Leasing: Should You Lease Your Tesla Model Y From Someone Other Than Tesla?

The American manufacturer is known for its poor financing solutions, should we look elsewhere to rent a Tesla?

As money “loses its value,” with interest rates sharply declining, Tesla continues to lend at an APR of 7.22% as of August 15, 2024. In China, the same manufacturer lends at 0% (i.e., at a loss) and at 1.99% in the United States. Europe is therefore not yet a priority for Tesla, a continent historically known for not indulging in excessive consumption and credit.

Nevertheless, it is always good to look at what exists alongside, especially at a time when the relationship to ownership is changing rapidly. This is even more true with electric cars, the purchase of which is, according to Mobiwisy, nonsensical as the technology evolves so quickly. Leasing with a reduced duration (LLD), although a bit more expensive upfront, guarantees lower depreciation over time.

What does the Tesla offer say?

For a Tesla Model Y Propulsion currently priced at €36,990 including VAT, for a duration of 48 months and 40,000 kilometers, the rent will be consistently €485. There is no increased initial deposit; the €4,000 ecological bonus serves this purpose.

Additionally, assistance, roadside service, 24/7 towing, a replacement vehicle, financial loss warranty, and maintenance/service are included in the offerings. Finally, remember that at the time of vehicle return at the end of the contract, any possible restoration fees may be required by Tesla. And under no circumstances will you be able to buy back the car, as the financial setup does not include that. To do so, it would have been necessary to opt for a leasing with purchase option (LOA) from the outset.

What is the competition doing?

You may have seen numerous leasing (LLD) offers for Teslas flourish on social media, but not only that. This obviously reflects a need, so it is worth looking at the details.

The most aggressive in terms of advertising and promotional purchases is Beev. A trendy site with soft colors, yet very little financial information. However, the technical specifications of the Tesla Model Y Propulsion are touted, even better than on the official site.

The first surprise: the displayed sales price is €44,990 before bonuses, which is €4,000 higher than reality. That €4,000 therefore appears in the monthly payments. A tab in the Tesla universe also promises delivery before summer… 2023. As for the update of information, we will have to check back later.

Ultimately, for the same 48 months and 40,000 kilometers allowed, the monthly rent is €570, which is €85/month more. With no further details, maintenance, assistance, and a replacement vehicle are promised in the offer.

Conclusion

We have searched extensively online, including with banks that develop this type of service – lending and financing is somewhat their job… – but no truly serious solution has emerged as obvious to us. Very often, the prices are not updated, the promises of assistance are nebulous, and the rates are never better than those at Tesla. Thus, there are no more questions to ask: if you are looking for a quick, reliable, and financially well-positioned LLD, Tesla is the right solution.