Key Takeaways
1. Tesla will increase lease payments for the Model 3 and Model Y starting November 4.
2. The lease for the Model Y Premium RWD will rise to $529/month, while the Model 3 will increase to $429/month.
3. The $6,500 lease credit will remain in place despite the increase in monthly payments.
4. The price gap between leasing a Model Y and Model 3 is now just $100, complicating customer choices.
5. Tesla aims to protect profit margins after a record number of deliveries, amid rising expenses and declining sales expectations.
Tesla is set to raise lease payments for the Model 3 and Model Y starting on November 4, as previously warned.
This adjustment appears to follow a temporary reduction in monthly costs aimed at attracting customers after the federal tax credit expired, with final deliveries pushed to mid-October.
Updated Lease Costs
From November 4, the lease for the Model Y Premium RWD will increase to $529/month, up from the current $449. The price hike for the Model 3 is even steeper, rising by $100, from $329 to $429 for a 3-year lease that includes a $3,000 down payment.
With the gap between leasing a Model Y and a Model 3 narrowing to just $100, Tesla enthusiasts will face some difficult decisions on which model to choose.
Lease Credit and Financial Outlook
Fortunately, Tesla is maintaining the $6,500 lease credit that was introduced right after the federal one ended. However, the increase in monthly lease payments appears to be a strategy to recover losses from its own credit program to some extent.
Despite achieving a record number of vehicle deliveries last quarter, Tesla’s financial situation wasn’t very bright. The surge in revenue from customers racing to take advantage of the $7,500 federal tax credit was countered by higher expenses. Now, Tesla is looking to protect its profit margins during a fourth quarter that could experience a significant decline in sales.
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