- Drive home a Tesla Model 3 or Model Y with $0 down when financing.
- This promotion runs from September 12 to 30, and you must take delivery of the EV by the end of the month.
- No down payment comes with an APR of 2.49%, but a lower rate of 1.99% is available if you make a 20% down payment.
Tesla is making a strong effort to attract new customers. Following significant price reductions last year that ignited a global price war for electric vehicles, Tesla is taking additional measures to encourage buyers to consider its cars. Customers can now take delivery of either the Long Range or Performance trims of the Model 3 or Model Y with no money required at signing when they finance their purchase.
This $0 down payment offer includes a 2.49% APR for financing terms of up to 60 months for the Model 3 and up to 72 months for the Model Y. However, there’s an important detail: Tesla will utilize the point-of-sale federal tax credit to cover the down payment, meaning eligibility for this benefit may vary based on individual tax situations.
The promotion is applicable from September 12 through 30, provided delivery occurs by the end of the month. Additionally, customers can secure a lower APR of 1.99% if they opt to pay 20% of the vehicle’s price up front for a similar financing period of 36 to 60 months. These offers stand out as some of the most attractive financing opportunities for the Model 3 and Model Y seen in recent times.
The updated Model 3 Long Range rear-wheel drive boasts an EPA-estimated range of 363 miles and can accelerate from 0 to 60 miles per hour in just 4.9 seconds. A low APR financing option with no down payment for a vehicle that offers such impressive range and performance is undoubtedly an appealing offer.
While we are still enjoying favorable conditions in EV leasing and financing, those looking for leasing options can significantly reduce their monthly payments. For instance, leases for the Model 3 begin at $299 per month with $2,999 due at signing over a 36-month term. Leases for the Model Y are higher, starting at $439 per month for the same duration and with the same upfront payment.
However, Tesla may no longer hold the sole spotlight in the U.S. electric vehicle market. A few years ago, they dominated, but currently, consumers can choose from numerous other competitive EVs available for attractive leasing or financing.
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Some of the best leasing options are available for models like the Kia Niro EV, which can be leased for only $149 per month for a 24-month term with $3,999 at signing. For a newer option, the Hyundai Ioniq 5, a fierce competitor to the Model Y in 2024, can be had for $159 per month for 24 months with the same upfront cost. The Nissan Ariya also offers competitive leasing at just $169 per month.
If you’re searching for a very affordable vehicle, transitioning to an EV might be your best choice, especially if you can manage the charging logistics—something that is becoming less of a challenge with the option to install home chargers.
Moreover, the duration of these offers remains uncertain. Analysts predict that fluctuating demand for EVs will persist for at least another year, but a resurgence in demand is anticipated as more competitive models enter the market.
In light of this, going electric right now can be a wise financial decision, allowing you to save money while also benefiting the environment.
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