Tesla Leasing vs Buying 2024: Which Saves You More Money?
Quick Answer: Leasing a Tesla costs 30-40% less monthly than buying, but buying builds equity. Use our Tesla Lease vs Buy Calculator to compare your exact costs.
| Factor |
Leasing |
Buying |
| Model 3 Monthly Cost |
$329/mo |
$580/mo (5-year loan) |
| Down Payment |
$4,500 |
$5,000+ |
| 3-Year Total Cost |
$16,344 |
$20,880 |
| Tax Benefits |
Business deductions |
EV tax credits (if eligible) |
| Ownership |
Return after lease |
Keep or sell |
CALCULATE YOUR SAVINGS: LEASE VS BUY
Why Lease a Tesla
- Lower monthly payments (save $200+/mo)
- Always drive the latest technology
- Full warranty coverage during lease
- No depreciation risk
- Business tax deductions available
Why Buy a Tesla
- Build equity in the vehicle
- No mileage restrictions
- Customize your vehicle
- Ownership pride
- Potential long-term savings
When Leasing Makes More Sense
- Business use: Write off lease payments as business expenses
- Tech lovers: Upgrade to new models every 2-3 years
- Budget-conscious: Lower monthly payments
- Short-term needs: Only need a car for a few years
When Buying is Better
- High-mileage drivers: Avoid lease mileage fees
- Long-term owners: Keep cars 5+ years
- Modifiers: Want to customize your Tesla
- Equity builders: Want to eventually own outright
Real-World Example: Model Y Lease vs Buy
Lease: $399/mo × 36 months = $14,364 + $4,500 down = $18,864 total
Buy: $699/mo × 36 months = $25,164 + $5,000 down = $30,164 (but you own 40% equity)
Winner? Depends on your priorities - cash flow vs ownership.
SEE WHICH OPTION SAVES YOU MORE
Frequently Asked Questions
Q: Can I buy my leased Tesla at the end?
A: No - Tesla leases don't include purchase options.
Q: Are there tax credits for leasing?
A: The $7,500 EV credit goes to Tesla (not you), but they may factor it into lease pricing.
Q: What's the cheapest Tesla to lease?
A: Model 3 RWD at $329/mo is currently the lowest payment.
How to Decide
Still unsure? Ask yourself:
- Do I want lower payments or long-term ownership?
- Will I drive more than 10,000 miles/year?
- Do I qualify for EV tax credits if I buy?
- Does my business need the tax deductions?
Pro Tip: Tesla's lease deals change monthly. Check current offers with our Tesla Lease Calculator before deciding.