Tesla appears to be gearing up for its holiday promotions for the Model Y, having quickly rolled out a new offer at the start of the fourth quarter. This new deal is essentially an extension of an existing promotion.
New Lease Offer
The latest offer includes a Model Y lease with no down payment required, allowing customers to drive away in a Model Y without any initial payment. While a similar zero-down deal was offered just a few weeks ago to boost third-quarter delivery numbers, this one suggests that the Model Y has secured its position as the top-selling vehicle in the US, surpassing the Toyota RAV4.
With this current offer, buyers can lease the highly popular Model Y for $633 per month without any upfront cost, following the standard 72-month financing plan.
Pricing Changes
Even though this monthly payment exceeds the previous $580/month rate that included a federal tax credit during the last quarter, the increase is due to the removal of the APR financing discount. In the earlier promotion, Tesla had slightly raised the APR from a promotional rate of 1.99% to a still favorable 2.49% for most lease terms, except for those lasting 84 months.
Now, all financing promotions for the Model Y have come to an end, and the current terms do not offer the same incentives. Whether customers opt for the zero-down lease or provide a cash payment, the APR has significantly increased to 5.29%, which is a notable rise compared to last month’s offer.
Future Prospects
Additionally, those who select the 84-month financing option will face an even higher APR of 6.29%, making the new offer less attractive than the one introduced earlier. Tesla is expected to announce its quarterly sales figures soon, and there remains a chance for the company to unveil financing rate discounts for the Model Y that buyers are anticipating.
As Tesla aims to enhance its fourth-quarter numbers, it is also preparing for the upcoming launch of the Model Y Juniper refresh, which is expected to debut next quarter. This new version will feature various specifications and design updates, potentially leading to a significant upgrade cycle for the Model Y.
