If you‘re considering driving off in a brand new Tesla, leasing is often thousands less expensive than buying thanks to lower monthly payments. But how much exactly are you looking at paying to lease each Tesla model today?
Plan on budgeting between $334 to $1,556 per month depending on the model, trim level, and options. The Model 3 leases for the lowest monthly price while the Model X commands the highest lease payments.
In this detailed guide, we’ll break down the exact lease cost for every new Tesla by model, trim, and customizations. You’ll also learn how leasing compares to buying, tips for scoring the best deal, and what to expect at lease end.
Let’s take a closer look at what it costs to lease a Tesla:
Monthly Lease Price by Tesla Model
Tesla currently leases out the Model 3, Model Y, Model S, and Model X. Pricing varies based on battery range, performance, and included features.
Tesla Model 3
The Model 3 is Tesla’s most affordable sedan. It leases for as low as $334 per month for the base rear-wheel drive version. Stepping up to the Long Range or Performance trims adds about $200 or $300 to the monthly payment respectively.
Here’s a full break down of Model 3 lease pricing:
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Rear-Wheel Drive: Starts at $334/month. Features a 260 mile range and 0-60 mph in 5.3 seconds. The standard interior includes partial premium seating, a 15” touchscreen, and chrome trim.
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Long Range AWD: Starts at $540/month. Bumps range up to 358 miles and acceleration to 4.2 seconds 0-60 mph. Adds premium heated seating and navigation standard.
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Performance AWD: Starts at $629/month. Runs 0-60 mph in just 3.1 seconds thanks to 450 hp and Track mode. Includes performance brakes, 20” wheels, aluminum pedals, and lowered suspension.
Adding fancy paint colors, larger wheels, or upgraded interiors raises the monthly lease cost by around $150-$300 depending on options.
Tesla Model Y
The Model Y is essentially an SUV version of the Model 3. It leases for a modest $50-$100 premium over the comparable Model 3:
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Long Range AWD: Starts at $610/month. Has 326 miles of range and seats 5. Includes a power liftgate, up to 66 cu ft of cargo space, and a panoramic glass roof.
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Performance AWD: Starts at $690/month. Shaves 0-60 mph time down to 3.5 seconds. Features lowered suspension, performance brakes, 21” wheels, and aluminum pedals.
Optional 7-seat interior and tow hitch add $20-40 to the monthly payment. Custom aesthetics mirror the Model 3’s upgrade costs.
Tesla Model S
The Model S is Tesla’s flagship luxury sedan. Lease payments start at around $1,200 per month and exceed $1,500 for the high-performance Plaid version:
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Long Range AWD: Starts at $1,207/month. Boasts an impressive 396 mile maximum range. Includes a 17” touchscreen, wireless phone charging, HEPA air filtration, premium audio, and ventilated front seats standard.
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Plaid: Starts at $1,507/month. Unlocks 1,020 hp allowing 0-60 mph in under 2 seconds. Adds carbon fiber trim, sport pedals, and a yoke-style steering wheel.
Extensive interior and exterior customizations can quickly raise the monthly lease cost to $1,600 or more.
Tesla Model X
The Model X is Tesla’s largest and most expensive SUV. Lease payments scale up to match:
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Long Range AWD: Starts at $1,357/month. Provides 360 miles of range. Features seating for 5 or 7, panoramic windshield, up to 90 cu ft cargo volume, and self-presenting falcon wing doors.
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Plaid: Starts at $1,556/month with 1,020 hp, 0-60 mph in 2.5 seconds, and 340 mile maximum range. Includes performance brakes, lowered air suspension, carbon fiber décor, and 22” turbine wheels.
Fully loaded versions with 6 seats, cream interiors, and premium paint can exceed $1,900 per month.
As you can see, Tesla lease pricing scales considerably based on vehicle size, performance, and options selected. Carefully considering your needs and budget is critical.
Estimated Tesla Down Payments
In addition to higher monthly lease payments, Tesla also requires larger down payments for more expensive models:
| Tesla Model | Down Payment |
|---|---|
| Model 3 RWD | $5,529 |
| Model 3 AWD | $5,735 |
| Model 3 Performance | $5,824 |
| Model Y AWD | $5,805 |
| Model Y Performance | $5,885 |
| Model S AWD | $9,402 |
| Model S Plaid | $9,702 |
| Model X AWD | $9,552 |
| Model X Plaid | $9,751 |
These down payments cover the first month‘s payment, acquisition fee, taxes, registration, and other fees. They can be reduced slightly on shorter 24-month leases.
Detailed Model Customization Pricing
Beyond the base versions, Tesla offers extensive customization options to make your car unique. Here’s how much selecting fancy paint colors, wheels, interiors, and add-ons impacts the monthly lease payment for each model:
Model 3 Customization Upgrade Pricing
| Customization | Monthly Increase |
|---|---|
| Special paint color | +$125 |
| 20” wheels | +$150 |
| White premium interior | +$250 |
| Black and white interior | +$500 |
| Red multi-coat paint | +$1,000 |
| Performance upgrade | +$4,500 down |
Model Y Customization Upgrade Pricing
| Customization | Monthly Increase |
|---|---|
| Special paint color | +$125 |
| Induction wheels | +$150 |
| 6 seat interior | +$20 |
| White premium interior | +$250 |
| Black and white premium interior | +$500 |
| Red multi-coat paint | +$1,000 |
| Performance upgrade | +$4,500 down |
Model S Customization Upgrade Pricing
| Customization | Monthly Increase |
|---|---|
| Special paint color | +$1,000 |
| Black extended leather interior | +$4,500 |
| Carbon fiber decor | +$1,500 |
| Yoke steering wheel | +$1,000 |
| Executive rear seats | +$3,000 |
| 22” Arachnid wheels | +$5,500 |
Model X Customization Upgrade Pricing
| Customization | Monthly Increase |
|---|---|
| Special paint color | +$1,000 |
| 6 seat interior | +$6,000 |
| Black/cream interior | +$4,500 |
| Figured Ash wood décor | +$1,500 |
| 22” wheels | +$5,500 |
| Red multi-coat paint | +$5,000 |
Buying vs. Leasing a Tesla
Is it better to lease or buy a Tesla? Here‘s a quick comparison of the pros and cons:
Benefits of Leasing:
- Lower monthly payments
- Smaller upfront outlay
- No hassle selling or trading in after lease
- Always driving a new vehicle with latest features
- Potentially lower sales tax in some states
Benefits of Buying:
- Build equity over time as you pay down the loan
- Customize and modify car however you want
- No mileage limits or wear and tear concerns
- Lower total cost over longer ownership period
Leasing makes the most sense for those wanting the lowest payment, newest tech and who plan to swap cars frequently. Buying is better if you want to customize, keep the car over 5+ years, or drive lots of miles.
Historical Tesla Lease Price Trends
Tesla initially offered very low lease deals around $500 per month for the Model S back in 2013. This helped boost adoption early on.
Prices rose over time as Tesla streamlined options and adjusted residual values. By 2019, Model S leases ran $1,000 to $1,500.
Model 3 originally leased for under $400 per month when first introduced. After huge demand, Tesla again raised prices to today’s current rates.
We expect lease prices to continue increasing slightly over time as manufacturing costs rise. However, Tesla may also offer periodic promotional lease deals to stimulate demand.
Lease-End Purchase Options
At the conclusion of your Tesla lease, you have three options:
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Turn in the car – Return it to Tesla in good condition following wear and tear guidelines to avoid fees. This is the simplest option if you want a new Tesla.
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Purchase the car – You can buy your Tesla at the preset residual value stated in your lease contract. This is a good deal if the car is worth more than the buyout price.
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Lease extension – Tesla may offer customers in good standing the option to extend their lease 3-6 months at a time, postponing the final buy or return decision.
We recommend crunching the numbers closer to your lease end date to determine if buying your Tesla makes financial sense or if you are better off in a new model.
How Tesla Lease Costs Compare to Rivals
While Tesla has the EV market cornered, several newcomers are rolling out luxury electric rivals:
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Polestar 2 – Leases start around $649/month which is higher than the Model 3 but lower than the Model S.
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Porsche Taycan – Estimated lease payments are $899 to $1,049 for the Taycan which is cross-shopped with the Model S Performance.
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Audi e-tron GT – Coming in at $1,595 per month, the e-tron GT slots just above the Model S Plaid for around $400 more.
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Mercedes EQS – No lease pricing announced yet for the Maybach-inspired electric sedan expected to rival the Model S and Taycan.
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Rivian R1S / R1T – Rivian’s electric truck and SUV should lease for $800-$1,200 based on dimensions and performance relative to Tesla’s line-up.
While not cheap, Tesla still maintains a pricing advantage over most competitors when you compare lease payments for similarly equipped electric luxury vehicles.
How to Lease a Tesla in 5 Steps
Ready to lease your own Tesla? Here are the steps you’ll need to take:
1. Choose your model – Select the Tesla model, trim level and options you want. The Tesla website makes it easy to customize and get pricing quotes.
2. Apply for financing – Submit a lease application through Tesla Financing. You‘ll need documentation like your driver‘s license, proof of insurance, and recent pay stubs. Run your credit so you have scores ready.
3. Calculate sales tax – Tesla handles registration and taxes directly. Confirm the total drive-off fees for your state. These are included in the total "amount due at signing".
4. Review and sign paperwork – Tesla will draw up a lease agreement reflecting the pricing and terms you agreed to. Thoroughly review then sign electronically.
5. Schedule delivery – The final step is picking up your new Tesla at your local delivery center. You‘ll need to provide your down payment and first month‘s lease payment.
Once all the paperwork is finished, all that’s left to do is enjoying hitting the road in your brand new Tesla!
The Bottom Line
Lease payments for Tesla models range between $334 per month for a base Model 3 up to $1,556 per month for a fully loaded Model X Plaid. Consider your budget, ideal options, and lease term length. With the right configuration, leasing a Tesla allows you to enjoy these incredible vehicles at a fraction of the purchase price.
You now have all the details on exactly how much it costs to lease every Tesla model. Let me know if you need any help finding the right option to fit your needs and budget!