Could leasing the electric truck be a better option than buying?
Tesla’s Cybertruck is now officially available for lease in the U.S., offering a new way for people to get behind the wheel of the electric pickup without committing to a full purchase. Leasing is available on both the Dual Motor and Cyberbeast (Tri-Motor) models, and starts at $999 per month with a $7,500 down payment for the base version. While that sounds promising, let’s break down what leasing a Cybertruck will really cost you.
For starters, Tesla’s $999 monthly lease rate is for a 36-month term and includes 10,000 miles annually. If you’re interested in driving a little more each year, you can bump that up to 12,000 or 15,000 miles for a small increase in the monthly fee. However, once you tack on taxes and fees, that “$999” rate can quickly creep up. In some states like California, adding in registration and local taxes can push the monthly cost over $1,000 and bring the total amount due at signing to more than $10,000. Still, for those who aren’t ready to buy outright, leasing can mean lower monthly payments and a chance to take advantage of the $7,500 tax credit on electric vehicles, thanks to a “leasing loophole.”
For comparison, the upfront cost to buy a Cybertruck is $81,895 for the Dual Motor model and $101,985 for the Cyberbeast, which is quite a commitment for those on the fence about long-term ownership. Tesla’s no-buyout policy means you’ll have to return the truck at the end of your lease rather than keeping it, which could be a good thing if you’re not sure about the Cybertruck’s long-term value. Electric vehicles, particularly new models, often have uncertain depreciation rates, and leasing takes some of that risk off your hands.
Now, about the optional add-ons: for drivers who want even more range, there’s a $16,000 range extender available for pre-order. It comes with a $2,000 non-refundable deposit and is expected to start production in 2025. This upgrade might appeal to those looking to take the Cybertruck on longer road trips or across tough terrain, though it adds a significant cost to the overall lease.
Tesla isn’t the only one offering premium leases on EVs. GMC, for instance, currently offers a lease on its Hummer EV for $849 per month with $6,229 due at signing, which might look tempting compared to the Cybertruck. For many people, leasing provides a more accessible way to drive a cutting-edge electric truck without the full purchase price. Plus, with the $7,500 tax credit, there’s even more incentive for those who choose the lease route.
In the end, leasing a Cybertruck could be the perfect choice for Tesla fans who want flexibility and a lower monthly cost without the risk of ownership. While the Cybertruck’s monthly lease costs may seem high, the option of getting in on Tesla’s unique design and tech without a six-figure investment might just make it a worthwhile deal for many.
