Tesla has introduced a new buying incentive for its Model Y, offering a special low interest rate for customers who purchase the SUV by the end of the month. The promotional financing, which was launched on Tesla’s website, features a 0.99 percent APR for buyers who finance the electric vehicle by May 31.
This offer is applicable to loan terms ranging from 36 to 72 months and is available across all three Model Y trim options. The decision to provide this promotional financing comes at a time when high interest rates have posed challenges for the auto industry in recent years.
Additionally, electric vehicle sales have seen a slowdown this year. In response, Tesla has introduced several purchase incentives in the lead up to the end of Q1, further indicating the company’s efforts to stimulate sales.
Notably, Tesla is also gearing up for a Model Y refresh, similar to the one it implemented for the Model 3 in the last two years. This move aligns with the fact that Tesla’s Model Y accounted for more than a third of all Q1 EV sales in the U.S., signaling the vehicle’s significant market share.
Overall, the introduction of the special financing offer for the Model Y exemplifies Tesla’s proactive approach to attracting customers and addressing market challenges, while also preparing for future updates to its product lineup.