the car for a while. Have you looked into some of the long term EV car rental services? There's one that will let you rent a Model S or X for around $1600 and they even let you switch between the two! They also include insurance.
That number seems out of line. Our lease on a 2016 S75 (upgraded from 60 for $2k) was up in September. Residual was $56k, but got it for $49k, but from US Bank.
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