🚗 How much would I save by buying out my lease instead of returning it?

As Ravi Wadan explains, if you leased a Tesla in the past, you didn't have the option to buy out your Tesla at the end of the lease term. You had to turn your Tesla back in to Tesla. Now that the policy has changed, saving $2,000 or more comes down to running the math on your specific contract.

The purchase price is locked in your lease agreement. As Ravi Wadan notes, lease vehicles are subject to a $395 disposition fee at return. But now you have the option to purchase this particular car as it's speced out for $31,122, plus applicable taxes and fees and purchase fee of up to $350. Enter your numbers below.

Comparing your total buyout cost to current open market prices determines if you have positive equity. Market conditions shift quickly, and ignoring a $3,000 gap in used vehicle prices can cost you dearly.

As Ravi Wadan points out, if he sees that similar vehicles are may be selling for, with 36,000 mi, are selling for, let's say, $35,000, hey, that looks like he might have some equity here. On the other hand, if the value of this car is only $25,000, there's no point of buying it for $30,000. Then what you're doing is just walking into negative equity.

If you walk away, you must pay the standard disposition fee plus any damages and excess mileage fees. A $400 fee is typical, but heavy mileage overages can trigger massive penalties.

As Ravi Wadan notes, instead of paying the excess mileage penalty of 25 cents per mile, let's just say that the amount that you'd pay in penalties outweighs or is more than the actual purchase price of the car. In that rare scenario, buying the vehicle is cheaper than giving it back.