Tesla has made it possible to get lower monthly payments on one of their cars, and that’s taken as a sign sales are going to take a solid step up.
Founder Elon Musk posted on Saturday that Tesla has partnered with US Bank to provide lease rates of “as much as 25%” lower than they are now on a Model S. Right now, the lease rates range from between $777 to around $1,300 per month, with about $6,500 due at signing.
Leases tend to make up a healthy chunk of luxury car sales in the U.S., so it’s no surprise more competitive lease offers will help move more Teslas. Therefore, Wall Street has responded this week with a jump in Tesla’s stock price. It closed at $242.77 on Tuesday, up about 9.5 percent. This came, however, after a 5 percent drop Monday amid a report Tesla’s sales were sliding. Musk refuted the report, and third quarter earnings and sales reports will be announced November 5.
But beyond the luxury car market, leases have made sense for those who want EVs and can take advantage of some healthy incentives on them right now. That means as Tesla moves into other, less expensive segments, it can act on customers who just don’t want to buy their car outright.
We’ll have to see if it’s a game changer.
By Zac Estrada