- You can drive home a Tesla Model 3 or Model Y for $0 down when financing.
- The promotion is valid between September 12-30 and when you take the delivery of the EV before the end of the month.
- For the no downpayment option, the APR is 2.49% but you can get an even lower 1.99% APR when you put down 20%.
Tesla is pulling out all the stops to attract new buyers. On top of its rapid-fire cuts last year that triggered a global electric car price war, Tesla is now going one step further to get buyers into its EVs. You can now drive home the Long Range or Performance trims of the Model 3 or Model Y with $0 due at signing when financing.
The $0 down offer comes with 2.49% APR for a term of up to 60 months for the Model 3 and up to 72 months for a Model Y. However, there’s a catch. Tesla will use the point-of-sale federal tax credit to cover the downpayment, so your personal tax situation and eligibility would determine if you can benefit from that.
The offer is effective between September 12-30 and when you take delivery before the end of the month. You can also get a lower 1.99% APR when you put down 20% of the car’s value for a similar 36-60 month term. These are arguably some of the best financing offers on the Model 3 and Model Y we’ve ever seen.
The refreshed Model 3 Long Range rear-wheel drive has an EPA-estimated range of 363 miles. It can sprint from a standstill to 60 miles per hour in 4.9 seconds. Low APR financing with $0 due at signing for a car that offers that sort of range and performance is undoubtedly one heck of a deal.
Although we’re still in the honeymoon phase of EV lease and financing deals. If leasing suits your more, your monthly payments will be half compared to financing. For example, Model 3 leases start from $299 per month with $2,999 due at signing for a term of 36 months. Model Y leases are more expensive, starting from $439 per month for 36 months with $2,999 due at signing.
Still, Tesla is no longer synonymous with electric cars in the U.S. That may have been the case a few years ago, but now you have dozens of other great options, also pretty cheap to lease or finance.
The most attractive deals are on cars like the Kia Niro EV, which you can still lease from $149 per month for 24 months with $3,999 due at signing. If you want something more modern, you can snag a Hyundai Ioniq 5—arguably the Model Y’s best direct competitor in 2024—for $159 per month for 24 months with $3,999 due at signing. The Nissan Ariya is also a pretty sweet lease deal at just $169 per month.
If you want a set of wheels for real cheap, switching to an EV may be your best bet if you can make charging work—which isn’t a huge roadblock these days if you can install a home charger.
Plus, we don’t know how long these deals will last. Some analysts expect the uneven EV demand to continue for another year or so. There’s expected to be some sort of resurgence in demand in the future when more competitive models arrive on the market.
So afterall, it may not be a terrible idea to go electric now, especially if you don’t want to hurt your pocket, or the environment.