- New Tesla lease program touts lower monthly payments
- Program also offers 90-day happiness guarantee return policy
- Lease program to be available nationwide soon
There is a new lease program available for the fully electric Model S sedan. Tesla says the program offers lower monthly payments and a 90-day happiness guarantee.
Although the automaker has not yet announced exactly what the new lease program’s monthly payments will be, Chief Executive Officer Elon Musk says the program will drop current costs by around 25 percent. That suggests that the new monthly payment will likely start below $700, since current Model S lease prices start at more than $800 per month. Like most luxury car leases, Tesla’s new program, which offers a 3-year term and permits up to 36,000 total miles, will almost certainly still require a hefty down payment upfront.
More importantly, however, the Model S is also being offered with a new 90-day happiness guarantee return policy. The company says that this policy allows drivers to back out of their lease if they decide they’re not happy with the Model S within the first 3 months of their lease. Tesla also notes that these drivers will be barred from immediately leasing another Tesla model.
Another benefit of the new lease program is that there is no paperwork. Musk says drivers who lease a Model S can do so without the typical stack of paperwork that accompanies a lease. Instead, Musk says, “you just read the super simple terms and conditions on the center screen, tap it once, and it’s done.”
If you’re interested in leasing a new Tesla, the program will reach dealerships soon.
What it means to you: Even the sought-after Model S can be had with some incentives once supply catches up with demand.