As expected, Tesla is finally getting into the leasing game. And as expected, CEO Elon Musk says having a lease option will make the $62,000 minimum of the Model S more affordable and expand sales.
He's right. Leasing programs always expand the number of buyers for those automakers who offer it. That's why they do it.
But to understand the potential allure of being able to afford a Model S you have to buy into Tesla's "true cost of ownership" calculator.
Go on the Tesla website and try it yourself. It helps you calculate how much you'll save every month leasing a Model S. Notice I didn't say it will show you'll have taken off of your monthly car payment.
The $62,000 Model S lease with a 2.95%. Interest rate will cost you $1,051 a month. So how come CEO Elon Musk is promising that those leasing a Model S will only cost $500-600 a month?
(Read More: Why the Tesla S May Be a Game-Changer)
Tesla is factoring in how much the Model S will save you over the course of a lease. In other words, money you would spend with standard gas powered car, incentives you deduct for owning an electric car, or even the time you'll save being able to use a carpool lane or by not having to pump gas.