Tesla has introduced a new buying incentive for its Model Y SUV, providing customers with a special, ultra-low interest rate if they purchase the vehicle by the end of this month.
The promotional financing, featuring a 0.99 percent APR interest rate, was launched on Tesla’s website on Friday night. This offer applies to buyers who finance the electric vehicle (EV) through an order placed by May 31. The financing option is applicable to loan terms spanning from 36 to 72 months and is available for all three trim options of the Model Y.
The base-level Model Y Long Range RWD, which currently starts at $44,990 before federal and local tax credits, along with the Long Range AWD and Performance trims starting at $47,990 and $51,490, respectively.
This move comes at a time when high interest rates have posed challenges for the auto industry in recent years, coupled with a slowdown in electric vehicle (EV) sales this year. Tesla has been actively launching various buying incentives, particularly leading up to the end of the first quarter.
In February, Tesla initiated promotional pricing on the Model Y with a $1,000 discount valid through the end of the month in North America. Following the conclusion of that offer in March, Tesla announced a $1,000 price increase for all Model Y trims starting April 1, with a similar price hike affecting European markets.
Despite facing these challenges, the Model Y secured the title of the world’s best-selling vehicle last year, as reported by JATO Dynamics. Tesla has highlighted this achievement in recent advertising campaigns, such as towing a Model Y encased in glass around New York City with a Cybertruck, showcasing the accomplishment on the side of the case.
While Tesla is gearing up to introduce a Model Y refresh, similar to the one implemented for the Model 3 this and last year, the company stated in internal communications that it does not plan to launch a Model Y refresh in North America this year.
