Tesla recently unveiled a new leasing plan for one of its most popular cars, and an industry expert believes the move could hint at the iconic automaker's future aspirations.
On May 5, Forbes reported that the 2024 Tesla Model 3 rear-wheel drive is available to lease for only $299 per month, excluding taxes and fees, with a $2,999 down payment. With "probable savings," the company has it listed on its official website at an estimated $216 per month.
"This is their way of creating a $30,000 car today. This is a way for them to effectively get into the cheaper car market," CoPilot founder and CEO Pat Ryan told Forbes, noting that the lease is comparable to the financial terms being offered by the Honda Civic Sport.
This isn't the first time the automaker has been seen slashing prices for its electric vehicles in the United States. In April, it reduced the costs for its Model Y, S, and X models by $2,000.
When speaking with Forbes, Ryan cautioned that Tesla's Model 3 leasing plan doesn't give people the option to buy the car at the conclusion of the agreement.
"By far, the best deal on the market is the Tesla Model 3. … This is the first lease I've seen in a long time where you can't buy the car out at the end of lease. [Tesla has] some kind of assumption that this Model 3 will be worth more than it should be at the end of the lease," Ryan said, speculating that the automaker may want the vehicles back for a Robotaxi program.
In April, Tesla CEO Elon Musk (@elonmusk) announced on X, formerly known as Twitter, that the company would reveal the Robotaxi on Aug. 8.
However, leasers who want to reap the benefits of Tesla's vehicles without a permanent purchase commitment are likely thrilled with the more accessible price point.
EVs don't release harmful pollution from their tailpipes when driven, making them better for our health and the environment, and they are cheaper to power and maintain in the long term.
The EVs with the lowest maintenance costs of all? Teslas, according to Consumer Reports' 2023 Annual Auto Surveys.
"This is great value! I wish I could get in on this, I just do too many miles per year for a lease," one person said in response to an X post by Sawyer Merritt (@SawyerMerrit), co-founder of lifestyle apparel brand Twin Birch.
Meanwhile, other consumers revealed that they'd be more enticed if they had the chance to buy.
"When there is an option to buy I would be all over this. The logic being, circumstances change," someone else wrote.
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