Tesla has announced a reduction in the monthly lease fee for its entry-level Model 3 electric vehicle (EV) by $30, bringing the new monthly cost to $299. The deal, which requires a $3,000 down payment, comes with a 36-month lease term and an annual mileage limitation of 10,000 miles.
The adjusted lease offer was first reported by Sawyer Merritt on X and includes additional fees such as a $695 acquisition fee, the first month’s payment at signing, and a $395 disposition fee upon return of the vehicle. When factoring in these costs, the effective monthly cost totals $412.6, amounting to $14,854 over the three-year lease period.
NEWS: Tesla has lowered its starting lease price for the Model 3 in the U.S. to $299/month (from $329). pic.twitter.com/JuwAKiWkwj
— Sawyer Merritt (@SawyerMerritt) April 17, 2024
Notably, Tesla does not offer the option to purchase the vehicle at the end of the lease term, which may impact customers’ decisions when considering their next EV purchase.
The entry-level Tesla Model 3 features a single rear-mounted electric motor and a battery pack that provides an EPA-estimated range of 272 miles on a full charge. It boasts a top speed of 125 miles per hour and accelerates from zero to 60 mph in 5.8 seconds. The cash purchase price for the Model 3 starts at $38,990 and is not eligible for the $7,500 tax credit.
Comparatively, the Hyundai Ioniq 6 all-electric sedan starts at $37,500. Its base trim, the SE Standard Range, offers rear-wheel drive and an estimated 240-mile range. When leased under similar terms as the Model 3, the entry-level Ioniq 6 has a monthly fee of $196.98, excluding the $3,000 down payment and associated taxes.
The BMW i4, another mid-size electric sedan, is currently offering attractive incentives in the United States this month for leasing. These incentives include a $7,500 lease credit and a $1,000 loyalty discount. However, the i4’s lease deal requires a $499 monthly fee over 36 months, along with a $4,599 down payment.
