Tesla lease ending before R1S arriving—what now?

[switters]

I have a Tesla Model X with a lease ending in December. I ordered my R1S in December of last year. From what I gather, I won’t take delivery of the R1S until mid 2023 at the earliest, and probably later.

so now I have to figure out what to do in that gap between when the MX lease is over and when I get the R1S. I imagine some of you are in a similar situation, so I’m curious what you are doing?

I’ve considered getting another Tesla Model X (there is only a 2-3 month wait on the Plaid) and then selling it when the R1S is ready, given how strong the used vehicle market is right now (especially for EVs). But I would welcome any other ideas. Thanks.

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[timf]

Did you lease your Model X before Tesla stopped allowing lease end purchases? I thought they only changed that rule for new leases a couple months ago. If so, definitely buy it off lease and then sell it when the R1S arrives.

 

[switters]

Yes, I leased in December 2019. It does sound like that is the best option—to purchase the car and sell it used. Someone on the Tesla forum said they did that and actually made a profit on the sale of the Tesla even after two years of ownership.

 

[Taco]

I'm in the same boat as you (waves from the other side) I have a 2020 Long Range X w/ FSD + free supercharging (Dec 2019 pickup) on lease. Last week I started the papers to purchase the X as the lease is coming to the end.

My take on it, at this point our R1S will not be here for 12+ months, if for SOME reason we wreck the car and it's on lease Tesla will be like "ok thanks for playing, have a nice day", however if we own it and it gets totaled, insurance tends to pay what the car is worth... well KBB has it at 90k+.

For us we figured there's nothing wrong with the car, we both really like it and with how crazy prices are this would be the best move.

 

[BigNerd]

I think Tesla allows lease buyouts of S/X only, so you should ask.

Buying your current X should be cheaper than re-leasing/re-buying a new one.

And Tesla resale is very strong right now... over in most cases... there are people trying to get demo drops just to turn around and resell them for profit.

Who knows in a year, but if gas prices stay where they are at and "supply chain" (aka greed/fear) sticks around... still may be a strong resale market up until the end of 2023.

 

[switters]

I think Tesla allows lease buyouts of S/X only, so you should ask.

Buying your current X should be cheaper than re-leasing/re-buying a new one.

And Tesla resale is very strong right now... over in most cases... there are people trying to get demo drops just to turn around and resell them for profit.

Who knows in a year, but if gas prices stay where they are at and "supply chain" (aka greed/fear) sticks around... still may be a strong resale market up until the end of 2023.

Somehow I missed these replies, thanks!

Yes, it's probably best for me to just buy the current Model X I have (Performance, FSD, + free supercharging) and then sell it when the R1S arrives. As you pointed out, I'm likely to do better financially with that route than I am if I re-lease or buy a new one, since prices are definitely higher now than when I bought my MX in 2019.

Does anyone know which banks/companies will finance a lease buyout?

 

[COdogman]

I think we all know what the “right” solution to this problem is:

 

[Taco]

Somehow I missed these replies, thanks!

Yes, it's probably best for me to just buy the current Model X I have (Performance, FSD, + free supercharging) and then sell it when the R1S arrives. As you pointed out, I'm likely to do better financially with that route than I am if I re-lease or buy a new one, since prices are definitely higher now than when I bought my MX in 2019.

Does anyone know which banks/companies will finance a lease buyout?

I used my local credit union. On the Tesla App you can look into your lease, from there you can do a lease buy out, it will ask you a few questions, just fill it out and it will start the process. I would suggest that you do it RIGHT after your next lease payment so you have a full 30 days to get everything together.

Tesla will give you a "pay off" sheet, they'll then email you some paperwork to fill out (names on lease, mileage, where to send title etc) After it's all said and done and you'll get a email that everything is completed.

I had to wait until my bank sent needed funds and Tesla registered that funds had been received before everything REALLY started to move along.

Best of luck!

 

[switters]

I used my local credit union. On the Tesla App you can look into your lease, from there you can do a lease buy out, it will ask you a few questions, just fill it out and it will start the process. I would suggest that you do it RIGHT after your next lease payment so you have a full 30 days to get everything together.

Tesla will give you a "pay off" sheet, they'll then email you some paperwork to fill out (names on lease, mileage, where to send title etc) After it's all said and done and you'll get a email that everything is completed.

I had to wait until my bank sent needed funds and Tesla registered that funds had been received before everything REALLY started to move along.

Best of luck!

Is there any reason to do the buyout before my lease ends, or does it make more sense to wait until right before it ends?

 

[Taco]

Is there any reason to do the buyout before my lease ends, or does it make more sense to wait until right before it ends?

I personally did mine now for the fact that I owe WAY less than it's worth. In case we wrecked it and its still a lease they say "thanks, have a good day" but if we own it then insurance should pay out what it's worth, since new ones are now 120k+

 

[switters]

I personally did mine now for the fact that I owe WAY less than it's worth. In case we wrecked it and its still a lease they say "thanks, have a good day" but if we own it then insurance should pay out what it's worth, since new ones are now 120k+

That's what I figured. Makes a lot of sense—lock in the price gap now. Thanks.

 

[RIV206]

I had good luck using swapalease before and found what I wanted for a pretty good deal.

 

[LeoH]

I might be in a similar boat, I wanted to lease something cheap for couple of years so I got the mazda Cx-30, and I knew someone at the dealership and they gave me the employee 2 year lease. Lease end in May 2023, and my R1S got pushed to 1H2023, so there might be a chance of lease expiring. But with car prices now, my CX-30 is worth about 28K and my sell price at the end of the lease is 21.5K. so I am buying 100% even if the R1S showed up.

If you have seen my older posts, I have an Evil Plan to convince my wife to get a Taycan I get about 7K from the cx-30, I can sell my r1s for about 18K profit, and that makes up the difference for the Taycan! Except then I will have to wait again FFS.

 

[sevengroove]

I personally did mine now for the fact that I owe WAY less than it's worth. In case we wrecked it and its still a lease they say "thanks, have a good day" but if we own it then insurance should pay out what it's worth, since new ones are now 120k+

Could you please elaborate on this? So if the vehicle is totaled when under lease, insurance doesn't pay out what it is worth? What happens, is the lease just terminated at that point and you're on your own?

 

[atebit]

I have an Cunning Plan to convince my wife to get a Taycan

S. Baldrick fixed that for you.

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