Tesla’s Cybertruck Lease Options: A Limited-Time Opportunity?
Boosting Affordability
Tesla has made its futuristic Cybertruck more accessible to buyers by introducing lease options on its website. The most affordable deal starts at $999 per month for the all-wheel drive model, with a 36-month term and 10,000 miles per year. However, this price tag comes with a $7,500 down payment, and monthly payments include taxes and acquisition fees.
Trim Levels and Pricing
For those seeking more power and features, the higher-trim Cyberbeast version, equipped with a tri-motor and other enhancements, is available for lease at $1,148 per month, plus the down payment, taxes, and fees.
Unlocking Demand
By offering leasing options, Tesla is expanding the pool of potential customers who can afford the Cybertruck. This move may indicate that the company has reached a plateau in terms of demand from buyers willing to purchase or finance the vehicle outright.
Market Performance
Despite this, the Cybertruck has continued to perform well in the market. In Q3, it sold 16,000 units, making it the third-best-selling electric vehicle (EV) of the quarter, behind only Tesla’s Model Y and Model 3. The Cybertruck even outsold its competitors, the Ford F-150 Lightning and Rivian R1T.
Competitor Comparison
Other EV pickup trucks offer attractive lease deals as well. For example, an equivalent Ford F-150 Lightning in Lariat trim can be leased for $602 per month, while a Rivian R1T dual motor with a Large battery pack can be leased for $799 per month.
The Benefits of Leasing EVs
Leasing EVs comes with an added advantage: eligibility for the commercial EV credit portion of the Inflation Reduction Act’s federal EV tax credit. This means lessees can claim the full $7,500 tax credit, regardless of the vehicle’s origin, price, or the buyer’s income level.
Uncertainty Ahead
However, this benefit may not last long. With a new administration in the White House and a Republican-led Congress, there is a possibility that certain aspects of the Inflation Reduction Act, including consumer tax credits for EVs, could be repealed. This uncertainty makes it essential for interested buyers to act quickly.
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