Tesla Motors has launched a new two-year lease program for the Model S and Model X electric vehicles, adding to the three-year lease program that the company is already offering.
After the company released its three-year lease program for the electric vehicles, Tesla Motors said that it received high interest from potential buyers regarding leases with a shorter period. Due to the demand, the company has now released its two-year lease program, with adjusted payment terms to reflect the shorter period.
Under the new two-year lease program, customers will be paying a monthly charge of at least $593, with the final amount to depend on the variant of the Model S or Model X that the customer is acquiring and the estimated number of miles that the vehicle will run per year.
Customers looking to avail of the two-year lease program, however, will need to pay a significantly higher down payment before they acquire their Model S or Model X. The 60 kWh Model S will require a down payment of $7,288 under the two-year lease program, while the Model X will require a down payment of $7,425. Compared with the down payments of $3,862 and $3,983 for the Model S and Model X, respectively, under the three-year lease program, the down payments for the shorter option are almost double.
Tesla Motors will be allowing customers to combine the new lease program with the company's referral program, which will give clients credit worth $1,000 that can be used toward the payment of their electric vehicle.
However, it is important to know that the two-year lease program comes with a catch. Customers interested in the option only have until Sept. 12 to take advantage of it, so orders for the Model S and Model X under the shorter lease option should be sent as soon as possible.
Why set a deadline of Sept. 12 for the two-year lease program? It is noted that any vehicles ordered before that date will be delivered before the release of the company's earnings report for the third quarter. There is a possibility that Tesla Motors will be making a big announcement after Sept. 12, but the likely reason is that the company is looking at driving up sales for the Model S and Model X to improve its numbers for the quarter.
The company reported a $293.2 million loss in the second quarter, after producing 18,345 vehicles in the period. Tesla Motors is looking to make an improvement on those figures, but it remains to be seen whether a two-year lease program on the Model S and Model X will have a significant impact on the company's earnings for the third quarter.
