Tesla has announced a significant policy change that allows customers in the United States to buy out their leased vehicles at the end of their term. The new buyout program is applicable to all S3XY vehicles, and even the Cybertruck.
The announcement was made by the official Tesla North America account on X. Unfortunately, the option to buyout Model 3/Y leases is not yet available in Canada (more on this below).
Lease buyout now available for new S3XY + @cybertruck leases in the US
— Tesla North America (@tesla_na) November 28, 2024
Model 3/Y starting at $299/month
Model S/X and Cybertruck starting at $999/month https://t.co/CHyRnEmBSi
Historically, Tesla has never allowed customers to purchase Model 3 and Model Y vehicles at the end of their lease agreements. Tesla used to offer this option for the Model S and Model X, but stopped offering lease buyouts on April 15, 2022.
The reasoning behind this was tied to Tesla’s vision for a fully autonomous future. The company had planned to integrate returned leased vehicles into its robotaxi fleet. However, as Tesla continues to refine its Full Self-Driving (FSD) technology, it appears that this strategy has evolved.
According to the terms of the lease buyout program, all leased vehicles are eligible to be bought out starting November 27, 2024. This is contrary to Tesla’s announcement on X, which states “new leases” are eligible. If you opt to purchase your leased Tesla, a US$350 fee applies, and third-party dealerships are also eligible to purchase leased vehicles. Along with Canada, lease buyouts are not available in Iowa and Louisiana.
The announcement comes alongside updates to Tesla’s leasing program. Model 3 and Model Y leases now start at just US$299 per month, while leases for the Model S, Model X, and Cybertruck begin at US$999 per month. These competitive rates, paired with the new buyout option, could make leasing an increasingly appealing option for customers looking to drive a Tesla, and could provide a boost to Tesla’s Q4 sales figures.
As we mentioned, lease buyouts do not extend to Canadian customers. For now, Canadians leasing a Model 3 or Model Y will still be required to return their vehicles at the end of their lease term. If you leased a Model S or Model X before April 15, 2022, you may be eligible to buy it out. Cybertruck leases are not yet available in Canada.
