You can finally buy your Tesla when the lease ends – except in these states

• After a two-year hiatus, Tesla’s lease buyout option is back.
• All of the automaker’s electric vehicles are eligible for the option.
• Owners in two states are not eligible.

Tesla is once again offering its customers the opportunity to purchase their electric cars after the leasing period has expired. The AI ​​and robotics company previously allowed lease takeovers for the Model S and Model X, but that option was discontinued in 2022.

Now it’s back. Starting November 27, 2024, all Tesla electric passenger vehicles will be eligible for lease purchase. This means that Model 3, Model Y, Model S, Model Third-party dealers are also permitted to purchase leased electric vehicles.

However, customers in Iowa and Louisiana are not eligible for lease buybacks, according to Tesla’s updated Lease-End Options website.

If the car is leased through the Tesla Lease Trust and you want to purchase it and keep it at the end of the lease term, the automaker will provide an estimate for the purchase through the Tesla smartphone app. Owners must access the Financing tab, then go to Lease Details, Manage Lease and select Buy Vehicle. After confirming the intent to purchase the car, Tesla creates a purchase package with a best-before date that matches the estimate as indicated on the automaker’s website.

If necessary, a vehicle inspection will be carried out according to local requirements. Additionally, all parties listed on the rental agreement must sign the purchase package and then the estimated purchase price must be paid in full. Finally, Tesla reviews and prepares the necessary documents and the ownership transfer documents are sent by mail to the owner.

That’s good news for anyone who was hoping to keep their leased Tesla, but we can’t help but question the reasoning behind this decision. In the past, the automaker’s outspoken CEO Elon Musk has said that Tesla’s intention is to eventually convert the returned leased vehicles into self-driving vehicles. Does the reintroduction of the lease-buyout option mean robotaxi dreamers will have to wait for the cybercab? Or maybe it’s just another year-end push to get even more money?

We don’t know – Tesla doesn’t answer questions from the media. However, one thing is clear: If you want to buy your leased Tesla, now is the time to do it.