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Tesla adds new cheaper lease option to the Model S and Model X

For those waiting for a Tesla Model 3, a new leasing option may be the answer to hold some people over.

During a conference call last weekend, Elon Musk announced a new leasing plan for the Model S and Model X.

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Starting at $593 a month, this new two-year lease option makes having a Tesla a slightly cheaper affair. Unfortunately, this deal will only extend until September 12, meaning buyers on the fence should make a decision quickly.

It seems that this two-year lease option was made to coincide with the launch of the Model 3. For those waiting, leasing a Model S or Model X can get many in the electric space much earlier. It also helps Tesla’s numbers knowing that more machines are out being driven. And it wouldn’t be too surprising if Musk is hoping some people turn this lease option to a buy.

According to Musk, the two-year lease option was a hotly requested feature. What probably wasn’t so hotly requested was the $6,000 deposit and 10,000 mile-per-year limit. That’s quite a jump from the $2,500 deposit required when Tesla first introduced leasing two years ago. The monthly payments, however, are down from $777 and the term is a year shorter.

After doing the math, grabbing the new two-year lease will run consumers $20,232 for the deposit and payments over two years. That’s just a $200 savings with the older lease if calculated for two years at $20,648. Also, the older three-year lease plan allows for much more mileage.

For those really unwilling to wait for the Model 3, then yes, the new two-year lease option should be OK. But if someone is willing to wait that extra year, then the older three-year lease option will definitely be the way to go.