Tesla has begun scaling back some promotions on the Model Y, including raising the monthly lease payment as the federal tax credit nears expiration on September 30th.
The base Model Y rear-wheel-drive (RWD) lease price has increased from $349 to $399 per month, signaling a response to growing demand and tightening inventory.
Previously, customers could lease a Model Y RWD for $349 per month with a $3,000 down payment, a deal intended to last through the quarter.
However, Tesla recently discontinued this offer amid signs of stronger buyer interest, marking the first lease price increase for the Model Y in approximately 18 months. The vehicle still qualifies for promotional financing with a 3.49% APR on deliveries made before the end of September.
Tesla’s move follows a pattern observed in past quarters, where lease prices rise as demand grows and stock diminishes.
With the federal tax credit set to expire prematurely, many buyers are expected to rush to take advantage of the $7,500 government subsidy, often used as a down payment.
The increase in lease payments indicates Tesla’s confidence that consumer demand will remain robust despite higher costs.