Tesla says the program combines the best aspects of leasing and ownership, providing a lower cost to entry and freedom from the hassle of selling your S when you upgrade, and no concern about being left behind if and when battery technology takes the next leap forward. Another innovative aspect of the lease deal is the ability to continue making payments after the lease period ends, allowing you to purchase the Model S outright over time, rather than dealing with a balloon payment at the end of three years.

“It’s not a lease per se,” CEO Elon Musk said. “But a financing plan. You could fully own the car after five years.”