Tesla Canada launches 1.99% Model Y financing and new Referral Program

Tesla has launched a new 1.99% APR financing for customers buying a new Model Y in Canada alongside the newly unveiled Referral program.

Tesla Model Y is available in three variants in the country including rear-wheel drive, long-range AWD, and Performance. These are priced at CAD 53,990, CAD 63,990, and CAD 68,990 respectively.

Customers can benefit from $5,000 federal tax incentives on purchase price and leasing. Meanwhile, the new APR will facilitate those who want to finance the new Model Y.

The 1.99% rate is available for 36 months, 48 months, and 60 months. However, the rate climbs up on 72 months and later financing durations. You can also apply federal incentives to decline the monthly EMI cost.

Model Y is available in six colors (1 free, 5 paid) including the new Quicksilver (CAD 2,600). You can also choose 19-inch Gemini and 20-inch Induction wheels. Furthermore, you can buy full self-driving in the purchase package for CAD 11,000.

Referral Program

A few days ago, Tesla introduced a new Refer and Earn program for US customers, and making its way to owners in Canada. Earlier this year, Tesla ended the previous referral program and confirmed that it will be replaced with a new one.

New Referal and Earn is available in Canada starting today. Existing owners can use the mobile app to generate a referral link and share it with friends and family.

Once they buy a new Tesla model and take delivery, the referer will receive CAD 650 and the new buyer will get CAD 1300. Both credits will appear in the user account after the vehicle is delivered.

You can use these benefits to pay for Supercharging, a new vehicle purchase, or the outstanding balance from a service appointment.

Referral Limits

Buyers can only receive the buyer benefit for once through a referral link. Referrers will receive referral rewards up to 10 times a year. Anyone buying a second or more Tesla products can also claim loyalty rewards up to 10 times during the lifetime of the account.