Tesla has changed its policy to not allow anyone to buy its car after its lease ends as used car prices soar to new highs.
In 2019, Tesla announced that it wouldn’t let people who lease a Model 3 buy it from the company at the end of their lease, which is most often an auto leasing option.
At the time, Tesla claimed to have removed the option as it planned to use the vehicles in its upcoming autonomous transportation network:
“Please note that customers who choose to lease over own will not have the option of purchasing their car at the end of the lease, as with full autonomy coming via an over-the-air software update, we expect to “Use these vehicles in the Tesla ride-hailing network. Customers can visit tesla.com/3 now to rent a Model 3.”
Three years later, that autonomous transportation network has yet to happen, but the move was still extremely powerful for Tesla because of what happened to the used-car market.
With long wait times and rising prices, many used Tesla vehicles are now selling for higher prices than when they were new.
Tesla killed those vehicles that get out of their leases, just like Tesla owners who upgrade their vehicles.
Now, Tesla is extending its no-lease buy-back policy to all vehicles, according to an update to its website:
If you leased your vehicle before April 15, 2022, you may be eligible to purchase your leased Tesla. Review your rental agreement to see if you qualify.
– All Tesla vehicles delivered on or after April 15, 2022 are not eligible for purchase.
– Third-party dealers and third-party individuals are not permitted to purchase leased vehicles.
The new wording ensures that no new vehicle leased from today can be purchased at the end of the lease.
What do you think? Tesla wants more vehicles in its nonexistent (but potentially coming) autonomous transportation network or does it want to sell more used cars? Let us know in the comment section below.
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