Tesla MYLR leasing

[mylr23]

I'm currently leasing a Lexus NX 300 F Sport for $474 a month, which is perfect for my remote work situation and reduced driving. I have the opportunity to sell this car, potentially generating $6,000 in positive equity according to the dealership.

My plan is to use this equity as a down payment for a Model Y Long Range in Deep Blue Metallic with a white interior. The total cost for the MYLR is $50,490 for a 36-month lease with an annual mileage limit of 12,000. I'm considering a down payment in the range of $3,500 to $4,500, which would result in a monthly payment of $523.

However, I'm uncertain whether Tesla collects taxes and fees upfront during the lease, as this practice has varied in my previous leasing experiences. Additionally, there is conflicting information from Tesla representatives about whether I would be eligible for the $7,500 tax incentive when leasing. I briefly thought about financing, but with monthly payments potentially exceeding $700, it doesn't seem financially prudent, especially since I plan to switch to the MY Juniper redesign in the future and may consider financing then. Any advice is greatly appreciated!

 

[jjrandorin]

Additionally, there is conflicting information from Tesla representatives about whether I would be eligible for the $7,500 tax incentive when leasing.

Im not sure why you would be receiving conflicting information, because when you lease, Any credits go to the owner of the vehicle (in this case Tesla). Whether they choose to share them with you in the forum of a discount or not is the question, and Tesla does not provide a $7500 cap cost reduction for leasing the vehicle.

Whether you roll taxes and fees into a lease is normally a personal decision, based on what you want your drive offs vs your monthly payment to be. You can make your monthly payment on a lease be whatever you want it to be (same as a finance) by putting cap cost reduction (lease) or down payment (loan) into the deal. Most will tell you that its not a good idea to put a bunch of cap cost reduction into a lease though.

Just to set expectations, there is no lease buy out clause in a Tesla model 3 or Y lease, so there is no situation where you could do with a tesla model 3/Y what you are talking about doing with your lexus. Perhaps that changes in the future, but it has been this way for quite some time. Model 3/Y never had any buyout provision in the lease at all, but they used to (as in 2 years ago) allow you to sell it to a dealer. They dont do that either, at least not since sometime in 2021, so you need to go into it with the expectation that you will either carry the lease to term, or participate in a swapalease style lease assumption or something.

 

[exfed2001]

My plan is to use this equity as a down payment for a Model Y Long Range in Deep Blue Metallic with a white interior. The total cost for the MYLR is $50,490 for a 36-month lease with an annual mileage limit of 12,000. I'm considering a down payment in the range of $3,500 to $4,500, which would result in a monthly payment of $523.

NEVER put a down payment on something you do not own.

 

[oceanshores]

I just leased a MY. Upfront amount included the first month payment, registration, sales tax, and acquisition fee.

 

[elambo]

NEVER put a down payment on something you do not own.

Typically good advice, but for some a lower monthly payment is a preferred option. It will be suggested that they put that downpayment into savings or some other interest-earning account and add that to the monthly payment as necessary, and that's also good advice, but not for *every* situation.

 

[coco135]

I just leased a MY. Upfront amount included the first month payment, registration, sales tax, and acquisition fee.

Which model And what the monthly payments? If you don’t mind sharing

 

[oceanshores]

Standard range, stealth grey, white interior. 12,000 miles a year, $397.

 

[BroncoAZ]

Standard range, stealth grey, white interior. 12,000 miles a year, $397.

How much down payment?