I Wanted to Lease a New Tesla Model Y for My Wife, But After Seeing Used Prices, I’m Not Sure New Is the Right Move Anymore

It’s a thrilling experience to go car shopping in today’s EV world. One moment you're window-shopping online, casually exploring options for your next daily driver. The next, you're staring at a spreadsheet of used Tesla prices and wondering how new car financing got so detached from reality. That’s the situation Mike Mohammednur found himself in while searching for a Tesla Model Y for his wife. I came across his post in the “Tesla Model Y” Facebook group showcasing 2024 models with under 10,000 miles, equipped with white interiors and premium paint, going for as low as $35,000. But when he turned to Tesla for a lease quote on a new one, the numbers didn’t add up: $800 a month, with a 10.7% interest rate, despite an excellent 820 credit score.

Here’s how Mike explained his dilemma: “I am wondering if others have observed the same trend I have, which is that prices for a 2024 Model Y Long Range seem to be decreasing as I continue my search for a vehicle for my wife. I have come across listings priced as low as $35,000, with features including less than 10,000 miles, premium paint color, and white interior. Should I take advantage of this opportunity, or is it wise to wait? Initially, my plan was to lease a brand new vehicle, but the quote I received from Tesla, approximately $800 per month with a 10.7% interest rate, despite my excellent credit score of 820, has made me pause.”

What Other Owners Had to Say

Mike’s post quickly gained traction in the group, and it’s not hard to see why. The EV market is in a strange place right now, particularly for Teslas. With so many 2024 Model Ys already in circulation, some with under 10,000 miles, buyers are starting to question whether a new vehicle is even necessary when the savings on used ones are this steep.

Commenters shared their own insights, offering advice and context to what Mike is experiencing.

Chris Moschini had a pragmatic take on the matter, pointing to a broader EV trend that’s not just about Tesla: “Generally EVs will keep falling in price quickly until the batteries are no longer the majority of the cost of parts, because batteries are falling in price by half every 10 years. I picked my price point where I was willing to buy and bought there. I suggest approaching it that way. Expect and ignore depreciation.”

Chris’s insight reflects a wider reality in the EV world: battery cost reductions are steadily pushing down resale values. That means models like the Model Y, even in excellent condition, are depreciating faster than traditional gas cars. For many buyers, this is frustrating, but for others, it’s an opportunity to buy smart at the right time.

Anders Reecheero took aim at the financing itself: "1. Yes, car prices go down as time goes down (for used) 2. Shop external lending (aka your bank, a credit union, etc) and see if they offer better. 10.7% at 820 seems off.”

This point about Tesla’s lease rates has sparked widespread discussion in the community, and it mirrors feedback seen in other Torque News coverage examining how lease expectations don’t always align with reality. While that article focused on a Model Y owner reflecting on their purchase experience, it highlights how even passionate Tesla fans have faced sticker shock when the financing terms came in far above what they anticipated. It’s encouraging more buyers to explore traditional lending options before assuming Tesla’s lease offers are the best available.

Used Value Is Hard to Ignore

Amin Dossani chimed in with a personal example that added weight to the used market argument: “I bought a 2022 Model Y Performance for 27k with 40k miles on it.”

That price point is shocking, especially for a performance variant, and it illustrates just how soft the used EV market has become. While 40,000 miles is a decent amount of use, it’s still far from what most would consider high mileage for an EV. And at $27,000, that kind of value is hard to ignore.

Then there was Chris Stanley, who summed up what many readers were thinking: “10.7% for a car lease? That’s ridiculous.”

It’s the kind of gut reaction that reflects how far Tesla's leasing terms have drifted from buyer expectations. For a company that once wowed buyers with sleek tech and competitive financing, some are now beginning to rethink whether the experience still justifies the price.

Has New Lost Its Appeal?

The conversation Mike sparked brings up a wider question that Tesla shoppers are wrestling with: does the prestige and security of buying new still hold the same weight when the savings on used vehicles are this large? And when financing on new ones seems out of touch with credit reality?

Over the past year, used Model Y listings have exploded. Tesla’s ramped-up production and shifts in global demand have led to an increase in secondhand inventory, especially among early adopters who have decided to trade up, move on, or cash out before further depreciation sets in. As buyers like Mike shop for premium trims with things like white interiors and upgraded wheels, it’s becoming clear that even those who once said they’d never drive anything but a Tesla are now switching tactics to chase value over novelty.

The Risk and Reward of Used

This isn’t to say the lease route has no benefits. Buying used means accepting potential risks: you may not get the newest hardware, latest software features, or full warranty coverage. And there’s always the question of long-term battery health, though some Model Y owners have started to monitor battery degradation over time and report that it may be more of a concern than Tesla acknowledges publicly.

Some first-time Tesla owners have also shared that the excitement of ownership remains strong despite these challenges, especially when approached with realistic expectations. Others even note that switching from vehicles like the Toyota Tundra to the Tesla Model 3 helped them understand the hype behind Tesla.

I think stories like Mike’s reveal something bigger than just price tags. It shows a turning point in how people perceive EV ownership. The emotional pull of leasing something brand new is real, but so is the pull of logic when you’re seeing nearly identical vehicles going for ten, sometimes fifteen thousand dollars less. And when Tesla, arguably the most disruptive automaker of our time, is quoting high-interest rates to buyers with excellent credit, it makes you question whether the system is working in your favor anymore. In a space that once felt revolutionary, the most revolutionary choice now might just be shopping smarter.

Key Takeaways for Readers:

• Used Teslas Are Becoming a Bargain: As inventory grows and battery prices drop, even low-mileage 2024 Model Ys are showing up with luxury options for under $35,000.
• High Lease Rates May Not Reflect Your Credit: Tesla’s 10.7% lease quote for an 820 credit score shows it pays to check other lending sources like banks or credit unions.
• Depreciation Is Real, but Can Work for You: Expect EV values to keep declining. If you time your purchase right, you can benefit instead of losing out.
• EV Ownership Is Changing: What once was about tech and brand is now becoming about value and long-term practicality.
• New Isn’t Always Better: For many, shopping smart means getting more car for less money, and that doesn’t always require buying new.

Your Turn to Share

Have you noticed similar price drops when shopping for a used Model Y or other EVs?

And if you’ve leased or financed a Tesla recently, what kind of rates did you get, and do you feel it was a fair deal?

Let me know in the comments section below. I'd like to hear your thoughts.

Aram Krajekian is a young automotive journalist bringing a fresh perspective to his coverage of the evolving automotive landscape. Follow Aram on X and LinkedIn for daily news coverage about cars.

Image Sources: Tesla Gallery