Tesla (TSLA) is making its Cybertruck more financially attractive to buyers, but the offer may be fleeting.
Tesla is now offering leasing options for the Cybertruck on its website, with the cheapest deal starting at $999 per month for the all-wheel drive. The $999 lease is for 36 months and includes 10,000 miles per year. However, the lease includes a $7,500 down payment, and the monthly payment does not include any taxes or acquisition costs.
Leasing the more expensive Cyberbeast version of the Cybertruck, which includes a tri-motor and other improvements, costs $1,148 per month plus the down payment, taxes and fees.
When the Cybertruck first went on sale at the end of 2023, only customers on the reservation list could order and purchase the truck. As production ramped up and Tesla worked through the reservation list, by the end of the summer everyone could order a Cybertruck, which would be delivered within a few weeks.
Unlocking Tesla’s leasing for the Cybertruck will allow more customers to afford it, although this may indicate that demand limits have been reached for people looking to buy or finance a Cybertruck outright.
Not that turnover is declining. In the third quarter, the Cybertruck reached 16,000 units sold, according to Cox Automotive’s KBB, making it the third EV sold in the quarter, behind only Tesla’s Model Y and Model 3. This also means the Cybertruck is its only other EV pickup competition outsold in the third quarter – the Ford F-150 Lightning and Rivian R1T.
Speaking of those trucks, they also offer very attractive leasing deals. An equivalent Lightning in Lariat trim would be available for $602/month for 36 months and 10,000 miles per year, with a down payment of $7,979 (before taxes). A Rivian R1T dual motor with large battery pack can be leased for $799/month for 36 months and 10,000 miles per year, with a $7,000 down payment (excluding taxes and fees).
Now that leasing is an option, Cybertruck sales could rise even further compared to the competition, despite competitors offering attractive lease deals.
Making leasing even more beneficial for EVs, leases fall under the commercial EV credit portion of the federal EV tax credit of the Inflation Reduction Act (IRA).
This means the full $7,500 tax credit is available for EV leases, regardless of where the vehicle was made, how much it costs, or the income level of the buyers. These three restrictions affect the eligibility of federal EV tax credits for purchases and financing.
That’s why Tesla can offer a $999 per month lease with 10,000 miles. But that tax break for rental contracts, which ultimately lowers monthly costs, may not last long.
