Tesla has recently made a significant update to its lease policy, now allowing lease buyouts for all models in the U.S. This includes popular models such as the Model S, Model 3, Model X, Model Y, and even the newly released Cybertruck.
The announcement, made on November 27, represents a shift from Tesla’s previous restrictions, which excluded Model 3 and Model Y leases from buyout eligibility. This change applies to new leases across Tesla’s lineup and retroactively includes vehicles delivered on or after April 15, 2022. Customers now have the option to purchase their leased vehicle at the end of the lease term, instead of being required to return it or upgrade to a new Tesla.
To begin the buyout process, eligible customers can request an estimate through the Tesla app, which is available with the latest version. A $350 US purchase fee applies to vehicles delivered after April 13, 2019, in addition to local taxes and fees. Customers must sign a purchase agreement, schedule any necessary inspections, and submit payment by the specified deadline to complete the ownership transfer.
This update provides greater flexibility for Tesla lessees, especially for those who prefer to keep their vehicles long-term. The option to buy out a lease is a welcomed addition for customers who may have grown attached to their Tesla and wish to retain ownership. It allows them to continue enjoying their vehicle without having to go through the process of returning it or upgrading to a new model.
Currently, this option is only available in the U.S. and not in Canada. Tesla continues to innovate and provide new options for its customers, ensuring that they have the best possible experience with their vehicles. This latest update is sure to be well-received by Tesla enthusiasts who value the opportunity to own their vehicle outright.