Perhaps to stimulate buyer interest during typically slower winter months, Tesla Motors is touting a new lease deal for its Model S electric luxury sedan.

This "limited time" offer allows customers to lease a new Model S for as little as $698 per month.

But the rate applies only to the Model S 70--the least-expensive version of the electric car.

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Equipped with the 70-kilowatt-hour battery pack and rear-wheel drive, this model carries a base price of $71,200.

That includes a $1,200 destination fee, but does not include any Federal, state, or local incentives that may be applied to the purchase.

The Model S 70 has an EPA-rated range of 230 miles, can do 0 to 60 mph in 5.5 seconds, and reach a top speed of 140 mph, according to Tesla.

2016 Tesla Model S

2016 Tesla Model S

Tesla also offers 85- and 90-kWh battery packs options on the Model S, as well as a dual-motor all-wheel drive system and a performance package--all of which bring higher lease payments, of course.

But even shoppers looking to stick with the base Model S 70 should be aware of a couple of asterisks.

The $698 monthly rate only applies to the three-year lease, with an annual cap of 10,000 miles.Tesla also offers 12,000 and 15,000-mile allowances.

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The lease deal also calls for $6,393 due at signing.

Still, this is the cheapest lease option currently available for a Model S.

In comparison, upgrading to the 85-kWh battery pack--while sticking with rear-wheel drive--boosts lease payments to $865 per month.

2016 Tesla Model S

2016 Tesla Model S

And going full bore by selecting the P90D--the all-wheel drive performance model with a 90-kWh pack--brings a monthly lease rate of $1,367.

New orders will be delivered in March, Tesla's website said at the time of publication.

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That's fairly quick, considering that Tesla is now also ramping up production of its Model X crossover.

A handful of vehicles in top P90D spec were delivered late last year, and Tesla began taking orders for lower-level models in November.

The company now says new reservations will be delivered in the "latter half of 2016."


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