FYI: Tesla Unveils $0 Down Promotion for Model 3 and Model Y Purchases
With just weeks remaining in the third quarter of 2024, Tesla has introduced an enticing new promotion for its prospective buyers in the United States. Customers now have the opportunity to drive off with a Model 3 or Model Y Long Range and Performance without paying anything upfront, thanks to Tesla’s latest $0 due at signing incentive.
$0 Down at Signing for Tesla’s Model 3 and Model Y
According to Tesla, the current promotion applies to financed vehicles where buyers can utilize the $7,500 federal tax credit at the point of sale. For those choosing the $0 due at signing option, Tesla is offering an attractive 2.49% APR on payments for up to 60 months for the Model 3 and up to 72 months for the Model Y.
A Closer Look at Financing Options
For buyers looking to secure even lower interest rates, Tesla provides an alternative option. Customers can opt to pay a 20% downpayment on their Model 3 or Model Y, subsequently benefiting from an appealing 1.99% APR. This 1.99% APR is available for loan terms stretching between 36 to 60 months for the Model 3 and 36 to 72 months for the Model Y.
Terms and Conditions
Tesla has stipulated that these promotional rates are reserved for customers with good credit who both order and take delivery of a new Model 3 or Model Y before September 30, 2024. Furthermore, the $0 due at signing offer is only applicable to new orders placed from September 12, 2024, onwards.
Promotion Promotion!
The electric vehicle manufacturer has been actively promoting this incentive via its official Tesla North America account on social media platform X. Additionally, Tesla has been directly reaching out to potential customers with messages highlighting the ongoing promotion. A recent social media post clarified, “Tesla’s $0 down is only when you use the EV tax credit — essentially the point of sale credit covers the due at signing.”
What’s in It for Buyers?
- $0 Down and 2.49% APR: Drive home a Model 3 or Model Y without paying any out-of-pocket expenses at delivery. Secure 2.49% APR financing for a new qualifying Model 3 for up to 60 months or a Model Y for up to 72 months by applying the federal tax credit at the point of sale.
- 1.99% APR with Downpayment: Opt for a 20% downpayment and obtain a reduced 1.99% APR for financing a Model 3 (up to 60 months) or Model Y (up to 72 months).
Increased Sales Likely?
The Model 3 and Model Y have consistently been Tesla’s best-selling vehicles, dominating the company’s sales each quarter. It will be intriguing to observe the impact of this $0 down promotion on the sales figures of these two popular models within the U.S. this month.
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William Kouch, Editor of Automotive.fyi
