LEASING A TESLA IS NOT THE MOVE ACCORDING TO THIS EXPERIENCE

EV Channels Review

This episode of the Out of Spec Podcast delves into the complexities of leasing a Tesla, specifically a 2021 Long Range Model 3, through the firsthand experience of guest Colton. While initial lease pricing, particularly with incentives, appears attractive, the review strongly advises against leasing a Tesla due to significant drawbacks. The primary concerns highlighted are the exorbitant early termination fees, which can reach nearly $10,000, and the inability to buy out the vehicle at the end of the lease term. This effectively turns the lease into a rental with no equity building, leaving lessees financially trapped if their circumstances change or if they simply wish to exit the agreement. The hosts emphasize that Teslas are increasingly becoming commoditized 'appliances' that depreciate rapidly, making them poor candidates for leasing where flexibility and potential equity are typically valued. The consensus leans heavily towards purchasing an EV, especially given current market conditions, tax credits, and the potential for unexpected mileage overages on leases, which, while seemingly expensive, can sometimes be less costly than the penalties for early termination.