Tesla is launching leases for Model Y in order to increase demand for the electric SUV.

Things have been moving fast for Tesla with Model Y.

With Model 3, Tesla didn’t launch leases until August 2019 — two years after starting production of the new vehicle.

Leases are popular with premium vehicle buyers who are looking to often upgrade without worrying about resale value.

Now, Tesla is opening Model Y leases — making it the cheapest option to drive the new electric SUV.

People in the US can now lease Model Y vehicles starting at just $499.

To get Model Y for just $499 a month, you need to put $4,500 down. The lease is for 36 months with 10,000 miles allotment.

The moves comes after Tesla reduced the price of the base Model Y below $50,000 earlier this month.

Electrek’s Take

Opening leases is a demand trigger for Tesla.

Tesla is certainly looking for demand, but it doesn’t necessarily mean that demand is falling.

As we have been reporting over the last few weeks, Tesla has been making upgrades at Fremont factory to increase Model Y production capacity.

The higher Model Y production capacity is going to make the electric SUV more easily available and Tesla is looking to gather more orders with leases in order to keep deliveries high.

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