Key Takeaways
1. Tesla has launched a new financing deal for the Model Y at a rate of 3.49%, down from 4.99%.
2. The minimum down payment for the Model Y has been reduced to 5%, from the previous 15%.
3. Customers can use the federal tax credit as part of their down payment for the Model Y.
4. Tesla offers complimentary upgrades for customers purchasing inventory Model Y vehicles, including free color options and wheel upgrades.
5. The new financing promotion is available for buyers with strong credit who ordered the Model Y on or after July 17, with no specified end date.
It didn’t take much time after the last financing promotion for the Model Y before Tesla kicked off a new one. Even though demand is expected to remain strong this quarter, especially with the federal tax credit for the Model Y ending on September 30, the company aims to boost sales further.
Previous Offers and Extensions
Tesla had previously provided a 1.99% APR deal for the Model Y, which was originally set to end on June 16. However, it was extended until the end of last month, likely to help bolster their sales figures for the quarter.
New Financing Deal
Now that we are just past the first half of the month, Tesla is rolling out a new financing deal for the Model Y at a rate of 3.49%. This is a decrease from the 4.99% interest rate that has been in effect since the start of July.
This promo financing is available for buyers with strong credit who ordered the Model Y on or after July 17. Notably, Tesla has not specified an end date for this offer, simply labeling it as “for a limited time.”
Down Payment and Financing Terms
Additionally, the minimum down payment has been lowered to just 5%, down from the standard 15%. Tesla has also stated that customers who qualify for the tax credit can apply it as part of their down payment on the Model Y. The financing terms range from 3 to 5 years, although the 72-month financing option does revert back to a 5% APR. Meanwhile, leasing for the Model Y now starts at only $349.
Inventory Model Y Vehicles
Tesla has also launched an interesting promotion for their inventory Model Y vehicles. Customers who order a Model Y that is already in stock will receive one complimentary upgrade.
Checking Tesla’s inventory shows that these free upgrades can differ by vehicle, including free color options that typically cost extra, along with 20″ wheel upgrades. There are also some free interior upgrades, providing various choices for buyers.
Some colors for the Model Y, like Ultra Red or Quicksilver, are priced at $2,000, as are the 20” Helix 2.0 Wheels. This represents the maximum discount that Tesla is offering for an inventory Model Y with these features.
For example, a Long Range RWD Model Y in Quicksilver can now be purchased for $37,490 instead of $39,490 after considering the tax credit. However, the new upgrade promotions cannot be combined, meaning you can’t get both a free color and free 20″ wheels at the same time.
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