Tesla is continuing a policy preventing Model 3 Highland lessees from buying out their leases. According to Tesla’s website, lease buyouts for the Model 3 are still not allowed even though the latest version is available to configure online. This could be a major limitation that consumers won’t find with other EV brands.

As CarsDirect reported earlier today, 2024 Tesla Model 3 Highland is now available online. What’s more, our analysis found that Model 3 Highland leases have the same prices as the outgoing versions. With Model 3 Highland lease prices starting at just $329, the odds are that the revamped EV will be an attractive choice.

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However, once your lease is up, you’ll have to return your car to Tesla. That’s because the company’s website says “Model 3 and Model Y leases are not eligible for purchase regardless of delivery date.” This is a policy that Tesla has had ever since the brand’s most affordable electric car was first introduced back in 2017.

For current Tesla owners, this may not be surprising. However, new Tesla shoppers may want to keep this in mind when comparing lease options. After all, the cheapest Model 3 can cost close to $700 a month when buying instead of leasing. Leasing also offers a $7,500 Tesla incentive that you can’t get when buying.

Once your Model 3 lease is up, Tesla says that customers will be able to either return their car or extend their lease for up to 6 months. A lease extension could enable Model 3 lessees to bridge the gap until the next car that they want becomes available. Tesla is quoting Model 3 Highland deliveries now through February.

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Looking to keep your Model 3 Highland? Tesla’s financing rate is currently 6.59% APR for 72 months. Without immaculate credit (a FICO over 720), the company’s website says the rate could be as high as 8.75%. Without the $7,500 incentive, a high-interest loan could make the Model 3 Highland a pretty bad car to buy.

Last year, Ford brought back its Mach-E purchase option. Ford Credit also reintroduced its F-150 Lightning lease purchase option. The lack of a buyout option will prevent consumers from first leasing their Model 3 Highland to get the lease credit and then buying it out as they can with cars like the Hyundai IONIQ 5.

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Source: https://t-tees.com
Category: WHY