Leasing a 2024 Tesla Model Y is a REALLY BAD DEAL | Loan vs Lease

Подписаться 84 тыс.

Просмотров 8 тыс.

50% 1

Buying a Tesla Model Y and think that leasing is the cheaper option? Don’t let the low monthly payment fool you! Leasing will likely end up costing you more money in the long run! In this video I show how leasing a Tesla Model Y MIGHT END UP COSTING ~$8K to $12K+ more in the long run versus financing with a traditional loan.
IMPORTANT NOTE: All of the content found in this video is based on my own personal opinion and should NOT be regarded as financial advice. I am NOT a financial advisor, or a tax professional. Please do your own research or seek professional advice before making a large purchase or financial decision.
Support Cleanerwatt:
1. Join the Patreon Community: / cleanerwatt
2. Purchase Cleanerwatt Apparel: cleanerwatt.creator-spring.com/
Cleanerwatt Website: www.cleanerwatt.com/
** All video and pictures are used with permission or in accordance with the copyright owner's stated policies and use allowance, or applicable fair use laws. **
Image & Video Clip Sources:
1. Thumbnail images and Tesla images and video clips used in the video Courtesy of Tesla, Inc. (where noted in video).
2. Grey Model Y driving video clip provided by Piston Ring Media | via www.pond5.com
Data Sources:
www.tesla.com/support/leasing...
www.tesla.com/support/vehicle...
www.bankrate.com/loans/loan-c...
NOTE: The content found in this video should NOT be regarded as financial advice. I am not a financial advisor, and this is NOT in any way a recommendation or offer to buy or sell securities. While the information in this video is believed to be accurate at the time of recording, no guarantees are being made about the accuracy of the information presented in the video. As of the recording of this video, I am NOT invested in Tesla stock or securities, nor any other company mentioned in this video.

Авто/Мото

Опубликовано:

4 июн 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 57

@stevesmith5462 Месяц назад

The real advantage to leasing is the unknown future value of the car. The EV used market is in its infancy and the technology is changing rapidly. The lease is based upon a residual value that is extremely difficult to predict, as is Tesla’s pricing. Just ask the guy that spent $500 for the dark wheels 2 weeks ago that are now standard issue. I appreciate the research and mathematics you put together but the future value of used EVs is still uncertain.

@Deetroiter Месяц назад

It’s typically Tesla that pulls this Bs. Love the vehicles and love their technology, but they sure have some Bs marketing and sales tactics. Constantky changing the vehicle prices like seasons change, options that come and go in the middle of the night (literally), etc. Can’t think of a single other manufacturer that keeps changing things nonstop, unnecessarily, like Tesla does.

@Withnail1969 Месяц назад

The value of used EV's older than about 5 years is zero.

@BillB33525 Месяц назад

The avg difference between a lease and loan is $200/mo. If you were to lease and save $200/mo for 72 mos you would have $14.400 without any interest compounded in. You would be driving a new car in the last 3 years with new tires and no out of pocket expenses for repairs. How does this sound?

@visionios Месяц назад

After you’re done with your 6 year loan you’ll be ready for a new car and you’ll end up trading it in anyway for another car with another loan

@tribalypredisposed Месяц назад

And the buy numbers were much better last month with 0.99% loan rates, which is why I ordered a Model Y eight days ago. Had to get a blue car with white seats, but my five year lease payments will be just a few dollars more than the six year loan payments he uses, so basically saving a year of payments.

@user-zf2br8yx9f Месяц назад

Only difference is he will own the car when it’s done.

@chrisdsouza8685 Месяц назад

Excellent coverage of all the items that must be included in the calculation.

@Ayomikun Месяц назад

Leasing was never meant to be the better financial option, you can't pay less each month and come out ahead? The interesting question that arises now, is, who's going to want to buy your used model Y when everyone can just pay for robotaxis everywhere? I think this is the biggest risk of buying a car right now.

@Malcolm61 Месяц назад

Applies to USA. Other countries get no tax credit. I had a M3P for 4.5 years depreciation per year much more than my new lease is going to cost. I get a new car every 2 years under a lease. No hassle when it finishes. Peace of mind.

@richt8288 Месяц назад

Thank you, you are 100 pct right. The.. 99 and 1.99 financing did not find its way into the lease. Also the lack of a guaranteed end of lease buyout or any buyout is a non-starter. What if car prices are really high when lease is up? You are forced to start anew rather than keep your car? What if you have gone over your allowed miles or have some body damage that you might "leave alone" if it was your car? Tesla will charge you. If theres a buyout you just vuy it instead of pour more money into their coiffures.

@BarryObaminable Месяц назад

Leasing an ev right now can be a great idea. If EVs continue to tank, if the value of your car is 10k less than the lease shows, you just hand them the keys.

@chidorirasenganz Месяц назад

Prices aren’t going any lower than were they are currently. Maybe a few grand here and there. Mostly it’s just a return to normal after the supply chain shortages

@Cybertruck_69 Месяц назад

I would never recommend leasing a model Y. You will love it and put way too many miles on it. 😂

@warko01 Месяц назад

A nice video - however the key sentence is at 5:30 when you say “‘most likely’ you will save after selling than lease! “ would it really? What about the EV costs going down drastically??

@DannyBeigal Месяц назад

Meh… The model y juniper refresh will be out in a year or so. Buying now, you’ll be buying just in time to have the old version of the Model Y. Leasing or waiting might be best if you don’t want the old version or just wanna get your feet wet in the EV market.

@warko01 Месяц назад

Regarding depreciation I know the only way we can find it is by going to 2021 models but again we are not talking about Toyotas and Hondas that surely keep their value….would that same apply for Teslas after 3 years?

@litestuffllc7249 23 дня назад

Whether or not it is a good deal is totally based on residual value after the lease is up and the tax advantage if available. At a cost of $400 per month or $15,000 over 3 years; But currently you get the $7500 federal tax break; (plus maybe lower cost yet in some states) so if your income is adequate; your overall cost is $6500 for 3 years; if the Model Y has a residual value of only $20,000 (inflated dollars) you potentially get the car at an effective cost under $26,500. While it is possible the residual value would rise (like if interest rates fall) it may cost you more; if EV resale values crash more so than even now - you may end up paying even less than the $26,500.

@georgebell7103 21 день назад

Well done Sir.

@Cleanerwatt 21 день назад

Thanks

@ericl1421 Месяц назад

.99 last month also gave you 4% arbitrage with high yield savings accounts.

@Epicookiez Месяц назад

ok but going over mile allowance costs you $0.25 per mile which is only 2500 per 10k miles. i don't know if there's other costs for going over the mileage, but if that's it, that's not bad at all

@killacali2269 Месяц назад

They also dont mention if you have bad credit

@JohnSandovalesq Месяц назад

Yeah, at 5:30 you said "most likely" and there's the problem, IMO. No one, with certainty, can predict what a Model Y's residual value will be after 3 years. As soon as Tesla or another competitor announces a breakthrough in battery tech that allows for faster charging and more range, the value of your Model Y will plummet. Take the money you save in monthly payments for the next three years on a lease and save up the down payment for the next lease. You'll get all the benefits of an electric, zero out of pocket costs for warranty repairs, and you won't be upside down on your loan in year five.

@rickeybenson823 Месяц назад

You are using depeciation amounts that are not correct. The actual depreciation is closer to 40% and not the projected 23% used in this calculation. Doubt this? Try to sell it after 3 years and find out. If you lease, simply give them the keys and walk away.

@Cleanerwatt Месяц назад

You are talking apples, when I am talking oranges. If you look at the car values I quote after 3 years, they are identical to the selling price of the 2021 Model Y according to KBB (with the exception of the Performance model that had such a big price change). My percentages are ADJUSTED for the Tax Credit, which being a point of sale credit is a direct discount off of the purchase cost. Thus, the depreciation percentage has to be calculated from that new lower cost basis. Also, my 6-year values of the Model Y in the $20K range are very fair and realistic.

@Beastykato Месяц назад

The insurance costs on new cars will eat any fuel savings you might think you would have with a Tesla…. And any other new EV 🤷‍♂️

@piggypooo 21 день назад

California , Geico. 2024 model Y P. $200 a month I got. Do you have a bad record maybe?

@jd467 Месяц назад

Depending on your area and market will determine whether purchasing or leasing is better. No one is buying used EV's in my market. Leasing is the way to go.

@piggypooo 21 день назад

Curious where your market is located

@clnelson321 Месяц назад

Interest and depreciation are much greater than leasing.

@piggypooo 21 день назад

Depreciation is the same whether you lease or finance. Lease interest rates, known as money factor, for the last few months have been around 8-10% where as tesla was offering .99% financing.

@lowellwhite1603 Месяц назад

I lease. I have leased every vehicle I have had since the mid ‘1990’s (I’m THAT old). Payments are much lower than buying, the vehicle is under warranty and, I the rare case something does go wrong, it’s covered. I am in a new car every two or three years. Leasing makes even more sense with EVs. The technology is rapidly advancing and, so far, depreciation is very high. There are situations where leasing doesn’t make sense, such as if you drive more than 12 to 15k miles per year or you can pay cash up front to you keep your vehicle just about forever. I’m not that guy. I did drive a lot of miles once due to long commutes and lots of travel. Those days are gone.

@G-DIRT Месяц назад

Lease is the best option for sure

@piggypooo 21 день назад

Leasing is an "affordable" option not the "cheapest" option. Leasing will cost you way more than financing for a car kept the same amount of time. But it's more affordable for those that can't make bigger monthly payments.

@MGPCycling Месяц назад

This doesn't take into consideration maintenance costs, changing tires, tesla dropping prices enormously on new vehicles at they've done, etc. Leasing is way more cost effective when you take the reality of car ownership in its totality into the mix. Plus, you have a completely new car at the end of your lease rather than an aged car

@Cleanerwatt Месяц назад

This is not a true cost of ownership video... and the maintenance, repair, energy costs etc. during a 3-year period would be identical for a lease versus a loan. You do bring up a good point with price changes , but that can go both ways... prices can go up like they have before! Leasing is not a good deal in my opinion.

@MGPCycling Месяц назад

@@Cleanerwatt but the problem is that car maintenance has a way of compounding. So let's say you have identical problems, say the control arm. Getting that fixed still leaves you with a higher propensity for that kind of related failure later in the cars life. For an owned car, you're going to have to own those issues, let alone if you get a car that has defects that have to be addressed even under warranty. All of these things do add up and make the risks of ownership easy more expensive than portrayed imo

@alesandraleckie5061 Месяц назад

If you make to much and don’t qualify for the 7500 dollar credit, you still qualify under the lease. It’s not a better deal.

@Cleanerwatt Месяц назад

In that case, you are correct. However, for the large number of people who qualify for the credit, the loan option looks like a better deal based on the math.

@piggypooo 21 день назад

I just bought a model Y. Spent hours on forums and talking with tesla sales. The $7500 credit is mostly swallowed by tesla not you the purchaser. The 7500 is not deducted from the cap cost. One agent told me it's factored into a higher residual. Another outright told me there is no credit factored in to the lease! Other manufacturers are deducting it from your lease and some, like tesla, are eating up most of it. I went with loan instead and received the full 7500 off the cap cost of the vehicle. Hope this helps

@litestuffllc7249 23 дня назад

The excellent element of a lease is - you can decide not to keep it. If you get the tax breaks that can be a pretty cheap option for 3 years.

@Cleanerwatt 23 дня назад

If you have a loan, you can decide not to keep it as well... just sell the car. You can't just end a lease early without fees.

@litestuffllc7249 23 дня назад

@@Cleanerwatt Thats true enough you could resell a used car but talk about a beating - in fact it is this very beating I am concerned about that makes me think a lease would protect a person from massive declines in value; right now people can't get even close to what they paid a couple years ago for a Y because they price of a new car has been slashed and Chinese makers are losing massive money to be even cheaper; driving the Market into a deep dark hole. In America or Europe the tarriffs may protect buyers to some extent on plunging EV prices.

@piggypooo 21 день назад

@@litestuffllc7249with tesla leases, you can't keep it. No buy out. Have to return when lease is over , atleast here in the US.

@elitecompany1878 Месяц назад

You can’t count on the model y not being discounted to oblivion in the next 3 years. You better off leasing if you know you want to get a new model. The savings in this video go away the moment the price is discounted

@piggypooo 21 день назад

How much lower do you think the model y standard LR will go? It's in the 30s right now. This is it's fair price point imo. You want cheaper , wait for the model 2 to come. It's price point will be 18 to mid 20s.

@davidpearn5925 Месяц назад

If tesla wants you to....... DON'T !!!. In the words of the famous..........."let that be a lesson to you"........... right Elon ?.

@palladen1933 Месяц назад

You're giving me a headache😅😅

@danieldosen5260 Месяц назад

Wow - this video is painful to watch. Unnecessarily indirect and overly complex...

@ericliberty1776 Месяц назад

Sorry, Not everyone has money to buy a Tesla and pay $900 a month. Totally off base

@mrkymrk99 Месяц назад

Many people do have the money.

@jeffs.9299 Месяц назад

I just turned in a VW electric car on lease after 3 yrs happy to see it gone & not trying to sell this obsolete pile of junk

@elitecompany1878 Месяц назад

@@mrkymrk99the average person indeed does not

@scooper1818 Месяц назад

Totally disagree on depreciation after 6 year you might be lucky to 20% of original price. 20% after 3 years haha 20% gone as it rolled out of show room