The Tesla Model 3 is Now Cheaper to Lease Than a Toyota Camry
Comparing Leasing
Options: Tesla Model 3 vs. Toyota Camry
In an
exciting twist for those in the market for a new sedan, the 2024 Tesla Model 3
Standard Range Rear Wheel Drive (RWD) has emerged as a more affordable leasing
option compared to the 2025 hybrid Toyota Camry. Here's a detailed cost
comparison breakdown between these two popular models.
Leasing the Tesla Model 3
The 2024
Tesla Model 3 Standard Range RWD can be leased for just $299 per month over a
36-month period, with $3,993 due at signing. This results in an effective
monthly cost of $410. Considering the Model 3's Manufacturer's Suggested Retail
Price (MSRP) of $40,380, this is a compelling deal for an electric vehicle (EV)
that offers modern technology and zero-emission driving.
Leasing the Toyota Camry
On the
other hand, the 2025 Toyota Camry, which now comes exclusively as a hybrid
model offering up to 51 MPG combined, has a lease offer of $359 per month over
the same 36-month period, with $2,999 due at signing. This brings the effective
monthly cost to $442. While the Camry's MSRP is lower at $29,804, the effective
monthly cost is $32 higher than that of the Tesla Model 3.
Fuel Savings with the
Tesla Model 3
One of
the key advantages of leasing the Tesla Model 3 is the significant savings on
fuel. Since the Model 3 is fully electric, drivers can avoid the costs
associated with gasoline, which can add up over time. This makes the Tesla
Model 3 not only cheaper to lease but also potentially less expensive to
operate in the long run.
Long Range Model
Considerations
For those
interested in the 2024 Tesla Model 3 Long Range All Wheel Drive (AWD), it has
become even more appealing due to its eligibility for the full $7,500 federal
tax credit. This model can be leased for $395 per month over 36 months, with
$4,089 due at signing, resulting in an effective monthly cost of $509. The Long
Range AWD model offers approximately 70 more miles of range compared to the
Standard Range model.
If you
prefer to buy rather than lease the Long Range model, the federal tax credit
makes it only about $1,000 more expensive than the Standard Range model.
However, it's important to note that Tesla has discontinued promotional
financing on the Model 3 Long Range following its eligibility for the federal
tax credit.
The 2024
Tesla Model 3 Standard Range RWD presents an attractive leasing option that is
not only cheaper than the 2025 hybrid Toyota Camry but also offers additional
savings through its electric powertrain. With the added benefit of the federal
tax credit for the Long Range model, Tesla continues to position itself as a
competitive and cost-effective choice in the sedan market. For those
prioritizing both savings and sustainable driving, the Tesla Model 3 is a
compelling option worth considering.
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