Lease Buyouts Are Not an Option for Tesla Models

What are you supposed to do when your Tesla lease ends? As of April 15, 2022, leased Tesla models are not eligible for purchase.

While Tesla isn’t the first and only company to put this limit on their vehicles, this news delivers a unique blow that will not be an overall experience for other brands. The wording doesn’t leave anything open; any newly leased models must be returned to the company to be sold in the used vehicle market, which leaves leasers with very few options.

Why Would Tesla Turn Away from Lease-End Purchases?

In lease contracts, the buyout amount for the vehicle is written in stone. This is one part of the contract that automakers cannot change. With the increased price of used cars, allowing current leasers to buy their vehicles at the end of the agreement would result in losses to the automaker. Tesla is unwilling to lose money on these cars and only offers a few different options for drivers at the end of the contract term. Of course, with the influx of used models, Tesla could start with the planned actions.

Initially, Tesla Wanted to Create a Ride-Hailing Service

When the Model 3 first arrived in the market, this new model came with lease programs that did not allow purchases at the contract’s end. The idea was to launch a robotaxi service with these previously-leased vehicles that would become the ride-hailing service to take people everywhere they need to go. While the robotaxi service never materialized, the current increase in used car prices has caused this brand to demand the cars returned to be sold in the used market to give the company the same benefits other automakers experience with their lease returns.

What are the Lease Options

When a lease ends for a Tesla vehicle, the customer has three options if they choose to continue to enjoy the benefits of a vehicle from this company. Those three options are to turn the vehicle in and walk away, extend the lease for up to six months, or upgrade to a new Tesla model and begin a new lease term.

These are the only three options for any lease entered into after April 15. Tesla models leased before that date are eligible for purchase, which could benefit customers preparing for the end of their lease contract.

What are the Models Offered by Tesla Right Now?

Tesla Model 3

The most popular car in the Tesla lineup is the Model 3, which is offered and brought to the market as the most affordable vehicle this EV brand offers. If you want a small and comfortable sedan, the Model 3 is the ideal vehicle to drive. This model was never offered with a Tesla lease buyout, which means it already falls under the new program.

This impressive car has the benefits of standard Autopilot and Smart Summon. The Smart Summon feature allows you to summon your car with a smartphone app. This means you can squeeze the Model 3 into tight parking spaces without being in the vehicle. The Autopilot system combines the benefits of adaptive cruise control, automatic emergency braking, and lane-keep assist to create a hands-free driving experience.

Tesla Model S

The Model S has been the groundbreaking luxury sedan that came with an impressive package of EV driving. This car reaches a possible top speed of 200 mph and 405 miles of driving. This is why the Model S has been the most desired Tesla. You’ll find an aircraft-style steering yoke and three screens, including a sizeable 17-inch center screen. This car includes standard AWD and an available high-performance Plaid model with a tri-motor configuration.

The standard adaptive suspension system automatically adjusts hundreds of times per second to give you the highest-quality drive on the road. This feature optimizes the aerodynamics for a much better driving range. The Plaid model is so quick and incredible that it claims a sprint to 60 mph in 1.99 seconds and comes with a 396-mile driving range.

Tesla Model Y

The Tesla Model Y is one of the most dynamic and impressive electric luxury SUVs. This SUV delivers similar styling to the Model 3 while presenting an engaging performance and excellent range. You’ll find a dual-motor layout with standard AWD in the Model Y. This SUV also shows you an optional three-row seating configuration that might be right for your drive.

This Tesla could be the ideal vehicle for you to lease and enjoy. The Model Y comes in two trim levels: Long Range and Performance. The Long Range model delivers up to 330 miles of driving, while the Performance trim offers faster acceleration and a higher top speed.

The Tesla Model Y brings 19-inch Gemini wheels, a panoramic glass roof, a power liftgate, and heated mirrors. You’ll see a sizeable 15-inch screen in the dashboard’s center to give you the controls you’re looking for when you drive.

Tesla Model X

One of the most desirable electric SUVs on the market is the Tesla Model X. This impressive vehicle delivers three rows of seats and unique falcon-wing rear doors. This fantastic vehicle has two special models to ensure you can have the drive you want. These trims are Long Range and Plaid. The Long Range model offers a practical choice, while the Plaid version offers the quick acceleration you want. The Model X Plaid reaches 60 mph in only 2.5 seconds.

The standard electric powertrain gives you a dual-motor system with AWD and a range of up to 348 miles on a full charge. The dashboard’s center offers a 17-inch screen with all the controls you need when it’s time for an incredible drive. The 20-inch Cyberstream wheels give you a look you want to show off under this SUV.

Even though you can’t experience a lease buyout with a Tesla any longer, you can still enjoy the benefits of an impressive package of features in your new EV.