Can’t Wait for a Tesla? Lease a Polestar, $548/Month + Tax, $0 Down + Fees

If you order a Tesla Model 3 Standard Range Plus today, you won’t get a vehicle until July 2022 according to Tesla’s own website. 

That’s a whopping nine month wait on their most popular vehicle. (Opting for upgraded wheels or paint shaves three months off that time, according to Tesla.)

So what other options are there if you need something sooner? You can try your luck scoring an inventory vehicle from Tesla, using hacks shared on Leasehackr Forum.

Or, consider leasing a 2021 Polestar 2 ($61,200 MSRP) — a quick, all-wheel drive EV that leases for about the same coin as a base Tesla Model 3 ($43,190 MSRP). Better yet, some are available for immediate delivery.

What is Polestar

Polestar is a relatively new automotive brand that spun off from Volvo. Today, it’s co-owned by Volvo Cars and Volvo’s parent company Geely, and their main vehicle offering is Polestar 2, an all-electric, five-seat premium fastback that targets Tesla Model 3, as well as gasoline-powered rivals such as BMW 3-series.

Lease A Pre-configured Polestar

Polestar originally launched in 2020 with a zero-inventory model. The idea was that customers would see the cars at galleries and pop-up stores in popular retail locations, schedule test drives at the location of their choosing, and order the vehicle online for at-home delivery, similar to Tesla.

Lacking the name recognition of its Californian rival, Polestar’s strategy didn’t work as expected in the U.S. market, where consumers are used to visiting a dealership and driving home in a new vehicle. 

Polestar has since shifted their strategy by sending dealerships (yes, despite their best efforts to emulate Tesla, Polestar vehicles are still sold through dealers, most of whom also have a Volvo store) five to seven inventory cars that Polestar calls “Pre-configured Cars”.

All Pre-configured Polestar 2s are well-equipped 2021 Launch Edition dual-motor models with a minimum MSRP of $61,200. In most cases, they are available for immediate delivery, or can be sourced from the port.

The Pre-configured 2021 Launch Edition models have considerably better lease programs than the 2022 Single Motor and Dual Motor cars, which need to be custom ordered. The Launch Editions have a higher residual value and much lower money factor, resulting in a more favorable lease, despite having a higher retail price.

No Dealer Mark-ups Allowed — but There is Still Room for Savings

To emulate Tesla’s “no haggle” sales model, Polestar establishes a fixed selling price, residual value, and money factor for all their leases. F&I products like excess wear and tear protection are optional. 

The only variable that may differ between dealers is the document fee—if you live in a state where this isn’t regulated, it may be worth calling different Polestar stores to ask what their document fee is.

Under normal circumstances, we’re not a fan of the fixed-price model, because it precludes the amazing deals we’ve seen in the past, where independent dealers would discount cars to meet sales volume bonuses from the manufacturer.

Today, with the microchip shortage wreaking havoc on dealer inventories, the ability to buy a car immediately without a market price adjustment is in itself a win. 

What’s the Best Way to Lease a Polestar?

If you’re leasing, we suggest considering the Pre-configured 2021 Launch Edition model over a 2022 model.

You can lease a Pre-configured car on the Polestar website by paying a $500 deposit online, but we’d actually recommend contacting a Polestar retailer directly, who can provide a lease quote down to the exact dollar. The lease payment estimator on the Polestar website is buggy and doesn’t account for fees and available EV incentives, such as sales tax exemption in New Jersey, or the California Clean Fuel Reward.

Be sure to schedule a test drive as well. From our experience, Polestar test drives are handled by an independent agency unaffiliated with the dealership, so there’s no pressure to buy.

As mentioned above, shop around for the most favorable document fee, if you live in a state that does not regulate dealer document fees. 

For those interested in the numbers, here’s a link to the Leasehackr Calculator estimating a 36-month lease on a $61,200 Polestar 2 Launch Edition for October 2021, assuming Los Angeles, California, taxes and fees, and application of the $1,500 Clean Fuel Reward (becomes $750 on November 2, 2021). If this is your first EV, the newly replenished California CVRP helps cover most of the drive-off costs.

Current program valid through November 1, 2021.