Here’s how you do it but you have to move fast… Tesla Motors Inc (NSADAQ:TSLA) ends its two-year lease program on Monday. This week the EV producer reminded buyers that they have until the 12th of September to opt for the payment option. In an emailed newsletter sent out on Thursday, the EV maker reiterated that the option to get a Model S sedan or Model X SUV under a two-year obligation will only be available for a few days.
The emailed announcement assured fans that driving a Tesla “has never been more affordable. For a few more days you can get a 2-year lease on a Tesla starting at only $593/month. Only orders placed by September 12th are eligible.”
The two-year lease program was rolled out on August 20th. Tesla said that after years of buyers demanding shorter lease options, it opened up a limited program to accommodate those who wish to buy a EV under this plan. The shortest available option before the two-year promotional offer was a three-year lease payment.
Tesla Deal is Going Away
Buyers who wish to avoid long-term car repayments can do so with Tesla until Monday. Although, the company’s short lease program only allows this for significantly higher repayments. The deposit needed is nearly twice that of the conventional three-year lease options as well.
Three-year buyers can pay as a minimum down payment of $3,862 dollars on a entry level 60kWh Model S. The same option lets you drive a 60kWh Model X for a $3,893 deposit. Even though the two-year lease program shaves a year off an the lease, the entry down payment for a Model S 60 is $7,288 while a Model X 60 takes $7,425.
Tesla VP Ganesh Srivats also pointed out that a referral voucher can save buyers a further $1,000 on their purchases.
“For additional savings, combine this offer with the Tesla Referral Program,” Mr. Srivats suggested. The VP reminded readers that buyers can apply a $1,000 from any Tesla owner towards the purchase of either of it current EVs.
Offering greater incentive, Tesla assured that cars ordered under the two-year program will be delivered by the end of next month. The catch is that all these benefits will be afforded until the Monday, September 12th.
The two-year repayment option is reported to be the company’s play at boosting its quarterly sales before its next earnings report. Experts have highlighted that Tesla will have the cars delivered by the end of the third quarter. With lowered sales reported last quarter, the company has a lot of reason to push for increased sales to divulge next profit call.
Can a more popular lease program help?
Investors appear upset with the company after a highly controversial merger with SolarCity. Coupled with a disappointing performance during the second quarter, as well as a shaky Autopilot scandal that shone the company under negative connotations, Tesla has incentive to regather investment and support.
In the second quarter, CEO Elon Musk announced a $293.2 million loss for the company. Whether a promotional, shorter lease offer will contribute much to reducing that figure is yet to be seen.