Tesla launches limited-time 0.99% APR loan rate on U.S. Model Y orders

Tesla launches limited-time 0.99% APR loan rate on U.S. Model Y orders

Tesla Launches Promotional Financing for Model Y

Tesla Launches Promotional Financing for Model Y

On Friday night, Tesla introduced promotional financing on its website for the Model Y, offering a 0.99 percent APR interest rate for buyers who finance the electric vehicle (EV) on an order placed by May 31. This financing option is applicable to loan terms ranging from 36 to 72 months and is available on all three Model Y trim options.

The recently launched base-level Model Y Long Range RWD starts at $44,990 before federal and local tax credits, while the Long Range AWD and the Performance trims start at $47,990 and $51,490, respectively.

Tesla's move comes amidst high interest rates affecting the auto industry and slowing electric vehicle (EV) sales this year. The company has been offering various buying incentives, particularly leading up to the end of Q1.

Last year, the Model Y became the world’s best-selling vehicle, according to data from JATO Dynamics. Tesla has been highlighting this achievement in recent advertising efforts.

Tesla is also preparing to launch a Model Y refresh, similar to the one given to the Model 3. However, the company stated it would not be launching a Model Y refresh in North America this year, according to internal communications.

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