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Ok, you’ve seen the hype and have your eyes set on owning a Tesla, but first, you wonder, “how much is a lease?” Fair question – you don’t want to rush into anything after all. A Tesla lease certainly has its benefits in 2022, but the question is whether those benefits are right for you. Below, we have broken down all the factors to consider in a 2022 Tesla lease so you can more accurately decide if it’s the right option for you.
Table of contents
What’s the best Tesla for you to lease in 2022?
Trick question. Only you can decide what the best Tesla model is for you, regardless of whether it’s a lease, a brand new purchase, or the purchase of a used EV. While the are still two additional Tesla models in the pipeline (Cybertruck and second-generation Roadster), the American automaker currently offers four EVs to choose from:
- Model 3
- Model Y
- Model S
- Model X
Who are we kidding? You already knew that. You’ve already done your homework and scoped out all the purchase prices for these EVs, right? If not, you can check out our 2022 Tesla pricing guide to get up to speed.
Later on, you can compare that to the 2022 prices for a Tesla lease and more easily decide what’s the best path for you. If you’re still considering a lease, let’s make sure you can do so in your state.
What states can you lease a Tesla in?
While most states in the US do allow for Tesla leases, not all have joined the party yet, and some of these states have flip-flopped in recent years. For example, one of Tesla’s pages excludes Vermont as a lease state, but a separate leasing page includes it, which is currently correct.
According to Tesla’s website, here are the current states (and districts) that allow you to lease a Tesla in 2022:
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- District of Columbia (D.C.)
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Louisiana
- Maine
- Maryland
- Massachusetts
- Minnesota
- Missouri
- Montana
- North Carolina
- North Dakota
- New Jersey
- New Mexico
- Nevada
- New York
- Ohio
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wyoming
States you cannot currently lease a Tesla
- Delaware
- Kentucky
- Michigan
- Mississippi
- Nebraska
- New Hampshire
- Oklahoma
- Wisconsin
How much does a Tesla lease cost in 2022?
Well, that all depends, of course. Like any and all vehicle leases, there are a number of factors at play to determine how much a prospective customer may pay each month.
In addition to varying prices by model, details like lease term, down payment, and annual miles will all have their respective effect on your monthly dues. With that said, Tesla only offers 36-month lease options, so we will go with that.
For the sake of comparison of each Tesla model below, each of the pricing options is a result of the following terms: 36-month lease, 12,000 miles per year. For the two newer models (3 and Y), we will pay the minimum $4,500 down payment. For the veteran models (X and S), we will use the minimum required $7,500 down payment.
Please note: 2022 Tesla lease prices are accurate at the time of publishing and are subject to change.
Tesla Model 3 lease
To give you a taste of the low end of the lease pricing spectrum, we will begin with the Model 3, Tesla’s most affordable EV to date. The Model 3 is currently for sale in three separate trims, which we have broken down for you below:
Tesla Model Y lease
The Tesla Model Y is similar to its Model 3 sibling in that it only requires a $4,500 down payment. Similarly, the first payment and amount due at signing are only a couple of hundred dollars more.
However, your monthly payment for a Model Y will be significantly more compared to the cheaper sedan, particularly for the Long Range trim. On the trade-off, you’ll be driving off in a more spacious EV, although the Model 3 generally still wins in performance specs.
Tesla Model S lease
When you look at the specs of the next two Tesla EVs, you’ll notice a leap in performance compared to the previously mentioned lease options. Due to this fact, it’s no surprise that vehicle pricing correlates with such.
Even with the larger $7,500 down payment, upfront and monthly costs come at a higher mark for the Model S, but that’s the price you gotta pay to experience Plaid. Here’s how its lease options break down in 2022:
Tesla Model X lease
As the most expensive Tesla EV currently available for sale, the Model X tops our list as the most expensive lease option in 2022. You get what you pay for though… as long as you can afford it.
As the largest available Tesla model, the Model X now comes in its own Plaid version, offering potential customers like yourselves the most bang for the most bucks.
Some states are harder than others to lease in
So we’ve offered a taste of what sort of costs you may be looking at for a 2022 Tesla lease, and hopefully, you’re located in one of the forty-three territories where leasing is allowed.
That’s a great start, but we’d be remiss to point out that not all states that offer Tesla leases are created equal. Just because Tesla allows you to purchase a lease in your state, doesn’t necessarily mean it’s the best option.
For example, the state of Vermont allows Tesla leases but does not have any centers for pickup or maintenance. That means you’ll have to acquire your Tesla from a nearby state which is not so easily done. Nearby New Hampshire does not allow for Tesla leases, nor does Maine.
Massachusetts is to the south but will not supply temporary tags to out-of-state lessees. New York is close, but there are potential tax implications, so Tesla usually sends those customers to New Jersey to pick up their EVs.
Additionally, if you need to service your Tesla after you jump through all the hoops of acquiring it, you’ll need to drive to either New York, Massachusetts, or New Jersey. Not ideal.
Some states have showrooms and stores, but like Vermont, no service centers:
- Alabama
- Alaska
- Arkansas
- Delaware
- District of Columbia
- Kansas
- Maine
- Montana
- North Dakota
- South Carolina
- South Dakota
- West Virginia
- Wyoming
Others have service centers, but only one for the entire state. How inconvenient that is depends on the size of your given state obviously, but this is another factor to be mindful of. Here are the current states with only one service center:
- Connecticut
- Delaware
- Hawaii
- Idaho
- Indiana
- Louisiana
- Maryland
- Mississippi
- New Mexico
- Rhode Island (fair)
- Utah
We recommend checking out Tesla’s “find us” page to determine where the nearest showroom and service center is to you so you’re not driving hundreds of miles any time you have an issue.
Is it better to buy or lease?
This is a pertinent question and one certainly worth asking yourself as you explore 2022 Tesla lease options. The answer is subjective, but it would be advantageous for you to explore all possible options to ensure you get the best value for your shiny new EV.
While down payments and upfront costs can be comparable, the monthly charge for a lease is considerably lower than a loan payment to own. That being said, you’re making payments to rent your EV rather than own it.
Following the 36-months of your Tesla lease, you can trade up for that new model you’ve been eyeing. Cybertruck perhaps? On the flip side, a lease locks into that same Tesla EV for three years and can get quite expensive to buy out of. If you buy, however, you can sell it and upgrade whenever you want!
While you can (perhaps) purchase your Tesla at the end of your lease, your APR may have been higher compared to a purchase loan, so it’s possible you end up paying more in the long run had you begun purchase payments to begin with. Most recently, Tesla has been more strict on letting lessees buy their EV at the end of the term, so you may end up making three years of payments with nothing to show for it at the end. Definitely something to consider.
Your annual mileage should be a huge consideration as well. If you drive more than 15,000 miles a year, it’s a safer bet to buy, but if you can stay within the limits of a Tesla lease, you’ll pay slightly less, albeit with more attention to your odometer.
The perks of buying
Thanks to a significantly smaller number of mechanical components in EVs compared to combustion engines, EVs require limited invasive maintenance and do not break down as quickly as gas cars. As a result, they can retain more value over time. Still, 2022 has seen a boom in the used vehicle market, so reselling your owned EV could benefit you down the road.
The used ICE vehicle bubble will eventually burst, but EVs still remain more popular than ever. Tesla is still trying to keep up with customer demand, leaving fewer EVs available than the number of people looking to drive one. As an owner, you might be able to sell your Tesla for cash back in your pocket, thus lowering your total cost of ownership.
Whether it’s better to buy a Tesla than lease, however, is still a question of money, daily usage, and model availability. While monthly payments to own a Tesla have grown significantly due to skyrocketing prices from the automaker, paying toward ownership (albeit much more) gains equity, especially as the option to buy your leased Tesla isn’t guaranteed.
This is a decision that definitely requires research and budgeting. Tesla offers a financing calculator on its website to help guide you toward whether a Tesla lease or cash payments work best for you.
If you feel like buying might be a better option, you can check out the current Tesla prices for 2022 and see how those options compare to a potential lease. You can also try your luck in the used Tesla market. Good luck!
Electrek is brought to you by Autonomy.com, the cheapest, fastest, easiest way to get a Tesla Model 3. If you have a credit card, you can reserve a Tesla now. Learn more and get $500 off for a limited time. (See Terms.)
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