- The cheapest Model 3 lease now works out to $418 per month in the US.
- The Performance version comes to $731 monthly over 36 months.
- Lease prices across the lineup have climbed by as much as 12 percent.
Leasing a Tesla Model 3 in the US has just gotten more expensive, so anyone hoping to get behind the wheel of a new one may find that paying cash makes more sense than signing a lease, at least in some cases.
Lease prices have crept up quietly across the entire Model 3 family, and the increases start with the base Rear-Wheel Drive model, which now runs $379 per month over 36 months with an annual mileage cap of 10,000 miles. That figure looks reasonable enough on its own, but it leaves out the $4,075 due at delivery, a sum made up of a $3,000 down payment, the first monthly payment, and an acquisition fee.
Read: Tesla’s First Model Y Price Hike In Two Years Skips The Cheapest Version
After factoring this in, you get an effective rate of $481 per month, which is roughly 12 percent higher than earlier this year. As recently as last week, the EV was offered at $329 per month with a lower $4,024 fee due at signing.
Lease prices have also increased for other Model 3 variants. For example, the Premium Rear-Wheel Drive commands $399 per month over 36 months, excluding the $4,094 fee that’s due up front. Add that into the equation, and you’re looking at an effective rate of $501. The Premium All-Wheel Drive is more expensive at $479 per month with a higher fee of $4,174, meaning it works out to $581 per month over the life of the lease.
Then there’s the Model 3 Performance. It has a monthly lease of $629 plus the $4,324, which is due at delivery. Do the math, and it works out to $731 per month for 36 months.
While this is roughly 4.3 percent higher than previously, it’s not necessarily a bad deal. Earlier this year, Hyundai was offering the Ioniq 5 N for $699 per month over 36 months with $3,999 due at signing, working out to $810 per month.
