Tesla's Lease Update: Monthly Payments Just Got Worse for Model 3 and Model Y

Hey everyone, DennisCW here! If you've been keeping an eye on Tesla's leasing options for the Model 3 and Model Y, you might have noticed a sneaky update that’s not exactly in favor of potential lessees. Thanks to the sharp eyes in our super-secret Discord community (join us via the link below!), we've caught wind of these changes, and I’m here to break down the numbers and what they mean for you. Let’s dive into how Tesla just made monthly payments a lot worse and explore some surprising alternatives.

Model Y Lease: Same Monthly, Higher Down Payment

Starting with the Tesla Model Y, the monthly lease payment remains unchanged at $399 for the base model and $499 for the all-wheel drive version, with a standard 36-month term. However, the down payment has seen a significant jump. Previously, you could get started with just $1,000 down—a pretty sweet deal. Now, Tesla is asking for $3,000 upfront. That’s a substantial increase in initial cost, and it’s not a great look for Tesla as they head into the third quarter. I’m crossing my fingers for better inventory or demo discounts soon to offset this change. What do you think—will we see some aggressive promotions in the near future?

Model 3 Lease: Longer Term, Bigger Down Payment

The Tesla Model 3, currently the most in-demand model with waitlists piling up, has taken an even harder hit. For the rear-wheel-drive version, the monthly payment was $349 for a 24-month lease with zero down payment. Now, it’s shifted to a 36-month lease, and Tesla is asking for a whopping $3,000 down. That’s a massive change in upfront costs. To put this into perspective, the rough math on leases suggests that every $1,000 in down payment impacts the monthly payment by about $30. This shift makes the Model 3 lease far less attractive than before.

Why the sudden change? It could be Tesla’s strategy for Q3 to manage demand or cash flow. But with other manufacturers getting aggressive on EV leases, Tesla might need to rethink this approach soon. Speaking of competitors...

Hummer EV Lease: A Surprisingly Better Deal?

Let’s talk about a wild alternative. I’ve discussed the Hummer EV lease before, but it’s worth revisiting because it’s an incredible value compared to Tesla’s current offerings. For just $627 a month with a down payment of $3,513, you’re getting a ton of vehicle. Compare that to the Model Y all-wheel drive lease at $499 a month with $3,000 down. The Hummer EV offers so much more in terms of size, weight, battery capacity, and overall presence. Honestly, it’s hard to argue that it isn’t worth the extra couple hundred bucks a month.

I know we love our Teslas (I do too!), but value matters. If you’re in the market for an EV and hunting for the best deal, why not check out a beast like the Hummer EV? I’ve seen this vehicle in person, and it’s not just a tank—it’s comfortable too. Plus, this $627/month lease is the advertised rate on their website. There’s a chance you could negotiate an even better deal at the dealership. What are your thoughts? Would you consider switching to a Hummer EV for this kind of value, or are you sticking with Tesla no matter what?

Tesla’s Strategy: A Temporary Move?

Tesla’s decision to hike down payments feels like a weird direction, especially as other OEMs (original equipment manufacturers) are slashing prices and offering killer lease deals to compete in the EV market. Maybe this is just a short-term play for Tesla as they navigate the first part of Q3 (July). I’m hopeful we’ll see them get more aggressive with pricing or incentives soon to win back some of that leasing appeal. Until then, it’s worth keeping an eye on competitors who are stepping up their game.

Must-Have Tesla Accessories from Jowua

On a lighter note, if you’ve already got your Tesla or are about to pull the trigger despite these lease changes, let’s talk accessories. Did you know that Teslas come with zero accessories? Not even a phone mount! Don’t worry, though—I’ve got you covered with some must-haves from our partner, Jowua. Here are a few essentials every Tesla owner needs:

• Phone Mount: Keeps your phone secure during those quick accelerations.
• Center Console Organizer: Prevents your stuff from disappearing into the abyss.
• Underscreen Station Mount: My newest favorite for storing sunglasses or other small items.

Jowua doesn’t stop at the basics. They’ve got cool extras like a wireless game controller (fits perfectly in the glove box), a portable air compressor for peace of mind on road trips, and even an electric scooter so you don’t have to walk far from Superchargers or Level 2 chargers. Use our promo code (link in the description below) to save some cash and support the channel. Plus, orders over $120 get free shipping. Big thanks to Jowua for partnering with us—check out their full lineup via the link below!

Final Thoughts

Tesla’s recent lease updates for the Model 3 and Model Y are a tough pill to swallow with significantly higher down payments. While we wait to see if Tesla rolls out better deals or discounts, it’s worth exploring what other manufacturers like GM are offering with vehicles like the Hummer EV. I’d love to hear your thoughts—did these changes affect your decision to lease a Tesla? Are you tempted by competitors’ offers? Drop a comment below, and don’t forget to join our Discord community for the latest updates and discussions.

Thanks for reading, and I’ll catch you in the next post!

— DennisCW