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If you’re in the market for an electric car, there’s a good chance you’re considering a Tesla Model 3, or maybe even a Tesla Model Y. These cars don’t come cheap, and they’ll make a big dent. in your monthly budget, but you will save money on fuel and maintenance compared to a gasoline car. You can choose to rent them, which will lower the monthly payment and have less impact on your budget. However, in the end, the rental will cost you more.
Tesla offers all of its vehicles for purchase and rental. Currently, its finance rate is advertised at 2.49% for 72 months, which is not bad, although many brands have offered 0 APR for some time. Remember, you will need a great credit score to get the best rates. It’s also important to note that you don’t need to finance through Tesla. If you can get a better rate elsewhere, take advantage.
If you go with Tesla’s finance plan, which requires $ 4,500 down payment, the single-engine rear-wheel-drive Model 3 Standard Range Plus ($ 39,990) will set you back around $ 549 per month. Meanwhile, under the same conditions, the entry-level twin-engine all-wheel-drive Y Model ($ 53,990) will cost around $ 759 per month.
Tesla leases the Base Model 3 for just $ 389 per month for 36 months with $ 4,500 down. The Model Y Long Range is rented for $ 569 per month with the same terms. These leases both include 10,000 miles per year.
As you can see, the rental “deals” are attractive because they will save you $ 160 to $ 190 each month. However, as Cleanerwatt points out, while the low monthly lease payment might cheat you, you might need to pay an additional $ 17,000 to $ 18,000 by choosing to lease a Tesla rather than buy one.
Watch the video for more details. Then head over to our comments section to let us know your thoughts on it. Have you rented an EV? Share your experience with us here.
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