Tesla has launched a new lease program for its certified preowned Model 3 and Model Y vehicles, providing lower monthly payments and the option to purchase the vehicles at the end of the lease term.
The program is available for select inventory vehicles in states including Texas and California, with lease terms of 12 or 24 months and annual mileage options ranging from 10,000 to 15,000 miles. Monthly payments start at $192 for the Model 3 and $225 for the Model Y, with a zero down payment option. Some Model 3 units can be leased for as low as $130 per month with a $1,000 down payment.
The launch coincides with Tesla gradually phasing out its Model Y APR financing deal, which now carries a higher promotional interest rate of 3.99%, up from 3.49%. The preowned lease program is intended to help clear inventory of returned or lightly used vehicles while maintaining strong demand.
Like new Tesla financing agreements, the leases include a purchase option at the end of the lease period, allowing consumers to acquire the vehicles if desired. The program provides an alternative way for drivers to access Tesla vehicles as the federal $7,500 tax credit approaches its expiration at the end of the quarter.