Tesla Lease Prices Unchanged After Rate Hike

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Managing Editor

As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

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, Managing Editor - May 11, 2022

The cost to lease a Tesla has managed to stay unchanged following a recent interest rate increase. According to the company's online payment estimator, the lease prices for most of the brand's electric cars remain the same as last month. This could be a positive sign after the company raised its advertised financing rate.

As before, the 2022 Tesla Model 3 is listed at $499 for 36 months with $5,694 due at signing for a base model with rear-wheel drive and an MSRP of $48,190. That's the same price as last month, suggesting the brand may have kept its underlying lease rates unchanged despite an interest rate increase affecting buyers.

2022 Tesla Model X

As we reported last Friday, Tesla interest rates went up from 2.99% to 3.24% APR on loans up to 72 months. The change affects all models, though our analysis found that this translates to a price increase of a little over $300. We also looked at Model Y, Model S, and Model X lease prices and found them unchanged, too.

A number of rate increases by major brands have outpaced the Fed rate hike. For example, Hyundai now has higher rates than Genesis, while Volkswagen is now advertising a higher rate than Audi at 4.7% APR. Financing rates from Infiniti went up by 2%, and Honda introduced a 1% interest rate hike for car buyers.

So is a Tesla better to lease than buy? Not necessarily. None of Tesla's lease incentives equates to what we'd call a great deal. To put that into perspective, Chevy is offering returning Bolt EV lessees payments from $219 per month, while the 2022 Kia Niro EV offers up to $8,900 in lease cash on some configurations.

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, Managing Editor

As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

Follow On: Twitter

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