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."
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.