Tesla has announced a temporary reprieve for customers interested in leasing its electric vehicles, delaying an impending price adjustment until the festive season concludes. Following a challenging year marked by the expiration of critical federal EV tax incentives, the automotive giant is poised to introduce considerable increases across its Model 3, Model Y, and Cybertruck lines. The most notable surge will affect the Model 3, which is slated for a staggering 67% hike in leasing costs. Prospective lessees are urged to complete their credit applications by December 26 and ensure vehicle delivery by December 31 to benefit from the current, more favorable terms.
Details of Tesla's Upcoming Lease Price Revisions
As the holiday season draws to a close, Tesla will roll out new lease pricing that significantly impacts its popular electric vehicle models. Effective December 26, the cost to lease a Tesla Model 3, Model Y, and Cybertruck will see a notable escalation. The Model 3 Premium trim, in particular, will experience a substantial 67% increase. Currently available at $299 per month with an initial payment of $1,500, this variant will soon command $499 monthly alongside a $3,000 down payment. This adjustment translates to the Model 3's effective cost climbing from $368 to a projected $616.
Similarly, the Model Y, Tesla's compact SUV, is also subject to a considerable increase. The Premium Rear-Wheel-Drive (RWD) model's lease price will rise by 39%, moving from $449 per month with no down payment to $549 monthly with a $3,000 upfront cost. Its effective monthly expenditure is anticipated to increase from $481 to $667.
Even the robust Cybertruck is not exempt from these impending changes. The base trim of this futuristic pickup will see a 14% increase in its 36-month lease, elevating the monthly payment from $729 to $849, with a $5,000 down payment still required. This model, equipped with an all-wheel-drive system, boasts a 0-60 mph acceleration time of 4.1 seconds and an EPA-estimated range of 325 miles.
These new lease prices underscore Tesla's strategic response to a complex market environment, including the recent cessation of federal EV tax credits. For individuals aspiring to drive a Tesla under the current, more affordable lease terms, swift action is essential. The deadline for submitting buyer's credit applications is December 26, with the requirement that vehicles must be delivered by December 31 to lock in the existing rates.
This announcement from Tesla serves as a crucial reminder for consumers to act decisively before the end of the year if they wish to avoid the imminent rise in leasing costs. It also highlights the dynamic nature of the electric vehicle market and the constant adjustments manufacturers make in response to economic shifts and policy changes. For potential Tesla lessees, the window of opportunity to secure a vehicle at current prices is rapidly closing, emphasizing the need for prompt decision-making.