Monthly Payment on my 2024 Tesla Model 3! | Lease vs Finance

[@JVette01]

Hey guys, thank you for watching. Some things to note- 1. These were the lease rates at the time I bought mine, which was August 2024. They are much lower now, as Tesla tends to do specials and inventory discounts toward the end of the year. 2. Your own lease rate will depend on your credit, trade-in (if applicable,) state taxes, incentives, and if you use a discount code. You can also get a discount on standing inventory. None of which were available when I got mine. 3. If I were to get one now, I could get it as low at 560/month (24 months) for the same vehicle using possible inventory discounts and referral codes. Thanks again. If you want to save money and get a CHEAP LEASE on a Tesla, use my referral code- ts.la/jacob883071

[@DenisDamulira23]

So, lease is basically Ubering yourself around and that money goes down the drain, THEN REPEAT. Why not be financially wise, pay off the car in 5yrs, own the car for 3 more years. Invest the rest of your money in the stock market? Then get a new car once the tech has fundamentally advanced. I guess it depends on how wasteful you want to be.

[@JVette01]

Maybe I don’t want an 8 year old car? I like to enjoy cars and having one for 8 years sounds very boring. Leasing makes financial sense in this case for me

[@cheezybred]

I have an older 2016 accord as a beater daily, it makes me appreciate my bmw way more every time i drive it. Switching out cars every 6 mo just burns money and enjoyment of what you have

[@ms3er396]

Yep. I did a 36mo No cap cost reduction, thus no money down except taxes, first payment, etc. and 15k per year for $530mo total. That's on a Grey / white $51k car.

[@JVette01]

nice!

[@robt9790]

Congrats on the sponsor, super informative, I never would have looked at it through the angle of negative equity

[@JVette01]

Every Tesla owner has a referral link btw

[@tenzin_y]

Super informative! Thank you for making this vid

[@lowdime305]

Wow, that's crazy, I leased a Polestar 2 LR for $299/month for 27 months with $1K down

[@JVette01]

You can get the basic Tesla for that payment too if you do 36 months and like 2k down.

[@bostonfehmib]

If lease to purchase is now available, this makes so much sense!

[@JVette01]

Sometimes lease to purchase is more expensive than just buying from the beginning.

[@JoseMendoza-gq1bx]

I live in Las Vegas too. Tesla is baking the 7500 tax credit into my lease (yes I qualify) and 2k off with referral and military discount. 299 a month on my Tesla is amazing on a lease. I do plan to buy the car after the lease is up unless flying cars is a thing by then.

[@JVette01]

Great deal!

[@TheRealEdman]

I thought Tesla does not offer buying it at the end of your lease?

[@JoseMendoza-gq1bx]

@@TheRealEdman Was announced on new lease deals, you can now. Check it out.

[@SideMike]

@@TheRealEdman They just started to enact them a few weeks back!

[@jerryhager1485]

Okay, I'm going to say it out loud. Why not just pick one car and invest the rest for your future.

[@JVette01]

I don’t wanna daily the m2

[@Charlesbjtown]

With leases, you're always worried about miles......actually using the car as you wish. And when the lease is over...... all that money is GONE. Nah....

[@JVette01]

I’m not worried about miles since I have 2 cars… and the money would be gone anyway in depreciation if I were to buy the car instead as made very clear in the video.

[@Charlesbjtown]

@JVette01 All cars depreciate (with RARE exception). However, if you went ahead and paid it off, and kept it for a number of years, you'd be ahead. Not that it's wrong, but some people love having permanent car payments AKA leases. I guess you're one of those types.

[@JVette01]

The car I bought before this (my Audi rs3) I paid for outright.. and the payment doesn’t really affect me anyway. KZbin more than pays for it.. and I can write off part of the lease payment.. I already thought of all of this. It’s not an issue.

[@angelcruz8749]

even if you finance(buy it) more miles still lower value so you’ll still be losing more money by driving it more

[@kobebourne]

I did 36 months lease model y $575 monthly. And then lease just finished. 36 months actually feel like they go by quick when you like the car. But I agree after every 3 years atleast for me it feels nice to upgrade to something new. I had a Mercedes that I paid for 55k cash at the time. It’s been 15 years and yes the car is paid off and all. But man it’s only worth $2,500 and it’s crazy outdated. Who would wanna drive that. I got to say it’s paid off. But I basically had a car with no value, and no tech and just simply old and used up. We are not in this world forever. Just enjoy a new car every couple years. It’s more fun

[@JVette01]

Makes sense to me! Thanks for sharing

[@brentsreelityfilms]

with FSD fast pace of developing, We are paying for a Private Driver Service Experience too...Eventually Tesla going be like iPhones, they going have to lease more and to get more electric, teslas on the road

[@jamiesmeaton]

Thanks for your videos! Our garage now consists of a Golf R and a Tesla Model 3 Long Range….

[@JVette01]

Nice!

[@Holycurative9610]

Here's my opinion for what it's worth. You're spending an obscene amount of money, over 50k, on a car that suffers from 50% depreciation after 2 years. Your payments of approx 700/month plus your running costs including insurance, repairs and so on and you pay over 6 years, over 50k in finance payments alone, and you're left with a 6 year old Tesla. Here's what I do.... I buy a 5-10 year old car and pay cash, any massive depreciation is done by now, and I run it for 5-6 years and then PX it. No finance anywhere, no massive payments every month, no lease, no interest charges or taxes, no nothing in fact because I own my car, so why not buy a cheaper car and put 500-700/month away for 5-6 years and then go buy a newer car if you want. I bet you don't though because when you've got 50k in the bank you want to keep the money and not blow it on a new car. It's incredibly easy to spend someone else's money, lease or finance, but it's difficult to part with money you've saved, is it really worth the expense just to drive a new car you'll never own and even if you pay for 6 years it's worth a fraction of the price you've paid.....

[@JVette01]

Thanks for your input.. however: 1. I'm leasing mine, not buying it and keeping it for 6 years, so that's all irrelevant. 2. Tesla's have pretty much no maintenance aside from tires.. 3. I DON'T WANT a 5-10 year old car. I worked hard to be able to afford to buy new vehicles. It's worth spending a little money to drive a nice new car to me.. and I make KZbin videos on it.. so there's a business side to it as well. 4. I already save more than 30% of my monthly income.. even after paying ALL of my bills. If I was barely getting by, then sure, a $700 car payment could affect my ability to save/live... but it's not. I appreciate the comment, but I've already thought of all of this.. and this car payment is the least of my concerns. Thanks for watching.

[@ms3er396]

@@JVette01 Yep! Leasing a Tesla (or any EV) makes a lot of sense if you do it right. Instead of tying up a ton of cash in a car that will depreciate, leasing lets you keep your money working for you. For example, buying a $51k car could cost about $950/month, but leasing the same Tesla is just $525/month. That $425/month difference can be invested, and over 36 months, you could have around $17k saved up. Leasing isn’t 'throwing money away' if you invest the savings. It’s smart financial planning-your money grows, and when the lease is up, you’ve got cash for your next car and more left to invest. Why sink cash into a car when it can make you money instead? Let your money work for you!

[@juangil4481]

Really good video bro, im looking for a model 3 as my first car

[@JVette01]

Great choice! Cheap to operate and own

[@mikef1949]

What it baically boils down to is how long you want to keep your cars for. I have no problem driving cars a decadee old or older. both my cars Im looking to swap out are 2015s. After 4 years of payments the cars are paid off and you own them where as after 4 years of leasing you own nothing. Its fine if you llike to switch cars often like you mentioned. For me ill be financing to own as I have no problem keeping the car for 10 years. Also im married so ill sneak in barely to qualify for the tax credit. I also dont want to stress on the mileage. Im getting an EV to save money on fuel so want to drive it more than my gas car.

[@JVette01]

sounds like a plan!

[@mikef1949]

You broke it down really well though good video

[@mazzislam]

Nice man wow I got mine in white model 3 2024

[@codenamekvn]

The words “leasing” and “total cost of ownership” should NOT be used in the same sentence.

[@JVette01]

You just did

[@marcgetsenergizedbythis2196]

Makes sense, fits your requirements objectively and reduces risk in general without lock-in or lot of paperwork if something happens. Perhaps an extra argument for starting drivers: In Europe the amount of years with no damage highly influences your insurance fee, but via leasing I got the lowest rate (75% deduction no-claim) insurance fee. Would I have bought the car, insurance fee would have been waaaaaaaaaa, since I had 0 years of no-claim. for me a big reason to lease, and while leasing you are “building no-claim” and getting the max reduced fee from day 1.

[@MartyInLa]

I have the same exact car except I didn't lease it, I financed it. My 3 year payment is almost $1,000 a month.

[@JVette01]

You must’ve put down a lot or got 0% financing because even with the 7500 tax credit, this car doesn’t add up to $36,000

[@MartyInLa]

@@JVette01 you are absolutely right, I got 0% and I put down a lot.

[@tyronelannister9922]

God bless people who lease these cars, paid less than this guy and I kept a pristine car

[@kingtizzy007]

~$700/monthly car payment is the average these days for Americans which is what keeps people broke. Stupid.

[@JVette01]

Even $250/month will keep someone broke if they can’t afford it.. I would not buy it if I couldn’t afford it… common sense

[@Valordelpensamiento]

The more I see this type of videos the more I don't want to be in debt because of a car

[@JVette01]

That’s fine, you don’t have to be. Pay cash for your car and be done with it.

[@Valordelpensamiento]

@JVette01 yes sir

[@David-bj6zv]

did you consider one of those 2022s for 25k? would probably lose even less in 2 years

[@JVette01]

No because I didn’t really like them that much until they came out with the refreshed model. Also, I just don’t really like used.

[@brentsreelityfilms]

This is Electric Technology were massage charges happens in little time....have to get out that Gas Vehicle Mindset....look at the difference between a iPhone 10 and iPhone 13, this just the beginning

[@famvip6]

I've watched so many videos like this. Regarding leases, but no one explains. When you return your lease And your mileage is 10,000 miles less from required of 30,000 Do you get positive equity back to you? Like gas cars do?

[@JVette01]

No. I know I’m for sure gonna use all the mileage so that’s not an issue for me.

[@speeddemonRS3]

Yikes more than i thought it would cost to lease!!

[@JVette01]

If I was chasing a low payments I’d do 36 month lease. See pinned comment

[@dustinbradshaw2153]

Did you do 10,12, or 15k miles per year? What do you think about the residual value of purchase vs lease if someone had to pay for additional mileage? In my case it would prob be 18k miles a year so maybe an extra $2300 on a 36 month

[@JVette01]

I did 10k miles since I have 2 cars. If you drive too many miles, it may not be conducive to do a lease but you just have to run all the numbers

[@Iso1717]

So you are claiming that you don't qualify for the tax credit because your Adjusted Gross Income is over $150K working at a Ford dealership in Las Vegas as a Sales Rep? That's hard to believe especially because I used to be a Sales Rep at Honda once upon a time and still know lots of people in the industry who don't make that kind of money.

[@JVette01]

Yes, I work at a great dealership and I work a lot.. There are tons of other sales reps and friends of mine in car sales that don't make nearly as much.

[@pinof1]

@@JVette01smart dude. Not married and no kids. Buy whatever you want my man!

[@cashstilo1900]

Nice video .. I just got mines 36month 15k miles zero down just the due at signing $2,333 $450 month

[@JVette01]

Nice! 36 is a lot less monthly

[@cashstilo1900]

@ definitely just came back to tesla from driving a Mercedes EQS 450 that car was a nightmare

[@nellztheking2832]

To put it simple, if you qualify for 7500 tax credit finance. If you don't qualify for the tax credit, lease or buy used.

[@JVette01]

Lease is an even better deal now with the lease rates but yes it’s up to how long you plan on keeping the car

[@markanthony5719]

How did I know you were in Vegas two seconds in? 😂😂😂 thanks for the video! In vegas as well. We already paid off a Tesla MY LR RWD. I’m thinking about leasing an AWD. Can you do a video of a Lease to Own? I would have to take delivery by 12/31.

[@JVette01]

You can’t lease to own with Tesla

[@markanthony5719]

@@JVette01ok lease buyout

[@JVette01]

They don’t do that either 😂

[@markanthony5719]

Sir, look again lol it’s all over . Even on their website, and Reddit.

[@JVette01]

@@markanthony5719 mine doesn't have a buyout option.

[@odinfatherofthor]

If I ever consider an EV it would be leased. These things are built like smart phones and you have to change them at least every 3 years to be up to date on the tech and battery.

[@RONderluck]

Battery tech updates every 67 years so not every three years like you think kid

[@RIVvideos]

good info, the only thing i'd say is that the depreciation hit when buying would probably be less bc the 2022 M3LR you referenced have depreciated extra after the refreshed 2024 came out, not a 10k difference tho I don't think. Maybe if they take the EV credits away, that should raise the prices of used EVs

[@JVette01]

Good point. The good news is that the uncertainty of electric cars is not my problem

[@RIVvideos]

@ haha true

[@Nick-fd4nz]

Do you have any issues with squeaking or raddling on the center console or anywhere else in the car?

[@JVette01]

Not that I’m aware of

[@jimdrivas4949]

I’m curious…..for overall resale value, are electric cars better or worse than gas powered cars? I’m assuming say 12K miles per year mileage and similar total car costs. And I guess comparing lease to lease or buy to buy. I’m not taking into consideration the cost of gas to the cost of electricity. My biggest concern with electric cars is on a long trip finding charging stations. I think I would start to get nervous as soon as the batteries dropped below about 25% charge.

[@JVette01]

It just depends. In general, electric cars have bad resale. As far as finding stations, it’s extremely easy with the Tesla Charge network.

[@jimdrivas4949]

Thanks….and thank you for being so truthful showing everyone the numbers. As always, a great video!

[@AntLive29]

big money

[@RICHOFFTREES]

I put nothing down. Pay 660 and 95 Tesla insurance with 100 driver score. So easy Tesla made buying a car

[@JVette01]

congrats!

[@RICHOFFTREES]

64 months tho🥴

[@mrderek800]

can you do a similar video on 0% APR financing vs lease?

[@JVette01]

What did you want to know?

[@mrderek800]

@ same style video. Just leave vs 0% APR financing

[@JVette01]

maybe i'll make a video based on lease vs purchase and maybe put something on their that includes a 0% scenario.

[@12thandDst]

I’m looking at driving 65000 miles a year. I’m looking at a used car but I’m not sure what the cost would for buying a new vs used ?

[@JVette01]

If you drive that many miles, you may be better off getting a 2 year old one for like 20-30k and driving the wheels off of it. Edit: With that many miles per year, charging might be inconvenient for you, and you might be better off with a fuel efficient ICE car.

[@12thandDst]

@@JVette01 what’s the cost of a brand new model 3 NOT including taxes or gas saving and with the 7500$ credit?

[@12thandDst]

@@JVette01 the reason I ask is because I’m looking at a 2023 model 3 for 25k with 35k miles. My ownership cost per mile is about .16cents after everything and like you said, I find it to be a better deal specially because the 2021 + come with LFP batteries and their lifespans are way longer. If the 35k miles are worth anything close to a new car I might be better off doing a new one but for now I would rather get the a used one.

[@JVette01]

Mid 30s. About 35k

[@12thandDst]

With my mileage being .16c and the 35k miles that brings the value of my setup to $30600 so the price of the new should come out to be higher. The difference in price is what I would be saving.

[@12thandDst]

How many miles?

[@JVette01]

10k/year.

[@michaeltelegin34]

Hey, please post video m2 vs x3m I found other guy posted it with you but it’s super short

[@JVette01]

Eventually, I have other stuff coming out first

[@jiraiyasenseii]

Wen need race betweet old tesla model 3 performance and the new tesla model 3 performance

[@m3awd598]

What would've been the lease on the model 3 base version? Say with similar down payment?

[@JVette01]

It’s about $60 less/month both 24 and 36. They only have long range RWD as the base now.

[@jpppptrade]

if my credit is 640 whats the best option here ? i am qualified for the 7.5k deduction

[@JVette01]

Everything is done online on tesla's website.

[@jpppptrade]

@ ok got it. Gonna go check it out

[@stanley2412]

With such huge depreciation on electric cars (not only Tesla), it is definitely better off leasing vs financing/buying. Now with my early purchase in 2021, I am stuck with it :(

[@JVette01]

True… well if you like it, just drive it. You’ll have it paid for and own it eventually. For me that likes to change cars often, the lease made more sense

[@stanley2412]

@@JVette01 Every time I buy a vehicle, I always told myself at the time "you have to drive this car for at least 5 years", and then every time after 2 - 3 years, I cannot resist the temptation to switch to new ones, lol. I'll probably switch to lease route going forward.

[@YouSoundButtHurt]

You just bought at the wrong time.

[@deej628]

@@stanley2412same except I’ve always been into modifying so no go with leases.

[@PEACEOUTXX1]

@@deej628 how do u modify a tesla?

[@mtnboy95338]

Jacob you were so smart to lease that car as opposed to buying on so many different levels. Just imagine if you bought and at the end of the loan payoff the battery pack decided to quit holding a charge. The replacement cost would be astronomical as one example.

[@JVette01]

It’s covered for 8 years are 120k miles so I think 90% of people will be just fine 😂

[@Phaseish]

Thanks for the math man! I just flipped my honda civic 2015 that I paid in 2019 for 14k , and I got 11k for it because it had no miles. qualifying for the tax credit. a RWD/ BLUE/ WHITE @ 1,99/ 60 is like 1.5K borrowed only of interest which is fucking insane. no way you can be upside down so its a win win, and if you take the 36/0 with the higher payment that one is even more insane. @ 535 a month & my insurance went up 50-60 bucks but I am doing like a 35/ split only. I think one thing in the math that is not working / not true. is that YOURE SUPPOSED to have 100/300 and that shit is fucking expensive and you can get completely fucked if you don't have it at your own risk. i think if you really want a tesla outside of this deal r n and if the credit goes away is going to wait a year or 2 for the refreshes to be in the market and get it when the epreciation on those cars exist! or wait in the inventory waitiing room and see what the demos come in before the tax credtit goes away and the APR changes. if the battery tech changes , i think it would be for the better and would make it even better / more affordable to replace it.

[@JVette01]

thanks for sharing

[@DCGreenZone]

Pretty sure tires aren't cheap, pretty sure I don't want to drive a flame thrower.

[@RONderluck]

The total cost to own for a lease isn’t exactly accurate. When your lease is done with Tesla and you don’t fix any paint chips, tires or anything like that watch how much Tesla charges you

[@JVette01]

They don’t ding people for that. The only things I’ve seen is getting dinged for actual damage or completely warn out tires.

[@RONderluck]

@ You couldn’t be more wrong.

[@JVette01]

Ok we’ll see. Did you have a Tesla lease? Sounds like you’re very familiar with the subject.

[@RONderluck]

@ Oh I am.

[@JVette01]

@@RONderluck I guess we'll see when the lease is up.

[@hhhhhhhh704]

Leasing make sense on EVs because all of them, regardless of make and model, depreciate like crazy. Literally burning money if you buy an EV New.

[@JVette01]

only way it would make sense (for me) is if you buy a new one at 0% financing and plan on keeping it 5+ years because at that point you'd get your money's worth

[@RONderluck]

You’re literally burning money if you lease

[@Highfreqgaming]

@@RONderluck not necessarily. For some leasing is good. I leased recently. I will save money and with that money purchase something at a later date. Sometimes it works just depends on situation. I’m cool with not owning after 3 years. I have options.

[@RONderluck]

@ You’re losing money no matter how you look at it. You shouldn’t have a monthly payment at all.

[@MoonShine-o5n]

@Highfreqgaming how? Its basically a glorified rental car with a milage limit

[@user-fx5sw4jy7hYz9Hzi]

This is totally wrong calculation and wrong logic. Why would you pay 20K within 2 years when the whole car is 53K? That means if you drive this car and own it little more than 5 years you are already doing better than leasing and if you own it for 7 to 10 years, you monthly payment is half that. There is no way in the hell I will pay 10K per year to drive a car.

[@JVette01]

What you’re failing to realize is the depreciation. I get out of cars every 2 years or so, and the amount lost in depreciation far exceeds what I pay for the lease.

[@user-fx5sw4jy7hYz9Hzi]

@@JVette01 That's also wrong way to think about it. Why would youget out of car every 2 year? Unless you are filthy rich. Even if you are filthy rich it doesn't make financial sense. You are targeting this video to general public right? You are not giving sound advise.

[@JVette01]

Buying a new car is 99% NOT a good decision. Some people tend to like getting newer cars.. this is not made to be a financial advice video. Watch Dave Ramsey and buy a 15k 10 year old car in cash if this video bothers you.

[@zebbell]

Tesla sucks. I wanted to lease a model Y and wasted the $250 upfront just to see the details people get excited about the $7 K incentives in the pricing without realizing that they want over $10,499 as the least down payment for a car that is worth $43,000 that’s almost 25% for lease down payment! Seriously? That’s a complete BS. Been communicating with them through the chat system they have asking them how the hell they come up with that figure they keep saying that you need to continue with the application and once the credit is checked, that number would be finalized. So basically that number could even go higher. Still they can’t answer me how the hell they come up with over $10,000 for down payment off thin air. So why the hell they charge people $250 upfront if they can’t even answer these questions and they are still uncertainties. I leased a $150,000 Maserati GT and paid only $2000 down these guys want $10,499 for the $43,000 car that’s ridiculous and I’m out $250

[@JVette01]

That’s too bad.. thankfully I didn’t have that experience.

[@DarkstarDarth]

Cellphone with wheels

[@Veyronp87]

dang, it makes too much sense to lease EVs, the incentives are crazy

[@JVette01]

Especially now! They have crazy good lease deals for 36 months on model 3 long range with inventory discounts