Tesla brings 0.99% APR financing on Model Y for big savings

Tesla today announced a new 0.99% APR (Annual Percentage Rate) for Model Y in the U.S. This financing offer is valid for a limited time until May 31, 2024. This is a great opportunity for customers to save on a new Tesla through financing.

Tesla Model Y has three trims – RWD, Long Range, and All-Wheel Drive. These have a purchase price of $44,990, $47,990 and $51,490 respectively. These prices go down with an added $7,500 Federal tax credit. The 0.99% APR applies to 36, 48, 60, and 72 months, while it turns 2.99% on an 84-month loan.

Based on these new changes, these three trims will be priced at the following:

• Model Y Long Range Rear Wheel Drive will cost $603/month ($499/month after Federal Tax Credit).
• Model Y Long Range will cost $646/month ($542/month after Federal Tax Credit)
• Model Y Performance will cost $696/month ($592/month after Federal Tax Credit).

Tesla Model Y 0.99% APR Financing Offer Until May 31, 2024 (Source – Tesla)

These prices were (before the 0.99% APR offer):

• Model Y Long Range RWD: $706/month
• Model Y Long Range AWD: $756/month
• Model Y Performance: $815/month

Customers will have to submit a $4,250 down payment on all trims. Meanwhile, the financing amount will be $42,130, $45,130, and $48,630 respectively.

Model 3:

Compared to this, the Tesla Model 3 has a 6.49% APR for up to 72 months term with the following monthly payment:

• Model 3 RWD: $605/month
• Model 3 Long Range AWD: $752/month
• Model 3 Performance will cost $857/month ($753/month after Federal Tax Credit).

Note: The first two variants of Model 3 aren’t eligible for the Federal tax credit.

Saving:

The new 0.99% APR and Federal Tax credit make a huge difference in monthly payments and it’s a big saving for anyone interested in buying a new Tesla Model Y. You can check the complete financing detail on the official Tesla Model Y configurator page (here).