Now Might Be the Best Time Ever to Buy a Tesla Model Y, Here’s Why
- by motorbiscuit
- May 21, 2024
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The Tesla Model Y is the most popular electric SUV, and it’s about to get more popular. In recent months, Tesla has dropped the price of its vehicles significantly, and the Model Y now sits at a lower starting price than the average new vehicle, but there’s more.
Tesla financing is going bonkers
Aren’t interest rates at an all-time high? Hasn’t the current economy made it nearly impossible to buy a house, a new car, or pay reasonable prices for groceries? Forget what you think you know; Tesla offers special financing rates for the Model Y for the rest of May. From now until the end of the month, qualified buyers can secure 0.99% APR for any Tesla Model Y during this financing promotion. The loan terms range from 36 to 72 months.
Now with this financing rate, it’s the time to buy a Tesla Model Y if you’ve been waiting to buy this electric SUV.
Tesla Model Y at Sunset | Tesla
The Model Y is popular with promotions
Tesla offered this small electric SUV promotional pricing with a $1,000 discount in February. Now, we see this small SUV with an impressive interest rate that can keep payments low. This Tesla also qualifies for the $7,500 Federal EV Tax Credit, which lowers the price paid when closing the deal instead of at tax time.
There are three Model Y trims, which start at:
Long Range RWD – $44,990
Long Range AWD – $47,990
Performance – $51,490
Subtract $7,500 from these figures, and you’ll get the price you’ll pay before financing, taxes, and fees.
Additional savings for Tesla shoppers
Purchasing the Model Y in May means lower payments with an excellent interest rate EV savings for drivers. These savings add up quickly when you consider the lower maintenance and repair costs and the lowered fuel costs when comparing electricity costs to gasoline prices. These savings should make it much easier for Model Y owners to enjoy the cost of driving their new Tesla.
Will other automakers do the same?
Tesla has put pressure on the rest of the EV world with lowered prices across the board. Adding incentives, including this APR promotion, helps keep Tesla at the top of the EV market. Will other brands offer similarly lowered interest rates on electric vehicles? This could mean a market-wide drop in vehicle financing, but it could simply be an end-of-month promotion.
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