Tesla’s Cybertruck has attracted a lot of attention since its launch, receiving both praise and skepticism for its futuristic design. Now, the electric pickup is becoming more accessible with new leasing options, although its overall price still causes some people to hesitate.
On Tesla’s website, the starting lease prices include:
- The base All-Wheel Drive (AWD) Cybertruck is now $899 per month.
- The higher-end tri-motor variant, often called the “Cyberbeast,” will cost you $999 per month.
While the lease price has dropped by $100 from earlier listings, the true cost of ownership is a bit more complicated than just the sticker price.
Firstly, the revised lease terms require a substantial down payment of $7,500. Additionally, the lease is structured for 36 months, with an annual mileage limit of 30,000 miles. However, while this might sound straightforward, additional costs lurk behind the scenes.
To get the full picture, it’s important to consider these extra costs. The lease requires a $695 acquisition fee, as well as a $395 disposition fee when the vehicle is returned at the end of the term. These add-ons increase the effective monthly payment to approximately $1,137 when factoring in the down payment, a 36-month term, and the standard 10,000-mile annual limit. If you plan on driving 15,000 miles per year, expect the monthly payment to rise to around $1,175.
For those interested in a shorter 24-month lease, the monthly payment jumps to about $1,347, reflecting the higher cost of a shorter term. Despite these elevated prices, the Cybertruck’s lease terms are competitive with those of other electric pickups in the market. For comparison, the Rivian R1T with a dual-motor setup and the large battery pack is available for $1,061 per month on a 36-month lease with the same 30,000-mile limit.
Tesla’s efforts to adjust pricing suggest a need to sustain momentum for the Cybertruck. The electric pickup initially enjoyed strong sales, briefly becoming the best-selling pickup in the U.S. earlier this year. However, production challenges have raised questions about its long-term market performance. Recently, Tesla’s Austin factory workers were told to stay home, signaling potential delays in the production pipeline.
Although CEO Elon Musk claimed that “millions” of reservations existed for the Cybertruck, the company has largely exhausted this backlog in less than a year. By the end of Q3 2024, data from Cox Automotive shows that fewer than 30,000 Cybertrucks were sold and registered in the U.S. While this represents a strong start for a new vehicle, it falls short of more established competitors like the Ford F-150 Lightning and Rivian R1T.
