Tesla is making waves in the electric vehicle market with some exciting updates to its Model Y lineup, particularly when it comes to leasing options and financing deals. If you’ve been eyeing a Tesla, now might be the perfect time to take the plunge. Let’s dive into what’s new and how you can benefit from these changes.
What Are the New Lease Options for the Model Y?
Tesla has recently slashed the lease costs for the Model Y, making it more accessible than ever. The Long Range RWD version is now available for just $491 a month on a 36-month lease with a mileage cap of 10,000 miles per year. That’s a significant drop, especially considering this is before taxes and fees. If you happen to live in Massachusetts, you can take advantage of a state rebate that brings your monthly payment down to an impressive $380.
For those who prefer a shorter commitment, a 24-month lease is also available at $525 per month. But if you’re looking for a bit more power, the dual-motor Long Range AWD version is now leasing for $530 a month for the same 36-month term. With the Massachusetts rebate applied, that could drop to around $421. Not too shabby, right?
Why Are These Changes Happening?
Tesla’s decision to lower lease payments seems to be a strategic move to boost sales and attract more customers to its electric vehicles. With competition in the EV market heating up, Tesla is keen to maintain its edge. The introduction of the more affordable Long Range RWD version earlier this month likely plays into this strategy, providing consumers with more options at different price points.
What About Financing Deals?
If leasing isn’t your thing, Tesla is also offering financing options that are hard to ignore. The Model Y Long Range AWD is currently available with an attractive APR of just 1.99%. This deal requires a minimum down payment of 15% and is available for terms up to 72 months. However, if you need to stretch that term to 84 months, the APR jumps to 6.44%, which isn’t quite as appealing.
It’s worth noting that the Long Range RWD version doesn’t qualify for the 1.99% financing deal, with the best rate available sitting at 5.49%. Given that the price difference between the two versions is only about $4,000, it seems Tesla is encouraging buyers to opt for the AWD variant.
What’s Next for Tesla?
While the current financing deal is set to expire after June 16, history shows that Tesla often revisits its offers. If inventory doesn’t move as quickly as anticipated, there’s a good chance they might roll out similar or even better deals later in the year. So, if you’re considering a Tesla, it might be worth waiting just a bit longer to see what’s on the horizon.
In the ever-evolving landscape of electric vehicles, Tesla continues to innovate and adapt, making strides to ensure its offerings remain competitive. The big takeaway? Tesla’s recent adjustments aren’t just about lowering costs—they’re about making electric driving more accessible. If you’re in the market for a new vehicle, consider taking a closer look at the Model Y. Start with one change this week, and you’ll likely spot the difference by month’s end.