- After a two-year hiatus, Tesla's lease buyout option is back.
- All of the automaker's EVs are eligible for the option.
- Owners in two states are not eligible.
Tesla is once again offering its customers the option to purchase their electric cars when the lease term ends. The AI and robotics company previously allowed lease buyouts for the Model S and Model X but that option was retired in 2022.
Now, it’s back. Starting November 27, 2024, all of Tesla’s passenger EVs are eligible for the lease buyout. This means the Model 3, Model Y, Model S, Model X and the Cybertruck can be bought outright from Tesla at the end of the lease instead of just returning them to the automaker. Third-party dealerships are also eligible to purchase leased EVs.
However, according to Tesla's updated Lease-End Options webpage, customers in Iowa and Louisiana are not eligible for lease buyouts.
If the car is leased through Tesla Lease Trust and you want to buy it and keep it at the end of the lease, the automaker will provide a purchase estimate through the Tesla smartphone app. Owners need to access the “Financing” tab, then go to “Lease Details,” “Manage Lease” and select “Purchase Vehicle.” After confirming the intent to buy the car, Tesla will prepare a purchase packet with a good through date that matches the estimate, as per the automaker’s website.
A vehicle inspection will be made if it’s needed, according to the local requirements. Also, all the the parties listed on the lease agreement need to sign the purchase packet and then the estimated purchase amount has to be paid in full. Finally, Tesla will review and prepare the necessary paperwork and the ownership transfer documents will be mailed to the owner.
This is good news for anyone who was hoping to keep their leased Tesla but we can’t but question the reason behind the decision. In the past, the automaker’s outspoken CEO, Elon Musk, said that Tesla’s intention for the returning leased vehicles is to transform them into self-driving vehicles eventually. Does the reintroduction of the lease buyout option mean that robotaxi dreamers are left waiting for the Cybercab? Or maybe it’s just another end-of-year push to get some more money?
We don’t know–Tesla doesn’t answer questions from the media. One thing is clear, though: if you want to buy your leased Tesla, now is the time.
