This offer is valid until May 31.
Tesla has announced a limited-time offer of heavily discounted 0.99% financing on the Model Y in an effort to boost sales. CEO Elon Musk has often attributed the company’s demand challenges to high interest rates, which typically range from 5 to 7%. These rates significantly inflate the cost of new vehicles for buyers, making them less accessible.
To address these challenges and make their electric vehicles more affordable, Tesla recently launched 0% loans in China, a critical market for the company. Following this, a similar initiative has been launched in the United States with the introduction of a new 0.99% APR financing option for the Model Y. This offer is valid until May 31.
According to Tesla’s website, the terms require a $4,250 down payment and a 72-month loan period. For the Model Y Long Range RWD variant, this translates to monthly payments of $603 before incentives. Eligible buyers may also benefit from the Federal Tax Credit, which reduces the monthly payment to just $499 for those meeting specific income criteria.
This move by Tesla is a strategic effort to make their electric vehicles more competitive and financially attractive in the market. The company aims to boost sales and expand its customer base by offering more accessible financing options.
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Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.
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