What is the difference between leasing and buying a Tesla?

Leasing a Tesla means driving it for a fixed term with lower upfront costs and returning it or buying it at lease end, if allowed. Buying provides full ownership, no mileage limits, and potential long-term savings.

Can I buy my leased Tesla at the end of the term?

Most Tesla models cannot be bought at the end of the lease, but policies vary. Check your specific lease agreement for details.

What are the current lease offers for Tesla models in 2024?

Tesla’s 2024 lease deals start at $299/month for the Model 3 and Model Y, $999/month for the Model S and Model X, and $899/month for the Cybertruck, with associated down payments required.

What are the benefits of buying a Tesla?

Buying a Tesla means ownership without mileage limits and the flexibility to sell, trade in, or keep the car long-term. You also stand to save more overall compared to continuous leasing.

Can I combine Tesla referral discounts with lease offers?

Yes, Tesla referral discounts can often be combined with leasing promotions. Be sure to check current eligibility and promotions when using a referral link.

Lease vs. Buy a Tesla in 2024: Which Ownership Option Saves You More?

Dec 21

Written By Russell Fowles

Tesla’s electric vehicles continue to innovate, offering cutting-edge technology, eco-friendly benefits, and unparalleled driving experiences. One of the most common questions for prospective Tesla owners, however, is whether to lease or buy. In this guide, we’ll break down the pros and cons of both options, look at Tesla’s 2024 deals and financing programs, and help you decide which path fits your lifestyle and budget best.

What’s the Difference Between Leasing and Buying a Tesla?

Leasing a Tesla

Leasing a Tesla means you’ll drive it for a fixed term (often 36 months) with fixed monthly payments. After that, you either return the vehicle or—depending on Tesla’s policy—buy it at the end of the lease. Leasing requires lower upfront costs and can be ideal if you prefer upgrading every few years. However, you’ll face mileage limits, potential end-of-lease fees, and limited (or no) lease-end buyout options.

Buying a Tesla

Buying involves paying the full price or securing a loan. You’ll own the vehicle outright, so there are no mileage restrictions, and you can keep or resell it whenever you’d like. While upfront costs might be higher than leasing, you benefit from long-term savings, especially if you plan to keep your Tesla for many years.

Tesla’s 2024 Lease and Purchase Programs

As of 2024, Tesla has introduced updated lease and purchase offers across its lineup. Here’s a quick overview:

Model 3 & Model Y Lease: Starting at $299/month with $2,999 due at signing.
Model S & Model X Lease: Starting at $999/month with $7,500 due at signing (Model S includes free lifetime Supercharging).
Cybertruck Lease: Starting at $899/month with $7,500 due at signing.

For those looking to buy, here are Tesla’s current starting prices for 2024:

Model 3: Starting at $42,990
Model Y: Starting at $44,990
Model S: Starting at $79,990
Model X: Starting at $79,990
Cybertruck: Starting at $79,990

Key Considerations When Choosing Between Leasing and Buying

Upfront Costs

Leasing demands less money down but keeps you making monthly payments indefinitely if you continue to lease new models. Buying might require a larger initial outlay or loan approval but could lead to lower overall costs in the long run.

Mileage Restrictions

Most Tesla leases impose mileage caps (like 10,000 to 15,000 miles per year). If you commute heavily or plan cross-country road trips, these limits can be restrictive. When you buy, you can drive as far as you want without penalty.

Technology Upgrades

Tesla frequently updates its software, features, and even hardware. Leasing may be a good fit if you want the latest model or technology every few years. Buying is better if you plan to keep your car for the long haul, as these updates often come over-the-air anyway.

Benefits of Leasing a Tesla

Lower upfront costs
Fixed monthly payments
Frequent model upgrades
Warranty coverage throughout lease

Benefits of Buying a Tesla

Total ownership and control
No mileage restrictions
Long-term financial savings
Potential for resale or trade-in value

Tesla Model Overviews for 2024

Interested in specific models? Dive deeper here:

FAQs About Tesla Leasing and Buying

Can I buy my leased Tesla at the end of the term?: Tesla typically does not allow lease-end buyouts for most models. Always check the lease agreement for specifics.
Are there additional costs when leasing?: Yes. Leasing may include fees for excess mileage, excessive wear and tear, and potential early termination.

Final Thoughts: Which Option Fits Your Lifestyle?

Leasing a Tesla is well-suited for those who want lower monthly payments and the freedom to switch models often. Buying offers long-term savings and the advantage of owning a high-value electric vehicle that can be sold or kept indefinitely.

Ready to make the jump? Use our exclusive Tesla referral link to see current offers and enjoy potential discounts on your new Model 3, Model Y, Model S, Model X, or Cybertruck. Plus, check out our in-depth guide on Tesla inventory discounts for 2024 to save thousands on quick-delivery models.

Russell Fowles