Tesla Introduces Tempting New Model Y Option

It's just become even more affordable to get your hands on a Tesla Model Y after the company made a leasing option available for its smallest SUV. This will be good news for potential buyers who were interested in the cheaper Model Y Standard Range which was recently dropped from the range.

The leasing option comes shortly after Tesla dropped the price of the Model Y a mere four months after the electric SUV went on sale - it's clear that Elon Musk and his team are doing whatever they can to boost sales for this model. So, what will a lease deal on the Model Y look like?

In the US, leasing a Model Y Long Range will start at $499 per month and will require putting down $4,500. The lease will run for 36 months with a mileage of 10,000 miles. If you choose to buy the Model Y Long Range instead, it now starts at $49,990.

By comparison, the Model 3 Long Range - which starts at $46,990 - will cost $472 per month to lease for the same period. That being said, a Model 3 configured at exactly the same price as the base Model Y ($49,990) will cost $14 more per month to lease than its SUV sibling.

Opt for the Model Y Performance and the monthly lease cost increases to $679. Interestingly, it took Tesla around a year to introduce a leasing option for the Model 3, so things have moved along a lot more quickly with the Model Y.

As ever, the debate about whether to buy or lease a new car will continue raging on, but what this option means is that some people who wouldn't have considered a Tesla before will suddenly find that the Model Y is now within easier reach. The timing also seems perfect for Tesla to offer this option, as the Model Y has to fend off strong rivals like the stunning new Nissan Ariya.