2016 Tesla Model S Limited-Time Lease Deal Rolls Out | Edmunds

2016 Tesla Model S Limited-Time Lease Deal Rolls Out

PALO ALTO, California Tesla Motors announced a new limited-time lease deal for the 2016 Tesla Model S electric sedan.

Consumers can lease the Model S for $698 a month, but they must take delivery in the first quarter, Tesla spokeswoman Khobi Brooklyn told Edmunds.

The rate applies to a 36-month lease with an annual limit of 10,000 miles. Total due at signing is $6,393, Tesla said.

"The special applies to (Model S) 70s, 85s and 90s, both rear-wheel-drive and dual-motor variants," Brooklyn wrote in response to a query.

The base Model S is priced at $71,200, including a $1,200 destination charge, not including any federal or state incentives.

Tesla said in a statement that the new lease price amounts to $607 per month, after "factoring in fuel savings — not to mention the priceless time you get back not having to wait in gas station lines."

Key Model S competitors include the BMW ActiveHybrid7, Lexus LS 600h L and Porsche Panamera S E-Hybrid.

The new Tesla lease deal debuts as gas prices "continue to slide," AAA said on Monday.

The average price of a gallon of unleaded gasoline was $1.72 on Tuesday, compared to $2.17 a year ago, according to the AAA Daily Fuel Gauge Report.

Edmunds says: Prospective Model S owners have until the end of March to take advantage of this deal.

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