Tesla has recently launched an incredible deal on the Model Y, presenting a 0% APR loan rate financing option that doesn't require buyers to purchase the FSD feature.
Monthly Payment Details
This new offer brings the monthly payments for the Model Y RWD down to $581, with an initial payment of 8% or $3,999 for a 60-month term after applying the federal tax credit. For those considering a longer commitment, the 72-month option remains at a 0.99% APR rate, while the 84-month term is set at 2.99%.
Best Offer Yet
This makes the 5-year financing rate at zero percent interest the best deal Tesla has ever provided for its top-selling vehicle. However, there’s also a good offer on the Model 3 that buyers may find appealing.
Tesla's most affordable car is now also available with 0% APR financing, but only for the shorter 36-month term.
Promotional Rate for Model 3
The company is offering a 0% APR promotional rate for qualified buyers with excellent credit who order a new Model 3 starting October 21, 2024. This offer is limited to a 36-month term and requires a minimum down payment of 20% ($7,500 Federal tax credit, if applicable). The monthly payment is $27.78 for every $1,000 financed over 36 months. It’s important to note that not everyone will qualify for this promotion, which can change or end without notice, and it cannot be applied retroactively. Used vehicles and enterprise sales are not included.
Thus, the base Model 3 RWD, which boasts an impressive 363-mile range, can now be obtained for an $899 monthly payment over three years with the same $3,999 down.
Model Y Financing Terms
Tesla is reserving its most favorable financing terms for the Model Y, as it remains the company’s best-selling vehicle. Plus, the anticipated Juniper facelift for the SUV seems to be coming soon. Tesla is reportedly starting trial production of the Model Y Juniper at its Gigafactory in Shanghai today, with plans to release the facelift in the next quarter, at least in China.
This could be the reason behind the recent shift from exploring higher APR rates, zero down payments, or FSD purchase requirements to introducing a straightforward 0% financing rate for the Model Y without a specified expiration deadline.
Given that this is among the best Model Y deals Tesla has ever made, it may lead to record quarterly shipment figures, even as the release of the Juniper refresh approaches.
