Bad news for soon-to-be Tesla drivers who were hoping to purchase their EV at the end of its lease. According to recent updates on Tesla’s website, any vehicles delivered on or after April 15 will not be eligible for purchase at the end of the lease. In addition, third-party dealerships and third-party individuals will not be eligible to purchase leased vehicles.
While the option to purchase a vehicle at the end of its lease is commonly afforded to drivers by other automakers, this is not the first time Tesla has withheld this option from customers. Previously, Tesla didn’t allow the purchase of leased Model 3s, with the explanation that the company planned to use formerly leased Model 3s in its proposed “robotaxi” autonomous ride-hailing network. This sounded compelling at the time; however, the aforementioned project has not yet become a reality.
Presently, the demand for used cards is skyrocketing, both for ICE vehicles and EVs. Notably, used EV prices have increased significantly compared with this time last year, likely fuelled by a low inventory of new vehicles as well as the rising cost of gasoline.
From a price perspective, Tesla’s entire lineup has seem some of the most significant price hikes across the industry, with the cost of a Model 3 more than a third higher than a year ago. For drivers who are unable to purchase or lease a Tesla EV, the California-based company, Autonomy, now offers a monthly Model 3 subscription. Hertz is also in the process of adding the Model 3 to its rental fleet, and those vehicles can also be rented by Uber drivers to support the ride-share service.