Tesla (TSLA) is making its Cybertruck more financially attractive to buyers — but the offer may be fleeting.
Tesla is now offering lease options for the Cybertruck on its website, with the cheapest deal starting at $999 a month for the all-wheel drive. The $999 lease deal is for 36 months and includes 10,000 miles a year. The lease does include a $7,500 down payment, however, and the monthly payment does include taxes or acquisition fees.
Leasing the higher-trim Cyberbeast version of the Cybertruck, which includes a tri-motor and other enhancements, will cost $1,148 a 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 were able to order and purchase the truck. As production ramped up and Tesla worked through its reservation list, by late summer anyone could order a Cybertruck with delivery coming in a few weeks.
Tesla unlocking leasing for the Cybertruck means more customers will be able to afford it, though it may indicate it has hit demand limits for those looking to outright purchase or finance a Cybertruck.
Not that sales have been slipping. In Q3 the Cybertruck hit 16,000 units sold, per Cox Automotive’s KBB, making it the No. 3 EV sold in the quarter, behind only Tesla’s Model Y and Model 3. This also means the Cybertruck outsold its only other EV pickup competition in Q3 — the Ford F-150 Lightning and Rivian R1T.
Speaking of those trucks, they offer very attractive lease deals as well. An equivalent Lightning in Lariat trim could be had for $602/month for 36 months and 10,500 miles a year, with a $7,979 down payment (taxes not included). A Rivian R1T dual motor with Large battery pack can be leased for $799/month for 36 months and 10,000 miles a year, with a $7,000 down payment (taxes and fees not included).
With leasing now an option, Cybertruck sales could build even more versus the competition, despite competitors offering attractive lease deals.
What makes leasing even more beneficial for EVs are leases that fall under the commercial EV credit portion of the Inflation Reduction Act’s (IRA) federal EV tax credit.
This means the full $7,500 tax credit is available for EV leases regardless of where the vehicle is made, how much it costs, or the income levels of the buyers. These three limitations affect federal EV tax credit eligibility for purchases and financing.
Hence Tesla is able to offer a $999/month lease with 10,000 miles. But that tax credit available for leases, which ultimately lowers the monthly payment, may not last long.
