Due to the soaring prices of used cars in the U.S. market, Tesla unveiled that it would change its leasing policy, and customers who leased any of its electric vehicles could not choose to buy the corresponding electric vehicles after the expiration of the period.
Back in 2019, Tesla announced that users who leased a Model 3 electric car would not have the option to buy the leased car at the end of the term. At the time, Tesla claimed that it was preventing users from buying leased Model 3s because the company planned to use the vehicles in its upcoming network of self-driving taxis.
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Tesla said, “Please note that customers who choose to lease rather than purchase a Model 3 electric vehicle will not be able to choose to purchase a vehicle after the lease period ends, as these vehicles will be fully autonomous through over-the-air software updates in the future. These cars are used in the ride-hailing network.”
Three years later, while Tesla’s claimed self-driving taxi network has yet to become a reality, the move is still very beneficial for Tesla due to the dramatic changes in supply and demand in the used car market.
Due to long wait times and rising prices, many used Teslas are now selling for more than they were purchased for new cars at the time. Tesla makes a lot of money by selling these EVs when their leases expire.
According to the latest news on Tesla’s official website, Tesla will now extend the “lease without buyout” policy to all its electric vehicles. The company made it clear that if users leased an electric vehicle before April 15, 2022, they would still be eligible to choose to purchase a leased Tesla electric vehicle after the expiration date. And all customers who deliver Tesla electric vehicles on or after April 15, 2022, will not have a lease-purchase option.
Moreover, Tesla also said that third-party dealers and third-party individuals are not allowed to purchase leased vehicles. Under Tesla’s latest terms, which means that starting April 15, there will be no lease-to-buy option for all new vehicles delivered.
