How to Save $6,319 on a Tesla Model Y with the Lease Buyout Method
Hey everyone, Dennis here from DennisCW! Welcome back to another blog post packed with Tesla deal hacking tips and the latest updates. Today, I’m diving deep into a topic many of you have been asking about: how to save $6,319 (or close to $7,500) on a Tesla Model Y through a lease buyout. I’ll walk you through the exact steps, key considerations, and some insider tips to make this work for you. Plus, I’ll cover other exciting Tesla news and must-have accessories. Let’s jump right in!
Understanding the Tesla Lease Buyout Discount
If you’ve been eyeing a Tesla Model Y but don’t qualify for the $7,500 federal tax credit due to income limits (over $150,000 for individuals or $300,000 for joint filers), the lease buyout method is a game-changer. While you won’t get the full $7,500, you can still net savings of around $6,000 to $6,500, with a typical discount of $6,319. Here’s how it works and what you need to know.
Step-by-Step Guide to the Lease Buyout Method
- Lease Through Tesla: Start by ordering your Tesla Model Y on the Tesla website and select the lease option. Don’t forget to use a Tesla referral code (link in the description of my video) to get three months of Full Self-Driving (FSD) for free. Also, check if you qualify for the $1,000 America’s Heroes discount, which stacks with other offers.
- Arrange Outside Financing: You cannot use Tesla’s financing (at 1.99%) for the buyout. Instead, secure financing through a credit union, local bank, or another financial institution. For a list of credit unions with rates as low as 4-5%, join our Patreon group (link below) to access our Tesla Buying Guide.
- Buy Out ASAP: Plan to buy out the lease within 1-2 months of delivery. This minimizes interest costs and maximizes savings. If you’re using Tesla Leasing, the buyout option appears in your Tesla app immediately after delivery. Other banks like Chase or Santander may take a week or two for paperwork processing.
- Understand the Adjusted Lease Balance: The buyout price isn’t the residual value listed on Tesla’s site (e.g., $29,000-$31,000). Instead, it’s based on the adjusted lease balance, which is the purchase price minus the $7,500 lease credit, minus any down payments, plus fees like the $695 acquisition fee and a buyout fee of $300-$500.
- Choose the Right Leasing Partner: Not all banks allow early buyouts without interest. Tesla Leasing and Santander are the best options as they don’t charge interest if bought out quickly. Chase Leasing may charge interest, and Ally’s status is unconfirmed.
Key Considerations
- Income Limits: This method is ideal for those who exceed the income threshold for the federal tax credit.
- Fees: Be prepared for additional costs like the acquisition and buyout fees, plus potential interest if the buyout isn’t immediate.
- Savings: Net savings are typically $6,319 after fees, though this can vary slightly based on your down payment and timing.
For more detailed breakdowns and one-on-one support, join our Patreon group (link below). I’m happy to answer your questions directly there!
Must-Have Tesla Accessories
Once you’ve secured your Tesla, it’s time to protect and personalize it. Tesla vehicles come with zero accessories—not even a phone mount! Here are my top recommendations, all available from our partners with exclusive discount codes:
- Phone Mount: Essential for safe driving, especially with Tesla’s rapid acceleration. Check out Jowua’s options (use promo code Dennis for savings).
- Center Console Organizer: Keeps your essentials in place. Jowua’s organizer is a must-have (link below).
- All-Weather Floor Mats: My favorite is the 3W All-Weather Floor Mats, especially their new Model Y Juniper set. Use promo code Dennis35 for 35% off—way better value than Tesla’s $300 OEM mats.
- Paint Protection Film (PPF): Protect your investment with a DIY PPF kit from Tesbros. Starting at $1,198, it’s a fraction of the $5,000-$7,000 shop cost. Use code Dennis to save more.
All links and promo codes are in the description of my video or on page two of our Best Deals Spreadsheet. Your purchases through these links support the channel—thank you!
Exciting Tesla News Updates
Model S and Model X Refresh
A refreshed Model S has been spotted with new 19-inch aero covers, a front bumper camera, and a sleek steel gray/blue color. However, it feels underwhelming—lacking the wow factor unless there’s hidden tech we don’t know about yet. The Model X refresh also seems imminent, with deliveries possibly starting in the next week or two. Are they holding back major features for the Plaid versions? Let me know your thoughts!
Model Y Performance or Affordable Variant?
A mysterious covered Model Y was spotted testing at Fremont’s test track. Is it the rumored Model Y Performance with a sportier spoiler, or could it be the affordable compact Model Y? With Tesla’s RobTaxi launch and other releases slated for June, it’s shaping up to be an exciting month. What do you think this vehicle could be?
Full Self-Driving Deliveries
Elon Musk announced that Tesla will start using Full Self-Driving to deliver Model Ys directly from Giga Texas to customers’ homes as early as next month. If robots are delivering, shouldn’t the $1,390 destination fee be reduced? It’s a cool development, but I’m curious about the logistics and safety at different traffic conditions. Would you trust an unsupervised FSD delivery?
Loyalty Incentives in Australia
Tesla Australia just introduced a $3,000 trade-in bonus for Model 3 owners, helping those with negative equity upgrade to a new vehicle. Could this come to the US in the next six months? It’s a smart way for Tesla to boost sales and retain loyal customers. What do you think?
Join the Community
Thanks for reading, and a huge shoutout to everyone who dropped by the live stream—Ben, Rick, Jill, Lynn, RC, JL, and more! Your comments and hype keep me going. If you’ve got questions about the lease buyout method, Tesla news, or anything else, hit me up in the comments of my video or join our Patreon for direct support.
Don’t forget to sign up for our free email newsletter (link below) for the latest Tesla updates delivered straight to your inbox. And if you found this post helpful, please like the video, share it with fellow Tesla enthusiasts, and subscribe for more deal hacks and news.
Until next time, this is DennisCW signing off. See you in the next one!
Links & Resources:
- Tesla Referral Code: [Link in video description]
- Patreon Group & Tesla Buying Guide: [Link in video description]
- Jowua Accessories (Promo Code: Dennis): [Link in video description]
- 3W All-Weather Floor Mats (Promo Code: Dennis35): [Link in video description]
- Tesbros PPF DIY Kit (Promo Code: Dennis): [Link in video description]
- Best Deals Spreadsheet: Page 2 [Link in video description]
