Key Takeaways
1. Tesla is offering a 1.99% APR financing rate for the new Long Range RWD Model Y, available until June 30 for eligible buyers.
2. A down payment of at least 15% is required, but the $7,500 federal tax credit can count towards this, allowing some buyers to purchase with little to no money down.
3. A 2.99% APR financing option with zero down payment is available for buyers who do not qualify for the tax credit.
4. The RWD Model Y offers a significant range of 357 miles per charge and is priced lower than the AWD variant, which previously had the 1.99% financing offer.
5. Tesla’s APR promotions cannot be combined with the $2,000 Model Y Loyalty Incentive, but can be combined with other discounts like referral credits or military discounts.
After launching a 0% APR for the Cybertruck and Model 3, Tesla is now providing a financing offer for the most affordable Model Y variant, which also boasts the longest range.
Financing Details
Eligible buyers of the Model Y can now benefit from a financing rate of 1.99% APR on the basic Long Range RWD model that was recently unveiled, provided they receive their vehicle by June 30. The Model Y has become Tesla’s top-selling car and has just undergone a significant redesign. This financing promotion for the least expensive version looks like a strategic move to boost sales ahead of Elon Musk’s second-quarter earnings report.
Tax Credit and Down Payment
Tesla specifies that for the new Model Y RWD APR financing offer to apply, a down payment of at least 15% is required. However, since the $7,500 federal tax credit can be considered as part of this down payment, buyers can effectively purchase the Model Y with essentially no money down. For those who do not meet the tax credit requirements, Tesla provides an alternative. They can secure a 2.99% APR financing option with zero down payment on a Model Y.
Comparison with AWD Model
Previously, the 1.99% financing rate was only available for the Model Y AWD, which costs $4,000 more than the RWD variant that provides an impressive range of 357 miles per charge. Note that this AWD financing offer ends on June 16, while the RWD financing offer is valid until the end of June.
The APR financing options for the Model Y are applicable for all payment terms up to 72 months. This means the lowest monthly payment, with zero down for those eligible for the tax credit, comes out to $603. If a buyer makes a down payment of $3,999, the monthly payment drops to $544.
Additional Promotions
However, it’s important to note that Tesla indicates the APR deal cannot be combined with the $2,000 Model Y Loyalty Incentive for upgrades. Yet, other promotions such as referral credits or military discounts can be combined, further reducing the monthly payments for the Model Y.
Source:
Link
Leave a Reply