Tesla Model S Lease
The average cost for a 36-month Tesla Model S lease with $7,500 down at signing is between $1,300 and $1,900 a month.
Written by Pat Roache
Reviewed by Jessica Barrett
A 36-month Tesla Model S lease costs between $1,300 and $1,900 per month when you put down $7,500 at signing, depending on the trim level and annual mileage you choose.
The car of the future is here and it’s called the Model S. This Tesla brings autopilot function to the roads with 360 camera and ultrasensitive sensor technology. The car’s more favorable features also include superchargers, auto-raising suspension, and a Ludicrous Plus mode that unlocks even more powertrain potential.
If the commitment of financing a high-tech Tesla Model S with a
car loan
is too much to handle, why not try leasing the self-driving vehicle? You’ll have to follow certain rules and restrictions, but you’ll be able to enjoy a lower monthly Tesla Model S insurance cost
. Decide if leasing a Tesla Model S is right for you with a little help from
Jerry
, the No. 1-rated car insurance
app. Keep reading to learn about the leasing process, the estimated payments for a Tesla lease, and what you can expect when your lease term ends. RECOMMENDED
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How to lease a Tesla Model S
A Tesla Model S lease is pretty standard—except for a few unique details. Use this checklist to prepare before you enter into the leasing process.
- Check your credit scorefor approval. You’ll need good credit to be approved for your car lease. A score above 650 is great, but if it’s below 520, you likely won’t qualify. Unlike other manufacturers, Tesla does not use your credit score to determine any other details of your lease.
- Calculate your monthly budget. You want a monthly payment less than 15% of your monthly income at most—closer to 10% is ideal. Figure out this part of your budget so you can make informed decisions when finalizing the details of your lease.
- Determine how much you want to pay up front. Your down payment is a major factor in determining your monthly payment on a Tesla lease. The more you can put down at signing, the less you can expect to pay every month.
- Estimate your annual mileage needs. Tesla offers leases with annual mileage limits of 10,000, 12,000, or 15,000 miles. Do some math on your commute and other annual travel needs to determine how much mileage you actually need in a given year.
Once you know these numbers, you have everything you need to head to the dealership. Calculating your budget is crucial before going to look at
Tesla leasing options
because it allows you to make informed decisions and negotiate strategically before committing to your car.The final step: shop for insurance
Whether you lease or own, you are responsible for getting car insurance for your Model S. Download the
Jerry
app to find the most affordable insurance options from 50+ top providers in less than a minute. No long forms. No phone calls. Just savings! How much does a Tesla Model S lease cost?
The monthly payment to lease a Tesla Model S for 36 months costs between $1,300 and $1,900 on average.
Trim level, lease term, annual mileage, and down payment are the biggest factors that can affect your Tesla lease payments. Location and time of year can also play a role since offers tend to change over time.
You can choose from two different trim levels when leasing a Model S—the base model or the higher-tier Plaid. The trim you choose directly affects the price of your lease and can change your monthly payment and the amount due at signing.
Here’s how the costs of each trim level differ across Tesla’s annual mileage options on a 36-month lease with a $7,500 down payment.
Tesla breaks the mold on the leasing process because they do not use your credit score to determine or offset any lease financing. Instead, they base variations in monthly payments strictly on the amount you put down at signing. See below how different down payments change the cost of a 36-month Tesla Model S lease with a 12,000 annual mileage limit.
Down payment | Monthly payment | Amount due at signing |
|---|---|---|
$2,500 | $1,482 | $4,677 |
$5,000 | $1,407 | $7,102 |
$7,500 | $1,333 | $9,528 |
$10,000 | $1,259 | $11,954 |
$12,500 | $1,185 | $14,380 |
$15,000 | $1,111 | $16,806 |
Services included in a Tesla Model S lease
A Tesla lease does not come with any additional maintenance services, but considering this car doesn’t use any gasoline or oil, you shouldn’t expect too much in the way of maintenance or upkeep. Instead, you’ll be able to take advantage of Tesla’s new car warranties if you have any technical problems during the course of your lease.
Here’s what’s included in Tesla’s factory warranties for a new Model S:
- Basic Vehicle Limited (bumper-to-bumper) Warranty for 4 years or 50,000 miles
- Supplemental Restraint System (SRS) Limited Warranty for 5 years or 60,000 miles
- Battery and Drive Unit Limited Warranty for 8 years, or 150,000 miles
What to do when your Tesla Model S lease is up
Once your Tesla Model S lease reaches maturity, you can choose your next steps from the following options:
- Return your Model S
- Extend the lease on your Model S
- Purchase your Model S
- Upgrade to a new Tesla vehicle
MORE: How to refinance your car lease
How to return a leased Tesla Model S
If you choose to upgrade to a new Tesla or to walk away from Tesla, you’ll have to complete an end-of-lease inspection and return the vehicle to your original dealership.
Before you initiate the return in your
Tesla account
, check your Model S for any excessive wear and tear. A few minor scratches shouldn’t be a problem, but long or deep scratches, large or multiple dents, and cracked or chipped glass are all examples of excessive wear that you could face fines for. Check Tesla’s Excess Wear and Use Guide
for details.Once you initiate the return, your Tesla account will walk you through the inspection process and appointment scheduling to drop off your vehicle. Make sure to bring all key fobs and mobile charging accessories to your drop-off.
Once you’ve returned the Tesla, you’ll be billed for any remaining payments, including a $395 disposition fee should you choose not to upgrade to a new model.
How to extend a Tesla Model S lease
Tesla will allow a one-time six-month lease extension if your account is in good standing. Go to your Tesla account within three months of your lease maturity date and follow these steps to extend:
- Select “Manage Lease” in your Lease Summary/Details
- Select “Update Lease”
- In the dropdown, select “Extend Lease”
How to purchase a leased Tesla Model S
If you’ve fallen in love with your Model S, start the process of buying it by following these steps to request an estimate in your Tesla account.
- Select “Manage Lease” in your Lease Summary/Details
- Select “Update Lease”
- In the dropdown, select “Purchase Car”
After you receive an estimate, you’ll have to confirm that you want to move forward with purchasing and Tesla will provide you with a purchase packet and a good-through date for your price.
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How to find the best car insurance for a Tesla Model S lease
Whether you buy or lease your Tesla, this electric car of the future demands the absolute best in coverage—
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You just pick your favorite and Jerry takes care of the rest—securing your new policy and helping to cancel your old one. Better yet, our insurance expert support team is just a text or phone call away. With commitment like that, it’s no wonder the average Jerry user saves $887 a year.
“WOW.Jerryhas been so easy to use. I called a representative when I wanted some clarification, and they walked me through the entire process of finding a new rate for full coverage on my luxury vehicle.” —Beth G.
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