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September 2, 2021
Leasing a Tesla is an attractive option, especially given the fast pace that these vehicles improve.
However, like any lease, a Tesla one can get very expensive if you aren’t properly prepared for the lease-end.
In this article, we walk you through the Tesla lease-end options so that you can prepare now.
|Tesla Lease-End Options|
|Vehicle Inspection||(Self Inspection)|
|Return & Lease|
|Extend Lease||(Extend for 6 months)|
|Lease-End Fees||$395 Disposition Fee, Wear and Tear, and Excess Mileage ($0.25 / per mile over)|
Table of Contents
The Tesla lease-end vehicle inspection is a self-inspection. You will fill out their survey and attach the necessary photos of the car. You should ensure that the photos are accurate and taken in good lighting.
Based on the excess wear and tear present, you can decide to repair the vehicle before lease-end or accept the associated fees.
One option for your Tesla lease end is to return the vehicle. Here’s the basic process:
Some Tesla leases include a lease buyout option. Right now, you cannot purchase the Model 3 or Y. For all vehicles delivered after April 13, 2019, you must pay a $350 purchase fee. Furthermore, you’ll need to pay all local fees and taxes for a car purchase.
Here’s how you can purchase your lease:
Newer Tesla vehicles include up-to-date software and the latest mechanical/technological updates. For that reason, many people may be interested in upgrading to a new Tesla.
Tesla does not outline their upgrade process in detail. However, you most likely follow the same steps to return your current leased vehicle. Additionally, contact Tesla before your lease-end date to discuss upgrade options and the process.
You can apply for one lease extension for up to six months if you do not have any outstanding fees. Here’s what you need to know for a Tesla lease extension:
If you owe any money on the lease upon the lease end, you will be billed for the outstanding payments.
Your lease will state your allotted mileage for the lease terms. If you exceed the mileage limits, you must pay excess mileage fees. According to the Tesla’s Motor Club thread, the excess mileage fee is 25 cents per mile for the Model S, X, and 3.
If you have excess wear and tear, then you will also owe a fee for that. Keep in mind that if you repair the excess damage ahead of time, you must go to a Tesla dealer or Tesla Certified Collision Center. You must also keep the repair receipts. Examples of excess wear and tear include:
According to the Tesla Motors Club, Tesla charges a $395 disposition fee after the lease
As of right now, Tesla does not disclose any lease-end benefits when you lease another Tesla.
Compared to other dealers, the Tesla leasing program is fairly new.
As Tesla continues to tweak its leasing program, it may add lease-end benefits.
At the end of your Tesla lease, you can upgrade to a new Tesla, purchase the leased vehicle, return the leased vehicle, or extend your lease by up to six months.
You can return your Tesla lease to a Tesla Service Center. You may be able to get Tesla to pick up the vehicle for an additional per-mile fee.
When you return your Tesla lease, you should bring both key fobs, the mobile charging bundle, the lease documents, a form of ID, and any other car accessories. If you repaired excess wear and tear before the drop-off appointment, then bring those receipts with you as well.
No, you cannot negotiate the lease terms with Tesla at the end of the lease. Tesla may be willing to negotiate at the beginning of the lease, but the terms are set once you agree to the lease.
Yes, Tesla allows you to end your lease early. You can transfer your lease, buy out the lease early, or end the lease. However, you will have to pay a fee to return your lease early, which can be very expensive.
When your Tesla lease ends, you must pay a $395 disposition fee. You will also need to pay any outstanding payments. In addition, if you exceed your mileage limit or have any excess wear and tear, you must pay the associated fees for those as well.
Large dents, cracked glass, damage to the upholstery, and unauthorized repairs all count as excess wear and tear. For more detailed information on Tesla’s wear and tear policy, read their guide.
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Posted in Car Buying Tips |