Tesla Model S is a great car in many aspects, but with a base price of nearly $70K, it’s not what you call affordable. To get around this problem Tesla teamed up with Wells Fargo and US Bank to offer a revolutionary lease program.
They provide 10% down financing for purchase of a Model S on approved credit, with monthly rates starting at $1,097. Tesla says considering the savings from using electricity instead of gasoline, depreciation benefits and other factors, the effective cost of leasing a Model S is something like $500 per month.
The program is of course customizable, but in any case, the advantages of leasing a Model S include a low initial payment, tax deductions, lower risk on resale value and the convenience of returning a car without the hassle of reselling it personally. On the downside, you miss out on electric cars tax exemption that Model S buyers benefit from.
“Working with some of the largest and most respected banks in the country, Tesla has been able to create a new kind of financing product that combines the security and comfort of ownership with all the advantages of a traditional lease. Like the Model S, this product was created from the ground up to provide maximum benefit to consumers, rather than simply duplicating other financing programs that tend to favor companies at the expense of the individual.”
Find out your true cost of ownership here: Tesla Lease Program
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