A Tesla Model Y lease will cost you about $665 to $740 per month depending on the trim level you choose, how much you put down at the time of signing, and your credit score.
Sophisticated, a leader in technological advancement, environmentally friendly—these are just a few qualities that come to mind when talking about the Tesla Model Y. If you love the idea of driving a Tesla, but aren’t ready to commit to purchasing one, a lease might be your best course of action.
The Tesla leasing process works a little differently than applying for a car loan
, which means you'll need to get to know the ins and outs before you sign a lease agreement. To help you answer any questions you might have about leasing a Model Y is car insurance
comparison app Jerry
. Here we'll cover how a Tesla lease works, how much you should expect to pay, the steps you’ll need to take at the end of your lease term, and how to save on your Tesla Model Y insurance cost
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How to lease a Tesla Model Y
Leasing is not a complicated undertaking, but you should still take the time to get yourself prepared before you sign anything. Also, Tesla leasing is not available in every state
, so make sure you check availability in the state where you live. The steps below will give you a better idea of what you need to have in place in order to get a good deal on a lease.
Check your credit score
. To qualify for a lease, you will be expected to have a good credit score, also called a credit rating. If you check your score and see that it’s below 650—you might not be able to ink a lease deal, as a score closer to 700 is typically needed. Put a leasing budget in place. The ideal lease agreement will have monthly payments that fall between 10% and 15% of what you earn per month. Payments that exceed 15% of your monthly income may be more than what you can comfortably afford.
Figure out what you can pay upfront. You could offset your monthly payment costs by putting a higher amount down at the time of signing. It may be to your benefit to put money away over time before entering a lease so that you can afford a bigger downpayment.
Examine your annual mileage. Calculate how many miles you’re putting on your vehicle per year. Leases come with strict mileage limits—in most cases between 10,000 and 15,000 miles. If you have a lengthy commute or are a road-trip enthusiast, you may want to consider if a lease fits with your lifestyle.
After breaking down the numbers, you can start to look into what lease offers
are available for the Model Y on Tesla’s website. And thanks to budgeting beforehand, you’ll enter the process knowing exactly what price range to shop in. Keep in mind that financing or leasing a Tesla is done completely online. To get a closer look at what the different Tesla models offer, you can visit one of Tesla’s galleries
. The final step: shop for insurance
No lease is complete without good insurance coverage that meets your needs. To help you find an affordable policy for your leased Model Y, check out car comparison and licensed broker super app Jerry
. Once you download the free app, you’ll just need to enter some general information, and Jerry will give you a list of the most competitive quotes from over 50 top-rated insurance companies.
How much does a Tesla Model Y lease cost?
The average cost to lease a Tesla Model Y is between $665 and $740 per month.
The exact monthly payment amount is contingent on the following factors:
The trim level (Model Y Long Range or Model Y Performance)
The total downpayment at the time of signing
Since you’ll be entering a lease agreement via the internet instead of at a dealership, there is little to no negotiation factor associated with a Tesla Model Y lease, but you might be able to offset the costs of your monthly payment by increasing your downpayment at the time of signing.
Check out the table below to get a breakdown of how your monthly lease payments will look based on the version of the Model Y you choose. Don’t forget to take into account that the figures below are based on those with exceptional credit—in the vicinity of 690 to 719.
Services included in a Tesla Model Y lease
One way that leasing a Tesla is unique from leasing other models is that the lease agreement includes gap insurance
. Plus, you’ll reap one of the most favorable benefits of leasing—being under Tesla’s New Vehicle Limited Warranty
. With a Model Y lease, you’ll be covered under the following: Basic Limited Warranty - your Model Y will be covered for four years or 50,000 miles, whichever comes first.
Supplemental Restraint System Limited Warranty - this covers the vehicle for five years or 60,000 miles, whichever comes first.
Battery and Drive Unite Limited Warranty - the Model Y is covered for eight years or 120,000 miles, whichever comes first—with consideration to a minimum 70% retention of the battery’s capacity.
Key Takeaway Tesla’s monthly lease payments range from $665 to $740, but it’s also important to take into account any additional costs as well as any benefits.
What to do when your Tesla Model Y lease is up
When the lease term is about to end, you’ll need to review the following options
: Unfortunately, the Tesla Model Y is not currently eligible for purchase after a lease.
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How to return a leased Tesla Model Y
If you decide that you’d prefer not to lease another Tesla once your Model Y lease is up, you can return it and move on—no questions asked.
Tesla will reach out to you between 30 and 60 days before the end of your lease term to schedule the final inspection. If you have any concerns about excessive wear and tear on your leased Model Y, you can consult Tesla’s Excess Wear and Use Guide
to determine if you may need to get some repairs done before returning the vehicle. The inspection is done virtually, through a series of steps. Here’s what you need to do to complete the end of lease inspection:
Click the “manage” option next to the image of your Model Y.
Select the dropdown menu next to the “lease summary.”
Select “manage lease” from the menu options.
Go through the screen prompts—this will entail submitting photos of the vehicle and scheduling an appointment to drop off your Model Y.
When you arrive at your drop-off appointment, be sure that all your personal belongings have been cleaned out of the car and that your Model Y looks tidy inside and out. Don’t forget to turn in both key fobs and the mobile charging bundle that you were given at the start of the lease.
Tesla Model Y lease extension
When you’ve reached the final three months of your lease term, you can apply for a lease extension as long as you’re up to date with your monthly payments. A Tesla lease extension can be granted for up to six months beyond your original lease term date—and you’ll only be allowed to extend it once.
How to upgrade to a new leased Tesla Model Y
There’s a good chance that Tesla will have made some impressive technological advancements since the time you signed your lease. If you loved your leasing experience with the Model Y, consider leasing again with an upgraded version.
For more information on how to upgrade to a new Tesla once your current lease term has ended, send an email to ownershiployalty@tesla.com
. How to find the best car insurance for a Tesla Model Y
It’s never been easier to find an affordable monthly Tesla insurance cost
thanks to the expertise of Jerry
. When it comes to getting the best rate on coverage, there’s no need to look anywhere else. Jerry is so much more than a free app (although it’s that too), it’s a licensed insurance broker
that specializes in scooping up the best prices on insurance the internet has to offer and puts them in a list for you. You won’t need to fill out any monotonous forms or call any insurance agents to get a quote. From start to finish, Jerry takes care of the entire insurance shopping process. Plus, once you settle on a new policy and decide it’s time to switch, Jerry will even help you cancel your existing coverage!
On average, Jerry users save $887 a year on car insurance!
“Jerry
saved me $80 a month! I have a Tesla Model Y and really wanted to lower my rates. And they did! I really recommend you give this a shot!” —Nick M.
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