Tesla has launched new lease options for Model 3 and Model Y in Canada as it also expands in the market with new retail presence.
As we reported earlier this week, Tesla is working on a massive sales presence expansion with new markets.
New stores are coming in Ottawa, the Canadian capital and the second-largest population center in Ontario, and Laval, a large city adjacent to Montreal.
Now Tesla is also expanding options to drive its vehicles in Canada by launching leases for Model 3 and Model Y.
Previously, the automaker was only offering leases on Model S and Model X.
Tesla launched Model 3 leases in the US in April of last year, but delayed the option in Canada, where the Model 3 enjoyed significant purchase incentives: $5,000 at the federal level and up to $8,000 at the provincial level.
Now Canadian customers can choose to lease on both Tesla vehicles (hat tip to Pablo):
It starts at CAD$474 for the Model 3 and CAD$724 for Model Y, both with CAD$5,250 in cash down.
The terms are 48 months with 16,000 km per year.
In the US, Tesla offers terms of 36 months for people interested in leasing Model 3 or Model Y vehicles.
Leases are very popular in Canada — significantly more so than in the US. At times, it’s reached roughly half of the new car market.
Therefore, this could open up a significant new market for Tesla in Canada, although the four-year terms and big cash down could be a detractor.
It will mainly help with the Model Y since it starts at $70,000 in Canada and doesn’t have access to EV incentives.
We will have to wait and see.
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