The Tesla Model 3 is now cheaper to lease than a Toyota Camry

The 2024 Tesla Model 3 RWD is now cheaper to lease than the 2025 hybrid Toyota Camry – here’s how it breaks down.

In the market for a sedan? The folks at CarsDirect surfaced an interesting EV/hybrid sedan comparison. You can lease the 2024 Tesla Model 3 Standard Range Rear Wheel Drive for just $299 per month over 36 months with $3,993 due at signing. That makes the effective monthly cost $410, which is a pretty good deal when you consider that the Model 3’s MSRP is $40,380.

Meanwhile, the Toyota Camry (above), which now only comes as a hybrid with up to 51 MPG combined, didn’t get a price bump despite the redesign. However, Toyota is offering the LE model for $359 per month over 36 months with $2,999 due at signing. The Toyota Camry‘s MSRP is only $29,804, but the effective cost is $442 – that’s $32 more per month than the Tesla Model 3. Plus, you’re going to save even more in a Model 3 because you won’t have to buy gas.

If the 2024 Tesla Model 3 Long Range All Wheel Drive is catching your eye, it’s now more affordable because it’s become eligible for the full $7,500 tax credit. You can lease it for $395 per month over 36 months with $4,089 due at signing, making the effective monthly cost $509. The Long Range AWD has around 70 more miles of range.

If you buy rather than lease the Long Range model, it’s only around $1,000 more expensive than the Standard Range model, thanks to the federal tax credit. But heads up, which I flagged last week, that Tesla scrapped promotional financing on the Model 3 Long Range after it became eligible for the $7,500 federal tax credit. You can read more about that here.

Click here to find a local dealer that may have the Tesla Model 3 in stock.–affiliate link

Click here to find a local dealer that may have the Toyota Camry in stock.–affiliate link

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