Tesla now allows you to buy out any lease, including the Cybertruck

Tesla has updated its lease policy, now allowing buybacks on all models in the US, incl Model S, Model 3, Model X, Model Y and the recently released Cybertruck.

The announcement, made Nov. 27, marks a departure from Tesla’s previous restrictions that excluded Model 3 and Model Y leases from the right to buy back.

This change applies to new leases across the entire Tesla lineup and retroactively includes vehicles delivered on or after April 15, 2022. or after that date. Customers now have the option to purchase their leased car at the end of the lease term, instead of returning it or upgrading to a new Tesla.

Lease buyback is now available for the new S3XY+ @cybertruck rentals in the US

Model 3/Y starting at $299/mo

Model S/X and Cybertruck starting at $999/mo https://t.co/CHyRnEmBSi

—Tesla North America (@tesla_na) November 28, 2024

To begin the process, eligible customers can request an estimate through the Tesla app, available in the latest version.

A $350 purchase fee applies to vehicles delivered after April 13, 2019, plus local taxes and fees. To complete the transfer of ownership, customers must sign a sales contract, schedule any required inspections, and make payment by the due date.

This update provides more flexibility for Tesla lessees, especially for those who prefer to keep their vehicles for the long term. This option is currently only available in the US, but not in Canada.