€299 per month for a Tesla Model Y. Good deal or bad deal?

In France, Tesla has gotten us used to playing with the prices of its cars, less so with financing options. But it’s never too late.

Whether it’s a Tesla, a Peugeot, or an MG, the idea of not buying your electric car outright is, in our opinion, a display of common sense. Why pay cash when you can spread the expense over several months and thus ease the financial burden on the household? Tesla has understood this with its 0% financing offer. We could even go further by saying that buying an electric car outright or on credit isn’t a good idea. Electric technology, especially regarding batteries, is evolving too quickly to tie yourself down with such a commitment.

Let’s focus on the Tesla Model Y Propulsion. With a range of 455 km, the sales queen has not been the queen of distance for quite some time. But it’s sufficient for daily use and a few long-distance trips. Technologically, there’s nothing to complain about; thanks to OTA updates, it ages very well. However, a refreshed Tesla Model Y, code Juniper, is expected in 2025. So, are you going to buy a car that will be renewed in less than 12 months?

For this type of car, leasing is the ideal solution. At least, you won’t spend the entire duration of the loan worrying about the car’s resale value. Tesla thus offers a Lease with Purchase Option (LOA) for 48 months and 10,000 kilometers per year. The first inflated monthly payment is set at 9,950 euros and drops to 5,950 euros thanks to the ecological bonus. It’s still quite high, especially when manufacturers like MG are offering no down payment deals. But this is without conditions on income or trade-in, so it’s transparent and without surprises, unlike the practices of some French manufacturers.

The remaining 47 monthly payments are thus 299 euros.

At the end of the lease, you have a purchase option of 27,894 euros, bringing the total amount paid if you acquire the vehicle to 47,914 euros. And yes, a LOA is not a 0% interest loan, we can’t repeat that enough! Concretely, if you return the car, you will have spent 20,043 euros, which is just under 50% of the car’s value. This reflects its depreciation over 48 months, so there’s nothing to say; it’s correct, neither more nor less.

In conclusion, let’s go back to the introduction for once. Sorry, Ms. Renard, I’m not following your 3rd-grade teachings to the letter… There remains the question of the relevance of committing to a car that will soon be renewed for 4 years. There is a solution to free your mind from that: exit clauses, buyback options, withdrawal rights,… A whole range to negotiate before the purchase that allows you to end the loan or lease earlier than expected, of course for a small penalty. Let’s take an example. You choose a Peugeot 308, and the model is refreshed 2 years after the start of your LOA. Your dealer will easily adjust your contract at little cost to exchange your car for a new model. With Tesla, it will be a bit more complicated because… dealers do not exist! It’s up to you to find the right contact person.