For customers who buy the SUV by the end of this month, Tesla is giving a special, extremely cheap loan rate as part of its most recent buying incentive program for the Model Y.
For customers who finance the electric vehicle (EV) on an order placed by May 31, Tesla is giving a promotional financing rate of 0.99 percent APR, which was introduced on the company’s website on Friday night. All three Model Y trim levels are eligible for the promotional financing, which may be used to loans with periods between 36 and 72 months.
Prior to local and federal tax credits, the base-level Model Y Long Range RWD, which was just introduced, is now priced at $44,990. The Long Range AWD and Performance trims, on the other hand, have starting prices of $47,990 and $51,490, respectively.
The decision was made at a time when the auto sector has been facing challenges due to high borrowing rates in recent years, and when sales of electric vehicles (EVs) have decreased this year. Additionally, Tesla has introduced several purchasing incentives in the past few months, particularly in the run-up to the conclusion of Q1.
Tesla started promoting the Model Y in February, with a $1,000 reduction valid in North America through the end of the month. Following the cancellation of that offer in March, Tesla declared that all Model Y trim levels would see an extra $1,000 in price starting on April 1st, with a comparable price rise also being applied to European markets.
Based on JATO Dynamics data, the Model Y overtook all other vehicles as the best-selling car globally last year. In a recent commercial campaign, Tesla showcased the accomplishment by having a glass-encased Model Y pulled around New York City by a Cybertruck, with the accomplishment displayed on the side of the vehicle.
In addition, Tesla is getting ready to release a redesign for the Model Y, modeled after the one it offered the Model 3 this and last year. In spite of this, Tesla said internally that it will not be releasing a new Model Y in North America this year.