FYI: Tesla Introduces 1.99% APR Financing for Model 3 and Model Y in the US
Tesla has unveiled a new promotional offer to bolster the appeal of its Model 3 and Model Y electric vehicles in the United States. The highlight is an enticing 1.99% APR financing option, aimed at boosting deliveries by the end of the third quarter of 2024.
Availability and Models Covered
The announcement was made via Tesla’s official Tesla North America account on platform X. This attractive financing deal is applicable to specific variants of the Model 3, including the Model 3 Long Range Rear Wheel Drive (RWD), Model 3 Long Range All Wheel Drive (AWD), and the Model 3 Performance. It’s worth noting that the base Model 3 RWD does not come under this offer and remains financed at a 5.99% APR.
For the Model Y, the 1.99% APR covers the entire lineup, including the Model Y Long Range RWD, Model Y Long Range AWD, and the Model Y Performance.
Promotion Specifics
The financing deal is valid for plans of up to 72 months. However, if customers opt for the longest Tesla financing option of 84 months, the APR increases to 3.99%. The campaign specifies that orders for the Model Y must be placed between July 18 and August 31, 2024, while for the Model 3, the corresponding window is from August 1 to August 31, 2024. In both cases, buyers must take delivery by September 30, 2024 to benefit from the lower APR.
Tesla’s Aggressive Sales Push
This financing offer is part of a broader array of promotions Tesla is deploying to stimulate sales this quarter. Additional incentives include:
- Three months of free Supercharging for Model S, 3, X, and Y orders taken by August 15 (note: finance purchases are not eligible for this Supercharging offer).
- Free Full Self-Driving (FSD) transfer if delivery occurs by September 30.
- Complimentary paint options for the Model 3 Performance.
- Free seating layouts for the Model X AWD.
Sales Goals and Projections
Tesla CEO Elon Musk has hinted that 2024 could surpass the record-breaking sales of 2023. Last year, Tesla delivered 1,808,561 vehicles worldwide. To beat this record, the company needs to deliver roughly 978,000 vehicles in the third and fourth quarters of 2024, having already delivered 830,776 as of the end of Q2.
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William Kouch, Editor of Automotive.fyi
